Wealth is a versatile and complicated thing. Even if you don’t have a lot of money in your bank account or wallet on you at the moment, you could have sources of extra funds in your life. These assets are resources you can convert into money to help you with a range of expenses. While converting assets into liquid money can be complex, depending on your situation, it’s always worth considering your circumstances carefully when you need some extra money. You might be surprised to discover where you can grab some extra funding. Here are just some of the assets you can look at when you’re low on money.
Life Insurance Policy
As odd as it sounds, your life insurance policy could actually be an excellent source of extra funding if you know how to use it correctly. Selling an insurance policy is a good way to recoup some financial assistance when you need it most. Some lapsed term policies are abandoned after they’ve served their purpose, but many policy holders don’t realize they could have used a viatical settlement or life settlement to preserve some of their funds. When you’re low on money, it’s worth looking into the options available in your term insurance plan. Selling the policy could mean you can unlock the capital you need straight away, before you start working on a new individual or joint insurance plan.
Property is an excellent and valuable asset, but it’s also something many people don’t make the most of. There are various ways to unlock extra money from your property, from renting a portion or your entire home to another user, to taking out a mortgage to unlock some additional equity. You can even look into renting portions of your home out for short periods of time, following the same strategy as people on Airbnb. Alternatively, you could think about moving into a smaller property, and renting your larger one for a sizable chunk of regular passive income.
Finally, your car might be one of the most important resources in your life. You might use it to get around, go to work each day, and even pick the kids up from school. However, it can also be a source of extra cash. The most obvious way to convert a car into cash is by selling it, but you can look at other routes too. For instance, you could think about joining a ride sharing company, where you sell your time to people who need help getting around. This way, you get to keep the vehicle you need for other portions of your life, while still making the most of the asset itself.
Make the Most of your Assets
The wealth you have in your life goes far beyond what you can see in your pockets or your bank account. Making sure you understand the value behind the things you own, and how you can unlock that funding, when necessary, can be a powerful tool for achieving financial independence.