Even though these two verbs sound similar, they actually have very different meanings. Let’s take a look at them individually so we can understand the correct meaning of each word.
If you owe someone something this means that you have to give something back to someone because of some kind of obligation. For example, let’s say you borrow money from a friend to pay for concert tickets. You owe your friend the money that he/she lent to you, you are obliged to pay your friend back.
Here is another example:
- The small, family business owed so much money to the bank that they had to close down the business and file for bankruptcy as they couldn’t pay back the money they had borrowed from the bank.
To owe can also mean to be indebted to someone or something. For example:
- The author was very grateful for the success of his new science-fiction novel and felt that he owed his success to his editor who put in a lot of time and effort in the novel.
- “I owe gratitude to my parents who supported me during my studies and always believed in my dream to become a surgeon.” The surgeon told the audience during his acceptance speech.
To own, however, has a very different meaning. If you own something this means that the thing is yours, you possess it.
Here are some examples:
- After fifteen years of paying his mortgage to the bank, the dentist finally owns his dental surgery.
- The successful billionaire owns houses all over the world, along with a private jet, luxury cars, jewelry and so on. She bought them all with her money and doesn’t owe anything to anybody.
To own can also mean to acknowledge something or to admit to something.
Here are some examples:
- The finance manager made a mistake when finalizing the report, she had to own the mistake and tell the CFO of the company what happened.
- After the company didn’t offer him the position, he had to own that he felt quite relieved. During the interview, he got a bad impression of the company and wasn’t excited about the prospect of working there.
Hello my dear friend,
1. When someone give or lend you some money, you owe to them. It means that you should pay their money back.
Actually, it is not just money, but also other things.
Example: You saved me from death. I really owe you.
2. The second one is own. When you own something it means that it is yours and belongs to you, Usually when you buy them or, etc.
Example: I own that house.
