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Should You Sell Your Prized Collection to Get Out of Debt Sooner?
May 13, 2022
Many of us collect things as a hobby. Collections come in all sorts of shapes and sizes. Some people collect sports cards while others collect stamps. Some people even collect more unusual things like gum wrappers. Regardless of the item collected, collections often mean a lot to the person who is collecting them.
They work hard to acquire the collection and many items have a story behind them or how they were acquired. Maybe they were a gift from someone special. Maybe it was a family heirloom. Most people would be hard pressed to give up such a collection. However, would you give up a prized collection if you were deep in debt? Sometimes, these hard questions require the guidance of professional financial advisor companies.
In this video, a caller asks Dave whether he should sell his prized gun collection to pay off his debt more quickly. However, he is already on track to pay off his debt in the relatively near future. Dave tells him that he could sell a few of the guns he doesn’t care for as much if he wants to get out of debt quicker. However, he should not give up his whole collection or sell any guns that he really cares for. Some things are just too valuable to sell unless you are in extreme need.