Calculating Fair Market Value

[fate0311]

So I'm trying to add up some Fair Market Value Numbers for my list of personal belongings....having some trouble with my electronics I keep track for my net worth.

These seem fair?

Magic Keyboard (Newest One): 50.00
Magic Mouse II: 30.00
Bose QC25 Headphones: 175.00
Late-2016 13" base ntMBP: 1000.00
LG27UD68 (4K Monitor) : 250.00

These should be numbers that would have no issue selling in the event I ever needed to "liquidate" my belongings. They say to price things so they would be able to sell within 2 weeks.

Seems anal doesn't it? But fact is there is a true definition for your net worth and it is a worthless definition if you begin to pick and choose what you calculate into it.

 

[NickPhamUK]

When I think of calculating net worth, I think of cash sitting in bank accounts, value of real estate properties, investments (bonds, stocks, gold, foreign exchange, etc.), other valuable assets such as cars, expensive watches, and so on .

For the nTB MBP, since I assume you already have it for 1 month, I think the fairer amount would be 0.8x1500 = 1200.

 

[fate0311]

net worth includes personal belongings. What is the difference from a watch to a laptop?

Also, where are you getting that calculus from?

 

[Weaselboy]

These seem fair?

I would just go to eBay and look at recent sales of those items used and use that number. For example, those headphones used look like they are going for around $150.

 

[Apple_Robert]

Fair Market Value = What individuals (read: free market)are willing to pay for said items. What you think the items are worth etc. is usually not what the market is willing to pay. Be prepared to be flexible, if you want to sell you items.

As has been stated, Ebay is one place to look. The forum marketplace is another good venue to gauge interest etc.

 

[jerryk]

I understand your calculations and wish you the best of luck with them.

But if you are focusing on building wealth I sure would not do this. Focus on really simply things you can make habits without thinking. Spend less, learn more, earn more, etc. has worked well for me. I really don't count up the value of real property I own and especially rapidly depreciating assets like computers, vehicles, etc.

Just my 2 cents.

 

[thesaint024]

I understand your calculations and wish you the best of luck with them.

But if you are focusing on building wealth I sure would not do this. Focus on really simply things you can make habits without thinking. Spend less, learn more, earn more, etc. has worked well for me. I really don't count up the value of real property I own and especially rapidly depreciating assets like computers, vehicles, etc.

Just my 2 cents.

+1. These FMV calculations are really only for yourself and don't really have financial implications unless you are recovering loss for insurance purposes. You shouldn't use consumer electronics or cars or other rapid depreciating belongings in net worth calculations. Cars maybe, but they need to be adjusted so frequently, it's almost not worth it. But it depends on what vehicles are worth relative to your total net worth. If it's 50% of your net worth, you should count it. But that should also tell you that you should use a different strategy to build wealth. When a financial adviser or financial institution does an evaluation for whatever reason, these things typically don't count for anything. Sorry, not trying to be a downer, just a realist.