“Assets put money in your pocket, whether you work or not, and liabilities take money from your pocket.”
Robert Kiyosaki
Resources owned by an individual intended to generate a positive economic benefit.
There are many types of intangible assets for fathers, which some might say include your health or experience. However, in this post, we’re just looking at the tangible assets that can be converted to cash or cash equivalents, and which may produce a stream of income in the future. To learn more about intangible assets, check out Investopedia here.
Assets
They’re owned resources that can and plans to be converted into cash or a cash flow. 10 types of Assets:
- Cash
- Securities, like a stock
- Retirement account, like a 401(k)
- Crypto currency
- Home
- Land
- Car
- Furniture
- Jewelry
- Collectibles
Not Assets
Not owned by you, and can’t be categorized as a resource that can be converted into cash or a cash flow. 10 things that are Not Assets:
- Debt
- Rent
- Utilities and other bills
- Repair costs
- School costs
- Subscriptions (those are expenses)
- Insurance
- Taxes
- Legal costs
- Clothes
Stay on top of your assets using resources from our Resource Center here!
