Assets are everything you own that has any monetary value, plus any money you are owed.
They include money in bank accounts, stocks, bonds, mutual funds, equity in real estate, the value of your life insurance policy, and any personal property that people would pay to own.
In personal finance, liabilities are the amounts you owe to creditors, or the people and organizations that lend you money. Typical liabilities include your mortgage, car and educational loans, and credit card debt.
When you calculate your net worth, you subtract your liabilities, or what you owe, from your assets. The result is your net worth, or the cash value of what you own.