I don’t know, but it’s true for me. My net worth and income have grown tremendously and I am spending much more freely. More vacations, home improvements, eating out, ordering clothes, shopping for fun sometimes. Definitely spurred by the markets and my income.

If there’s a major bull market in the S&P 500 or real estate and we do another 2x in the next few years, won’t that lead to a “wealth effect” of people consuming a lot more because they feel increased confidence from their higher net worth?