The #1 Guaranteed Asset In Your Life

guaranteed asset in your lifeYou probably have a general rundown of your assets in your head. Which one of those is a guaranteed asset in your life though? Well, there are numerous types of assets and ways to protecting them, or guaranteeing them. Let’s take a look at these and see which one is the number one.

 

 

The Most Obvious Assets in Your Life

As shown in the image here, it is very easy today to get an overview of some assets in your life right from your phone. These can be your checking account, savings account, stocks, bonds, retirement accounts, etc. Other assets can be your home, investment properties, businesses, precious metals and so on. With some of these, you may find their immediate value through your phone, with others you may need to call your accountant. But, can you preserve their value? Do you have control over their value? If the price of gold drops for example, so will your assets.

Sure, you can gain some control through leveraging or portfolio diversification, but no matter how you leverage, you can’t guarantee any of these.

 

The Less Obvious Assets in Your Life

Among these you’ll find things like information, circumstances, people around you, works of art, rare collectible items, abilities, skill and so on. To sum it up we can call these things you cannot precisely quantify. And since you can’t quantify these, how do you want to put a value on these? Much less guarantee them. For some, you could estimate a value, but you don’t have control over most of them.

 

So, What’s the #1 Guaranteed Asset in Your life?

You! No matter how many things you own, purchase, develop, you are the only asset that you have full control over in all aspects. You control your worth, your abilities, skills, income… everything. And along with that, you most likely have people that depend on you. It can be a boss, or a manager at your job. If you own a company, then your employees depend on you, because what happens to them if you (the owner) are not there? Above all though, your family depends on you! They depend on you as a family member, but more than likely they also depend on your ability to make support them financially.

Protect the #1 Guaranteed Asset in Your Life

As we discussed above, you tend to protect your assets, the things you own. For your home, you purchase homeowner’s insurance. For your car, you have auto insurance. You most likely even have a cell phone insurance, because you need your phone to be productive. Why do you have these things insured? Are you planning that your phone will breakdown tomorrow? Are you expecting your house to burn down tomorrow? Of course, you are not expecting it, but you hold these policies “Just in case!” Without a doubt the right thing to do.

With all these assets being insured by a policy for “Just in case,” what are you doing about protecting your #1 guaranteed asset in your life? Oh yes, of course, you are not planning on dying tomorrow! Correct?

Well, yes, a “Just in case” policy for your phone is worth it, but a “Just in case” policy for you isn’t. Phones and houses are relatively easy to replace, you are not! Policies for your assets are basically term policies, meaning they have an expiration date. You can also protect yourself by taking out a Term Policy on you and have your #1 asset insured for a definite period. Option two, which is not available for your other assets, is a Whole Life Policy, meaning having your #1 guaranteed asset in your life insured for its entire length.

To pick the one type of protection that is most appropriate for you and your situation, you need to discuss this with us in person. So, let’s meet.

 

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