Explore commonly used personal finance terms.
An asset is any resource with economic value that an individual, corporation, or country owns or controls, with the expectation it will provide future benefits. Assets include tangible items like property, vehicles, and machinery, as well as intangible assets like patents or copyrights. They are typically classified as current assets, which are liquid and can be converted to cash quickly, or fixed assets, which are long-term and less easily liquidated. Assets are fundamental to net worth calculations and business value assessments.
