When the Federal Reserve recently raised interest rates on money it loans to banks from .5 percent to .75 percent, many saw it as positive. A Los Angeles Times article said
“The willingness of policymakers to raise the discount rate is the latest sign that the economy is regaining its footing after falling into the worst financial debacle since the Great Depression.”
And The New York Times said
“The Federal Reserve on Feb. 18 raised interest rates, signaling its confidence in our economic recovery.”
But this news came within the same week unemployment claims unexpectedly went up. And at the same time millions who have already been receiving unemployment assistance are about to see their checks stop coming.
The ripple effect of this, according to the New York Times, is that
“Economists fear that the nascent recovery will leave more people behind than in past recessions, failing to create jobs in sufficient numbers to absorb the record-setting ranks of the long-term unemployed.
“Call them the new poor: people long accustomed to the comforts of middle-class life who are now relying on public assistance for the first time in their lives — potentially for years to come.”
At a time of uncertainty, it’s more important than ever to make your own financial future more certain. Take the lessons of these hard times and find out how to do the following:
- Optimize your assets
- Identify retirement savings vehicles that are tax-advantaged and provide liquidity, safety, and a healthy rate of return
- Stop following the crowd and find a safer path to a more financially abundant life
There are a few things we can count on: Interest rates will rise and fall; the economy will always be cyclical; and overall, taxes will go up.
You should be able to count on your financial future. Find out how today.
Isn’t It Time You Became Wealthy?
{ 0 comments… add one now }