Net worth of 1.6 million … You mean their purchase prices of the properties that their payments to the banks are based on = 1.6 million. AKA their debt = 1.6 million. The aren’t worth 1.6 mill, they owe 1.6 mill. They are worth what the properties can be sold for after they pay the banks off AKA – selling price – 1.6 million.
If they sell for 1.6 million they are essentially at 0. Sell for less and their net worth is negative.
So the media is also confused between debt and wealth.
Cool.
Cow_tipping.
