Two words: “OWE” and “OWN”
The words share the same first two letters, but the third letter makes all the difference!
When you purchase a car with cash, you owN it. If it is financed, you owE it.
Here’s the difference the third letter makes:
- A different future. Owning equals no future payments. Owing means you’ve pledged away future income.
- Stress. Owning equals reduced stress. Owing means HAVING to produce income just to hand it over to the bank.
- Relationship. Owning equals positive relationship. Owing means there is a unique “borrower-lender” relationship where the lender has the right to bother and hassle you should you fail to meet every part of the lending agreement.
Do you OWE or OWN?