Who’s Getting Rich? Homeowners and Shareholders!

Chip Corley |

Household net worth increased $1.7 trillion in Q2-2017 and now totals $96.1 trillion. Household net worth rose 29 of 32 quarters or 90% of the time since the '08-'09 recession, according to the Federal Reserve's Z.1 report. The facts are remarkable: homeowners and shareholders at large have seen their wealth grow by 70% since the financial crisis ended.

Households’ fortunes exceeded the ’09 low by $41 trillion and the previous ’07 high by $28 trillion. To put the magnitude into perspective, the $1.7 trillion dollar increase for the quarter ending June equates to $5,230 per person in the U.S.; that’s a ton of money. Taking this a step further, the $28 trillion change amounts to $86,153 per capita.



Unfortunately, many individuals do not have the financial means to be part of this extraordinary windfall. According to the Report on the Economic Well-Being of U.S. Households in 2016, almost half of the respondents (44 percent) indicated that they did not have financial means to pay an unexpected $400 expense. There’s no simple solution to solving this problem, but I think a good place to start is by talking about money issues with others. I believe it is imperative that personal finance be introduced and taught in grammar school, middle school, high school and college.

I recently authored the book, Financial Fitness: The Journey from Wall Street to Badwater 135. The book is about how I achieved financial independence. I share how I learned to manage my money gainfully and become physically fit as well. Starting off, I was flat broke. I had no contacts to help open doors for me and limited options for success, but I had the opportunity to work in America, the greatest country in the world. I benefited from working hard, being persistent, and taking calculated risks along the way. I can honestly say that if I make it, anyone can.

Yours in Financial Fitness,

-Chip

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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