Many people underestimate the income-generating potential of their assets. . These can include anything from your house or cottage, vehicle and machinery to collectable items, such as jewellery and art. A skill, such as sewing, is also considered to be an asset.
“Most people do not know how to derive value from their assets,” says Wilfred Moyo from Metropolitan. “If used wisely, assets can generate more income and be used to meet your financial commitments.”
Wilfred provides tips on how to get the most out of your assets:
1. Know your assets: The first step in making your assets work for you is to identify which of your assets can generate an income for you. Let’s take property as an example. You could rent out your granny flat.