Income-generating assets for increasing net worth

Steve Sorensen net worth. It's never too late to start building up personal net worth. Whether a person is a young professional or an old-timer in the industry, there are many ways to generate income. Here are some assets and investments that can add to a person's wealth.

Residential property

Steve Sorensen net worth.

The home can be an income-generating asset especially for those who are planning on moving to a bigger place or a different area. However, for the property to be truly profitable, one must regularly improve the house with renovations and additions that will boost its market value. No matter the economic situation, people will always have a need for a house. Keeping one's residential property in top shape can yield a good income for its owners in the future.

Other real estate properties

Beach houses, rentals, and vacation homes can be income-generating assets for owners especially during peak seasons. While the tourism and vacation rental industry is experiencing a decline due to the pandemic, experts say that the industry will recover in a matter of months. What owners need to do is to keep their properties sanitized and in good condition. Steve Sorensen net worth.

Art, jewelry, antiquities, and valuable collections

While these can be considered personal property, selling these precious items to fellow collectors might increase its value. For example, a limited edition basketball shoe or a luxury watch might sell for a higher price after a few years. This is also the same for artworks. When artists gain popularity, the value of their old creations might also increase in value. When it comes to collections, it is better to keep the items in mint condition. It might also be good to invest in collectibles that might be of value to others in the future. Steve Sorensen net worth.