Assets vs Liabilities

Is your car an asset? How about your fancy boat? or even your home? Your banker might say these are your assets, but you yourself shouldn't take it as one! Because they're all LIABILITIES!
Per what rich dad said, asset is the one who feeds you while liability is the one who eats you if you stop working tomorrow. Literally, the former puts $ into your pocket while the latter takes $ out instead.
You pay monthly installment & maintenance for your home, whereby it takes out $ from your pocket, hence it's a liability. Well, you could say that some appreciation on your house can gain you some $ when you sell it. YES definitely it could be your ASSET someday! It only happens when you sell it though. But in case you own a rental property which is giving you monthly positive cash flow, then no doubt it's definitely a valuable asset for you!

Source: Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and the Middle Class Do Not! (Miniature Edition)