Ownership

My friend just got a new car. When they first picked it up, they posted the photos on social media with the caption that said something to the effect of: "This Baby is Mine!!". I am very excited for them and happy that they are happy. I would love to get a new vehicle as well.

Jeep Renegade

But somewhere along the way I have changed my thinking about ownership because of our goal to get out of debt. I started thinking about the phrase, "this baby is mine". There are two possibilities. The first is they have paid cash for the vehicle so they are free and clear of any payments so yes, it belongs to them, it's theirs and YAY! for them. The other option is that they have taken out a loan to finance the vehicle. So doesn't that mean the bank owns their vehicle? 

Am I off on that thought? 

I started to think about things that I have. Do I own them or does the bank own them? When we take out a loan for vehicles, houses, motorcycles, mattresses, etc. the bank holds the title until we pay it off. I'm thinking that the bank holds the title and the majority share until we've paid it off so they own it...

Candelight Homes SnowMass plan

When I think about things in that sense it makes me agitated and want to own the things that I have. I want them paid off so no one else owns them but me. For example I really like our house. We are comfortable in it and we have a great time living in it. We have so many memories that we have from living here. But I can't say it is mine, THE BANK OWNS more of it than I do and that bugs me.

So we will be plugging away on our debts and then tackle the house after that. One of the goals that we have, is that in the very near future we can say the house is officially ours.

If you agree or disagree we would like to hear about it. please respond in the comments below. We appreciate your input and you. Thank you!!

PS- the pictures above are just examples of stuff, not things that we have in our possession.