What the Fed's rate pause means for your money now

Here's how the recent interest rate decision could impact your wallet.

Transcript

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.