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KXLY Posted: Updated: March 11, 2021 5:04 AM If you thought that only the wealthy have assets, you’re about to become wealthy. Practically everybody owns assets they’re nothing more or less than a thing of value that can be sold for cash. What Is an Asset? An asset is a possession that can be exchanged for cash. Your car is an asset, just like the money you hold in your checking account. That furniture in your living room? Even though your partner’s couch might not be your favorite, it’s still an asset. “An asset is a thing that you own outright that holds value,” says Katharine Perry, certified financial planner (CFP) and financial advisor at Fort Pitt Capital Group. You can own an asset as an individual or jointly with someone else, like a parent, partner or spouse. ....