Do you own it if it's not 100% paid off?

[SenNey]

Why do people say they own things when they dont?
(ie. Have a loan for it, yet to pay it off)

Have hubby has a wanker of a mate who likes to tell everyone, he owns this that and everything else. Yet he is up to his eyeballs in debt.
(he also has a few mates like this wanker, but there on a smaller scale, there just tossers )

Iv'e told him you fail to make payments, and the bank will come and take your goods (in this car, bike + house)

He keeps saying no i own them!
There mine.

House-mortgage
Bike-personal loan
Car-personal loan.

None of it is paid off, he owns NONE of it.

Yet loves th brag to the younger guys at work that he owns this and that.
Can he really be that thick to think he actually owns, even thou he hasn't paid it off?? (i think he is a Fuktard anyway)

I pay cash for everything, bike, cars everything. I save and wait.
Hate owning people money. I only have a loan for my house.

So the questions is do you own something if you haven't paid the loan off???

My vote is NO> beacuse at anytime you stop paying the bank can reclaim/reposses it.

[Felix]

I actually did something I advise against - bought the bike on credit card. I did this because this way I actually DO own it, as the credit card debt is unsecured, and it is actually cheaper than an unsecured personal loan.

Don't worry, we have friends like that - they can list everything they "own" but of course everything is actually financed, and eventually gets refinanced into the house mortgage. They started off owing $170k, now it is over $220k. If they lost their jobs, they'd lose the house, their cars and pretty much everything else - furniture, etc.

Personally, I couldn't live with that hanging over me...

I don't know...some people just like to have lots of toys, the latest and greatest crap...seems to fill some void in their life...and are prepared to be slaves to the bank to do it...? I'd rather work for my own wealth, not the banks and finance companies.

[Rossi]

These people are commonly known as "two bob millionaires" or "NNNN"s
(Nice Nets...No Nickers)

[mrmina]

posession is 9/10 of the law.

if u have it its urs

[Smitty]

posession is 9/10 of the law.

if u have it its urs

I would keep working then mina....









so the sheriff does not turn up

[chameleon]

The stupid part is... If you wait and save and buy for cash you can have a hell of a lot more for your money. A hell of lot more. Everyone gets a vehicle at one time or another on credit. the trick is to grow out of the experience.

[SenNey]

He has been like this ever since we have known him, some 7 years now.

But he really got to me last week when his younger brother purchased his first car.
Dean had a part time job since he was 14 (trolley pusher) he has just turned 18 and bought his first car.
Now he saved every little cent to get that car, free of loans and borrowing money from his parents. Somethign wanker has never done!

J is just about to start Pre Med and now owns his car outright.
Shit it think thats bloody great!! Wish i had my head screwed on right at that age.

Wanker said to J you will never make it with a car like that!!!

Car BTW is a VT
Wanker has a loan for a Jepp Cherokee and owes over 400k
And scrimps to make it through each week. Yet doesn't think twice about getting a loan, for something else.
And here he is bagging his younger brother.

[Cougar :)]

I think you own it...its not like the bank is allowed come and walk through my house or god forbid ride my bike!

Although when asked, "I say yes I own my own home, well the bank does anyway"

I voted yes and no option...can you tell?

[Strika]

I borrowed money thru AGC 15 years ago to buy a new FZR600. I just payed it off quickly is all. I would do it again if I really wanted something that bad and didn't have the cash for it.

But as you get older, you seem to accumulate more money. Fucked if I now where it comes from, it just appears in your bank account!!! Then you can pretty much buy what ya want.

I own all my toys, The two race bikes, the road bike, and the rest, and all bar 1 of my cars, and thats cause it's a company vehicle and much more beneficial to never own it!!!

But I still call my Jeep (which is financed) mine! I don't own it, but it's my Jeep!

[chameleon]

Global debt is running at around 100 trillion or so, this does not include the notional value of the derivatives markets which exceed 300 trillion. A trillion dollars is a thousand billion, a very large amount to repay. In fact, the debt is unpayable. Australia has the highest percapita personal debt with the average around 100 000 for every man woman and child in australia. Mostly home loans but a lot of CC and vehicle dbt in there as well.

Depressions are the only way to clear out the debt. Under the current 320 year old british banking system these happen every 40~60 years, but the coming depression has been put off by massive extra debt buildups and by the prosperity derived by cheap oil. [ one barrel of oil contains the energy equivilent of 25 000 man hours of labour ]

When the collapse finally comes, 1~5 years away, all the outstanding assets, homes, businesses, farms, will be taken over by the global banking system and sold for cents on the dollar. Those that chose to run up enormous debts will be stripped clean and life as we know it will cease to be.

Here is the current debt in US terms as compared to the debt load of the 1930's great depression.

.

[robracer]

Party Pooper

[Neka79]

everything i own, i OWN...no debts....other than abt $800 credit card debt at the moment, i dont owe shit. I like it that way...ive owned my ute (inherited it) and my blade, and before that my VTR...admittedly i got a hand up with an inheritance, but everything up till then i had to work for...

one thing that does annoy me tho is the amount of ppl who bag ya for something, when there no better...
your $40k MV that ur paying finance on, isnt as good as my $8k (approx?) blade that i own....oh and ill bet u wouldnt have as much of a go on ur MV either

[aardvark]

What I want to know is....

Why the fuck do you people care what other people are doing? You've got your own life to live, so live it...

[SenNey]

[quote="Cougar "]
Although when asked, "I say yes I own my own home, well the bank does anyway"
quote]

I say the same But own all 3 bikes, 2 cars and the boat out right.

Shit i even laybyed a bike hahahahaha
Asked if i could pay half on the day and the rest in 4 weeks.
Was even prepared to pay weekly if they wanted.

Love Frankston Yamaha!!

I will save and wait, as i know the interest is going to kill.
As for the home loan, i pay more then i have to, have managed to cut 6 years off it and save myself 40K Thats my ute money for when i turn 40!

[RG]

What I want to know is....

Why the fuck do you people care what other people are doing? You've got your own life to live, so live it...

I so fucking agree