What are assets?
An asset can be defined as any item or resource that holds economic value, whether positive or negative. In the context of personal finance and wealth management, assets encompass a wide range of possessions and financial instruments that can contribute to an individual's or organization's overall financial standing. These assets can be tangible or intangible, liquid or illiquid, and may fluctuate in value over time.
Some common examples of assets include:
Bank accounts: These represent liquid assets in the form of cash deposits
Credit cards: While typically associated with debt, credit cards can be considered assets due to their available credit limits
Investment portfolios: These may include stocks, ETFs, bonds, mutual funds, and other securities
Physical assets: Tangible items such as vehicles, jewelry, art, or collectibles
Real estate: Properties owned for personal use or investment purposes
Loans: When you're the lender or receiver of a loan
Intellectual property: Patents, copyrights, and trademarks
Business ownership: Equity in companies or partnerships
Retirement accounts: Such as 401(k)s, IRAs, or pension plans
Adding bank accounts in Walletguide
For bank accounts, which are often a cornerstone of personal finance, you have two primary options for inclusion in your asset tracking: You can either connect them automatically through secure financial data aggregation services, which offer automated updates and convenience, or add an account manually by inputting the details yourself, which may be preferred for privacy reasons or for accounts that don't support automatic connections.