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PaperclipPerfector  6mo ago (text post)   2703 thread views

Small-Scale Question Sunday for October 13, 2024

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

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This might be SLIGHTLY too big for small-scale Sunday, but I will give it a go:

What is the strongest argument against "you will own nothing and be happy" as a concept?" Ideally an argument that can be expressed in a few sentences of average complexity.

For instance, one argument might be that "people will not be able to build up wealth." However, I note that most of the property people own are depreciating assets. It actually might make sense for someone to not own a car and instead simply rent one on a weekly basis from a fleet of vehicles maintained by a larger company that are mostly standardized and will suit whatever their needs are at the time. Or a system like Citibike for cars. Or maybe later on, just call a robotaxi as needed.

This means they will not have to worry about the costs of repairs and maintenance, or insurance, or storage, and they can expect to get new models on a regular basis, thus it reduces a potential source of stress and unexpected costs to a simple monthly subscription. This seems like it would work well for a lot of people, and save them money in the long run!

And similar can apply to housing! If you live in a rented, pre-furnished apartment you are far more flexible if you want a change of scenery, to expand your living space, or need to move to a new city to pursue opportunities. Home ownership introduces lots of complexity and presents an illiquid asset even if it appreciates.

Same can apply to, say, smartphones, which upgrade so fast that 'owning' one almost doesn't make sense as it becomes outdated in < 1 year.

So extending some logic, I begin to see reasons why the average person might prefer to own nothing but a retirement account, and simply have a subscription service for most items they will use throughout their life.

What philosophical, economic, psychological, social, biological, political etc. etc. argument do you think most strongly refutes or rejects this as an ideal?

Taking a guess at the argument that will be the most common response, Rot-13'd:

Vg qvfpbhentrf snzvyl sbezngvba naq yrnqf gb n pvgvmrael gung vf vapncnoyr bs erfvfgvat nhgubevgl.

(Let us be clear, I'm not supporting owning nothing, but I do plan on trying to do a steelman or similar in the future)

For me it all comes back to what kind of cash flow you need. Depreciation notwithstanding, if I lose my job I’d much rather have a car that’s losing value on paper than have a monthly payment I need to make.

That's just a way of saying you'd rather have savings than not. It doesn't tell you anything about the merits of owning versus renting a car.

It’s related but not quite the same. If my savings are in the market for instance and I’m let go because of a recession, suddenly my obligatory expenses could mean I have to sell at the worst possible time.

I’m not saying renting is never a good idea but racking up fixed expenses poses risks.

Why would selling your car be any better? Its value will be equally affected by the recession.

Yeah, but you don't have to sell your car. Savings and a fixed expense means you're vulnerable on both sides. Your cost of driving can go up, and your savings lose value at once. Owning a paid off car is locked in on cost of ownership. Sure, it can break down, but market fluctuations are irrelevant to you.

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