Residents of Volusia and Flagler counties well know that in order to build wealth, they can no longer simply rely on buying a house.
That ship sailed in 2007, with the housing collapse dislodging its anchor. Financial planners say their clients — who skew to upper-middle class — have realized this and begun focusing more on building up their 401(k) retirement plans and savings.
But not before most everyone’s personal wealth plunged in the recession. Americans are less wealthy by nearly $8 trillion since 2007, according to the Federal Reserve. That huge number can boil down to major headaches for homeowners.
via Financial planners: Home no longer reliable tool to build personal wealth.