What do we call an individual's belongings which have value?

The term used to describe an individual's belongings that have value is "assets." Assets encompass a wide range of items, including cash, real estate, vehicles, jewelry, and investments. They represent what a person owns outright and can contribute to their net worth. The value of assets is crucial when assessing an individual's financial health, as they can be liquidated or utilized to generate income and support financial goals.

By contrast, expenses refer to costs incurred during operations, liabilities represent obligations or debts owed to others, and investments are assets purchased with the expectation of generating profit or income in the future. Understanding the concept of assets is fundamental in personal finance as it allows individuals to manage their wealth effectively and make informed financial decisions.