493-Should I Sell My Harley and Buy Some More Mutual Funds?

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!

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Joshua Sheats Teacher, Host, Broadcaster, Entrepreneur

Joshua J. Sheats, MSFS, is the world's leading authority on integrating lifestyle goals and money goals without conflict. He teaches normal people how to seamlessly connect the science of financial planning with the joy of goal achievement.

Joshua is dedicated to helping normal people achieve financial freedom by merging creative (and crazy) ideas from the world of personal finance with the academic integrity of formal financial planning. He simplifies complex money topics and makes boring financial mumbo-jumbo less boring.