Are you better off?
Ronald Reagan struck a nerve during his 1980 Presidential campaign against Jimmy Carter when he asked Americans: "Are you better off now than you were four years ago?"
I was reminded of that political quote today when the Fed came out with their quarterly net worth report. Here's a portion of it:
My financial situation has improved this past year-- despite all the expenses generated by my damn HVAC system-- so maybe the Fed's report has some merit. I had 4 serious financial setbacks about 6 years ago and now that they're finally all behind me things are improving. Maybe my recent weight gain is because I can finally afford food! LOL Or more likely it's due to age and laziness.
The best thing about my improved finances is that as of 10 months ago I started up a brokerage account once more. I was only able to put in $8k, and until I have my car paid off I won't be able to add any more, but at least I can play with that small amount. Stocks are so much fun and I do love to play with them!
So my question to you is are you better off this year compared to last year or is the Fed full of crap?
I was reminded of that political quote today when the Fed came out with their quarterly net worth report. Here's a portion of it:
The net worth of U.S. households climbed to a record high in the final quarter of last year, boosted mostly by gains on stocks, the Federal Reserve reported Thursday.
Net worth — the difference between households' total assets, such as houses and bank accounts, and their total liabilities, such as mortgages and credit card debt, totaled $55.6 trillion in the October-to-December quarter. Stocks gains helped fuel the increase in net worth, although real-estate gains played a role, too.
For all of last year, households' net worth rose by 7.4 percent, a slower pace than the 7.9 percent increase registered in 2005.
Household debt, meanwhile, grew by 8.6 percent in 2006, down from a 11.7 percent increase in the prior year. The Fed said this deceleration "was accounted for by much slower growth of home mortgage debt."
Net worth — the difference between households' total assets, such as houses and bank accounts, and their total liabilities, such as mortgages and credit card debt, totaled $55.6 trillion in the October-to-December quarter. Stocks gains helped fuel the increase in net worth, although real-estate gains played a role, too.
For all of last year, households' net worth rose by 7.4 percent, a slower pace than the 7.9 percent increase registered in 2005.
Household debt, meanwhile, grew by 8.6 percent in 2006, down from a 11.7 percent increase in the prior year. The Fed said this deceleration "was accounted for by much slower growth of home mortgage debt."
My financial situation has improved this past year-- despite all the expenses generated by my damn HVAC system-- so maybe the Fed's report has some merit. I had 4 serious financial setbacks about 6 years ago and now that they're finally all behind me things are improving. Maybe my recent weight gain is because I can finally afford food! LOL Or more likely it's due to age and laziness.
The best thing about my improved finances is that as of 10 months ago I started up a brokerage account once more. I was only able to put in $8k, and until I have my car paid off I won't be able to add any more, but at least I can play with that small amount. Stocks are so much fun and I do love to play with them!
So my question to you is are you better off this year compared to last year or is the Fed full of crap?
Comments
Truthfuly though, I am still only a serious illness or accident away from losing it all though, I have no health insurance, My paycheck is altogether gone before the next one comes in, child support is nil, my car is 6 years old & I have a 401k which is all company stock which was acrued by profit sharing from my company, as in: I can't afford to contribute to it regularly. Still, I'm a little better than last year so I guess the answer is yes.
Here from Micheles tonight.
Becky, you sound like you're in the place I was about 2 years ago. Things were looking up for me but I still had a ways to go. Now I could handle a year of unemployment, which eases my anxiety somewhat, and I sure hope that doesn't become necessary!
Rosemary and Judy, that doesn't sound so good for either of you.
Then I got sick.
Then I looked at my bank account, and the cat and I both threw up.
Happy sigh...
~S
I'm like Ralph Kramden: "I had it and I spent it, Alice!"
Here via michele Dave!