An item’s value can be relative to its need. There are methods to trade an item that you could sell for perhaps $1500 for something valued at $3000. How is this possible? An item’s value is often based on its perceived value, necessity, and usefulness. Boats provide a great example. Boat maintenance can be costly, as can storage. Some people simply want to get rid of a boat and are willing to trade for something they need or for a smaller, more manageable item that’s easier to sell. I’ve encountered individuals who’ve offered me large items worth two or three times the value of my item just to clear space or appease their spouses. I consider myself fortunate; my wife is understanding and hasn’t given me too much grief for my occasional large acquisitions. Although one time I did buy an entire print shop without telling her. I came home with three truck and trailer loads of furniture and equipment one day and I learned that that is well above the limit of how much stuff I can acquire in one day without warning.
Trading services for tangible items can also be an effective way to increase your net worth in your spare time. When I ran my auto repair shop I often had people who could not afford the cost of parts and labor for a job they urgently needed done. They were willing to barter something of greater value than the cash price of the bill to have their car repaired and save money. I’ve received cars, firearms, electronics, gravel for my driveway, and various other items in exchange for my skilled labor. Whether you’re a graphic artist, web designer, carpenter, or another skilled worker with your own tools, you can leverage your expertise through trades to acquire items beneficial to you. I’ve even seen people trade basic services like yard work, dog grooming, and house cleaning for items rather than cash. Determining the value of your labor can be complex, and we will cover that in another section of this book.