Wealth and Wisdom: Week of August 28, 2023
- Mike Brown
- Aug 28, 2023
- 3 min read
Updated: Jan 25, 2024
Mortgage rates in the U.S. are now at their highest rate in 21 years – and they’re helping to price first-time homebuyers out of an already-tight market (see first two items below). And a tougher lending environment is sending up more caution flags among regional banks. In short, borrowing money is harder these days and may get harder.
Savers, on the other hand, are finally getting rewarded for their patience with higher interest rates – even in the shortest maturities. Money compounds for you when you save and invest, and it compounds against you when you borrow. That’s a lesson too many are having to learn or re-learn) these days.
It may be quite a while before you’re able to borrow for less than 3% again. Here are three ways to keep mortgage costs as low as possible. (Reading time: 3 minutes)
That’s more than 45% higher than before the pandemic – and higher mortgage rates are adding insult to injury. (Reading time: 2 minutes)
S&P Global Ratings recently downgraded five regional banks – and once again, a Missouri institution makes the list. (Reading time: 1 minute)
After falling sharply in 2022, hardship loans are once again a popular source of cash for those having trouble making ends meet. (Reading time: 4 minutes)
Soaring costs are making a college education unaffordable for many – and this commentator lays much of the blame on a free-spending federal government. (Reading time: 3 minutes)
Princeton Review says a well-known St. Louis university – a very expensive one – is also the most generous in the U.S. with financial aid. (Reading time: 3 minutes)
Use an app, a spreadsheet, a notebook – even a stack of envelopes to make sure you’re spending money on what matters most to you. (Reading time: 8 minutes)
Here’s how nine well-known online calculators stack up when it comes to helping you plan for retirement. (Reading time: 4 minutes)
Start with these four questions before making decisions on leaving a financial legacy. (Reading time: 6 minutes)
What to look for – and what questions to ask – when seeking financial, legal, and tax advice. (Reading time: 4 minutes)
Words to the Wise
“If you would know the value of money, go and try to borrow some.”
– Benjamin Franklin
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