{"id":76923,"date":"2016-02-15T05:00:35","date_gmt":"2016-02-15T12:00:35","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=76923"},"modified":"2024-02-23T16:27:44","modified_gmt":"2024-02-23T23:27:44","slug":"2016-02-15-build-wealth-todayscared","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2016-02-15-build-wealth-todayscared","title":{"rendered":"Americans: If You Can’t Build Wealth Today, You Should Be Scared. Here’s Why."},"content":{"rendered":"
I\u2019m not sure I\u2019m convinced by all the naysayers and skeptics out there who\u00a0point to a declining America. The world, as I see it, indicates an America emerging stronger, on relative terms, than ever before in history. Perhaps never before in peaceful history has it been better to be an American, rather than a resident of the other countries on this planet.<\/div>\n
<\/div>\n
European, Asian, Middle Eastern, South and Central American, African, and Middle Eastern markets are all spiraling downwards as poor decisions of the past few decades finally weaken the bones of their economies.\u00a0Conflict plagues the Middle East and parts of Europe and Africa. And hostile nations like Russia, Iran, and North Korea loom over the horizon as potential threats.<\/div>\n
<\/div>\n
But, in spite of all this world turmoil, America is great.<\/div>\n
<\/div>\n
The dollar is strong. We’ve only seen a minor blip in economic and stock market growth here in America in the past five years, as once lavishly-spending oil companies cut back and as we begin to get realistic about the once almighty tech industry. Compared to contemporary nations, America is perhaps as great as it has been since the end of the Cold War or World War II.<\/div>\n
<\/div>\n
\"monthly_budget_foolproof\"<\/div>\n

The Good Times Are Now — And They Won’t\u00a0Last Forever<\/h2>\n
Now, if I believe all of this (which I do), what could possibly be so terrifying about our current situation?<\/div>\n
<\/div>\n
It\u2019s this:<\/div>\n
<\/div>\n
In spite of the fact that things have gone wonderfully well in American for many, many years in a row, and in spite of the fact that America is the wealthiest nation on the planet, with opportunity for everyone, millions of Americans (and the Feds) are STILL struggling to get their act together financially!<\/i><\/div>\n

Related:<\/strong> A Whopping 62% of Americans Have Less than $1,000 in Savings. Really?!<\/a><\/em><\/p>\n

\u00a0<\/i><\/div>\n
This isn\u2019t a political article, so I won\u2019t talk more about the government. The point is this: If you are a working adult in America today, NOW is the time when things should be going well for you. If things are going poorly, it\u2019s not because of the economy, Europe, China, the tech industry, the greedy one percent or even (probably) Obama.<\/div>\n
<\/div>\n
It\u2019s you.<\/div>\n
<\/div>\n
We\u2019ve had a heck of a party in America over the past few years, and you\u2019ve been missing out. When the party ends, I\u2019m afraid of the hangover facing those who\u00a0arrive too late. Now, I\u2019m hoping that things continue to go well, and I bet they do for another year or two. But after that, it\u2019s anyone\u2019s guess on a macro scale.<\/div>\n
<\/div>\n
You know how they say \u201cLet the good times roll\u201d? They\u2019re talking about TODAY. The good times ARE rolling. Some folks can’t see that (or just can’t stand my starry-eyed Millennial optimism) and refuse to refer to the past five years as \u201cthe good times\u201d for America. In that case, then perhaps they will at least agree with me that times probably aren\u2019t going to get much better<\/i>\u00a0than today in the near future. Can I at least convince everyone of that?<\/div>\n
<\/div>\n
\u00a0Good.<\/div>\n
\"projected-rate-of-return\"<\/div>\n
<\/div>\n

