The “Great Wealth Transfer” has been a major topic of discussion lately, with trillions expected to flow from Baby Boomers to millennials and Gen Z. Now, a second wave has come alongside it: the “Great Stuff Transfer.”
The Great Stuff Transfer involves the countless belongings, keepsakes, and possessions now being handed down. And while much of it can be welcomed, it can also feel overwhelming — especially if you’re living in a less-than-palatial space.
Millennials and Gen Z are finding their homes are filling with items they may not have room for or even want. If you’re wondering what to do with all these belongings, here’s how to manage the Great Stuff Transfer with ease.
What is the Great Stuff Transfer?
The Great Stuff Transfer refers to the movement of tangible items from Boomers to younger generations. While the wealth transfer represents financial assets like investments, real estate, and cash, the stuff transfer involves a broad range of items, including:
- Furniture and antiques – from sofas and dining tables to heirlooms and fragile collectibles.
- Knick-knacks and decor – items like decorative plates, sculptures, and wall art that may not align with modern tastes.
- Personal collections – anything from vinyl records and book collections to memorabilia.
- China and glassware – often cherished by Boomers, these may not fit into younger generations’ minimalist lifestyles.
- Sentimental items – family photo albums, scrapbooks, and personalized gifts.
These items hold sentimental value for the previous generation, but they may not align with younger generations’ lifestyles, preferences, or available space.
How to manage the Great Stuff Transfer: Practical tips
If you’re currently facing a wave of inherited belongings, here are actionable steps to take:
1. Assess the value and meaning of each item
- Sentimental vs. practical: Start by sorting items into categories: those with emotional meaning, practical use, and no personal connection.
- Family history: Consider keeping items that tell a family story or hold unique sentimental value.
- Assess financial value: Some antiques, collectibles, or furniture may have resale value.
2. Prioritize space and storage options
- Create a storage plan: Choose items to display at home or put in storage, based on their value or sentimental importance.
- Use storage units wisely: Renting a storage unit can be an option, but remember that monthly fees add up.
- Rotate items seasonally: If possible, rotate items like decor and heirlooms so they don’t overwhelm your space.
3. Repurpose, reimagine, and upcycle
- Revitalize old items: Some items can be modernized or upcycled to better suit current tastes.
- Reframe family photos or artwork: Redesigning the display can bring sentimental items into a modern aesthetic.
- DIY projects: Certain pieces, like furniture, can be painted or repurposed to add a personal touch.
Donation, selling, and rehoming tips
If you don’t have space or a purpose for certain items, consider trying these approaches:
- Donate to local charities: Organizations may appreciate items like gently used furniture, clothing, and home goods. And many donations can be written off on taxes.
- Sell collectibles and antiques: Online marketplaces and antique dealers might find value in family heirlooms and collections.
- Rehome to friends or family: Someone in your circle may value an item that doesn’t quite fit your life.
Pro tip: Research online resale options like Facebook Marketplace, OfferUp, or eBay for easy selling platforms.
Then, you can take the money you made and save it in a high-yield savings account! MoneyLion can help you find and compare high-yield savings accounts from our trusted providers below:
Navigating the emotional side of letting go
Parting with family possessions can be difficult. If you’re struggling, try these 3 strategies:
- Keep a memory: If parting with an item feels too final, consider taking a photo to remember it.
- Repurpose for new meaning: Transforming an old item into something practical can help keep the memory alive.
- Accept your own tastes: Remember, it’s okay to make space for items that fit your life, even if it means parting with family possessions.
Finding balance amid the Great Stuff Transfer
The Great Stuff Transfer brings both the joy of family history and the challenge of limited space. Balancing sentimental value with practicality can help you create a home that reflects your lifestyle while honoring the past. By sorting, storing, and rehoming wisely, you can manage this wave of inheritance thoughtfully — and make space for what truly matters.
