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What Are the Different Types of Personal Assets?

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  • Written By: Felicia Dye
  • Edited By: Melissa Wiley
  • Images By: Us Embassy, Douglas Tomko, Denis Gladkiy
  • Last Modified Date: 06 December 2016
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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.

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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.

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