8 Important Assets That Can Improve Your Networth

8 Important Assets That Can Improve Your Networth

It’s essential to figure out your net worth. Doing so will let you track your financial capabilities; you will know if your wealth is increasing or reducing.

Net worth is what you owned minus what you owed. For instance, your net worth includes your houses, cars, cash, savings, investments, household materials, and even your health, amongst others. 

Are you aware that net worth isn’t about how much you earn?

Yes, it’s possible to earn huge and have a negative net worth. This happens when your liabilities are more than your assets.

Now you’re thinking of the most valuable assets that will help increase your net worth? Worry no more. 

In this post, you’ll learn about the series of profitable assets that will help foster your net worth.

1. Education

I’m not sure you consider investing in your education as a way of building your net worth. Candidly, it is. Deciding to invest in yourself to qualify for better employment or gain a promotion can help you reap significant financial growth over time.

For instance, you buy a share account of N 100,000 paying 2% as interest every month, you would have to wait for 12 months before you would have to see a gain of  N 24,000. Meanwhile, you can get the amount in just 24 hours due to annual raise, side hustle, or promotion if you invest in your education.

2. Owning Your Home

Having your residence is another great means of boosting your net worth.

It’s a long-term investment. Besides, you no longer pay rent; you also generate money if you lease out the apartment. However, you need to make sure you renovate it in the long run but be rest assured, it doesn’t lose value quickly.

3. Real Estate

Thinking of investing in real estate? You are on the right track if it’s a yes. You can enjoy predictable cash flow and great returns.

Leveraging real estate to build your net worth is very possible. You make money through rental services to companies, offices, and individuals. Also, you can make a great income from the appreciation of properties.

Doing this is as easy as ABC. All you need is to source for a loan to acquire a property. As soon as you start making money from it, use the money to pay the mortgage instead of touching your savings. 

4. Preserving Your Home

Do you know that your home is likely to be one of your greatest assets?

Instead of using your home with the mindset that it’s getting devalued anyways, why not consider investing in it so that when you consider putting it up for a sale in the future, you don’t lose. Prospect buyers might use it as an advantage to haggle the price much if the house looks dilapidated.

Thus, renovate your house. Repair your ceilings,  plumbing, furniture, and drainage so you can have great returns.

5. Investment

Investment is a great way to take care of your financial securities.

Haven’t you worked so hard for your money? Now, let your money work for you.

Investment in this context means putting money into financial products or buying stocks. 

It’s important to know the best time to buy and sell stocks. If you aren’t experienced in it, you can seek the help of a stockbroker who has in-depth knowledge of shares. He or she guides you by providing you with the necessary details.

6. Retirement Savings

Retirement savings should be a prime priority for many savers. 

Saving now for retirement ensures that you don’t have many financial constraints if not any in the future. 

 The future will sort itself, right? Well…, if it doesn’t, do you have any plan for it?

Hence, saving for retirement is a sure way of boosting your net worth.

7. Getting A Side Hustle

Deciding to take another job or doing what you know how to do is another great asset that helps build your net worth.

For instance, I’m a teacher and also a writer. Writing is my side hustle and it generates cool cash flow for my running cost while I  save my salary. 

So…,  what’s stopping you? 

Try to figure out something that you can do effortlessly and combine it with your main job. You can try writing, virtual assistance, home sitting,

8. Health Care

Health care investment is key to building your net worth. Growing old can be expensive. Medical bills are more likely to rise at old age. 

Why not invest in your health asap?

Of course, having a health investment plan is a great asset to increase your net worth. It allows you to work more hours and be more effective while you spend less on medical bills.

You can achieve this by eating a balanced diet, exercising, and consulting your doctor for regular checkups.

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