6 EASY TIPS ON HOW TO HAVE ASSETS.

Of course having more assets will be a smooth journey to gaining financial freedom. Assets add
to your wealth but it is something that requires time and money to build. All these rich people get
most of their money from assets, either it is acquired by them or inherited. Everyone needs to
realize that working all your life will not make you wealthy, you will need to take time to build
your own assets so as to begin your journey on financial freedom. Assets are things that have
present or future monetary value, therefore the more assets you have the higher the chances to
become financially free and the higher your net worth. Although you need to make sure you
have more assets than liabilities, it is important to clear or minimize your debt when you are
building assets.
Most importantly, having lots of asset improve your standard of living and also allows you to
build generational wealth.

Here are the tips on how to build assets.

1 . Decide on the kind of asset you want

there are several types of asset, you have to first
decide on the one you want. Although we have three main assets, we have the financial asset
also known as liquid asset, physical assets also known as tangible assets and intangible assets.
Financial assets like I said before is a liquid asset which gets its value from ownership claim or
contractual right. Examples of financial assets are bonds, bank deposits, cash and stock.
Financial assets do not have physical value or form, but their value reflects factors of supply and
market demand. That is their value can fluctuate based on the condition of the market, which
means they can easily be converted to cash.
Physical assets, also known as tangible assets are things that are physical in nature, that is
things that can be seen. Examples are land, real estate properties, cars, value jewelry(like gold,
silver or diamonds) etc.
Intangible assets, they are not physical in nature, yet they are not compulsorily monetary either.
Examples are copyright and patent, trademark and intellectual properties.

2. Increase your income

to be able to build assets you will need to increase your or should I say
increase your streams of income. Cash is also an asset, and it’s more like the basic thing to first
get and you can do this by increasing your income. There are lots of ways to increase your
income, you can ask for a raise at your company, you can get a side hustle, I’ll always say this,
there’s no downside to side hustle, it simply means more money. The goal here is to bring in
more money, so think of ways to increase your income so that you can start to acquire more
assets.

3. Save money 

savings is very important in this life, you will need to start saving money so as
to put money aside for other expenses or even emergencies. Apart from that, you can also save
money to acquire an asset. Also, ensure you save in an account that will place interest on your
money, so the earlier you start saving the better. You also need to think about retirement and
plan by saving towards it.

4. Invest in stock

the best place to make your money appreciate is stock, after saving a
reasonable amount of money you should let your work for you by investing in stock market
which will make your money grow over time.
You can use the money earned from the stock market to get other assets or to achieve a
financial goal. You can also decide to leave the money for future purposes.

5. Invest in real estate

the number of people in the globe are increasing day by day and space
is becoming limited making property more valuable.
Getting a real estate investment property or land is a great step in building your assets because
it will surely increase in value over time. The more time you give it the more valuable it
becomes.

6. Reduce your liabilities

liabilities are things that do not appreciate or add value to your net
worth. All liabilities do is reduce your net worth. One of
the most common liability is debt, that is why it is very important to minimize or pay off your
debts when you are acquiring your assets. Debt can actually undo all your hard work that you
have put into acquiring your assets. Paying off your debts is also a part of building assets.
Takeaway
There’s no better time to start building assets and there’s no age rage. The earlier you start
building up your assets the better for you. Assets create a better future for you and help you in
the journey of getting financial freedom. You don’t have to do everything at once, you can start
now. The first step is to increase your streams of income then start saving because cash is also
an asset