Real estate is a crappy investment
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It's always a good idea to follow the investment advice of a reality TV star. They're known for having accurate and expert opinions. :)
I think it's just like any other time in the history of money. Invest in what you know or get to know what you plan to invest in. Sure, stocks and bonds could generate higher returns cash on cash, but not in a mutual fund and not by an amateur just picking something off of e-trade. Plus, if his idea of investing in RE is buying a home and hoping to bank on a certain percentage of appreciation, then he's probably doing it wrong.
I think it depends on your situation, your level of involvement with your investments, your tolerance for risk, and a thousand other factors. This just sounds like a sound-byte from a talking head looking to bolster ratings.