Those who have made financially savvy decisions like:The net wealth of U.S. households rose in the third quarter to its highest since late 2007, providing a hopeful sign for future consumer spending.
Net financial wealth grew $1.72 trillion to $64.77 trillion, the Federal Reserve said on Thursday.
That left household wealth $1.2 trillion short of where it stood in the fourth quarter of 2007, just as the economy was sinking into a severe recession. Wealth peaked at $67.3 trillion in the third quarter of that year.
Household debt fell $65.5 billion to $12.87 trillion. That reversed a small gain logged over the prior three quarters, a possible sign that households still feel they need to cut debt.
- Buying a home at record low rates
- Investing in some of the world's greatest businesses via the stock market
- Improving their competitiveness by obtaining valuable skills
- Paying down high interest debts to reduce debt servicing costs
are likely enjoying immense wealth. American household wealth being at 2007 highs is excellent; it shows just how resilient wealth is in the United States and how prosperous we can be if we play by the rules of the game. Doom and gloom is over - we're all getting rich in this rapidly improving economy!
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