Sunday, June 5, 2016
In Cancún we were offered about $150 to listen to a fractional ownership sales pitch for two hours. It was excruciating to me, of course. We were shown some luxurious hotel suites and we could buy a partial ownership in them. Of course, we would never actually use them, as the sales people admitted, but instead we could use our "equity" to stay in hotel rooms from big chains anywhere else in the world. So why did we need to be shown those suites in the first place? Why would I want to borrow money at 14% from a Mexican bank to pay thousands of dollars in advance for hotel rooms for the rest of my life that I may not ever use? Of course I pocketed the cash and did not buy in.