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, I want to show 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？
我想用所有人都理解的房地产，第一次真正讲清楚：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.