Changes Are Coming In 2022! Rising Interest Rates + What You Need To Know NOW To Save THOUSANDS!
The Fed Chair has spoken! You're about to pay more money for everything.
THREE Interest rate hikes are expected in 2022 and it will affect every American.
In this post: 1) Inflation 2021 and how to stop it. 2) What's been affected the most, last 3) ACTION YOU NEED TO TAKE NOW.
Yes I'm assigning you homework. Get a pen and paper and take notes.
1) Inflation is out of control - the highest it's been in 39 years and it's not slowing. Powell stopped using the word "transitory" to describe it. Reading between the lines, that means he has to do something about it NOW. He knows inflation is pushing Americans closer to the poverty line more than any other thing right now. Only raising interest rates can slow inflation back to a reasonable number. Here's how that works: With higher inflation business and people will NOT redo factories (business) or kitchens on loan (us). Demand on goods and the overall supply chain will go down, businesses selling goods like lumber, cement, cabinets etc. will lower prices to attract buyers. Lastly with less items bought, strain on transportation will ease (lower gas prices + stuff related to wear and tear on transport vehicles: aka rubber, oil, parts). It’s that simple.
2) Look at your paychecks and look at the gas pump the next time you fill up. With gas increasing in cost from a 2021 low of $2.23 per gallon to a high of $3.41. It's the most recognizable difference at a 50% increase, but it doesn't end there!
The average Thanksgiving dinner cost an additional 14% (per The Morning Brew)
Per the World Economic Forum - they're tracking:
Cars and Trucks up 24.4%
Beef up 22%
Bacon up 19%
Eggs up 12%
Furniture up 11%
Fish and Seafood up 10%
3) What THREE actions you need to take (more explanation in the video at the bottom)
FIRST - call your credit card companies and ask for a lower interest rate. Yes, you can actually do that. Link to article below.
THEN - Wait until the next month, call them and ask them again.
The average American has $6250 in credit card debt and lowering the rate 5% on that balance alone will save about $40 per month. That alone was worth the price of admission.
SECOND - If you're thinking about getting a new or new/used car, do it now, order it now, find it now. Prices are up but payments will be up further when car loans get hit with an extra 2 points. For the average person that's $50 a month saved. Further if you have a car loan, call your local bank and credit union to see if you can refinance the loan into a lower rate than you currently have if your APR is above 0%.
THIRD - If you own a home and your interest rate is at or above 3.5%. Today's the day, now's the time. Last chance guys. I'll make it easy. DM me and I'll connect you with a lender that will make the refinance process easy.
LAST - Home values are going to go up another 10% min in 2022 even with the rate hike. When the rate goes up either you're paying $150-250 more per month on that same mortgage plus paying more for the home or your buying power just went down $50k. Look at any home site at a home at any price any price + or - $50k. Those are huge differences in homes.
Bonus Points and this will be on the test: If you're renting and think you're safe - guess again. Rents went up 14% in 2021, and with everything costing more they'll be going up another 10-15% in 2022. I'm already hearing the stories of renters getting hit with $150-400 rent increases on release. The ONLY way to guarantee your payment will go up minimally over the next 30 years is a 30 year fixed mortgage. Plus the tax write off, principal paydown and home values going up. We know this already.
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