What are debts, assets, and equity?

A debt is something (most commonly use to describe money) that is owed to someone else. When you have debt, you have something that you borrowed but owe to someone else.

An asset is something that you have, normally something you own that has value. An asset can be your clothes, house or anything you own of value.

Equity is the value of your shares you have purchased from a company. The equity you have gives value to you as a person based on your business or a business you support.