Liquidate or insure valuable collectibles8 of 9Many 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. Related Articles:Subscribe to our newsletterConsumers gain from reformBoost your net worthRelated Links:Calculate your savings goalsFind the best ratesAdvice from Dr. Don advertisement
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.
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