An asset is certainly something that should be earning you money. I have opted out of buying the house I live in for renting partly for the flexibility and partly because I know the money can be be working harder for me elsewhere.

Coming from Australia, our real estate prices are out of control at the moment. If I had purchase a house in Sydney around 2011, I would probably have doubled my net worth by now. Purchasing the home you live in isn't a bad decision especially if you live in an area like Singapore where values will be rising consistently but you do need to consider the opportunity cost of where that money would be if you hadn't purchased the house. If you would have spent on holidays, a new car or a shopping spree then purchasing the house was a wise decision. If you were going to spend it on investments such as stocks, bonds, property or mutual funds then there is a lesson to be learnt.