Interest rates are dropping, and that’s big news for your money.
Whether you’re saving, investing, or thinking about buying a home, these changes can affect your wallet in a big way.
Don’t worry, though – we’ve got you covered. In this article, we’ll walk you through five important things you should do right now to convert those falling rates to rising savings.
1. Stop putting all your eggs in one basket
One of the best ways to protect your savings is having money in different types of investments: ideally, ones that can go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.
One investment that thrives in this scenario: gold.
Keep in mind, though, that not everyone in the gold business is on the up-and-up. Be careful who you deal with.
Preserve Gold is a family-owned company committed to helping investors protect their wealth and retirement with physical precious metals. They offer gold, silver, platinum and palladium coins and bars delivered directly to your home. Plus, enjoy up to $25,000 in complimentary gold and silver, along with waived IRA storage fees for up to 5 years!
They also lead the industry in retirement account rollovers and will help to facilitate a transfer from your current custodian into a precious metals IRA.
Preserve Gold will beat any competitor’s price on gold and silver, and offers fast, free, insured shipping. And once you’re a client, they’ll buy back your metals and charge no fees.
Gold has been hitting record highs. Why not take a look right now?
2. Move your money or lose it
In a recent press conference, Federal Reserve Chair Jerome Powell said a rate cut in September is “on the table.”
It doesn’t get much plainer than that, folks. Interest rates are coming down. Good news for borrowers? Sure. But terrible news for savers.
So, what’s your move? Obviously, it’s to lock in today’s high savings rates while you still can. And not just today’s rates, but today’s best rates nationwide.
You can find them in less than 30 seconds right here.
Take the opportunity to lock in high rates with federally-insured certificates of deposit for terms from 1 month to 5 years.
Because today you’ll find guaranteed rates as high as 5% APY or more. But wait much longer, you’re almost guaranteed to earn less.
3. Double your retirement savings
To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.
A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial adviser. That’s twice as much!
If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisers in your area, all legally bound to work in your best interests.
Even if you don’t want help picking investments, an adviser can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.
Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
4. Make your home work harder for you
Why settle for less when you can create the home of your dreams right where you are? Or use the cash for anything else you need?
With today’s soaring real estate prices, a home equity line of credit (HELOC) could be the answer to unlocking your home’s full potential without breaking the bank.
Instead of stretching your budget on an overpriced new home, tap into the equity you’ve built to finance those renovations you’ve longed for. Upgrade your outdated kitchen, build your dream master suite, or finally add that home office. But the flexibility doesn’t stop there – use your HELOC funds for other goals like consolidating debt, paying for education, taking a dream vacation and more!
The best part? HELOCs typically offer lower interest rates than credit cards or personal loans since they’re secured by your home’s equity. That means big savings while you build lasting value.
Don’t wait any longer to unlock your home’s potential. Visit Money.com’s home equity loan table today to easily compare HELOC rates from multiple lenders and find the most affordable option. With just a few clicks, you could be on your way to an envy-worthy dream home or funding anything else on your list!
5. Invest now for a stable monthly income for life
Are you over 50 years old and still relying on CDs for retirement savings? If so, it’s time to reconsider. With rates soaring up to 6.9%, annuities offer safety, and their interest accumulation beats CDs by 20% or more.
What can 20% more interest mean for you? Let’s look at an example.
Today’s CDs max out at about 5%. So, if you earn 5% on $100,000 over ten years, you’ll end up with about $163,000. But if you can earn 6.9% with an annuity, you’ll have nearly $195,000. That’s $32,000 more money you could use to travel, fix up the house or spend on whatever you want.
Annuities also offer tax-deferred growth for turbocharging compounding. And they can do something CDs can’t — they can be converted into a stable monthly income for life.
Ready to learn more? Get unbiased advice and info at Annuity.org. And if you like what you see, schedule a free consultation with a trusted retirement planning advisor.
Nothing to lose, and potentially a lot to gain. Check out Annuity.org today.
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