202 How Will The Federal Reserve Interest Rate Increase Impact You?

It happened, it really happened! On March 16 the Federal Reserve increased interest by 0.25 % percent. That is not all, they announced there will be six additional increases through the end of 2022.

Why? The Federal Reserve states it is working to offset inflation. OK, good try but why didn't they do this in 2021 to get ahead of this reality. Anyhow this episode focuses on how you and I navigate this rate increase.

When you go to the gas station inflation will be staring you straight in the face. Likewise when you go to the grocery store inflation will continue its onslaught on your purse or wallet. 

The bottom line is this, price gauging is behind a lot of the price increases Americans are experiencing, the fact of the matter is there are only four meat manufacturers in the U.S. and they are pricing their products out of the market. As for gas, it is all about shareholders, people aren't factored into the process when it comes to the tax increases put on the purchase of gas for vehicles.

What can you do to navigate inflation and the recent interest rate increase, read on. Follow along: If you have credit cards, work to pay them off because the rate increases will be passed on to you. If you have adjustable-rate loans, mortgages, vehicle purchases, get a fixed rate.

Some people will not be able to purchase their dream home, they will be priced out of the market. Supply lines continue to be an issue, along with the war taking place in Ukraine. We live in a global economy so now is a good time to get your financial house in order. 

If you are going to purchase a house, lock in your rate now. Student loans, credit cards, personal loans, and business loans will all be increasing so it will cost us more to purchase items. Pay close attention to the interest rate increases and see how it goes in the next 90 days.

Paul Lawrence Vann has one last thing to share and it is this, recommend Wealth Academy Podcast to your friends, family, and colleagues. Please go to Apple Podcasts and subscribe, rate, and review our podcasts, we thank you for being so amazing. Apple Podcasts link: https://apple.co/3hb6QyY

Discover more about Paul's virtual Financial Fitness course at this link, it is being offered at a 50% discount and will make a difference in your financial life: https://bit.ly/3dbperG