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Looking at your financial picture? What do you see? If the only assets in your view are the securities in your investment portfolio, you might want to adjust your lens.
You probably have additional resources that should be considered for financial planning purposes. Here are some examples.
Your Residence
Any equity that has built up in your home may be a major asset. And once you’ve paid off your mortgage, you can invest the amount previously used to make your mortgage payment.
A Vacation Home
A second home in a desirable location can mean years of enjoyment for your family and, ideally, extra cash when you’re ready to sell. And, if you or other family members don’t use the home year-round, renting out the property for part of the year may also bring in some extra income.
Rental Property
Renting out a house or apartments that you bought as an investment can provide a steady income as well as protection against inflation, since real estate values and rents typically rise along with consumer prices. As long as you’re able to cover the costs, owning rental property complements your investment portfolio.
Your Possessions
A valuable art or jewelry collection probably can be considered an investment. But, unless you have something truly rare, “collectibles” such as comic books or sports memorabilia shouldn’t be counted on for future income.
Your Business
If your business is thriving, you have a valuable asset that should be included in your overall financial worth. Just make sure you have a solid portfolio to help you through an unexpected business downturn.
Article is for educational purposes only and is not intended to provide specific tax or legal advice. For answers to tax questions, please see your tax professional. For legal questions, consult an attorney.
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (800) 369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.
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