What Is a Personal Asset?
A personal asset is something of value which belongs to some. A classic example of a personal asset is a home, but personal assets can take a wide number of forms. The value of personal assets is often taken into account when people apply for loans or other forms of financial assistance, and when the net worth of an individual is calculated. Many people are surprised by the total value of their personal assets when they are added up. Financial accounts like checking, savings, and retirement accounts are all personal assets, as are instruments like life insurance policies which have a cash value, even if that value is not accessible. Real estate is another example of a personal asset, as is a business, along with things like cars, electronics, and collections of art, antiques, and other valuables. There are two ways to determine the value of personal assets. The first is to look at the market value, the amount which these items would fetch if they were sold on the open market. The secon
A personal asset is something of value which belongs to some. A classic example of a personal asset is a home, but personal assets can take a wide number of forms. The value of personal assets is often taken into account when people apply for loans or other forms of financial assistance, and when the net worth of an individual is calculated. Many people are surprised by the total value of their personal assets when they are added up. Financial accounts like checking, savings, and retirement accounts are all personal assets, as are instruments like life insurance policies which have a cash value, even if that value is not accessible. Real estate is another example of a personal asset, as is a business, along with things like cars, electronics, and collections of art, antiques, and other valuables.
