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Most consumers live surrounded by physical goods, some of which are used often and others that are largely neglected. In this article, we introduce the concept of a "possession portfolio" which we define as an individual's holistic sense (vs. an objective listing) of the totality of the physical goods they own at a given point in time. We propose that there is an optimal possession portfolio for each individual where they feel they have achieved balance between the benefits of retaining the "right" number and type of possessions without incurring the downsides of disposing of too many possessions. In doing so, we highlight recent research relevant to the value assessment process that underlies the retention and disposition decisions made when individuals attempt to optimize their possession portfolio.