493-Should I Sell My Harley and Buy Some More Mutual Funds?
Radical Personal Finance · Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
Audio is streamed directly from the publisher (pdcn.co) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
Fun question today for our Friday episode...comes in from Chris:
Joshua,
Looking to see if you have any insight on emotional/psychological decisions versus logical decisions when it comes to finance.
Back story -
I have a paid for 20 year old Harley. I have not ridden it in three years, I spend $200/year on an insurance policy, each spring I do maintenance on it which costs about $30, and living in Minnesota, we only really have 6 months or so of decent riding weather. I have a big garage so storage is not an issue, apart from each winter when I have to move it around in and tell myself I'll sell it in the spring.
I can make the logical argument to myself that I need to sell this. It is a depreciating asset, costs money to maintain and insure, and it really brings no value to my life.
However, I can not bring myself to sell it. I have no pressing financial obligations so the $5-6k that I would get from selling it would really not do much to improve my life. About the only thing that I would do with the money is put in a taxable brokerage account (through a RPF link tradeking account, of course).
I have told myself I am going to sell this bike for years now, but I still can't figure out why I still have it.
Any insight would be helpful, and as always, thanks for the great show!