I encourage you to step back, observe with perspective, and take stock of your position through a lens of gratitude. This will change how you feel, and maybe even improve your financial happiness.
Every three years, the Federal Reserve publishes a report about the finances of U.S. families. Based on data and interviews, the triennial “Survey of Consumer Finances,” “…collects information about family income, net worth, balance sheet components, credit use, and other financial outcomes.” In short, it reports how Americans are faring financially.
• “…the 2019–2022 growth in median net worth was the largest three-year increase over the history of the modern SCF, more than double the next-largest one on record.” What’s the disconnect? Why are people seemingly wealthier than ever, yet simultaneously more worried about money, both for themselves and others?
As consumers, there’s little we can do to affect these macroeconomic headwinds. You and I don’t control the federal interest rate or the cost of milk. Time may help to heal these issues, but until then it’s on us to find happiness — or continue down the road of misery over aspects outside of our control.I understand how tone deaf “being thankful for what you have” may sound, especially if you’ve been looking to purchase a new home or struggling to find enough money for groceries.
Today we also have a small piece of metal and glass in our pockets that literally connects us to the entire world. It can make free long distance video calls, something old sci-fi shows showed as “the future.” It can also order our dinner, a car, help around the house … or really anything.Our opportunities exceed our ability to comprehend them. So many things are now faster, easier, cheaper and better.
Steve Booren is the founder of Prosperion Financial Advisors in Greenwood Village. He is the author of “Blind Spots: The Mental Mistakes Investors Make” and “Intelligent Investing: Your Guide to a Growing Retirement Income.” He was named by Forbes as a 2021 Best-in-State Wealth Advisor, and a Barron’s 2021 Top Advisor by State. This column is not intended to provide specific investment advice or recommendations.
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