Your privacy information asset portfolio.

At this point, many people are confused. That’s natural. Yes, we follow the argument: (1) privacy is a modern creation; (2) privacy (as we know it) is eroding quickly in the face of technological innovation; and (3) it is more useful to think of privacy as an information asset rather than some sort of inalienable right.

The rational argument isn’t the confusion — the implication of redefining privacy is unclear. In other words, how do we manage privacy in our day to day lives?

Privacy is unlike other assets. Sometimes, it is quantifiable like money (e.g. your credit score information), but often it is not (e.g. the value of your religious affiliation). Sometimes privacy exists on a spectrum (you can share a little personal information on Facebook, but not everything), but often it is a binary choice (you have shared your location data, or you haven’t).

The confusion is natural.

Information is such a new type of asset that we can be forgiven for wondering how to think about it. Each type of data becomes part of your privacy information asset portfolio. You get to choose how to invest your assets to achieve your objectives. But to invest with confidence, we need clarity on the assets in our portfolio. Let’s explore those assets and how you might decide your allocation strategy:

Social Data

Social data is an easy start. If you use Facebook (and most people at least have a profile), you’ve shared at least some social data. In return, those services provide a way for you to stay connected with family and friends. If they’re free services (and most are), your privacy assets are the product you’re selling in return for those services. If you’ve ever felt like you don’t get much in return for social networking, what you should start saying is I am paying too much for this. Remember, just because you’re not exchanging money, doesn’t mean you’re not exchanging value. Consider switching to a paid social network such as Premo Social. I know people who’ve done it. The modest cost of those services allows you to retain additional privacy, and in effect, “pay” less.

Location Data

This is another easy one…especially in the past ten years. Most (if not all) modern cars have GPS trackers. That technology allows automakers to offer emergency services and car rental agencies the ability to track their car after you rent it. Many also feature built-in navigation systems. All modern smartphones have the same GPS location functions, allowing Apple, Google and others to offer driving, transit, and walking directions to wherever you want to go (not to mention to share that data with other apps). These functions are so common, that you can be found by someone almost anywhere you go. Consider learning how to turn off location services when you don’t want to be tracked. Practicing this habit will force providers to ask you to turn them on and make you aware of just how often your location is being shared. If they want your information, they should make a compelling offer of value. If not, just say no.

Purchase Data

If you’re like most people, you make a lot of purchases from a lot of different providers. Who has that information? Banks, sure. Credit cards, them too. Amazon, yes, but less than you think. How about your corner market, Uber, or Amtrak? You may use a combination of credit cards, checks, online bill-pay, cash, and gift cards. Today’s reality is that no one provider knows your entire purchase history, only you do. Services such as Mint are trying to give you greater visibility in your spending by aggregating as many of these different sources as possible. Even if you don’t sign up for one of these services, it’s worth understanding how they work and the value the bring. When one of them will offer to pay you for your data (instead of offering the service for “free”), you’ll be ready to decide.

Financial/Credit Data

Here’s the basic idea behind the credit rating agencies: You’re trading this aggregation of data for the ability to maintain a “credit score.” You can opt out in many cases (or pay in full, in cash, immediately, for absolutely everything), but a credit score is the inevitable consequence of living in a modern economy. (It’s also useful for borrowing money when you need it.) Do you think about your private credit history as an asset to be managed? You should. Frankly, it’s more constructive than feeling powerless when they make a mistake. You wouldn’t let your bank misplace half your paycheck without making a phone call, would you? Well, have you checked your credit report (for free)? You probably should.

Health Data and Biometrics

This is a bigger category than you may realize. Yes, health data includes your medical records (test results, family history, doctor visits, etc.), but it also the biometric data captured by your Fitbit, Apple Watch or smartphone (number of steps, diet choices, blood pressure, heart rate, etc.) In the future, and in some cases today, you will be able to take advantage of your good habits to negotiate lower insurance rates or sell this information to medical innovators. That’s especially valuable if you have got an odd genetic trait or family history. But until there are better protections in place, be careful about sending away for a “low cost” or “free” genetic screening. In the meantime, you can consider signing up for paid pharmaceutical and medical device trials.

Image, Video, and Voice

Pictures of you (or pictures you take), videos of you (or videos you take), and even the sound of your voice have much more value than you realize. Those photos and videos have value. Instead of a free social network, why not post them to a photo/video sharing network where you could earn some money? Voice is the next generation of human-computer interface, and Silicon Valley is racing to get better at this. They’re being coy about telling you just how much they’re collecting and analyzing because they’re hoping you’ll give it to them for free or for the “use of their product.” Make them give you more for it.

Employment

LinkedIn gets your detailed career history and job-hunting desires for free (are you seeing a pattern here yet?) But with more people become “remote,” “virtual,” or “gig workers,” the traditional linear career path will cease to exist. Your job history is more than a series of employers. Your career successes are simply another series of information asset — the entirety of which only you know. Gig job markets may give you a better idea of your true value than a salary benchmark website such as PayScale.com.

Political and Religious Affiliations

Of all the types of private information people have, political and religious information is also the type we’re most likely to give away for free. It may seem counterintuitive, or downright wrong, to think of these pieces of information as “assets,” but bear with me. Don’t think about them in terms of money, think in terms of value exchange. Is it worth it to you to support a political cause? And worth the risk of someone not being your friend because they know that? Then by all means, share that information. The same goes with your faith, although in a more complex context depending on the creed.