Interest Rates Keep Dropping. Here’s What Experts Want You to Do

Utah Financial Advisor Network member Justin Chidester, CFP®, AFC® recently commented in an article for well-known personal finance blog The Penny Hoarder.

The Fed made an emergency cut in interest rates. Rates are at all all-time low.

So, what’s that mean for you? It affects your mortgage, your credit cards, your savings account and your student loans. Basically, it’s never been cheaper for you to borrow money.

“I’m telling people to take advantage of these rates and refinance their mortgages or their student loans,” says financial advisor Justin Chidester, owner of Wealth Mode Financial Planning in Logan, Utah. “I’m pretty much telling everyone, ‘Just go get a quote. It’s not going to hurt you to do that.’”

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Utah Financial Advisor Network member Justin Chidester featured on Infinite Financial Freedom podcast
Utah Financial Advisor Network member Justin Chidester featured on Infinite Financial Freedom podcast
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How to Find a Fee-Only Financial Advisor in Utah
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But where do you find these so-called fee-only financial advisors? In order to find a qualified, fee-only financial advisor whose services align with your needs, this is a great place to start.

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Interest Rates Keep Dropping. Here’s What Experts Want You to Do

The Fed made an emergency cut in interest rates. Rates are at all all-time low.

So, what’s that mean for you? It affects your mortgage, your credit cards, your savings account and your student loans. Basically, it’s never been cheaper for you to borrow money.

“I’m telling people to take advantage of these rates and refinance their mortgages or their student loans,” says financial advisor Justin Chidester, owner of Wealth Mode Financial Planning in Logan, Utah. “I’m pretty much telling everyone, ‘Just go get a quote. It’s not going to hurt you to do that.’”

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Should you really do nothing amid market volatility? It depends on whether you’re 27 or 63
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If you’re a young investor, your rate of return typically matters less than your savings rate, said James Sweeney, a CFP and founder of Switchpoint Financial Planning in Lehi, Utah.

He provided an example: If you’re 30 with $20,000 invested, whether you earn a 10% or a 5% return will only result in a difference of around $1,000. Continue reading at CNBC

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"I would strongly encourage true middle-income people to look (at Afcpe.org) for an accredited financial counselor," says Justin Chidester, who is both an accredited financial counselor and a certified financial planner – as well as the owner of Wealth Mode Financial Planning in Logan, Utah. Continue reading at US News and World Report

 

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