Quote:
Originally Posted by dubu
thats like saying gold is the best rock you can find because you will be rich.
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If your able to find some Francium or Californium, and somehow stabilize it, make sure you prevent the radiation from radiating yourself, you'd be a very rich Dubu.
But no, its not like saying that. But is a solid piece of advice, IMO.
Like any other business, capital is crucial, and not all businesses succeed, just like real estate. Remember, its a risk. Just because one invests in real estate, DOES NOT guarantee success. The only thing that guarantees quick riches assuming you don't get caught or shot is selling rocks. No... not the ones you study in geology, but rocks! Ideally, purity wise, to business folks and wall street. Make it to the top of the rock market.
What he was saying is true for your "average" American. A big chunk of families net worth is in thier home. Not everyone is making 200/300k a year. For your family that brings in 40 or even 70k after taxes, home ownership is still the main driver of net worth growth.
You need money to make money, but you also need some good judgement and understanding of conditions. Luck is an element as well.
Just look around society. People are not swimming in cash. If it was that easy, everyone would have vast portfolios of properties. Lets not forget that some folks struggle just to pay the mortgage on one house... that they live in!
I think key is for a majority, which does not include the minority.
That's why I use the word "Chunk"... because it implies that there's a left over portion that this does not apply to. And "big", because a proportion is heavily favored towards the premise that home ownership is a wealth builder for the majority of Americans.