Ownership is the ability to own future value while no longer having to make corresponding payment or effort to get that value.
If I asked, “Should you buy or rent your furniture?” Most people would probably say, “Buy!” because most people get ownership when it comes to buying furniture.
If I asked, “Should you buy or rent your home?” Most people would probably say, “Buy!” because most people get ownership when it comes to where you live.
Ironically, not everyone gets ownership when it comes to their life, their time and owning their income.
When we have a job, we rent ourselves out in hourly increments. If you have a salary, well then you rent yourself out in bi-weekly increments – you have a longer contract. The problem is, if you do not own your life and do not own your time you'll always have to keep spending time for the reward.
Most people ask, “What's the hourly pay?” and ownership is not even on their radar. That type of thinking has been so engrained in us and passed down from generation to generation by elite members of the society who looked to control the average person. Because if you knew how to provide for yourself and fend for yourself then you could be very dangerous to people who actually owned the labor.
Renting requires continued cashflow or time flow to maintain possession. Renting provides no future value and no equity.
So, if you have a job, you've got to keep putting time flow in to get the same value. If the time stops, the value stops – you get no equity. When you leave your job, they will not say saying, “Hey, you worked here 70,000 hours, you banked $ 10 an hour of equity – here's $ 1 million.” That does not happen. If you stop, it stops.
Working year after year for a corporation is just like renting. If you get fired or you decided to quit, what would you have to show for it? You helped to build their company; you gave your years, energy and intellect and all you would have to show for it would be your rent receives … your paycheck stubs.
It does not matter how much money you make, if you do not own it and if you do not override it, you're still renting. It will go away much faster than you ever thought possible because at some point you're not going to be able to continue trading the time or the talent that you did before get it and it will stop – and it will stop fast.
Having a job equal rents – you must continue to trade time for money, therefore you will always be short of one of the two.
The only two ways to make more money at a job is to either increase the dollar per hour or to increase the amount of hours.
- Going back to school is probably the most socially acceptable way people attempt to increase the dollar per hour. What many do not consider is that by going to school you may be losing out on 3 or 4 years of all those extra dollars. Tomorrowmore, now you've got to pay for the ability to get paid more money! How does that really make any sense? So, going back to school can be a slow-burn process and it can actually take 20 or 30 years for a return on that investment.
- Your other option to make more money at a job is to work more time, but keep in mind, there is only 24 possible hours in a day.
Ownership equals an end to the cost, but a continuation of the benefit.
When you own your house outright, you can stop paying the mortgage, but you can continue living in the property. You can take out equity, you can leave it to your children and you can put them ahead – much like if you were to own your income.
So now, if you got to choose between owning and not owning which would YOU choose?