The Fear Is Gone!
I think this saying is the title of B.B. King’s song –lol-. Anyway I was talking with my niece yesterday and we were discussing the economy. I told her that while everyone is in a “Fear Mode”, smart people are getting richer. Yes they are. I saw this same panic happen back in 1987 when the stock market crashed. I was new to the financial/banking world at the time and didn’t benefit the way I should have.
I remember getting a stock tip from my boss and mentor. He would get dozens of dividend checks on a weekly basis and I would go down to the bank to deposit them. I remember thinking “who would want a check for a 1.57” but the total amount of his deposit would always shock me. Most of the time it was over $100 each deposit.
He told me to invest in Citibank stock. At the time (1987) I hadn’t heard of Citibank. They weren’t in the West Coast at that time. The stock price was about $5 a share and guess what? I didn’t buy a single share. Well, we all know who Citibank is now –right- ieeeeeeee
My point is every 15-20 years the economy does something crazy in a particular industry. Then it was banking, now real estate. Usually greed is the fundamental cause. Currently, I am purchasing real estate at auctioning prices as low as $1,000. Can you believe this? Oh well some see obstacles, while others see opportunity!
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