How Millennials should prepare for rising interest rates:
If higher rates are actually what’s normal, what can you do about it in your own life? Here are four ideas:Many millennials have forgotten that banks will pay you to store your money. They get to lend out the money to borrowers, pay you a small amount in interest, and pocket the difference. For years interest rates from banks have been rock bottom, but they’ve risen in the last 12 months. Many, while the big banks are still paying next to nothing.
If that same $25,000 is deposited in a high yield savings account earning 2% annually, at the end of one year you’ll have $24,878, again accounting for inflation, a difference of $414.2. Don’t sell your first home unless you must The couple is considering a new home today, with a purchase price of $300,000. It’s only $50,000 more than their old house, and it feels like time for an upgrade. Assuming they get a 5%, 30 year fixed mortgage, the details are as follows:It looks like the new home will end up costing about $150,000 more than the old. Except now you’ll reset the clock and have a full 30 more years to pay, on top of the six you’ve already paid.
of the past decade, the private refinancing companies, such as SoFi, CommonBond and Earnest may soon be unable to offer much savings at all to someone looking to refinance.4. Lock in a fixed rate on any current variable rate debt
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