New survey concerning Americans. 40% of adults don't have $400 to cover an emergency without borrowing money or selling something.

If an individual in this 40% group had a valuable watch (say $15K to $20k) they happened(found or inherited) upon one way or another would you advise them to sell? This money would get them out of debt and solve being broke.

If you advised them to sell, what avenue would you guide them to? They know nothing about watches.

This is a hypothetical, let us not get real excited about reasoning behind the question.

 

I've noticed in one thread over the last few days that many members have encouraged someone who inherited a valuable watch not to sell it because it's a memory of the person who left it to them. This is a good thought and a fair opinion, but it's also useful to recognize that it comes from a position of privilege from a group of people who can afford to have such an expensive hobby; for many people, they're much better off with cash than a nice watch, and I'd like to think that their benefactor might agree. I'm not saying anyone is wrong to encourage someone to retain a memorable artifact, but something to think about, and some novices will be best served by practical advice on the most efficient way to convert a windfall watch into money.

 

I'm a little skeptical about the survey in question, but if true, I would advise them to sell a watch that is worth 15 to 20 thousand dollars. They certainly need money more than a watch if they can't even come up with $400. As to what avenue to sell the watch, I would assist them by posting it here on OF.

 

I would not advise them to sell, but I would try to inform them they have something very valuable that could help them out a lot if they were to sell. It is a personal decision for them to make about whether or not to sell; chances are they have other things they could sell instead to raise funds if needed.

 

I too question these sorts of surveys when these people are all running around with expensive cell phones and driving nice cars. Anyway, it's one thing to inherit granddad's 1940 Hamilton gold filled watch and another to inherit a very expensive watch. If they have no appreciation for the value of the watch it really makes no sense to keep it for sentimental sake, better off to liquidate and redeploy the money into something more productive. You can always buy something with the proceeds to remember the original owner. They would be fortunate if they had someone that knew the value of the watch and could steer them to get the best price for it. Whether you go the auction, on line listing or something else would depend on the watch and its marketability. I've helped a few people liquidate these sorts of things, that is far better than going down to the local jeweler or pawn shop and getting 10 cents on the dollar.

 

Based on some work I did associated with the criminal justice system, let me say that I totally believe that 40% of people can't come up with $400 (in this case, without borrowing/financing/pawning; with "cash or equivalent"). The report from the Federal Reserve is here if you want to read it. The number of Americans who can't beg or borrow or otherwise come up with $500 even if the alternative is sitting in jail is astounding.

 

The watch in this story to me is irrelevant and not the problem. First of all I would pull myself out of the state that is my financial status before selling anything. Then give yourself a good talking to and save at least a grand or so. Then when I had some appreciation of what money was and what it meant to be without, I would likely sell if I had no interest and invest the funds safely for my family's sake. Most people would sell straight away and not learn a damn thing and end up ba k where they started In twelve months time with the added guilt that grandads watch had been spent on shit.

 

My question would be is the situation that left the hypothetical individual broke is a single one time unfortunate circumstance? Or, part of a deeper behavior or personal pattern which will not be permanently solved by selling a valuable watch? I’d say sell only if it’s the former. If the latter, keep the watch because that person might still be in debt, or back in debt a year from now, and be out a nice heirloom.

Plus they’d not know what time it was

My opinion only. Might be wrong. Probably am. I just think money is more tied to behavior and emotions than most of us care to admit.

 

Well said!!!! Spreading good will to others and helping our fellow humans seems all too rare sometimes.

 

I would like to think that I would use my desire to keep the gifted watch as motivation to get myself into a better financial position.

I bet it happens every single day, thousands of times. Maybe not always with watches, but with something similarly gifted - cars, antique furniture, silver place settings, fine china, houses/property, etc. I'd guess the watch situation specifically is really quite common. Especially nowadays since many younger people themselves say they consider adulthood to start at age 30! Meaning it's more likely that younger adults 18-30 are in that 40% mentioned by the OP, and they're old enough to be receiving valuable gifts from their parents. Like watches passed down.

Amyway, the whole discussion makes me feel quite privileged, and helps put into perspective the financial realities and difficulties many people face daily.

 

Just a side note:
I think this is true.. but I also think that this past decade has been a little crazy. I have friends who have been in the same apartment here in So Cal for the past 10+ years, and at the same job for the past 10+ years.. and suddenly they are finding that in 2018 (now 2019, I guess) they can no longer afford their rent. And these are ppl who are living rather sparingly (no new car, no expensive habits, etc.) - it's just that the rent has been increasing by the hundreds per year, and their salary has not.

But back to the original question.. I wonder if you were able to follow up in a year or so with someone who was originally interested in selling, but after a discussion in the forum decided to repair and keep the watch.. would they have turned around and sold it a little while later? After the excitement of the discovery wore off..? I'd be curious.

 

Live life with a remote theme.

Never leave the house if i dont have $400 in my wallet.
Never a ATM in wherethefuckarewe

 

And when you get to wherethefuckarewe, just get your wad of cash out and pay for the petrol/diesel.

Whatever you do............don't do as city slicker in a brand new Sahara did.
When he asked how much petrol was and got the answer he raised his eyebrows and said "you're joking!"
The lady at the pump was quite polite, she shut and locked the nozzle and told him to fuck off.

Lesson: Always carry cash and don't annoy locals in wherethefuckarewe. It's a very long drive to the next petrol station.

(I love thread drift )

 

Damn, hit reply by mistake

 

Statistics that I’ve already seen make me believe this. Now they could do 400 on credit but not in cash.

 

On the contrary, I'm surprised it's that low.

 

Yeah, me too.

Sick world we live in... Where it has become more important to own the latest iPhone and MacBook along with the last Nike air max and BMW 330i than being able to pay for an unexpected medical bill!

 

Golden Rule...I think that applies to yard sales as well.

 

don't get me going......my wife's niece and her wonder boyfriend......have boats and motorcycles and other bullshit items. Call us for money to take their kid doctor or the dog to vet...…..or a few hundred to make ends meet...….that spicket has been turned off