(to view the 3:22 video, click the image or link below)
Yesterday Ben VerWys, Action Point CEO & Senior Financial Advisor stopped by the studio to chat with anchor Brian Sterling about the Federal Reserve's decision to raise the interest rate by a quarter percent. The important takeaways of note are:
1) Borrower costs will rise. Many of the major banks have already announced increases to their prime lending rates.
2) Investors need to take a hard look at their investment portfolios, including 401(k)s and IRAs to determine what the impact of the Fed's announcement may be. As Ben mentions in the video, it is important to recognize that the impact of this isolated rate increase may be minimal today, however poorly positioned portfolios may be impacted for years to come as the Federal Reserve pursues their long term agenda.
If you have questions about how the interest rate increase may affect you or whether your investments are well positioned going forward, please CONTACT US today.
Original video link: http://woodtv.com/2015/12/16/fed-hikes-rates-for-first-time-in-7-years/