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.
Additional links:
- Debt – Use Undebt.it to help you figure out a get-outta-debt plan and listen back to episode 297 where we talked about the debt snowball vs the debt avalanche.
- If you’ve got your act together, then a counterintuitive move is to utilize a credit card. Read our full article to see how you can use a 0% balance transfer credit card to help you pay off some debt.
- Investing – If you’re not already investing in tax advantaged accounts, listen to why we think you should start with the beautiful Roth IRA.
- Newsletter – Don’t forget to sign up for the best personal finance newsletter in all the land! It’s completely free and something we create to help you along your journey to financial freedom. It drops every Tuesday morning and you can always unsubscribe if you don’t dig it!
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
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!
* Advertiser Disclosure: How to Money has partnered with CardRatings for our coverage of credit card products. How to Money and CardRatings may receive a commission from card issuers.
* User Generated Content Disclosure: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
