[lurk]

I was talking to a very wealthy man about this recently. I asked him what his essential financial wisdom is. He lives in a home probably $10M in value.

His main thing is keeping his cash highly mobile. He prefers the ability to call his guy and move X million $ from place to place in five minutes. Real estate, at least for him, is too static.

[Alberta's Child]

During the worst months of the post-2008 financial crisis I heard a fascinating radio interview with Steve Forbes. He said the secret to success in the “personal residence as an investment” world is to stay in the same home for a long time.

He mentioned that he and his wife were still living in the same home for 35+ years. They live very close to Trump National Golf Club in New Jersey, and I suspect most people who see it would be surprised that someone so wealthy lives in such a (relatively) modest home.