Hi Seanmen,
I got this from my dictionary. I hope this helps.
be better off (more money) to have more money than you had in the past or more money than most other people
Obviously we're better off now we're both working.
When his parents died, he found himself $100 000 better off (= he had $100 000 more than he had in the past).
be better off (better situation)to be in a better situation, if or after something happens
He'd be better off working for a bigger company.
be worse off to be poorer or in a more difficult situation
If Rick loses his job we'll be even worse off.
Cheers,
Ernest