Assets – The value of things that you own, both tangible and intangible. Making a list of your assets is a good place to start your preparation process. Let’s make a list of both types of assets that you may have; if you are a business owner, make a separate list for personal and business.
Tangible: This section can include your real estate, cash in banks, retirement accounts, cash value of life insurance policies, automobiles, collectibles, furniture, works of art, etc.
If you have not compiled such a list, start now. Be careful not to inflate the value of each category.
Intangible Assets: An example of an intangible asset can be a copyright for a book or song, a registered trade name of registered trademark. You may have a patent or even a valuable domain name. Your business name may have value. Just as with your tangible assets, don’t over estimate their value. The value of these assets is what you can get for them in “cash today”.
Ask yourself, do I have this information in writing and is it up to date? If the answer is no, and you are not willing to complete this task now, then you don’t know where you are going in either you business of personal life.
Tomorrow we will look at liabilities and again define them. Later this month we will break both different components of these two categories into small parts and emphasize their importance.
This may seem like a simple task, perhaps something that doesn’t mean much in the greater picture. Success is a system of building blocks and this is one of the blocks that constitutes the foundation.
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Character: The ability to carry on after the mood has left you.
Have a great day!