What do you consider to be the most serious threats to achieving your financial goals. A new Millionaire Corner survey of Affluent investors finds a range of financial issues they consider to have the most impact on their portfolios.
The partisan divide in Washington, always exacerbated in an election year, is roiling the political climate, which 20 percent of Affluent investors consider to be the most serious threat to achieving their financial goals at this time. But perhaps respondents are seeing silver linings in the dark clouds. Three months ago, when this question was last asked, 30 percent saw this as their biggest obstacle to achieving their financial goals.
Gridlock in Washington has a direct impact on the economy, as witness the ongoing budget debates about reducing the country’s deficit and the extension or repeal of tax cuts. This accounts for a similar percentage of Affluent investors (18 percent) citing the Economy as the most serious obstacle to achieving their financial goals. This month’s survey was taken as reports offered encouraging economic news. The Labor Department’s February jobs report, released earlier this month, found that the economy added a better than expected 227,000 jobs.
Twelve percent of Affluent investors, unchanged, said that market conditions were the most serious threat to achieving their financial goals, while 9 percent, up one percentage point from three months ago, are keeping a close eye on unemployment, which remains at 8.3 percent.
Inflation is an issue of increasing concern to Affluent investors. Eight percent, up from 5 percent in December, consider it the most serious obstacle to achieving their financial goals. The survey was taken before the latest Consumer Price Index report that showed that gas prices fueled the biggest monthly increase in consumer prices since April 2011.
Concern about the eurozone crisis as an obstacle to achieving financial goals dropped three percentage points from December to 5 percent, but concern about unemployment edged up one percentage point to 9 percent.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.