What TIME costs you in Real Estate
TIME IS THE LAST LUXURY......but time may also be the greatest WEALTH-CREATOR of all. We all loved this excerpt from Lenoard Steinberg's daily COMPASS Catch.
"Yes, time and patience are often the biggest wealth creators of all. How many people have you met that bought a home or building 40, 50, or 60 years ago that is now worth millions? Or even just a few hundred thousand dollars? Yes, compound interest adds up, but so too does compounded OWNERSHIP. If everyone is dreaming of 2% inflation, a $500,000 home bought today could very well be worth $1,345 million in 50 years. (At 3% that jumps to $2.2 million!) That is real wealth creation while simultaneously providing an essential need - shelter - unlike many investments that are mostly invisible. Yes, money invested in the S&P 500 could achieve the same compounded wealth (or more), but you cannot live in your investment statement......" If you would like to be added to this daily email that provides insightful market tidbits, beautiful properties around the US, and excellent commentary, or if you'd like to add someone to this morning memo, (including friends, family, or colleagues outside of the COMPASS Family), please click here and include your full name and email address. Thank you!.