Best investment? A New York City taxi medallion
Turns out that the best place to park your money over the last 30 years wasn’t stocks, gold, oil or (no kidding) your home.
It was a taxi medallion in New York. Those are the precious plates that allow someone to operate a cab in the city.
As The New York Times reports, the Dow Jones industrial average has risen 1,100 percent in the last 30 years. In the same period, the value of a taxi medallion is up 1,900 percent.
If you’re thinking of moving your money into medallions now, go ahead. They’re available. But the price has gone up, way up. A couple just sold: for $1 million each.
Now you know why a cab costs so much in New York.
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