There was a flood in a section of my country that destroyed lives and properties. His father lost about seven blocks of flats which is all he has in life. The houses were not issued, so he is totally broke.
Lessons
- Diversify your assets. Don't invest all you have in a single asset.
- If you are investing in real estate, let your properties be in different locations. My friend's father lost all his property because they were in the same place.
- insure your assets and businesses. Insurance can help reduce the effect of a loss.
In my own point of view there's nothing wrong in investing in real estate it's safer and has low risk but buying properties in different locations doesn't imply that they will be safe but rather handing them over to insurance it's one best remedy to limiting loss and maximizing profits.meanwhile one can still make a fortune without diversifying their assets it all depends on how they go about it..