Something occured to me the other day when I was beating myself up for buying things and not saving up earlier for this mortgage process…
I have probably around $ 20k in musical instruments, photography equipment, etc. that are uninsured. For the past few years, I’ve also been recording my profits (not huge, on the order of a few thousand dollars per year) from music/photography on my tax returns.
Can I use those physical assets to help demonstrate my net worth? Do they have to be insured to work this way? I know they aren’t hugely liquid, but I could certainly sell everything if I ever needed to.