Have you looked at the interest rate on your savings account lately? The joke is that you now pay your bank to keep your money! I can remember not so long ago getting a 5.25% interest rate on my cash.
Since that day we have seen interest rates tumble to close to zero but now we may start seeing interest rates start moving up again. Have you thought about both the good and bad that may be a result of rising rates?
For most of us, we will see some good and some bad from higher interest rates. We don’t know exactly how high they will go or how fast they will increase, but in all likelihood, we will see rates rise in the future. Are you prepared?
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