By Bob Waun
Harvey and I met on a ski lift last January in Aspen. It was my 5-day ski trip, as I was basking in the sunlight and snowfall, I asked him "where do you live?" He said Aspen was his home. I explained how much I loved his town, and that I could not believe how expense the housing was (last season they crested $2,000 per square in values, one of the most expensive markets in the USA).
Harvey explained to me he had owned and ran a successful business, that he had done well for himself and his family, but he made one financial decision in his life that far out reached all his other decisions. "In 1970 I inherited a little money, and borrowed as much as I could and bought a $300,000 home in Aspen, I saw it as an investment in my family's enjoyment. Never really thought about the money, other than the expense." He went on to explain that today this home was worth over $5 million, and he had long since paid off the original mortgage. That he was financially secure because of this single decision.
I asked why wouldn't he sell it, and move to a lesser home down the road, pocket the cash - invest it? He explained for the remainder of the ride up Ajax Mountain that he was tempted many times to do just that, but then "he wouldn't get to do this everyday."
This is an expert from a new book: 'Besting - Better Nesting' www.betternesting.com that shares similar stories of boomers who have invested in second homes and new forms of vacation ownership like condo hotel, fractional, private residence clubs and are benefiting from the experience.
Bob Waun is the author of a new book on this trend called: Besting http://www.betternesting.com . He is CEO of Vacation Finance, America's First Second-Home Lender and a leader in the resort and second home industries. Article Source: http://EzineArticles.com/?expert=Bob_Waun |  |
No comments:
Post a Comment