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DID YOU KNOW?

From the start of the pandemic to the end of 2021, U.S. households built up $2.7 trillion in extra savings, according to Moody’s Analytics. Covid-19 lockdowns kept people at home with nowhere to spend money, and three rounds of stimulus payments boosted their incomes. Now, with inflation at its highest point in decades and wage gains trailing behind, Americans are turning to that stash to cover costs. (WSJ)

Billionaires and millionaires have been doing this for decades: Portfolio loans ...or lines of credit offer a way to tap the cash you need without having to sell investments. Instead, you pledge assets as collateral. A big risk is that the value of your pledged investments drops and the bank asks you to replenish the account to make up the difference. The world’s 500 richest people lost $1.4 trillion in the first half of 2022. Kleenex? (Bloomberg)

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