Real estate has created thousands of millionaires in the United States.
The great robber baron and millionaire prototype Andrew Carnegie once said, “Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”
Looking back over my career in finance and markets, that statement holds true. I know a lot of millionaires, but I do not know any who don’t own real estate-related investments.
This post originally appeared at Investors Alley.