Usually these would be your “non-performing assets” – those that you keep around but don’t actually use, don’t generate income or may even cost you money.
• Holiday home / Timeshare
• Appliances (Electric Guitar, Keyboard, 2nd Refrigerator, TV, etc)
• 2nd car
• Collectibles (coins, dolls, antiques)
Like I lost one gold hoop earring – I still have the other one, but I can’t wear it now! (Or maybe in a pirate-themed party :p ) That could be converted to cash. With the high price of gold, silver and platinum –called “Precious Metals” in financial markets, jewelry is easy to sell. Locally, you could go to pawnshops or there could be a kiosk in your mall now buying gold jewelry from the public. Remember Mr. T? The “action star” from the 80’s, he’s now a spokesmodel for a gold buying company in the US. Yes, gold is that valuable, a secondary market is flourishing to even warrant a model from Hollywood!
Here’s a video clip of a golden Mr. T from Bloomberg:
“Stuff” that has value
You may also want to convert “valuable things” that you have that you don’t need that can be converted to cash. I have a neighbour who goes around on weekends to “garage sales” and buys interesting things like expensive crystal vase, silverware or china to sell in eBay. I think you’d have to have a keen interest in this kind of activity, but know that it can be done. That could be few hundred dollars every month, not bad for a hobby from “shopping”.
Yes, if public transport is not easily accessible, you’d need extra transport. However, if you can instead use a bicycle, consider doing so. For good health and cost-savings (no gas, insurance), this is an alternative worth looking at. I heard there are also car-sharing schemes being run and if you have house guests, there are always car-rental companies to call on. This eliminates your annual insurance payments, and maintenance costs — that could be a few hundred to a thousand dollars on payments you save on each year!