How are your personal finances? Odds are they've never been better
Bottom Line: Anytime there's good news, it's a welcomed relief these days and what I'm about to share is good news...but even in the context of good news it doesn't get much better than this. Most of the time, for most people, the biggest concern we have is the economy and more specifically how we're doing in it. The news has never been better than it is right now.
According to The American Institute of Certified Public Accountants – it's ongoing index measuring personal financial satisfaction has never been higher. According the accredited index:
68% of Americans are at least satisfied with their personal finances
28% are unhappy with personal finances
Both numbers are record bests. And what's the biggest catalyst? Despite much of the noise perpetuated by the media about perceived negative views of the new tax law... Yep the tax cuts are the biggest catalyst behind the improvement (with the stock market's performance being 2nd). This is great news all of the way around.
With record personal satisfaction, we can anticipate record consumer spending. With about 70% of the US economy being driven by consumer spending that's a recipe for a great economy this year. The kind of great economy which also should continue to lead to improved employment and incomes. Increasingly it's not looking like a 3%+ growth economy is possible this year. It looks like it should be expected.