Money is what usually comes to mind when we think of assets. It’s not the only asset class though.
I believe there are six asset classes. They are:
These are not listed in any order of importance or priority. If I had to choose the most important of these assets, I’d go with Health. Time would be next.
Better health and longer time horizon can give me a much better chance of acquiring the other four assets.
Money is usually a by-product of the other assets, especially knowledge, experience and relationships. But, you can also use money to develop your other assets.
Knowledge is available widely these days, usually for free as long as you have the time and desire to pursue it.
Experience can be easily gained too. All you have to do is offer to do “it” for free, or for a testimonial. That reminds me. Anytime you get a testimonial for your work, ask for these five bullet points.
- What work did I do for you?
- How did you find me?
- Why did you choose me to do the work over other people / candidates?
- As a result of my work, what changed in your life / business?
- How likely are you to work with me again, and who would you refer me to?
Time is the only limited asset we have. And, it decreases as we get older. It is also the most unpredictable asset. I’ve had people in my family die in their 30s, 40s, 50s, 60s and 70s. And, there are also people in my family who are 90+.
It is important that we use the time we have today, wisely. It is important that we focus on activities that make a lasting difference, bring us long term happiness. It is important that we don’t squander time with meaningless activities or things that won’t matter soon after we do them.
Health is by far the most important asset in my opinion. It takes a time, discipline and knowledge to build a body with sound health. By the way, you body can communicate with you and tell you what it requires. Listen to it closely. Experiment when possible, and strengthen it.
When it comes to health, I have my own SEEDS Wellness formula. It’s a simple formula that works extremely well for me.
- Sleep well
- Eat well
- Exercise well
- Drink well
- Socialize well
When you focus on doing these five things well, you will automatically develop a healthy body, mind and soul.
Relationships is by far the toughest asset for me to cultivate. I unfortunately can’t give you much in terms of advice here. But, I do know they are very important in building a fulfilling life.
So … what are your thoughts on assets? Can you think of other assets one can cultivate? Or, are most other assets simply a subset of the ones listed above?
Also … got any advice on relationships?