It is 2022 and the different ways you have to get life’s necessities are much different than it used to be. From my observation, in today’s FinancialVerse, there are five major ways to obtain assets, products and services. In this post, we will look at each of the options available to you.
Here are the major ways we get what we need in today’s economy:
Buying the asset, product, or service for your exclusive use. For example, this would be the direct purchase of a car or bicycle. You own 100 percent of the item purchased, and you can do with it what you want. It is legally yours in all respects. You can use it as you wish, sell it or throw it away without any restrictions placed on you.
Renting or leasing the asset, product, or service for your exclusive use in exchange for a rental or leasing payment. For example, this would include renting a car or bicycle on a daily basis or longer period. Rental terms, conditions and restrictions are usually evidenced by a legal contract called a lease. In this case, you rent 100 percent of the use of the item, but there are restrictions on what you can do with the item because you do not legally own it. It is yours to use during the rental period, but there are restrictions on the use including you cannot sell the item to another party or damage the item without paying for the repair, as you do not own it.
Bartering by trading an asset you fully own or a service you provide in exchange for a different item or other service. For example, you could trade your 2012 Ford truck for a 2014 Chevy truck if the other party agreed to the trade. Or you could barter by trading twenty hours of your service as a landscaper for catering services for your child’s birthday party.
Subscribing to use an asset, product or service. As a subscriber, you share use of the item with other subscribers for a fee that is substantially less than the cost of buying or renting the item for your exclusive use. An example would be subscribing to view a selection of music (Pandora) or movies/TV shows (Netflix or Hulu) for a monthly fee. You get use or enjoyment of the item for a limited period, but there are restrictions on what you can do with it because you do not legally own the item or have long-term exclusive use. The item or service is yours to use in limited respects during the period of the subscription.
Getting free use of the asset, product or service in exchange for the access/use of your personal data or service labor by the offering service. Think Facebook, Twitter, Google, and other similar services. You get limited exclusive use of the product or service but allow the provider to use the data from your search, spending, reading or enumerable other personal actions to sell to organizations that are looking to sell you products. While this is the least out-of-pocket way to secure the use of products and services, you may be compromising your personal confidential information with unknown third parties.
Summary
So, which of the five ways is best? You will not like my answer—as it depends. Renting a house may provide the best economic outcome to you. You may, however, feel more psychologically secure owning your own home and having exclusive use and control of it. The key in today’s FinancialVerse is knowing there are different ways to get the use of an asset, product or service and choosing the way that is best for you at the time.
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