What are the things you own that may be valuable? These are
your assets, and you could use them in case of a DIRE emergency. Almost
everyone has something they could turn in to get cash:
| CDs |
Video Games |
| Jewelry |
TVs |
| Antiques |
Art |
| Musical Instruments |
Clothes |
| A House |
Cash Value Insurance |
| An IRA |
A 401k |
If you are in a money crisis and you still have any of the
above, it is probably because they are very important to you. Do NOT sell
anything very important to you to buy things you can do without right now. You
will only be able to sell them or cash them in once, and often for less than
you paid for them, so make sure you have exhausted every other option before
you sell them.
Once you identify your assets, you need to make sure they are
in a safe place. If you are not certain that they are safe with you, consider
renting a lock box at a nearby bank, or ask a trusted friend or family member
to keep them for you.
You are on your way to financial independence. Congratulations!
Go to Step Five.
