"They need to be careful that [their confidence] doesn't cause them to spend more than they should," he said.
Specifically, Wright said, a phenomenon known as the "wealth effect" can lead to overspending. Basically, it's the idea that when people feel more secure about their wealth because of rising asset values, they spend more than they can truly afford.
Indeed, even as the AICPA index was nearing its all-time high this spring, the Federal Reserve issued new data showing that total household debt stands at $12.73 trillion. Of that, roughly $1 trillion is credit card debt, which marks the highest amount since 2008 just before the onset of the Great Recession.
Wright said that while he's seen nothing in the data suggesting bad things are ahead in the near-term, people need to remember that economic activity goes in cycles and the party will eventually come crashing to an end.
"People get excited about the returns they've seen on their investments, but that doesn't mean this is the time to take on more risk," he said. "Don't throw your money in a high-risk basket and assume it's going to turn out well."