Me and my New 2013 Toyota Prius in 2013. I was excited to have my first hybrid and was excited to start capitalizing on the great gas mileage it would give me. I SOLD it last year for $17,000 less than I paid for it yet I had great tax deductions for my real estate miles and savings in gas over having a gas guzzler that actually allowed me to profit from that car.
However, no other assets have been as profitable as our real estate investments. I grew up with my parents telling me to buy a house and in 30 years you will have it paid off and will be so much better off than renting and throwing all that money away.
After I left for college my parents started buying rental properties and collected several. My 2 brothers who still lived in our hometown where we were born and raised bought several of those properties and both still have them and other rental properties in the Davenport Iowa area.
My wife and I have purchased 15 addresses since 1974 and still have 7 of them. One of the things I talk with my real estate sellers about is keeping their property as a real estate investment rather than selling it and mention how they will have to pay about $25,000 in closing costs. "What?" you say? Trying to talk people out of selling and losing a commission? One of the things I talk with my real estate buyers about is to consider real estate as an investment and not to be satisfied with just one property but to aim for two and then four and then eight or more. One thing I share with both sellers and buyers is never to sell unless you can buy two or more to replace it.
We have practiced those words of advice and one time SOLD one property to buy three more and another time SOLD one property to buy two more properties. One thing I remind renters, even my own renters, is not to rent as they are just making landlords and myself rich by paying off our mortgages.
While I replaced my 2007 Prius with an even better gas mileage 2019 Prius, I know it won't come close to building wealth for us like our real estate investments.