What is an Asset? Definition or Meaning

Your assets include everything you or your company owns that is of value. This includes computer equipment, vehicles, property and goods such as the products you sell. Should you end up in debt, you may have to hand over some of these assets to pay back the money you owe. If you’re hoping to borrow money, the bank will take the value of your assets into account.

For example…

Unfortunately when it comes to money matters, your winning smile doesn’t count as your best asset! It is thing like cars, property, machinery and computer equipment that add up as assets much more quickly. If you’re applying for a loan, the bank may take into account the value of your current assets before offering you approval.