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November Preferred Client Update

Blog by Kim Twohey | November 4th, 2019



Huge Federal Reserve Study of Americans Proves Homeowners have a 36% Higher Net Worth than Renters

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups.

The study revealed that in 2018, the median net worth of a homeowner was $194,000. At the same time, the median net worth of renters was only $5,400. 

These numbers reveal that the net worth of a homeowner is over 36 times greater than that of a renter.

Owning a home is a great way to build family wealth
As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

Consistently, real estate is proven to be the best long-term investment. The study’s results showed that over 60% of Americans chose real estate, followed by stocks at 51% and then gold, savings accounts/CDs, or bonds.

Greater equity in your home gives you options
If you want to find out how you can use the increased equity in your house to move to a home that better fits your current lifestyle, let’s meet so I can help guide you through the process.

Snow Shoveling To Prevent Injury

The days are getting shorter. Temperatures are getting colder. And snow and ice are right around the corner. Fear not. There are several tips that may help you prevent an injury this winter season.

1. Think ahead.
Consider salting your driveway or sidewalk before snow starts falling. This may help prevent an unnecessary fall once you start shoveling.

2. Warm up.
Before you head outside, warm up for about 10 minutes to prepare your body for the vigorous activity ahead. This can include doing squats, walking, and/or stretching.

3. Start early.
It’s easier to shovel two inches of fresh snow than six inches of snow that’s been sitting awhile, becoming dense and packed. If an all-day snowfall is expected, then you may want to clear a few inches of snow at a time throughout the day—rather than waiting for the snow to stop and shoveling it all at once.

4. Push snow, instead of lifting it.
Pushing snow is easier than lifting it. But if you must lift it, keep these pointers in mind:
- Keep your feet hip-width apart
- Bend your knees and keep your back straight
- Try not to twist your torso when lifting snow
- Shovel small amounts of snow at a time
- Don’t throw the snow into a pile; instead walk it over to where you want to pile it

consider hiring someone to do the shoveling for you. The cost may be well worth it to prevent an injury or avoid making joint pain worse.