You’re Not Alone

If you’re younger than 37 years old, the rise in interest rates we’re seeing is different than anything you’ve experienced as a bill-paying, 401k-investing adult. And because it’s so different, it may seem pretty scary to you. But, as Russell explains in this video, you’re not alone.

Topics Discussed:

  • Interest Rate Increase

  • Credit Card Debt

You can watch this video and others on the Voice Wealth Management YouTube channel.

Transcript:

Hi, I'm Russell Rivera and the founder and president of voice wealth management. And I wanted to welcome back to the series. So I'm starting these again. And one of the things that just to kind of get some thoughts down, I don't want to take too long.

But one of the things that I think we need to realize is, we're watching something substantial or not even a substantial just a consistent rise in interest rates that we haven't seen, since about 2005, maybe 2006, which means, if you're under the age of 37, you haven't experienced this before, you haven't lived as an adult, in a financial way, where interest rates have really affected your life. I mean, I guess, if you do, they do need to affect your life, if, you know, for example, you have credit card debt. In that case, they clearly offense, but the sense of, you know, certainly holding cash, and being able to eventually, you know, have that choice between investing, and holding cash and getting the interest rate from that that's new interest rates are zero for so long. We're essentially near zero. So that's kind of a new thing. 

So you know, recognize that if you're young, and you're going through this, and you're not clear on what it means to be in this economic time, you're not alone. It's probably going, it's probably just beginning. And it's going to feel weird and strange, and like nothing you felt before. And you know, in some cases, your parents don't even remember what it's like to be in this space. So we're kind of going through this all together. And all trying to think about what the right steps are for ourselves. 

You know, obviously, professionals have a little bit more on this, from their knowledge of financial history, and all of that, but this is a new time. And so don't panic, get help if you need it. Be patient, and just focus on what you can control, which is making sure that you are using your money well, trying to get the most out of it. And making sure that you're not putting yourself in a situation where you're ending up in debt, that may not be the happiest thing for you in the short term or medium term. But at the end of the day, it will probably be best for you in the long term. 

So that's Russell Rivera, with Voice wealth management, the blog and a truck in the background. Thanks, and I look forward to talking to you again soon. Thanks very well.

Russell D. Rivera, CFA, CFP® is the Founder and President of Voice Wealth Management (Voice) in New York, NY. He also likes to think of himself as a Personal CFO and Financial “Therapist” for entrepreneurs, young professionals, and their families. He helps clients make prudent financial decisions regarding spending, saving, investing, and planning while giving a voice to the individual client's financial priorities and experiences.