There’s no shortage of economic naysayers threatening mayhem on your finances.
- “BRICS conspiring to destroy the value of your dollar investments…”
- “Historic wealth shift… from America’s middle-class… to the super-rich”…
- “Saudi Arabia is planning an attack on America, and it will erase your savings…”
Anybody with a functioning brain — and an internet connection — can make a generalized prediction about where the economy and markets are headed. But unless you’re making specific predictions about a particular event on a specific date…
I can’t take you seriously.
That said, I couldn’t help but notice a new story about the Death of the American Dream.
More than anything else, it means home ownership.
And right now, that’s out of reach for many who’ve always wanted to own a home. As interest rates increase, mortgages are becoming incredibly expensive. You’d think this would soften demand, but we are in such a serious supply crunch that it’s not happening.
From the end of August, the number of homes on the U.S. market is down 9% from last year, and down 45% from the number before COVID-19.
These aren’t rookie numbers.
More:
About 80% of mortgage holders have a mortgage rate below 5%. But the current 20-year fixed rate is around 7.7%, and very few will give up lower rates just to pay more.
Plus, there’s nothing to buy as homes are selling at such high prices that you’d have to get a mortgage more expensive than you could have a few years back.
The bottom line?
Things aren’t looking good right now, but I don’t believe the American Dream is dead.
You might not be a Wall Street insider with access to big money opportunities that give you a lifestyle most Main Street investors only read about in books…
But you can still move decisively to claim your stake in what is still the world’s most dynamic economy. The money is there, but going the traditional financial route isn’t enough anymore. You MUST look beyond the norm for bigger opportunities that provide you and your family with the lifestyle and financial security you desire.
Especially in tricky markets like this that can break you if you put your money in the wrong places. Hopefully, that makes sense. And if you’re unsure where to start…
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Remember, you deserve more, but first, you must look beyond the norm.