What are assets and how can they make you rich?
Let’s look at a personal finance definition of assets, the types of assets you can use and how to be truly wealthy!
In investing, assets are anything a company owns that can be used to produce a product and profit. This includes inventory, receivables from prior sales, factories and patents.
Assets are things like property or stocks which generate revenue so more money can go into your pocket without more work on your part.
If you are just starting out in life and you haven't bought any assets yet, or own very little compared to what you could, then the best time to start is right now.
First, there are your real assets like your home and your car.
The most obvious assets you own is the cash in savings and any investments in a brokerage account.