1. To be "wealthy" is to own your time.
Wealthy people get to wake up each morning and decide exactly how they'd like to spend their day.
An asset is anything that tends to increase in value over time or pays you money simply for owning it. Some examples are real estate, stocks, bonds, websites, and businesses.
For example, you could use your paycheck to buy stock index funds.
Or you could dedicate your time to building a website that earns income for you while you sleep through using SEO.