Don't Liquidate Your Life the Roger Clemens Way

Knowing the right way to ride out a recessionary economy isn't easy for anyone. And, as things get tight, some Hollywood heavyweights are resorting to extreme measures -- like unloading their most prized possessions for cash.

In the news now is baseball great Roger Clemens who reportedly sold his Bentley toVH1's (VIA Quote - Cramer on VIA - Stock Picks) Rock of Love star and former Poison lead singer, Bret Michaels. The former Yankee pitcher is still embroiled in a steroid scandal with Congress and reportedly needs the extra cash to pay his mounting legal fees. One insider told the New York Post (NWS Quote - Cramer on NWS - Stock Picks), "Bret is a big fan of Roger's and the car is fabulous."

Britney Spears, another celebrity who knows a thing or two about legal fees, has been given the legal okay to earn cash by selling her Beverly Hills area mansion. On June 17, a Los Angeles court commissioner granted the Spears' conservatorship permission to put the home, which Spears purchased in December for $6.7 million, on the market. And, her Hollywood home isn't the only one of its kind up for grabs. Neighbor Ed McMahon's mansion, which is one of a multitude of celebrities' homes facing foreclosure , has reportedly been on the market for two years.

While these celebs are selling some big ticket items, the average American probably doesn't have an extra Bentley lying around or a mansion to put on the market. We need our (one) car to drive to work and our (one) house to live in. More likely, Americans are scraping money together for mortgage and car payments. But, there are ways to trim the fat from almost everyone's finances.

Bob Nusbaum, president of Middle America Planning in Pittsburgh, Penn., says that if everyone re-examines even the smallest expenses in their lives, they can find plenty of places to save. He says that minor cuts will add up to make a big difference and those cuts can come from everyday expenses.

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