Peruvian family buys $27M in condos to stash cash during coronavirus crisis
- Thread starter dealmaker
- Start date
Did you even bother to read the article?
"A South American family shelled out nearly $27 million to buy eight luxury condos in a new development on the Upper West Side — all so they can keep cash in the pads amid the coronavirus outbreak, a report said Wednesday.
The unidentified Peruvian family bought the units in the Waterline Square development because they “felt their money was safer in an apartment in New York than in a bank,” the family’s agent, Maria Velazquez, told the Wall Street Journal..."
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What's the street address plus condo unit numbers ???
I'm sure wearing a mask there...shouldn't alert anyone.
wrbtrader
Rich people are rich because of generational wealth and knowing the right people and/or having the right connections. It's incredible what you can accomplish knowing people.
It's almost impossible to exceed the class of your parents by more than one jump. When you see someone who can buy 27M of condos they didn't earn that through normal means. Of course people will tell I'm wrong and we're all just temporarily embarrassed millionaires but the data seems to disprove the anecdotes every single time. If the average person's parents are middle class, they may themselves achieve a small sum of wealth (maybe a few million) by retirement. Saved properly this creates generational wealth. If someone starts from low class they might eventually get to middle class - maybe even slightly above. If you start with well off parents, upper class or better, your probability of finding loads of money yourself increases exponential. Your initial conditions strongly influence your potential of wealth generation. There's very little you can do to stop this because in the end if you didn't have connected parents and/or rich uncles you probably aren't going to be rich even if you're successful.
Now cue all the people telling me how they came from modest means and they grew their wealth to multiple 10s of millions. To those people I'd like to introduce Mr. Confirmation Bias and his friend Mr. Youre-full-of-shit.
