Asset Definition

So what is an asset?

Alright, let me lay down the asset definition quick and simple, then maybe we’ll get a little wild. An asset is something you own that has value. When someone talks about net worth, for example, they’re talking about all of a person’s assets minus any liabilities.This would include money held in different accounts, houses that you own, and securities you hold (stocks, funds, REITs).

If you want more on Net Worth, Assets and Liabilities go check out my podcast episode on the subject here. Max Simmons and I dive deep into the dilemma many people have with the elite billionaires of the world. Are they really all that rich though?

• An asset is anything that you own (mostly that has value)
• A liability is anything that takes away from that initial value, such as debt. 
• Yes. Your house, unless you actually own it, is a liability. Go figure.