Reacting Rationally to Rising Rates #644
How to Money
iHeartPodcasts
4.6 • 3.2K Ratings
🗓️ 15 March 2023
⏱️ 50 minutes
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Summary
What one thing do we all do before we put our clothes on in the morning? We all check the weather! Because which clothes we opt to wear is largely dependent on what the sun is doing- whether it’s out and burning our skin, or if it’s hidden away behind some ominous rain clouds. And in fact, the changing seasons and fickle nature of the weather impact us in a variety of ways. They change our behavior and determine what sports we get to play, or what flowers and vegetables we plant in the garden. And simply put, the Federal Reserve interest rate is the financial sun that ultimately impacts all of our financial lives. Whether or not rates are rising or falling impact everything from the payments we make on our credit cards, to the interest we receive in our high yield savings accounts. And so during today’s episode we’re equipping you with the knowledge and practical steps so that you can minimize the downsides, while maximizing the upsides of rising rates.
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Transcript
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| 0:00.0 | I'm Jay Shetty and on my podcast on purpose, I've had the honor to sit down with some of the most incredible hearts and minds on the planet. |
| 0:07.0 | Oprah, Kobe Bryant, Kevin Hart, Louis Hamilton, and many, many more. |
| 0:12.0 | On this podcast, you get to hear the raw real-life stories behind their journeys and the tools they used, the books they read, and the people that made a difference in their lives so that they can make a difference in hours. |
| 0:23.0 | Listen to on purpose with Jay Shetty on the iHeart Radio app Apple Podcasts or wherever you get your podcasts. Join the journey soon. |
| 0:30.0 | Welcome to Hadamunny, I'm Joel, and I am Matt. |
| 0:33.0 | And today we're talking about reacting rationally to rising rates. |
| 0:53.0 | Yeah, by this point, everybody knows that we like alliteration. You'll definitely like alliteration before they do. |
| 1:03.0 | But what I like about the title of this episode is the rational part. That's the word that I'm drawn to, because we don't want to just have a knee-jerk reaction to the changing rates and how it is that you should be responding. |
| 1:16.0 | But we want you to first think about it. We want you to react rationally. That's what we're going to do today. |
| 1:21.0 | Yeah, and by the way, if you've been hiding under a rock, the Fed has announced that they're going to hike rates for longer than they initially thought. |
| 1:27.0 | And they've opened the door to those larger, half-point increases as well. So this is something that we can all expect to continue. |
| 1:34.0 | Do you think that he, Jay Powell, you think he likes being in the spotlight? You think he likes the limelight? |
| 1:38.0 | I don't think it's this time. |
| 1:39.0 | No, I don't think so. I think he's kind of been forced into it, but it's not necessarily his jam. |
| 1:44.0 | It kind of reminds me of Fauci, because he was an expert and folks were wanting to talk to him, kind of get his take. |
| 1:49.0 | Similarly, I feel like Jay Powell is in a similar boat where folks are like, hey, something that's affecting all of us, you're kind of responsible for how the policy moving forward. |
| 1:58.0 | But I agree. He seems to be willing to do the work, but it doesn't like talking about it otherwise, because I don't think he wants to get blamed with how it is. |
| 2:08.0 | It's impacting certain folks or certain organizations. |
| 2:10.0 | I mean, he's turned down our podcast request for interviews every time he has. We email him. |
| 2:16.0 | But this is no guy's no. This is going to be a very practical episode, because folks are wanting to know what should you be doing with your money in this environment. |
| 2:25.0 | Yeah, it impacts. |
| 2:26.0 | Yeah, it impacts your rights, get savings, all sorts of stuff for it, and should it impact your investments? We'll discuss. |
... |
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