This is an interesting thread. It has been answered but I would simply say that, first of all, an asset is simply something that has a positive value. A liability is something that has a negative value or in other words something that you have to pay on or that will cost you more and more money to own. A boat, some might argue, might be a liability under the definition of, "A hole in the water into which you..." you probably know the rest.

The golfer and the chip collector can probably, BOTH consider their hobbies as Assets. That is because while the chip collector does have his chips and they will always have some value, even if not what you paid for them, they still do have a positive value. The golfer still has his clubs, shoes, memberships(?) and other items within his hobby that he can or might be able to sell or transfer to another person in exchange for a payment. Even if the price has depreciated from what was originally paid, if you can get paid for your possessions rather than have to pay someone to haul them away, they are Assets. If the only way you can rid yourself of an unwanted collection of chips is someone who comes up to you and says, Nice Chip Collection and follows with for $50 I will take it off your hands for you than that collection is a liability since it is costing you to dispose of it.

That is how I see it.