In the financial industry, an asset is anything that is owned by a company or person. It can be used to make money and it’s worth something. Assets are worth money because they can be turned into cash.
Question 1: What are examples of assets?
Personal assets may be your house, car, and investments. They may include cash or money in the bank. Personal property may be boats, household furnishings, jewelry or cars.
Question 2: Is your home an asset or liability?
Your home is both an asset and a liability. It’s important to be aware of this, otherwise you’ll find yourself in retirement with plenty of assets but no money!
Question 3: Is a mortgage an asset?
A home loan can be considered a liability for some borrowers, but the real estate itself is an asset.