There are many different asset options for you to choose from when trying to find ways to generate income or give your net worth a boost. Assets directly impact the measurement of your financial health, so knowing the best options available is crucial.
Jason Kulpa, Net Worth expert and experienced serial entrepreneur, discusses ten critical assets to increase your net worth to help reveal which ones fit your lifestyle so you can start making lucrative investments toward your future.
1. Retirement Savings
Saving for retirement might seem pre-mature in your 20s, but starting then will enhance your net worth. By starting early and accumulating savings for retirement that grows over time will only allow your net worth to increase as you age, too.
2. Transportation Ownership
Whether you own a car, motorcycle, boat, or plane, owning a means of transportation, especially when it is paid in cash, will up your net worth. When you are determining which option to purchase when the time comes, try and consider which factors will be more reliable and safer, so you are more likely to get more from your investment. Decrease liability by renting out your transportation when you are not using can help to cover insurance or maintenance fees.
3. Personal Banking
Be a bank for someone else and offer a personal loan with interest. Private lending is a way to generate passive income while increasing your net worth.
4. Investments
Increase your net worth through investments. Smart and safe investing starts with a mixed portfolio filled with a wide range of investment types such as stocks, bonds, ETFs (exchange-traded funds), mutual funds, or other securities. The market fluctuates, so it is less risky to lose on investments when not all of your investments are affected by the market at one time.
5. Primary Residence
The house that you live in is most likely your most valuable asset. Your net worth will increase depending on the amount of equity you have in your home.
6. Additional Homes
Rental of vacation homes are, in most situations, paid for upfront in cash. A condo is reputably cheaper than a single-family home but comes with complicated mortgage requirements, which makes in full money offers more appealing. Acquiring additional dwellings will increase your net worth by the value of the home.
7. Household items
Investing in the top household appliances will improve your net worth. Not only do high-quality microwaves, stoves, ovens, and refrigerators bring value to your home, but they also help you keep more money in the bank over time with fewer repair costs.
8. Knowledge
Paying for college is a hearty investment, but education credentials will positively influence your net worth. Credentials gained from attending school can sometimes be the reason for a job promotion or a higher income.
9. Valuable collectibles
Vintage collections, prized collectibles, or art pieces can all add a notable amount of value to your net worth. To make sure you invest in the most beneficial assets that withstand their value over time, consider receiving a professional appraisal.
10. Health
An asset is something that brings value, and your health is a big one. Good health allows an individual to be more proactive and productive in the workplace while spending less on healthcare resulting in a higher net worth. Always take the time to invest in your health through physical activity and healthy eating.
About Jason Kulpa
Jason Kulpa is the Founder and former CEO of UE.co, San Diego’s Fastest Growing Business multi-year award winner, and a Certified Great Place to Work multi-year winner. Under Mr. Kulpa’s leadership, in 2018, his teams volunteered at over 24 events and worked side-by-side to improve the San Diego community. They hosted a gala dinner benefiting individuals with autism, cheered on Special Olympic athletes as they broke their records on the track, and brought school supplies and cold-weather gear to students impacted by homelessness.