security, they had nothing to fall back on. What they thought were assets could not help them survive in a time of financial crisis.

1 assume most of us have filled out a credit application for a banker to buy a house or to buy a car. It is always interesting to look at the "net worth'1 section. It is interesting because of what accepted banking and accounting practices allow a person to count as assets.

One day, to get a loan, my financial position did not look too good. So I added my new golf clubs, my art collection, books, stereo, television, Armani suits, wristwatches, shoes and other personal effects to boost the number in the asset column.

But I was turned down for the loan because I had too much investment real estate. The loan committee did not like that 1 made so much money off of apartment houses. They wanted to know why I did not have a normal job, with a salary. They did not question the Armani suits, golf clubs or art collection. Life is sometimes tough when you do not fit the "standard" profile.

I cringe every time I hear someone say to me that their net worth is a million dollars or $100,000 dollars or whatever. One of the main reasons net worth is not accurate is simply because the moment you begin selling your assets, you are taxed for any gains.

So many people have put themselves in deep financial trouble when they run short of income. To raise cash, they sell their assets. First, their personal assets