[RoundGuy]

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Arguing about the definition of a word really takes the focus off of the true discussion.

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Common definitions of words are the only thing that make rational discussion possible. Which is why this discussion is not rational. It's impossible to play a game when one side doesn't understand the rules.

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Your accounting teacher told you an asset is something you own. Fine. A multimillionaire told me that an asset is something that benefits you financially.

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It is both. A home is both. You just don't understand why.

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The only thing you "own" is a debt. You defined the meaning of "liability" as a debt.

So, now, according to your definition of the word "asset" I've shown you why a home that you have a mortgage on is not an asset.

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No, you've only shown that the asset I own has a liability (of lesser amount) attached to it.

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You still have not proven to me, or anybody else reading, why a mortgaged home is NOT a liability.

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The home is the asset, the mortgage is the liability. The liability decreases monthly, while the asset value increases over the long term.

You do know what an investment is, right? Is putting money into your 401K every month a liability, or an asset?

Is the monthly cost of purchasing a home an expense, or a liability?

Is a monthly rent payment on an apartment an expense, or a liability?

I'm afraid to see your answers to these questions.