The rich do not. The rich hold investments. The rich put no more than 15% of their assets into a home because it’s a poor use of money. If a home were a good investment, that allocation wouldn’t stay at 15% - it would grow to 80%. But it doesn't. And if a home were a good investment, someone worth $20M would sell their $2M house and upgrade to a $15M one. But they don't do that. We live IN a home. We live OFF investments.
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2 Comments
Michael Noël
@therev · 22d
Is it possible there is a huge market for a $500,000 house and a small market for a 15 million dollar house?
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