Those who work in the food and beverage industry are no strangers to spoilage, and we’re quick to discard any ingredients that are past their prime. All you have to do is take a look (or a whiff) to know whether something is still viable. Keep it or toss it — it’s a simple choice in most cases.

On the other hand, with physical and non-perishable assets, it can be trickier to determine when it’s time to trade up for a new model. Think about equipment and technology — your refrigerators, stovetops, company cars, cell phones, and computers. It’s not as simple as giving it a sniff test; instead, you have to be mindful of a product’s depreciating value and how its performance measures up to industry standards.