7 steps to clean up financial clutter
Liquidate or insure valuable collectibles
Many people accumulate collectibles as a hobby. But these collections of postage stamps, coins, cars, artwork and other items can have an investment value as well. That means collectibles should be cataloged and insured as part of a financial clutter clean-up campaign.
"If you haven't thought of (your collectibles) in an organized balance sheet way, you may be missing that your homeowners insurance has a low limit and you have a lot of exposure if those items are stolen or lost in a fire," Ciccotello says.
If you've tired of a collection that has a high investment value, you might want to convert that "clutter" into cash and use the money to pay off debts or buy other assets.