Have you planned for increasing healthcare costs, inflation, or the cost of caring for an elderly relative? This is something I help folks with every day. Contact me and let’s discuss at what surprises life may throw at you and what you should do to start preparing.
A lot can change in a year. Annual or semi-annual reviews are essential to keeping your financial goals on track. Have you reviewed your finances lately? Let’s tackle them together.
The short answer is – it depends. Get in touch with me today and let’s chat about whether your investments are positioned to work hard for you.
No matter what your financial goals are, I can help you get there. Contact me today for a free consultation and let me help you get started on your path to financial freedom.
Earlier this month, the Federal Reserve raised interest rates again by a quarter of a percent. This is the third consecutive quarterly increase and many economists expect another rate hike this year.
So, what does this mean for you? Here are some steps you can take to protect yourself from rising rates:
Lock in Rates While They Are Still Low
- Do you have an adjustable-rate mortgage? If so, consider refinancing to a fixed-rate while interest rates are still close to historic lows.
Watch Your Credit Cards
- Credit card companies are likely to raise rates along with the Fed since most credit cards today have a variable rate, which means there’s a direct connection to the Fed’s benchmark rate. This is likely to to take place over one to two billing cycles.
- The Fed’s quarter-percentage-point rate hike means you’ll pay an extra $2.50 a year for every $1,000 of debt. On a larger scale, for the 157 million Americans who carry a balance on their credit cards, this will mean nearly 1.6 billion in extra finance charges! Consider a zero interest balance transfer offer or better yet, take aggressive steps to pay down your credit card debt.
Student and Auto Loans May Have Higher Rates
- If you or a member of your family has student loans, pay close attention to the rates on variable private loans.
- Thinking of purchasing a new or used car? Shop around for the best rates as many auto lenders will raise rates as well.
Pay with Cash
- One item not affected by the Fed’s rate hike? Cash. Consider making more purchases with cash and avoid the rate hike altogether!
If you have other questions about what the Fed’s rate hike may mean for you, please reach out to me. I would love to help!
(Source: CNBC, “Fed Hike Will Cost Consumers 1.6 Billion in Credit Card Interest,” 03/15/17)
Do you have enough life insurance? It breaks my heart to work with families who have lost a loved one and their financial lives are turned upside down. Life insurance isn’t for you – it’s for those left behind.
Many people are underinsured and underprotected. Contact me today for a free life insurance review and let’s make sure your loved ones will be okay if you are not around.
What mood will the market be in for the remainder of 2017? What impact will rising interest rates have on your investments? Why are your investments not performing with the stock market? I would like to invite you to join me for another Wisdom & Cents Ladies’ Event on July 13 at the Holiday Inn and Suites in Alabaster where we will discuss these questions and what else you can expect from the stock market and economy for the remainder of 2017. This free event is for investors of all levels and is a great opportunity to get educated on a topic that can help you take charge of your investments and financial future.
For more details and to register, click here. Space is limited and registration will fill up fast, so register soon! I hope to see you there!
What’s your number? How much do you need to reach your financial goals? If you want to know your number, contact me today and let’s chat. I’ll help you get started on the path to financial security.
Monday, May 29 is 529 College Savings Day. It’s a great time to get started saving if you haven’t already. Did you know that college tuition continues to increase each year, but over 60% of families don’t have a college savings strategy? I can help make sure you are prepared. Reach out to me and let’s talk about a plan that’s right for your family.
Do you ever get to the end of a work day and think, “where did all my time go?” Do you have trouble prioritizing? Check out my latest video for tips on how you can make the most of your time every day.