Some morons in here for sure.
First off congrads, yes it will change your life, but it will not end it. You don't need to sell everything off for the record unless you were struggling before the kid, then yes I say you need to get an extra job and sell your shit. I may not be young, but just had my first child and I sold my stuff to be on the safe side all for nothing. Ended up putting a system back in my car after a couple months.
People say it is hard and to a point it is, like the sleepless nights while she is young, but that goes away after awhile in most cases. I have made it on a 30k job and my wife has a decent job, but we don't have a ton of money and we do fine and have some nice stuff. (Although times got tough a couple months back, but had nothing to do with the baby.)
Best advice to you is stock up on diapers, diaper wipes and get ready to go through some sleepless nights. It has changed my life for the better. Oh yeah, I also have two step kids plus a baby and still do fine with better times ahead.
Good luck and have fun.