What Is A Family Asset?

An asset is anything of value or a valuable resource that can be converted into money. Individuals, businesses, and governments own assets. For a business, an asset can generate income or a business can benefit in some way from owning or using the asset.

Personal wealth

Personal assets are things of value now or in the future that are owned by a person or household. Common examples of personal wealth structuring are as follows:

1. Cash and cash equivalents, certificates of deposit, checks and savings accounts, money market accounts, physical money, treasury bills

2. Property or land and any structures permanently attached to it

3. Personal property – boats, collectibles, home furnishings, jewelry, vehicles

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Business assets

An asset is anything of value or a valuable resource that can be converted into money. Individuals, businesses, and governments own assets. For a business, an asset can generate income or a business can benefit in some way from owning or using the asset.

The balance sheet lists the company's assets and shows how they are financed, either through borrowed capital or through equity issuance. The balance sheet provides an overview of how well the company's management is using its resources. There are two types of assets on an ordinary balance sheet.