Keep the bike!
Amanda and her husband are trying to get out of debt, and gain control of their money. They're having a disagreement over whether or not to keep a motorcycle left to Amanda when her father died. Dave urges them to keep the bike.
QUESTION: Amanda and her husband aren’t seeing eye-to-eye on a motorcycle. The bike is worth $2,300, and it was her father’s. She got it when he passed away. Amanda wants to keep it because she grew up riding with her dad. Her husband thinks they should sell it because they’re trying to pay off $36,000 in debt.
ANSWER: There’s no way I’d sell that bike. You win. If it were just a miscellaneous motorcycle, I’d sell the thing in about 20 seconds. But this thing is unique and special because it was your dad’s. There’s only one of these in the world.
It’s like a lady saying she has a $2,300 diamond on her hand that’s her wedding ring in the same scenario. Would I tell her to sell it? No way! This bike is very nostalgic, and it’s very much woven into the fabric of your life. As a rule, you just don’t sell things like that.
Now, there may be some cases so extreme that a person might have to consider selling something of that magnitude. If you’re in a bad situation making $10,000 a year and the ring is worth $200,000 while you’re $100,000 in debt, you’d have to give it some thought. But there’s no way I’d sell that bike in your case. It wouldn’t give you enough traction, and you couldn’t get it back.