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Asset
Plain English
Something you own that has value, like cash, a house, or an investment account.
Professional definition
An economic resource, owned or controlled, expected to provide a future benefit — typically classified as liquid (cash-like) or illiquid (e.g., real estate).
Example
A checking account balance, a car, and shares of a mutual fund are all assets.
Common misconception
Not all assets are equally easy to convert to cash — a home is an asset, but selling it takes time and cost, unlike a savings account.