an asset, a liability; where lies the difference?

[festus]

hi chebo mouth! oamune kityo! ok, here i have a strategy, an idea or can i say my view? i read a book recently which i think affects many people especially achek chebo mouth. it is about assets and liabilities: what is an asset and what is a liability? in terms of assets, watu will give examples like a home(house), a car, lorry etc. but no; though generally accepted accounting principles will say they are, i tend to disagree. my definition: an asset is what adds value(money mostly or generally wealth) to your pocket. a liability is what takes out value(money or generally expenses) out of your pocket. does a house add u something? a car? unless it's a house that u rent out(you are a landlord) or are in a matatu business then i'll say that a house, a car, lorry- name it!- all are expenses(liabilities) so what is an asset? i'll end by giving examples of assets:
1.a business
2. stocks
3. bonds
for reference:

[festus]

gud, i think with GAAP u would score all; that is in theory. go practical and see!
I recommend the book: "Rich Dad Poor Dad- What the rich teach their kids that the poor dont!"
thanks sana

[festus]

exactly, that's what woz saying but now, explaining it ouyt without contradicting uaself!! it's the practicality of ua actions that matter, not the theoretical aspect of it!!
kongoi!