Asset

Definition:

An asset is anything of value owned by an individual, company, or government  that can generate income or provide future benefits. Assets are crucial for building wealth and  ensuring financial security.

Example:

For a person: A house, car, gold, or savings account.

For a company: Factories, machinery, and stock.

For the government: Infrastructure like roads and schools.

How to identify an asset:

List valuable items you own, such as property, vehicles, or investments.

Consider any savings or investments that can grow over time.

Types of Assets:

Fixed Assets: Used for long-term operations                       (e.g., land, buildings).

Current Assets: Easily converted into cash                          (e.g., cash, inventory).

Financial Assets: Generate income                                        (e.g., shares, mutual funds).

Intangible Assets: Valuable but not physical                       (e.g., patents, trademarks).

Tangible Assets: Physical items you can see and touch  (e.g., furniture, jewelry). 

Personal Assets: Owned for personal use or investment  (e.g., home, savings).

Public Assets: Owned by the government for public benefit (e.g., highways, hospitals).