Kick-start debt reduction (and peace of mind) by selling your stuff
March 31st, 2010 | by mbhunter |I just finished reading “Dr. Dean” Burke’s The Millionaire Nurse. (Dr. Dean sent me a complimentary copy of the book.) He’s a ob/gyn with 25 years’ experience and far more than a casual dabbler in personal finance matters. His book speaks mainly to nurses (surprise, surprise) and a few of the analogies he made would have certainly been obvious had I been a nurse.
One piece of advice he gives to people who’ve dug themselves into a deep hole is to sell off a lot of the stuff that got them into the hole in the first place using yard sales, Craigslist, eBay, whatever — especially if it’s gotten so bad that the mortgage payments are behind. Some of the big things may have to go, like “the flat-screen TV, boat, or Harley.” Depending on how imminent the consequences are, some really tough decisions may need to be made.
But taking a different spin on this, it could also work to sell a lot of little stuff — whether it be shoes, DVDs, Hummel figurines, books, salt and pepper shakers, comic books, whatever. Stuff that might have brought some pleasure at one time, but now just takes up space. Or maybe it still brings pleasure, but needs to go to because bills are due. A nice collection of DVDs can be sold as a lot on eBay for a few hundred dollars (or more).
If the stuff is more of the “now just takes up space” kind, then there’s a nice fringe benefit: having that stuff gone literally frees up some of your brain power. We moved recently and I didn’t do as good a job pitching things before I moved. I got rid of several boxes of books and magazines that weren’t doing anything productive. (At one point I was going to sell them, but that’s starting to fall through.) My shoulders felt lighter after doing that, and it was one less thing I had gnawing at me and sapping my mental energy.
Selling stuff is a great way to raise cash to pay off bills and reduce debt. Some of the prized possessions may (painfully) end up going, but try starting with the low-hanging fruit — stuff that doesn’t really do that much anymore — and enjoy the extra space and extra piece of mind along with the extra cash.
8 Responses to “Kick-start debt reduction (and peace of mind) by selling your stuff”
By Ron on Mar 31, 2010 | Reply
If you get antsy and start to just pitch it, consider donating it instead. That way you at least get the tax deduction!
By Keith @ LifeTuner on Mar 31, 2010 | Reply
I wonder how much all of my junk is worth.
By Dr Dean on Mar 31, 2010 | Reply
Thanks for the kind words about the book.
Getting rid of the big stuff, is better from a raising significant cash fast, as well as maybe getting rid of a payment-if you are making payments on what you sold.
Getting rid of small stuff, i agree, makes life simpler-and a little extra cash is always good! All it takes is a “move” like you made, to remind us of all the “stuff” we collect!!!
Thanks again,
By Marie on Mar 31, 2010 | Reply
I just completed a 1,000 mile move and in the process divested myself of a LOT of things.
Furniture that I had been moving for 20 years because I had it, books that I had collected but never read, craft materials for crafts I didn’t do any more, clothes that didn’t fit, etc.
I used Craigslist, my friends and the local thrift store to do this and with every load I felt better. I still moved too much stuff but I’m using the same process to thin the rest out as I unpack.
There’s some things I couldn’t part with and I’m fine with that. But the bulk of what I had was just .. stuff.
By Matt on Apr 17, 2010 | Reply
I have so much clutter, most of it I don’t even think it’s sellable but it might be worth it to try. I’m one of those nick knack collectors, so my house is jam packed with random stuff.
Thanks for the idea,
Matt
By Stephan on Apr 20, 2010 | Reply
Great post, definitly agree that selling stuff is an easy way to get cash. On top of that, we generally have too many posessions anyways, so why not make some cash by selling all of your excess posessions. I have personally used craigslist, which i find to be easier and quicker than ebay. Obvisouly, ebay has a much greater reach, but hey, whatever works. Keep up the posts.
By negotiate credit card debt on Apr 28, 2010 | Reply
I agree selling stuff is a great way. I noticed that there’s lot of ways to sell online via website or via social networking like facebook, multiply and etc.
By jan@finallygettingtoeven.wordpress.com on May 18, 2010 | Reply
“having that stuff gone literally frees up some of your brain power….”
what a true statement! I started a deep de-cluttering process of 40 years of accumulation about 2 yrs ago…while i am coming to the end of the process i have shed over 70% of my posessions (you know, all those once priceless items that you speak of)…and i have never felt lighter or more free in my life…(the only thing that is weighing me down now is my pocketbook…from lack of spending)…oh- if that were only so true….haha
But you are right…there is a true liberation when you finally make the decision to rid your life of ‘stuff’…not only the physical items depart but the metal clarity takes on a whole new meaning.