Asset
Anything you own that has financial value — cash, investments, property, and more.
An asset is anything you own with monetary value: bank balances, investment and retirement accounts, real estate, vehicles, and business interests. Assets are one half of the net-worth equation — what you own, before subtracting what you owe.
Not all assets are equal in a financial plan. Liquid assets (cash, marketable investments) can be spent or rebalanced easily; illiquid ones (a home, a private business) can't. And appreciating assets like investments build wealth over time, while depreciating ones like cars lose value, which is why the composition of your assets matters as much as the total.
This definition is general information to help you understand a term, not financial, tax, or legal advice. Figures that change year to year (limits, thresholds, rates) should be confirmed against current official sources. For guidance on your situation, a licensed fee-only fiduciary is the right next step.