Do You Own Hidden Assets?

Do you have an accurate accounting of everything you own? Most working adults don’t, so don’t play the self-blame game if you aren’t aware of all your hidden assets. What kinds of things make up this interesting category for the average person? In addition to excess belongings that can fetch decent prices from online buyers, there are life insurance policies, unused vehicles, and intangibles like consulting skills and that book you’ve been working on but never finished. Everyone’s situation is different, but the vast majority of people have at least a couple of hidden assets that represent significant monetary value. Not sure what yours are? Check the list below, which includes details about what each asset includes and how to get the most out of it.

Life Insurance Policies

For better or worse, people tend to forget about their insurance coverage when making a list of personal assets. That’s a huge mistake because selling a term life insurance policy, or any other kind, can bring in needed income in hard times. However, lots of folks simply decide to sell their policies when they decide they no longer need them. What’s your policy worth? Find out by reviewing an online guide that explains all the ins and outs of selling a policy the right way and getting the highest price for it. Even if you have no intention of selling, it’s wise to know what you could get for it if you ever decide to cash out and bank the money.

Valuable Belongings

Believe it or not, homeowners often forget what they have stored in rented facilities, can’t even come up with a ballpark estimate of the dollar value of personal belongings, and don’t have a clue as to what’s in their attics, basements, and garages. All these categories represent hidden assets, things you have access to and that you own but aren’t aware of. Personal belongings have value because you can sell them to willing buyers. To get the most out of unwanted items, do a detailed inventory and check online resources to get an idea of what others are selling similar things for. It’s not uncommon for homeowners to raise several thousand dollars just by unloading stuff they no longer need or want.

Consulting Skills

For professionals who are close to retirement, it’s a good idea to check the consulting market and get a feel for what part-time consultants earn. If you have skills in marketing, IT, engineering, law, or medicine, chances are that you can easily earn a lucrative side income after retirement by spending just a few hours per week online. Get started by researching the marketplace now and seeing how retired professionals in your field are earning extra income.

Vehicles

Two-car families can often get by easily with just one vehicle. And when kids grow up and move out, couples are often left with cars they no longer need. Two retired adults can share one car and sell the other one with ease. In many cases, public transportation or private ride-rental companies can fill in the gaps when one car won’t do.

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"The Clark Legacy Drs. Kenneth and Mamie Clark and their work," this post is made in partnership with Harlem Cultural Archives, get more at Harlem History.

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