Of course, you can have investments and savings that exist outside of these official account types. Most would consider their stock or open mutual fund portfolio or cryptocurrency accounts and even income properties themselves as retirement account. They are investments, yes indeed, but not explicitly classified as retirement accounts.
Start by filling in your basic information, such as your name, job description, and contact details. Just as the description suggests, you should then list your assets and liabilities. Think of every income and investment stream, such as real estate investments, annual salaries, and retirement plans. Possible assets include:
Additionally, if you are trying to appease the bank for financing purposes, you may add up some other depreciating personal items. In the real financial world, no one truly considers these assets…but your bank wants to know everything they could possibly take collateral on. Therefore you can also total up these type of items:
Liabilities, on the other hand, diminish your net worth. They will show up in another column and get subtracted from the total of all your assets. They may include:
Today, there is a current need for individuals to determine their worth. However, most Canadians do not realize that Par Whole Life Insurance Cash Value should be listed as their assets. It is basically just like home equity. Par Whole Life Insurance Cash Value could be your best-performing asset. What's more, it could supplement or, better yet, replace your retirement income. Continue your journey of learning and discover more about this powerful asset class.
Check out our videos, podcasts, and articles to get a deeper insight into why Par Whole Life Insurance Cash value is one of your best assets.
At Ascendant Financial we have expert financial advisors and coaches that can help you understand all your options with Personal Balance Sheets. Register for our training so that you can book a time with your own advisor