Here's how the recent interest rate decision could impact your wallet.
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00:00Whether you're talking about borrowing or saving,
00:04we have no control of the Federal Reserve,
00:06but there are different things that we can control
00:10and that can help us.
00:12So if you're borrowing,
00:13you want to focus on that credit score.
00:16You wanna make sure that you're managing it
00:18so that it's as high as possible
00:20so that you can negotiate for,
00:23shop for the lowest possible interest rates
00:27on all the different products in your portfolio.
00:30Same thing if you're a saver, you want to be aggressive.
00:34Yes, we're not getting the same kind of interest rates
00:38in a high yield savings account
00:40that we were a couple of years ago,
00:42but we're still getting pretty good ones.
00:44And they're 10 times the rate of interest
00:47that you get in a basic savings account.
00:51So go ahead and be aggressive
00:53about the products that you're looking for
00:56and where you're putting your money.
00:58If you are paying off high interest rate debt,
01:02that is gonna beat the return that you get
01:05even on the very best savings account,
01:08even on money that you could invest in the stock market,
01:13unless those dollars are getting matched
01:16by a 401k provider.