Who couldn't use a little extra cash these days, but is selling that old gold jewelry a good option? And will you get a fair price?
Liz Crenshaw, senior consumer reporter for NBC's Washington DC station,recently bought $163 of 14k gold jewelry at retail price and then solicited offers on the gold from four different vendors. Anexpert valued the scrap metal in the jewelry at just $18.30 and suggested that a fair vendor would offer about half that. (See Turning Gold Into Green for pricing explanation.)
After seeing $163 dwindle down to about $9, selling old jewelry for scrap metal doesn't seem like such a lucrative idea. If you itemize on your tax returns, you may want to consider donating your jewelry and deducting the full retail value, intstead. Or if its a collector's piece, selling it on eBay. There are other options for Finding Cash Fast that may be more valuable.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Still, if you've got a stash of old treasures you'll never wear or give away, check-out Crenshaw's report in the video below to find out if the vendors she solicited offered her a deal or a steal.
View more news videos at: http://www.nbcwashington.com/video.
Got a practical tip to bolster cash flow? Please share it below!
-
Stock Market Today: Have We Seen the Bottom for Stocks?Solid first-quarter earnings suggest fundamentals remain solid, and recent price action is encouraging too.
-
Is the GOP Secretly Planning to Raise Taxes on the Rich?Tax Reform As high-stakes tax reform talks resume on Capitol Hill, questions are swirling about what Republicans and President Trump will do.
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
-
Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipFeature Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
-
How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
-
Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
-
21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before adding these 21 items to your cart, be sure to read Amazon's return policy first.
-
How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
