How to Identify Assets and Diminish Liabilities

Assets and Liabilities

Six-foot two; dark skin; educated; likes to cook; loves kids; has a sense of humor; volunteers at church… Sounds like a dating ad? Perhaps. However, how often do we think about what determines the value of potential mates based on what they can add to our lives or how much the relationship will cost us? There are many variables to examine when it comes to dating. So, what should you consider when marketing yourself? Or, have you not realized there is such a thing as a person being marketed? When dealing with dating, people often use the term “on the market.” Why? It is because dating mimics shopping. “I am looking for a good fit. How much will it cost me? Does it look good? Is it worth the money? What brand is it?” Much like with shopping, people are sizing up others every day, whether others are intending to sell something or not. Know that everything you do becomes a part of your personal brand.

Therefore, you must learn how to showcase your assets: the skills, experiences, products, and opportunities that will bring income and other opportunities. What are you bringing to the table? If what you deem to be an asset takes away income or opportunities, it becomes a liability. You then need to do away with it or drastically decrease it in order for you to become effective. So, the first thing you need to do is to identify your assets and liabilities, in order to know which hand you are playing. You would not expect to get through a security checkpoint without identification. So, identification becomes a necessity in moving forward.

How to Identify a Credible Asset

A credible asset needs to be tied to an impact passion, which means you need to be skilled at it and enjoy doing it. It does not matter how well you do something if you absolutely dread doing it. In that case, the word ”asset” goes flying out of the window. An asset should also be quantifiable and qualitative. Can data be quickly gathered to positively measure the impact? Ask yourself, “Would someone be willing to pay for this or provide a significant platform for me to display what I am offering?” When someone finds value in a thing, money is sure to follow. Think about the money and time that you’ve invested. If it is found that a large portion of your savings and calendar days have been spent on that passion, there may be something to it. Have you given consistent commitment to it for a lengthy period of time? Up to a year? Would your passion be worth putting your personal reputation on the line? The answers to these questions will lead you to identifying a true asset. So, what about a liability?

Diminishing Liabilities

Liabilities get in the way of and reduce the flow of cyclical life. Life is cyclical in its nature, because everything in it is connected. If one area of your cyclical life is out of balance, it affects every other part of your life. There are common liabilities that come to disrupt that flow. A few would be lack of self-efficacy, distracting or diluted activities, and disappointments. These activities and experiences have the same goal of fostering a lack of purpose in order to derail the plans that you’ve made. Stray away from any activities that are not aligned with your goals. Wasting time wastes time.

Where to Find Assets

Assets may be found in any of the experiences that you’ve had. Look at the coursework and projects you’ve done during your education. Consider your work experience and how you’ve made a difference. What about your hobbies? Are people demanding the work that you simply do for leisure? Also, don’t shun volunteer experience. Often valuable skills are acquired and cultivated during that time of service. Most importantly, you have a story. Tell it. Share it. It may become your most valuable asset.
Think about what you want to show people. What do you want them to see? You must know what you offer and present it well. You must also be able to recognize the areas in which you will excel and the areas people will monetarily back you. Figure out what areas are limiting you and draining life from other areas. Know where to focus the bulk of your attention. Find out what experiences and skill sets will best wrap your package. Lastly, become an expert at whatever it is that you do. Remember, people don’t get paid for pushing buttons; they get paid for knowing the right buttons to push.

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