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Debt consolidation

Defining an Asset

What is an asset?
Debt consolidation
It is what you own that you could sell.
Debt consolidation
From the dictionary, asset = "item of ownership convertible into cash". Cash, or any exchange value.
Debt consolidation
So is your furniture an asset? Yes, technically, because you could sell it for something.  But how much, really?  Not enough to spend all your money on furniture and believe that you are wealthy. 
Is your car an asset?  Yes, though like furniture, it's a dwindling asset. You could sell it for cash, minus any smaller amount you owe on the car, therefore it is an asset.  But a car is worth less every year. 
Debt consolidation
Dwindling assets lose market value, or depreciate, with time.  While dwindling assets are indeed assets, they are not as  good a measure of wealth as Growth assets.
Debt consolidation
A house is worth more in twenty years than it is today.  Stocks, securities, investment partnerships, mutual funds, real estate all grow in value. You can convert these items into cash, or you can sit back as they exponentially increase.
Debt consolidation
The rich-looking person who prescribes to the He Who Dies With The Most Toys Wins outlook on life likely has plenty of dwindling assets.  But the truly wealthy person looking to the future seeks growth assets that give back more than they c10/11/2006">