A valued possession is an item that is of great importance to its owner. It could be something that has been passed down through generations, or something that has been acquired through hard work and dedication. The term 'ASSET' is a five-letter word that can be used to describe a valued possession. An ASSET is something that has value and can be used to generate income or increase wealth. Assets can include physical items such as property, stocks, bonds, and cash, as well as intangible items such as intellectual property and goodwill.