Your house is definitely an asset; it's the mortgage that's a liability. Some folks may try to position a house as a liability simply because it costs you money. But the truth is your home will make you more money than it will cost you over time. Therefore, it is an asset.
Some of the saddest situations I've seen in all my years of teaching are seniors who have paid-for homes and nothing saved or invested.
Money isn't the most important thing on earth, but it is a fact of life. That's why I encourage people to build an emergency fund of three to six months of expenses and begin saving for retirement before they tackle paying off their homes.
