Need to be more specific
Asset can be many things
For example your cars can be worth $5k
Whole life insurance with cash value could be an asset
My house is value at $120,000ish last I checked
I got it for cheap during the crash
I probably didn't make my clear, as I am not quite clear myself.
Asset can mean residual income ... cash, etc.
Mortgages and other loans don't count as asset. It's a liability.
It's not your asset until you own it free and clear.
I can have a house worth $1.5M, yet I still have a $1M mortgage on it ... that's a liability ... not an asset.