US Households added $13.5 trillion in wealth during the pandemic. Where did that money go? Find out in this week's Arista Advice.
Last year during the pandemic, wealth of the United States increased by $13.5 trillion, massive increase.
Where did that money go? Well, about 70% of that wealth went to the top 20%, and a third of it went to the top 1%. Most people were able to pay off credit cards, refinance homes, and do a lot of good in their financial lives.
What we learned is, going into it, people that owned assets did the best, and going forward we can continue with that same advice - own assets, own stocks, own real estate, own things that appreciate. They will do good for you in the future.
What can learn from the wealthy is that they owned the stocks and real estate and didn't sell them when things got crazy. They just held them, and they did the best. Feel free to reach out happy to discuss, Arista Wealth Management.