Take These 3 Actions NOW to Save Thousands in 2022!

Jerome Powell was recently reappointed to serve as Chair of the Federal Reserve for the next four years. Here are the three things you should be taking action on RIGHT NOW to protect your family and save thousands of dollars going into the future! 

Before we dive in, be sure to like & subscribe. Also, throw a comment down below on your thoughts of where interest rates are headed in 2022. I’d love to hear what you’re thinking!  https://www.youtube.com/c/MichaelPernaTV

Interest rates impact everything we purchase in one way, shape, or form. But, knowing what we do about interest rates and how they are impacted, there are certain steps we can each take to stay ahead of changes and save our families THOUSANDS of dollars every year. In fact, by acting now on the following three steps, the average American can save on average $4600 per year. 

(for my full video and a deeper dive on interest rates and Jerome Powell, click here: https://youtu.be/8PGMuKU195s)

First, call each of your credit card companies and negotiate a lower APR (annual percentage rate). Yes, you can actually do that. Ask what rate you are currently at, tell them where you WANT to be at (go lower than you think they will agree to), then negotiate your way to somewhere in the middle. Once you have done this, wait 30 days and call each one of them to do it again. This step alone will save the average American $1148 per year. For more information on the 4 steps to follow visit ​​https://creditcards.usnews.com/articles/steps-to-lower-your-credit-card-interest-rate

Second, if you are planning on purchasing a new or used vehicle anytime in the next 2 years, do it NOW! The average cost of a new car in America just hit $45,000. The average used car sale just topped $25,000. The current average APR is 2.5%. If it goes up to 4.5% by July 2022 as anticipated, that is an extra $480 per year spent in interest, or over $2400 over a year loan. 

Third, home values have also been steadily increasing. Current interest rates are still hovering around 3%, but if they increase back to pre-pandemic levels of 4.25-4.5% (which is still honestly good) that same home will cost you an average of $273 per month, or over $3,000 per year. This means the average American would either have to pay that additional amount out of pocket, or lower the amount they can offer on a home by $50,000. So by purchasing a home now and taking advantage of the low interest rates, you will get MORE home for your money. Rent amounts have increased 14% just in 2021 and those amounts will not lower as interest rates increase.

Lastly, if you are paying 3.5% or more in your interest rate, get the process started ASAP on your refinance. If you are able to save 0.25% or more on your rate, take advantage of it today.

As a bonus - when interest rates are down, we typically see the stock market increase as it has dramatically this year. As interest rates increase (as expected) there will be an adverse effect on the market. I recommend that you get with your financial advisor and examine your current investments. Any investments in more risky or volatile sticks to move towards a large cap growth fund. Here is a link to for more info on the top growth funds to consider: https://money.usnews.com/funds/mutual-funds/rankings/large-growth

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