We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Accounting

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What Are the Different Types of Personal Assets?

By Felicia Dye
Updated: May 16, 2024
Views: 10,748
Share

Many of the things that people own are considered personal assets. This can include cash on hand, money in bank accounts, and investment products. Collectible items, such as sport memorabilia and antiques, are assets, as are possessions such as a home, a vehicle, and even a person's furniture.

One of the most common types of personal assets is cash. Some people guard some or all of their cash themselves. Other people place their money in the care of financial institutions such as banks and credit unions. The benefits of keeping a person's own cash include allowing that individual to have immediate access to it and having the peace of mind of knowing that it is within the owner's control. A major benefit of entrusting money to a financial institution is that the funds will generally earn interest, adding to the asset's growth, and it may be insured in the event that something happens to it.

There are a wide range of personal assets that a person may have through various forms of investment. These include stocks, which are shares of ownership in companies. Bonds are another type, which are essentially loans made to public or private entities. There are also various types of retirement accounts. These are often much like other types of investment or savings accounts, but they tend to be subject to regulations that, among other things, generally restrict access to the funds until a person reaches a certain age unless he wishes to be subject to penalties.

Although some people collect items as a hobby, many others select collectibles that can serve as valuable personal assets. Collectibles often gain greater value the longer that they are held, so these are personal assets that people often acquire with the intention of retaining them for long periods. Examples of items that may fall into this category include artwork, antiques, and sports memorabilia.

For many people, the most valuable of their personal assets is their home. One way to take advantage of the value that is provided by being a homeowner is to sell the dwelling. Depending on the jurisdiction in which a person lives, there may be tax implications for doing so that may need to be considered beforehand. Another option is to obtain a home equity line of credit, which is a revolving credit source that uses a person's home as collateral. With these types of arrangements, it is common to find that creditors tend to avoid granting credit in excess of the equity a person has.

There are a wide range of other personal assets that people may have. These include items such as jewelry and furs. Cars, motorcycles, and boats are considered assets. Art, furniture, and real estate may also fall into this category. Personal assets are basically any possession that a person has that has some monetary value.

Share
SmartCapitalMind is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Discussion Comments
Share
https://www.smartcapitalmind.com/what-are-the-different-types-of-personal-assets.htm
Copy this link
SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.

SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.