Have you noticed more banks enticing you with higher rates? Higher rates generally mean higher savings but there’s no guarantee to how long this seemingly win/win situation will actually last.

In this episode, Alex shares why banks are offering high rates and why you should review your long term financial goals before making any changes to your current investments.   

In this episode, you’ll also hear:

• Why banks are pushing longer term investment offers

• Inflation as a benchmark for financial planning 

• Long-term power of compounding and equity market’s growth

Must-listen moments: 

[00:02:56] They didn't suddenly decide you are their favorite customer and they want to reward you. They made a business decision and just like every other business, you need to evaluate them and make sure their products are competitive for you and your situation.

[00:03:55] To create real wealth, we need to grow our wealth by more than the inflation rate. If our accounts are growing less than the inflation rate, we are losing what is called purchasing power.

[00:08:51] If you haven't recently, it's time to review your banking relationship and where you have your money market funds to make sure that you're getting a competitive rate of interest as well. 

For more detail on financial topics curated just for freelancers, visit www.freelancefinancefix.com

You’re also invited to connect with me on LinkedIn at https://www.linkedin.com/in/alexmlynch/