Which term describes everything you own and all of your liabilities?

The term that describes everything you own and all of your liabilities is "estate." An estate encompasses all assets and liabilities an individual has at a certain point in time. This includes properties, bank accounts, investments, personal belongings, and any debts such as mortgages, loans, or credit card balances. Essentially, an estate represents the total net worth of an individual when summarized, considering both the value of what is owned and what is owed.

While "wealth" refers more broadly to the abundance of valuable resources or material possessions, it does not directly account for liabilities. On the other hand, "portfolio" typically refers to a collection of investments and financial assets held by an individual or institution, while a "budget" is an estimate of income and expenses for a specific timeframe. Therefore, the most accurate term for the complete picture of ownership and liabilities is "estate."