#80 Responding to Rate Cuts & Ramping Up Your Small-Talk

Welcome back!

The Olympics wrapped up over the weekend, and here are the final standings:

The only place you’ll find more gold right now?

OnTheFlyDaily.com.

Edition after edition bursting at the seems with content gold.

You can keep your medals, International Olympic Committee.

We do it for the love.

A Pocket FULL of Gold This Week

Fattening The Wallet 💰️ 

• Making Cents of Interest Rate Changes Looming

Elevating Your Brand 🤝 

• A Simple Yet Effective Networking Hack

• All-New Content for Your Commute To Level Up That 🧠

Boosting Your Productivity 📊 

• Hustle Hub: Advice for Pitching Ideas & More

• A Food For Thought About Pacing Yourself

Making Cents 💰️ 

How To Navigate Financial Decisions with Interest Rate Changes

Short and Sweet: According to NBC News, The Federal Reserve is planning to lower interest rates as soon as next month, which could be good news for anyone with loans or mortgages. But, the road to that point might be a bit rocky, so it’s important to be prepared.

Why It Matters: Because interest rates affect how much it costs to borrow money. When rates go down, loans can become cheaper and understanding how to manage your money during these changes can help you make smarter financial decisions.

(It may also impact your savings account and CD earnings.)

TL;DR Takeaways

1) DO take advantage of high-yield savings:

Right now, it's smart to put your money in high-yield savings accounts that offer good interest rates. Even though the FED might lower rates, these accounts can still give you a solid return on your savings. For a deeper dive on high-yield savings accounts, go here.

2) DON’T rely too heavily on CDs:

While Certificates of Deposit (CDs) might seem appealing because they offer fixed interest rates, they can lock your money in for too long. If you need access to your funds or want to take advantage of better opportunities later, being tied up could cost you.

3) DO prioritize credit card debt:

With interest rates possibly going down, now is a good time to pay off CC debt. Reducing your debt will improve your credit score and put you in a better position to benefit from lower borrowing costs.

4) DON’T set it and forget it:

Keep an eye on your financial accounts, especially your credit cards. When interest rates drop, your credit card issuer might not automatically lower your rate, so you need to call and ask them to adjust it.

5) DO invest (a little bit) in the market:

Even if the stock market is a bit shaky, it’s often wise to invest when prices are low. Start small with a simple investment account, and remember that the market tends to recover over time, so patience is key 🔑 

6) DON’T try to game it:

Trying to time the market or make quick gains is risky. Instead, focus on long-term investments and think about where you want to be in five, ten, or twenty years.

7) DO consider mortgage refinancing:

With mortgage rates possibly dropping, now could be a good time to refinance your home loan. If you're in the process of buying a house, keep an eye on rates and be ready to adjust your mortgage if they go lower.

8) DON’T try to time your mortgage:

Don’t focus solely on interest rates when buying a home. Consider what you can afford and your personal needs. Even if rates go down, home prices might go up, so focus on what makes sense for you.

9) DO hunt for automotive deals:

Even though auto loan rates might not drop quickly, dealerships often offer good deals as they clear out old models for new ones. Late summer and early fall can be a great time to find discounts, especially on hybrids or used cars.

O.T.F
O.F.T: One Final Thought

DON’T just sit back and expect to reap benefits of lowered interest rates without being proactive. Use the tips above as a starting point and look further into what you need to do to benefit as much as possible.

Networking Hack 🤝 

Steal This Underrated Question For Small Talk  

For most of us, making small-talk can be annoying or even intimidating, mainly because we inevitably come back to the same self-directed question:

“What should I talk about with this person?”

Since its humble beginnings, OTF has tried to help out in this regard, linking to and/or briefly summarizing the most interesting things we can find across the Internet.

We even have a content section - Did You Know (formerly Convo Starters) - designed specifically for helping with small-talk.

But here’s a timeless tip, courtesy of My First Million podcast, that you can always use as a fallback, for those days when you can’t remember a particular article or (gasp!) didn’t get around to reading OTF:

“Is there something you’re excited about that’s coming up?”

I freaking love this question, to the point where I had to record a voice note the second I heard it. By the time you read this, I’ll have probably used it 5-10 times around the office or networking online.

Instead of the generic “What’s going on?” or the slightly better, “What’s the latest?,” you can be specific and give your conversation partner the opportunity to speak on something they’re really looking forward to, something that makes their eyes light up with positive energy.

O.T.F
O.F.T: One Final Thought

So the next time you’re engaged in small-talk, ask about that thing on the horizon that they’re excited about. We guarantee better results than what you’d get from monotoned discussions about the usual topics.

Hustle Hub 📈 

• YOUR SUCCESS: If you get nervous before meetings, you may be able to use it to your advantage. Here’s how.

• THEIR SUCCESS: This 32-year-old launched his side-hustle with $3K and an Instagram post; it now makes over $100K a MONTH.

• YOUR SUCCESS: 🚨VIDEO CONTENT🚨 Getting ready to pitch your business idea? Here’s how to make the perfect elevator pitch. 

Content For Your Commute 🚶🚆 🚗 

• ON FOOT: While walking, throw on the source of this week’s Networking Hack, My First Million (an entrepreneurial podcast breaking down and brainstorming new business ideas.)

• TRAIN TIME: Grab your favorite seat and take a deep dive into how AI could reshape the job market with this piece from Noema.

• FIRST CLASS: For your next flight, let’s take a break from the standard self-help business book and try The Radical Leap by Steve Farber, reviewed below:

  

Food For Thought 💡 

Before You Go

We hope you enjoyed this week’s edition. Next week, we’ll be back with a new Did You Know, the most up-to-date trends in The Search Bar, and much more!

See you then!

You are now On The Fly and In The Know