Financial Advisor Sean Tole Answers Questions Part 1

Financial Advisor Sean Tole Answers Questions Part 1



FORWARD FOR THE WEEKEND AHEAD. OK, HAYLEY, THANK YOU. EARLIER TODAY, THE FEDERAL RESERVE VOTED TO APPROVE ANOTHER INTEREST RATE HIKE TO TRY TO CONTROL INFLATION. BUT WHAT DOES THIS NEWS MEAN FOR YOU? LET’S FIND OUT. WE ARE NOW JOINED BY FINANCIAL ADVISOR SHAUN TOLD TO ANSWER YOUR QUESTIONS. SHAUN, THANK YOU FOR JOIN US. AND LET’S GO NOW. OUR FIRST QUESTION, IF RISE IN RATES MEANS MORE MEN UNEMPLOYED, I EXPECT SOME PEOPLE WILL ABOUT THIS BEGIN TO PREPARE FOR THE POSSIBILITY OF LOSING THEIR JOB? AND WHAT SHOULD YOU DO IF YOU ARE PREPARING TO DO IT NOW? THIS IS A BIG QUESTION. SOMETHING WE DEAL WITH FREQUENTLY. YOU MUST ALWAYS HAVE A PLAN TO PREPARE FOR JOB LOSS. ONE OF THE THINGS YOU WANT TO DO IF YOU CAN IS NOT ACHIEVABLE FOR SOME, BUT TRY TO HAVE SIX MONTHS OF YOUR LIVING EXPENSES IN YOUR SAVINGS ACCOUNT. SO THAT YOU CAN GET THROUGH THIS PERIOD OF UNEMPLOYMENT. YOU KNOW, YOU MIGHT WANT TO START LOOKING AT YOUR BILLS AND SEE WHAT YOU CAN REDUCE. OFTEN YOU CAN REDUCE YOUR CELL PHONE BILL. YOU CAN SHOP YOUR INSURANCE AND POTENTIALLY FIND SMALLER PREMIUMS. SO REALLY LOOK AT YOUR BUDGET, YOUR EXPENSES. TRY TO SEE WHERE YOU CAN COME BACK, REDUCE AND THEN TRY TO HAVE A GOOD AMOUNT OF MONEY IN SAVINGS IF POSSIBLE. SEAN, LET’S TALK ABOUT THE REAL ESTATE MARKET AND CERTAINLY ABOUT THOSE RISING INTEREST RATES. SO IF YOU ARE INTERESTED IN POSSIBLY MOVING TO PUT YOUR HOME ON THE MARKET, WHAT DO YOU DO NOW? IS IT BETTER TO RENT OR SHOULD YOU STILL TRY TO BUY A HOME HERE IN NEW HAMPSHIRE? WELL, I AM NOT A REAL ESTATE AGENT, BUT I HAVE SEEN THE PRICES DECREASE. AND OF COURSE, WE SEE MORTGAGE RATES RISING SIGNIFICANTLY. SO IF YOU ARE, YOU MIGHT BE JUST OUT OF THE MARKET IN TERMS OF BUYING A HOME JUST BECAUSE WITH THESE MORTGAGE RATES INCREASED, EVEN IF THE PRICE OF THE HOUSE HAS DROPED, YOUR ACTUAL EXPENSES MAY BE MORE HIGH THAN THEY WILL BE A YEAR AND A HALF AGO. SO YOU REALLY NEED TO REVIEW THESE FINANCIAL ASPECTS TO SEE WHAT YOU CAN AFFORD. YOU DON’T WANT TO BE OVERSTRETCHED. MAKE SURE THAT WHETHER YOU ARE A TENANT OR YOU TAKE A MORTGAGE, IT FITS YOUR BUDGET WELL. YOU DON’T WANT TO BE STRESS-FREE. YOU DON’T HAVE A CUSHION. Alright, JOHN, THANK YOU SO MUCH. DON’T GO ANYWHERE. WE GO B

Financial Advisor Sean Tole Answers Questions Part 1

Financial adviser Sean Tole explains what people should do if they’re worried about losing their job and whether it makes more sense to buy or rent a house.

Financial adviser Sean Tole explains what people should do if they’re worried about losing their job and whether it makes more sense to buy or rent a house.

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