The measure of one’s wealth can be measured by how they “own” or “control” their possessions.
The poor say that they own everything they can get their hands on, and unjustly brag accordingly. This is sometimes evidenced by the collection of many possessions that upon first glance, most of society classifies as ‘junk,’ evidenced by yards full of stuff and the interior of their homes cluttered.
The middle class are proud to state that “I own this and that.” All their possessions are in their own names, including their cars, real estate, insurance policies, and bank accounts. Unfortunately, the more they own the larger target they are for legal attachments from lawsuits or governmental seizure.
The rich and wealthy don’t want others to know how much they own. They have shifted their focus off the proudness of ownership and replaced it with CONTROL. There is no need to legally own anything in their own name, they simply keep control over the things they possess. The legal ownership of their possessions is held in Trusts, Corporations, and other legal entities. They can enjoy all the possessions they desire by having legal control without having the liability or tax problems that may arise from ownership.
Anything that can owned may be called property. All property is grouped into two main categories: real property and personal property.
Real property or real estate is also known as chattel real. This is land and things attached to the land which is commonly called real estate or realty. Common things that are attached are structures usually built by wood, steel, glass, concrete, or other materials. Things that are also included in realty are furnaces, plumbing, and built-in appliances, but do not include most refrigerators, clothes washers or clothes dryers that are easily unplugged and removed.
Personal property, also known as chattel, consists of all property that isn’t real property. The subcategories of personal property are chattel and intangibles.
Chattel refers to all kinds of tangible items such as cars, desks, or couches including those appliances that are easily unplugged and removed from real estate.
Intangibles are property that cannot be seen or touched and is more accurately refers to legal rights, not things. Examples include bank accounts, insurance policies, patents, trademarks, copyrights, licenses, franchises, stocks, bonds, promissory notes, and other documents that represent intangible rights.
The ownership of all of these kinds of property real, tangible, or intangible can be held in any number of legal entities allowing one to “Own Nothing, but Control Everything.”
This control doesn’t mean controlling only chattel and chattel real. It also includes some of the more intangible or immaterial property which may include things or even positions, such as political influence of laws.
Communal things such as light, air, and oceans can’t be owned. Public property such as rivers, lakes, and coastal waters also cannot be owned. Also, keep in mind that there are also things that supposedly cannot be owned because they are illegal such as illicit drugs. However, communal, public, or illegal property is still property, and that previously mentioned political control does allow these types of property to be lawfully manipulated by politicians whom at one level or another may be ultimately controlled by wealthy individuals that can exert control over all.
Rule #1: What you don’t own can’t be taken from you.
It’s time for you to begin acting as the wealthy person you are aspiring to be by shifting your focus from owning to control.
Follow the words of Nelson Rockefeller: “The secret to success is to own nothing, but control everything.”
Keep on learning and I’ll See You Over the Top,
- Alan David Kosinski, Life Extraordinaire