via Barron’s – Carla’s shares new #CarlasPearls, this time courtesy of advice her mother gave her.
When I was 28, my mother made the suggestion that I buy some land that members of the older generation in my family were selling. They were in their 70s and were tired of paying taxes on it. “What would I do with it?” I thought. There’s not a house on it, nothing else on it. And it would have taken just about all I had been able to save at that point. I was working at Morgan Stanley, and I couldn’t imagine wiping out my bank account to buy something that was utterly illiquid, not seeing it as something that would appreciate.