That's not really true. If everyone buys golf trips or ice cream cones the chance they will turn into appreciatirng assets is zero. That's still basically true

That's not really true. If everyone buys golf trips or ice cream cones the chance they will turn into appreciatirng assets is zero. That's still basically true for most things that look sort of vaguely like assets, such as new cars, appliances, and whatnot. Very few of the things the average person chooses to incur debt to acquire are even remotely plausible as appreciating assets.