There is a common misconception among many people between things that they own and things that they do not. We always hear about people buying new homes, buying new cars and on and on. We hear talk about home ownership and all the other things that people buy. Some people buy homes, others rent. These are all terms designed to confuse.
When you take out a mortgage to buy a home you don't own your home. Period. The bank does. You don't own something that you make payments on. There is very little difference between somebody who "owns" a home with a mortgage and somebody who "rents" - they both are paying a monthly fee.
If you really wanted to own your home you would drop 100k or 200k on it cash. That would be owning it. Until you do that you don't own your home. You're not the one dropping $100,000 on the home, the bank is. They own it. They put up the capital. Not you. Don't believe me? Stop paying your mortgage and see what happens. You'll find out who owns your home real fast.
The same goes for your car. You don't own your brand new car that you make payments on. That's not ownership. Ownership on a car is buying it cash. Until you do that, you don't own your car.
People have a twisted view on what ownership is and I highly suspect it is done for the purpose of making somebody else rich. Rich people own property. Poor people do not. Rich people may choose to enslave poor people by letting them use and maintain their toys, but at the end of the day it's just another asset for the rich and another liability for the poor.
We live in a society where just about everything people have is a facade. Nobody owns anything. They are all slaves to the bank.
Filed under:Business, Banking, Ownership