Prepare NOW — And Thank Yourself Later<\/h2>\n
Whether or not you agree with me that now is a great time to be an American, I think that we can all agree that there is a very real possibility that our economic situation could, in fact, worsen relative to how things are today.<\/div>\n
<\/div>\n
If things aren\u2019t going well for you today, you need to take a long, hard look in the mirror and ask yourself what\u2019s going on. Is it really something outside your control? Or are you making some bad decisions that have resulted in your current predicament? It doesn\u2019t really matter what your conclusion is because the terrifying, terrible reality of the situation is that if you can\u2019t get by today, then you are likely TOTALLY unprepared for even slightly-less-than-optimal times that might be just around the corner.<\/div>\n
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If you can\u2019t save your pennies today, what large, macroeconomic conditions could possibly change to make that a possibility for you? I don’t think there are any!<\/div>\n
<\/div>\n
Interest rates are low, the stock market has been booming for years, real estate has made it\u2019s comeback and then some, there are jobs aplenty, and inflation has been almost nonexistent for the past five years. What economic condition are you going to improve to create a situation in which you can begin building wealth?<\/div>\n
<\/div>\n
Literally every box I can think of for creating economic opportunity for the average American is checked, right now<\/i>. And that\u2019s what makes me so scared for those of you who have been unable to accumulate any wealth thus far. If you can\u2019t do it today, you might never be able to.<\/div>\n
<\/div>\n
What happens if interest rates begin to rise, and wages and job growth suffer? YOU are going to be left out to dry. What happens if your employer folds?<\/div>\n
<\/div>\n
All of these things are unlikely to happen tomorrow, but may be quite likely in the next five years. When the good times end and the next wave of economic problems comes, you have two choices, made TODAY:<\/div>\n
    \n
  1. Be prepared<\/li>\n
  2. Be unprepared<\/li>\n<\/ol>\n
    Up to you. I know my choice.<\/div>\n
    \"creative_financing_option\"<\/div>\n

    Related:<\/strong> How to Get Out of Debt: 5 Steps Toward Healthier Money Habits<\/a><\/em><\/p>\n

    Conclusion<\/h2>\n
    It\u2019s precisely because economic conditions are so favorable right now that today is the time to start voraciously attacking your financial situation and making sure that you can withstand a serious beating.<\/div>\n
    <\/div>\n
    If you have been unable to build wealth in recent history (and you are an adult over the age of 23 years old), then you should be scared. It\u2019s time to throw out your excuses and focus in on yourself. The outside world is not going to be more forgiving than it is today. It\u2019s time to buckle down and get serious about protecting yourself, your family, and your legacy financially.<\/div>\n
    <\/div>\n
    Save your pennies, set up emergency funds, get insured, and start investing in stable assets that you understand and feel comfortable with. Today\u2019s the day.<\/div>\n
    <\/div>\n
    Don\u2019t wait until the party\u2019s over.<\/div>\n
    <\/div>\n
    *Note: By the way, wealth building applies to people on all rungs of the financial ladder. Some people should be buying investments; others should be climbing out of debt like student loans. The point is that everyone across the spectrum should be prospering and thriving financially, relative to their financial backgrounds. If this is you, then good job! Keep up the good work!<\/div>\n
    <\/div>\n
    \n

    Looking to set yourself up for life as early as possible and enjoy time\u00a0on your terms? Scott Trench’s new book <\/em>Set for Life, slated for release\u00a0April 23, 2017, is now available for pre-sale<\/a>! Whether you’d like to “retire” from wage-paying work, become less dependent on your demanding nine-to-five, or simply spend time doing what you love, <\/em>Set for Life will give you a plan to get there. This isn\u2019t about saving up a nest egg. It\u2019s not about setting aside money for a \u201crainy day.”\u00a0<\/span><\/em>Set for Life<\/span> is an actionable guide that helps\u00a0readers build the accessible wealth\u00a0they need to achieve early financial freedom.<\/span><\/em><\/p>\n

    \"\"<\/a><\/p>\n<\/div>\n

    <\/div>\n
    Now it’s your turn to weigh in: Do you agree with this assessment? Why or why not?<\/em><\/div>\n
    <\/div>\n
    Be sure to leave your comments below!<\/strong><\/div>\n","protected":false},"excerpt":{"rendered":"

    I\u2019m not sure I\u2019m convinced by all the naysayers and skeptics out there who\u00a0point to a declining America. The world, as I see it, indicates an America emerging stronger, on […]<\/p>\n","protected":false},"author":1676,"featured_media":76931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4433],"tags":[],"class_list":["post-76923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/76923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1676"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=76923"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/76923\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/76931"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=76923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=76923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=76923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}