Make a list of Assets in Case You Need to Sell Them

Assets are items that can be sold to generate cash. An asset may be a car, a boat, fine jewelry, an antique, or an investment such as stock in a company or your retirement plan.

Make a list of saleable assets and what you think they’re worth (check Web sites like eBay.com or Amazon.com to see what similar items have sold for).

Prioritize your list. Consider:

• the item’s value and how much you can get for selling it
• how easy it would be to sell it (how quickly you could get cash for it)
• how important the item is to you (e.g., heirloom jewelry) and how easy it would be to replace when you have a steady income again

Be careful, though. You may be tempted to liquidate your retirement savings, such as your 401k plan. Doing so should be a last resort. Not only do you risk depleting — or wiping out — your retirement funds, you pay a significant penalty and taxes to withdraw the money early.