The weekly Wealth of Knowledge is your download of this week's most important topics related to financial planning, the markets, and our community. In this issue:
- Silver linings of economic disruptions - refinancing (2 minute read)
- Explanation of recent volatility in the oil markets (2 minute video)
- Ways to stay active (3 minute read)
Silver Linings of Economic Disruptions
This month we are going to focus on timely financial planning “action items” that everyone can act on given our current economic environment. This week’s to do is evaluating if a refinance is right for you. Generally, as economic conditions improve, interest rates rise, and as the economy slows down, rates are lowered to try and stimulate growth. Currently, mortgage rates are close to all-time lows as the Federal Reserve cut interest rates to zero in response to the coronavirus pandemic.
We have a useful calculator that will allow you to plug in your current mortgage information and compare to a refinanced option – even a small monthly savings compounds over the years and should not be overlooked! When refinancing don’t forget to ask about any fees or “points” that banks and brokers may charge, and as always, don’t hesitate to reach out to us for help!
Volatility in the Oil Markets
Over the past several weeks, oil markets have seen unprecedented volatility and at one point the price of a barrel of oil actually went negative. Here is a short video from LPL CIO, Burt White, with some great analysis and further explanation of what is happening and what you need to know.
Making a plan to get some fresh air each day during these times can greatly benefit your overall health. It can boost your energy, exercise becomes easier and being outside can even assist with improving your immune system. Have a read about an often overlooked President who was instrumental in creating our national park system. Be sure to click on the link to national parks in the state where you reside.