你人生最大的杠杆，可能已经买过了
Put $200,000 down on a $1M home. What happens when it rises 10%, or falls 10%?
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
Real estate is the leverage almost everyone already understands. With $200,000 down, a buyer controls a $1,000,000 home. A 10% rise in the price is a 50% gain on the down payment, before costs; a 10% fall wipes out half of it.
Using the most familiar example there is, the chapter shows why leverage magnifies gains and losses alike.
房地产。
一个人拿 20 万，为什么可以买 100 万的房子？
如果房子上涨 10%，为什么他的 20 万并不是只赚 10%？
反过来，如果下跌呢？
用所有人都理解的房地产，第一次真正解释：杠杆为什么放大收益，也放大亏损。
This book is general education, not investment, tax or lending advice.