Oprah's Debt Diet: Step 6, Part 2

Step 1: How Much Debt Do You Really Have?

Chart Your Debt

Get Your Credit Score

Prioritize Payments

Step 2: Track Your Spending and Find Extra Money to Pay Down Debt

Find Your Latte Factor®

Use the Latte Factor® Calculator

Step 3: Learn to Play the Credit Card Game

Pay More than the Minimum Payments

Lower Your Interest Rates

Four Tricks of the Credit Card Companies

Which Credit Cards to Tackle First

Step 4: Stop Spending

Step 5: Create a Monthly Spending Plan

The Monthly Spending Plan Worksheet and Pie Chart

Use the Monthly Spending Plan Calculator

Assign Paychecks to Expenses

Step 6: Take Big Steps to Grow Your Income

Facing Hard Choices

Selling Assets

Earning More Money

Step 7: Prioritize Your Debts and Raise Your Credit Score

Prioritizing Your Debts

Raising Your Credit Score

Step 8: Understand Your Spending Issues…and Save!

Why Do You Shop? Self-Assessment Quiz

How to Protect Yourself and Start Saving

Choose a Topic

Budgets and Tracking Expenses
Buying or Selling a Home

Credit Cards

Financial Planning and Investing
Credit Reports and Scores

Savings and Retirement

Loans

Meet the Experts

David Bach

Glinda Bridgforth

Jean Chatzky

People Who Saved Big Money

Share Your Stories on the Message Boards

Before and After Oprah's Debt Diet

The Bradleys

The Egglestons

The Widlunds

Watch Video Highlights

Buy Oprah's Debt Diet DVD

Step 6: Take Big Steps to Grow Your Income
Part 2: Selling Assets

Printer-Friendly Version

When big corporations are looking to lower debt and boost profits, one of their primary strategies is to sell assets. They sell divisions, product lines, inventory, equipment. You can do the same on a smaller scale. What possessions do you have that might be valuable on the open market? Which could you part with if it meant financial security? Your boat? Second car? Second home? Time share? Art or jewelry?

To get the most for whatever you're selling, you need to know what it's worth. If it's truly valuable (think $5,000 or more) you should have it appraised for your sake and for tax purposes. If it's a household item that's not worth having appraised, you can get an accurate idea of fair market value by seeing what similar items are selling for through classified advertisements or on eBay.

If you find you have nothing big of value but lots of little things to sell, there's a solution as American as apple pie…

Have a great garage sale.

Don't just throw your junk in a pile and expect it to fly out of your garage or your yard. Approach it methodically and you'll clean up financially—and clean up your garage.
Pick a date at least a few weeks out. Saturdays are best.
Then, go through your house and decide what goes. If you haven't used an item in two years, you can live without it.
Next, organize the merchandise—putting like with like—so buyers can find what they're looking for. If you're selling clothing, put it on a rack or string up a clothesline and hang it for people to see.
If you're not sure you have enough to fill your yard, collaborate with a few families. In order to keep track of who's earned what, put different color price tags on each family's items. Then make sure whoever's minding the register knows the code.
Don't forget to advertise by running ads in local papers and on the Internet (there are lots of free yard and garage sale sites).

Please note: This is general advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio. Harpo is not responsible for any losses, damages or claims that may result from your financial decisions.