Equity and ownership
The duality of meanings between the words equity and ownership particularly intrigue me. Both of which are critical to life.
Equity has two meanings. One means how fair something is while the other revolves around how much of a stake or ownership you have in something. As I grow older, I recognize both are equally important. Of course, you should always be fair to others. The golden rule stands the test of time for a reason because it will always be relevant. Yet, we can always look at equitability from the standpoint that one definition enhances the other. The more fair and just you are to others, the more likely you will receive a stake within the importance of someone’s life or business endeavors.
How fair do you treat the people around you? If you supervise a group of people or have kids, do you treat them all the same? Additionally, how much of a stake do you have in other people’s lives? How important are you to them? It’s not to say your importance to someone else defines your meaning in life, but to say, as humans, we need to love and feel loved to live a fulfilling life. Therefore, how much you mean to someone, especially if they mean a lot to you, whether you like to admit it or not, will affect you.
Ownership is eerily similar to equity. It has two meanings, which are to possess something or to have accountability for actions. Both of these definitions are also vital to life. The older I get, the more I realize how essential ownership is, in possessing a house, car, land, retirement account, etc. It’s not that having things drives me because I am not a materialistic person. It’s the idea that when you own something, nobody can take it away from you, that piques my interest. It’s part of the reason I created Align. I could’ve flocked to many freelance websites and wrote there. I could’ve been a ghostwriter for well-known blogs. I could’ve worked at a public newspaper or towards receiving a writing contract with a major sports league, but it wouldn’t be enough.
For me, it wouldn’t suffice, because at the end of the day, whoever I reported to could tell me what I could and couldn’t write. This is the precise reason as to why I wanted to create my own website. I didn’t want any censorship of what I could say. I wanted my feelings, emotions, and thoughts to be conveyed in the most authentic, unadulterated, honest way possible. Without any trivial expectations from the lead person in charge. Because, when you own something, you are the lead person in charge, and there’s beauty in that.
Whether you own a house, car, television, or pair of headphones, you should take pride in your ownership. If you purchased them, or even if your parents did, you should be proud of the hard work they or yourself put in to make it happen. As I think about equity and ownership, I can’t help but think that I haven’t started the process of purchasing a home yet. I’ve started on a car and am well on my way to paying it off. However, there’s just something so enticing about owning a house, and more importantly, the land on which it sits. Of course, the house is more meaningful when it comes to making memories. I just mean the land is mightily valuable because no one can take from you.
If you own a piece of land, congratulations, it’s a huge deal and one that should be celebrated. When I crunch the numbers of renting versus buying, I still wonder why I am renting. Am I just being lazy because owning a house can be more problematic and comes with more responsibility? I mean, we all have different objectives, and some people are perfectly fine with renting every year. To me, it makes no sense because if I can gain equity and ownership with a house, whereas I’ll never see my money again when it comes to renting, the decision is pretty straightforward. It almost seems like common sense. However, I understand that owning a home comes with much more what-if scenarios.
What if the fridge stops working? What if the air conditioning goes out? What if a tree falls through the roof? What if the water heater breaks? These are all genuine questions you should ask yourself. But have you thought about the money you would possibly save that could offset those costs anyway? Typically, renting is more expensive than a mortgage payment.
You could rent a house for 1,500 a month, but your mortgage payment if you bought the same place could be 1,250. You’d save 250 a month, or 3,000 a year. That’s a nice chunk of change to replace that refrigerator you needed. Besides, that’s only one year, and you’re still putting your hard-earned money towards something. Imagine if you did so for a decade or even longer, the house will most definitely pay for itself in the long run. Don’t work for your money; make your money work for you. It’s the saying that comes to my mind when I think about ownership.
As I mentioned, the word ownership also means having accountability. For example, I am relatively upset that I haven’t put as much time and energy into buying a house or piece of land even sooner. So in that regard, I must hold myself accountable. Because moving forward, I don’t want to make the same mistakes and continue to be so caught up in my other responsibilities, such as working a job, attending college, and running my website, that I overlook such a crucial part of life, ownership.
In the same vein, though, part of being accountable is recognizing the situation for what it is and accepting the different variables that impact it. I’ve had a lot on my plate for years now, which is the main reason I haven’t purchased a house. Not to mention, barely making enough money to cover my bills for the majority of my life hasn’t helped, either. But I am more excited than ever because I am positioning myself well to accomplish one of my dreams of buying a house relatively soon. Throughout the process of doing so, I’ll have learned and will continue to learn about equity, ownership, the duality of their meanings, and what they genuinely are.