Effects are portable personal property not used for business. We most often hear this word in reference to one's "personal effects."
The noun effects was first used in 1704 to mean "goods and property." It's your personal stuff, like keys, fine china collection, watch, car, or earrings. "Personal effects" is a phrase often associated with a last will and testament, when someone bequeaths certain items (or items in general) to someone else, but it can also refer to the belongings you remove from your pockets and fork over when you go to jail (which you'll then get back when you leave).