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Asset Diversification and Low Debt Are the Keys to Building and Maintaining Wealth

Author

Listed:
  • Ray Boshara
  • William R. Emmons

Abstract

Greatly expanded access to home mortgages during the 1980s, 1990s, and 2000s appeared to make the American dream a reality for millions of families. Homeownership was attainable by many who, for the first time, were able to take out a mortgage with an extremely low or no down payment ? even if they had a blemished credit history or none at all. For those with access to their accumulated home equity through mortgage refinancing or other home-secured borrowing, as well as to other sources of credit, lack of available cash no longer meant that they had to delay making routine purchases, buying a new car, starting a home renovation project, or pursuing the dream of college for a family member.

Suggested Citation

  • Ray Boshara & William R. Emmons, 2014. "Asset Diversification and Low Debt Are the Keys to Building and Maintaining Wealth," Cascade, Federal Reserve Bank of Philadelphia, vol. 1, January.
    • Handle: RePEc:fip:fedpca:0009
    as

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