In short, an asset is something that you value in any capacity, be it derived by using it or through the warm fuzzies you get just by having it at your disposal.
Useful Asset – your car.
Warm Fuzzy (Emotional) Asset – your excellent sense of color schemes.
There is only way to quantify and measure your assets in monetary terms (so that you can calculate your net worth), and that is not by figuring out how much you value them, but how much an average, reasonable person values them (fair market value).
You may not be willing to sell your Star Wars action figure collection for less than a million bucks, but if no one is willing to pay that price, then that’s not what they are worth.
Many of your most valuable assets are going to be worth the most to you. Like your time.
Fortunately, if the fair market deems one of your assets worthless, that doesn’t mean that it doesn’t have the potential to create monetary value for you. Your car may be a hunk a junk, but if it still works, it saves you the cost of buying a new one. And your mad skills with color schemes might just land you a well-paying decorator job.
So what are you supposed to do with your assets?
Your assets, like you, have a lot of potential.
But potential doesn’t just develop itself, you’re going to have to do some of the work.