Assets Vs. Liabilities

[Nomad]

How do you define assets? What are liabilities? Are you well-versed in these two important concepts in finance?
In simple words, an asset is everything you own, it includes your investment, savings, as well as property. Liabilities are something that you need to pay to other people or companies such as debt, loans, outstanding bills, etc.
Let's brainstorm on these two concepts.

 

[Grant]

You pretty much answered it yourself. Assets are what you have to your name. That includes your money, house, cars and other vehicles, etc.

Liabilities are usually debt related. Bills are annoying, and having to take out loans is something I hate doing. Not a fan of it. I try to stay ahead of my debt but paying things off as soon as possible.