There’s a lot of negativity about the economy. And it’s not too surprising why. There are high gas prices. Housing is unaffordable. Interest rates are high. We are still feeling the pain of high inflation. And so on.
BUT yet when you look at the numbers, the US economy is doing surprisingly well. In fact, economic growth data was released last week and the economy is growing at the fastest pace in over two years.
What’s driving this stronger than expected economy? In short, WE are! Consumer spending continues to be high. People are spending money on everything from cars to vacations to concert tickets (thanks Taylor and Beyoncé). And this combined spending continues to expand the economy faster than was expected.
Nothing we are saying gives any indication what will happen tomorrow. The economy could slow down, or it could continue to expand. WHO KNOWS. Even the people with every resource at their fingertips consistently fail at guessing this.
If you have made it this far down in the caption, you probably are a loyal follower and know what we are about to say. But we will say it anyway: What the economy does is out of your control. So rather than worry about when the next recession will happen, focus on finding ways to earn higher income and consistently invest as much of that income as you can!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
