Responding to Rate-Hike Hysteria #575

Whether you like it or not, higher interest rates are going to have an impact on your money! We liken it to the first Lord of the Rings book, the Fellowship of the Ring. Frodo was living large in the Shire- it seemed he was going to be the new heir of his uncle’s comfortable Hobbit-hole. He had no worries at all. That is until Gandalf showed up and turned Frodo’s world upside down. Gandalf explained how an evil force was on the move and that they were no longer safe. Well simply put, rising interest rates also have as wide an impact on our economy! Have a listen as we discuss the Overnight Federal Funds Rate and examples of changing rates in recent history. But then we also get into the ramifications of these rate hikes on our ability to earn, spend, save, and invest.

Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:

• Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
• Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
• Find a thriving community of fellow money nerds by joining the HTM Facebook group!
• Maximize your rewards by getting the best credit card for how you spend.
• Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
• Don’t be cheap and forego getting a life insurance policy. Compare rates with Policygenius.

During this episode we enjoyed a Scotia Scotch Ale by Bosque Brewing- a big thanks to Bob in New Mexico for donating this one to the show! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

Best friends out!

See omnystudio.com/listener for privacy information.