Historian Joseph Moore, author of 'How to Get Rich in American History' published in April, argues that many 'timeless' financial principles are recent, while some modern problems were common in history. He points out that housing shortages are not new: 1948 was worse, and in 1981 the median new mortgage consumed more than half of median household income. Historically, Americans moved far more often, with 1 in 3 to 1 in 5 moving each year compared with about 1 in 13 today, and renting out rooms was common in the 19th century. Compound interest and diversification were not the main path to wealth either, since for most of U.S. history fewer than 10% of Americans owned stocks, and people in the 1800s budgeted in broad categories rather than detailed spreadsheets.
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