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The Rules of Wealth, 3rd Edition by Richard Templar

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RULE 84

Learn how to make your assets work for you

First off, do you know what assets you have? I mean you to include both long-term assets (fixed assets) and short-term assets (current assets). The fixed assets are the ones it would take you a while to turn into cash and the current assets are the ones easily converted into readies. Have you listed them? If not, do so now. I’ll wait.

Back already? Got your list? I hope it has some of the following on it:

  • property
  • land
  • motor vehicles
  • pension funds
  • cash
  • goodwill
  • works of art, antiques etc.
  • investments
  • money owed
  • furniture and other possessions
  • patents
  • stocks and bonds
  • intellectual properties.

If you have a business it may also include things like:

  • stock
  • work in progress
  • raw materials
  • plant ...

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