Did you know America’s first millionaire was a real estate investor. The astor family, the famous family, the most wealthly family during the later 1700’s and the most of the 1800’s. This family was of German desecant,
John Jacob (originally either Johann Jakob or Johann Jacob) Astor (July 17, 1763 – March 29, 1848) was the first of the Astor family dynasty and the first millionaire in the United States, the creator of the first Trust in America, from which he made his fortune in the fur trade, real estate, and opium industries.
Real estate and retirement
|if i could live all over again, i would buy every square inch of Manhattan.
â€”John Jacob Astor
In the 1830s, John Jacob Astor figured that the next big boom would be in the build-up of New York, which would soon emerge as one of the worldâ€™s greatest cities. Astor withdrew from the American Fur Company, as well as all his other ventures, and invested all his proceeds on buying and developing large tracts of land, focusing solely on Manhattan real estate. Foreseeing the rapid growth northward on Manhattan Island, Astor purchased more and more land out beyond the current city limits. Astor rarely built on his land, and instead let others pay rent to use it.
– as he quotes, “if I could live all over again, I would buy every square inch of Manhattan.”
He would pass his legacy onto his sons, Jon Jacob IV, an american millionaire would board the Titanic in is later years, the richest man aboard the ship, and sunk down refusing to get into the lifeboats before all of the women and childern did.
History, is so wonderful, you can take a look at the past, I was reading on the titanic, the important people who passed away during the ship sinking. The wealthiest people on board where entreprenuers, and most of them sacrificed their lives, the males to refuse to board the lifeboats before all the women and childern were on board.
But its interesting to note the first millionaire in the US was a real estate investor, he he understood that real estate is a good investment. Matter of fact where not making any more land, population keeps going up, so housing demand keeps going up, and guess what real estate prices keep going up.
Will you invest in what the first millionaire in the united states wishes he would have bought more of? A millionaire back in the 1700s, that is alot of money. The astor family.