In the past 10 years we’ve come full circle and finally re—re–breached Dow 10,000 yesterday! Bust out the party hats and call up your favorite car dealer, because money is now raining from the sky! I fully admit that being defensive so far this October has been wrong. Instead, I should have taken the illusory $400,000 in home equity increase Zillow told me, dumped it in my E-trade brokerage account, levered it up to $1.2 million and bought 35,000 shares of DDM (Ultra Dow30 ProShares ETF)! Too bad, I’m too conservative and not smart enough to realize the world has changed.
This year’s rally has been outstanding, and the more I get to know the personal finance community, the more I realize that A LOT of you are making a lot of money. From one PF blogger who writes his site helped lead him to a job earning 50% more, to another’s proclamation of a 10% net worth jump in September, it’s clear that a lot of people are doing very well in this recovery. I’m watching all of you, especially those who provide such transparent net worth updates!
I rarely hear negative anecdotes about job losses and foreclosures anymore. Instead, there are a bunch of you who are buying new homes (congrats and good timing), steadfastly paying off debt, and finding new wealth. The bus is like a can of sardines every morning, and I can no longer walk into my favorite restaurants without a reservation. If that’s not the best indicator of a bull market, I don’t know what is.
10 TAKEAWAYS FROM THIS RECESSION