Financial Record Keeping - Why It Is Crucial To Build Wealth

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Financial Record Keeping - Why It Is Crucial to Build Wealth

Depending on who you ask, you might end up with a  Abundance With Money Review variety of definitions of what is a financial asset. Sometimes, you might hear an asset is something of value. There are times you might hear that an asset is something that appreciates in price. I do not think that there is a right or wrong definition as everyone has different views.

While there are many definitions of a financial asset, the one that I most agree is that an asset is defined as something that generates revenue or income. An asset may not necessarily appreciate in price or value but it must generate revenue and income. I personally think this is the foundation of what financial freedom is.

Something an asset needs to work hard for you so that you don't. What about "assets" that does not generate revenue or income but appreciates in value. These "assets" while considered by many to be a financial asset, in my opinion is not considered as an asset because it will not help or make life any better until it is sold for a profit. What is the point of an asset when it does not help you right now or immediately. What do you do when you need money.

Even worse, what do you do when you need money and this particular "asset" cannot be sold for a profit. Understanding the definition of a financial asset is important in your financial journey because it will determine what you invest in today. If you invest in "assets" that will appreciate in the long run but cannot help you when you are in financial need, then you might be investing the wrong way. Assets are supposed to generate income for you today.

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