Meaning of the word well-off in English

What does well-off mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

well-off

US /ˌwelˈɔːf/
UK /ˌwelˈɒf/

Adjective

having a lot of money or assets; prosperous

Example:
They are a very well-off family, living in a large house with several cars.
Despite being well-off, she prefers to live a simple life.