What is an asset? What is a liability?
An asset is anything that has the potential to increase in value.
Property. Stocks and shares. Art. Antiques. These are all things that typically appreciate in value, though some of them are definitely specialist subjects.
A liability is anything that depreciates in value.
This is most things. Your iPhone. Your car. Your sofa. Most of the things we own that perform some sort of a function. And of course all the rubbish we find ourselves buying that doesn’t serve any function!