Below are my favourite Personal Finance Content for the outgoing week.
- What Lower Interest Rates Mean for You and Your Wallet – 7 Effects
In this article, Brian Davis examines the effects of lower interest rates on personal finance. He focuses on the impact of lower interest rates on mortgage rates, auto loan rates, housing prices, stock movement, bond rate, etc. He also examines how people can take advantage of the current low interest rates. It is an excellent introduction to how interest rate affects everything else.
Read the article here: https://www.moneycrashers.com/lower-interest-rates-effects
- Robo-Advisor vs. Human Financial Advisor – Which is best for you?
Brian Davis does another good job in this article on Money Crashers. Here he examines the pros and cons of human financial advisers and robotic financial advisors (robo-advisors), especially with the latter already gaining traction in the finance industry. He highlights some factors that we need to consider before choosing between the human financial advisor and the robo-advisor. However, he does an excellent job of looking at services that offer a blend of both types of advisors. The article is instructive, comprehensive, and helpful.
Read the article here: https://www.moneycrashers.com/robo-advisor-vs-financial-advisor/
- ‘I Got Laid Off. What Should I Do With My Retirement Fund?’
This is an episode from Nerd Wallet’s Smart Money Podcast. In this episode, they answer the question of a woman who just lost her job and needs some advice on what to do with her 403 (b) retirement account. Liz Weston and Sean Pyles consider some options she can explore and give important tips to help her navigate the current situation. Whether you are in a similar situation or not, the information in the podcast will be very helpful.
- 8 Financial Accounts to Open for Your Child to Create Lifelong Wealth
In this article, Brian Davis argues that by opening these eight accounts for their children, parents can teach them more about finance than by giving them instructions. Children, like all of us, learn better by doing rather than cramming formulas and instructions. Some of those accounts include a College Savings Plan, a Checking Account, a High-Interest Savings Account as an emergency fund, and a Roth IRA. Read the article and consider if it is practical for you to implement these steps.
Read the article here: https://www.moneycrashers.com/financial-accounts-open-child/