December 1, 2023
December 1, 2023

Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

Money From Heaven and On-The-Ground Advice

In a bustling city center, a man found himself unexpectedly stranded on the rooftop of a building. Moments before, he had withdrawn his life savings, intending to live out the remainder of his days with this money. To signal for help, he began tossing coins off the rooftop. Those walking below instantly scooped them up, never glancing upwards.

When the coins ran out, he graduated to throwing down dollar bills, hoping that money raining down from heaven would create a commotion. People on the street, however, simply scrambled to pocket the unexpected windfall, not once raising their eyes to its origin.

After every dollar he owned was thrown out, he began panicking about his fate. With nothing left to toss, the man started to kick the ground frantically, loosening up some gravel. It was only when the man, out of sheer desperation, began throwing pebbles that the pedestrians finally looked up, noticing his predicament, and came to his aid.

This story is more than just an amusing anecdote. It offers a perspective on our financial well-being, especially the evolving climate of elevated interest rates and surging household debt. When interest rates hovered in the comfortable 2s and 3s, it was akin to dollars from the heavens. The favorable conditions made mortgages and real estate appealing, and many wisely took advantage of these rates, seeing the potential long-term benefits.

Today, however, the dynamics have undeniably shifted as we navigate mortgages at almost three-decade highs and credit card rates close to 30%. Much like the heaving of gravel that made people finally take notice, these new market economics are a call for attention. Not necessarily a cause for panic, but certainly a prompt for reflection and informed decision-making.

This shift in the financial scene highlights the importance of getting expert guidance. With an understanding of the new landscape, your economic strategy might now involve repositioning monetary allocations, reconsidering investment portfolios, or re-evaluating debt management plans as you strategize appropriately for the future.

Lastly, there’s more to money than just interest rates. Markets change, personal goals shift, and life happens. While we all loved the “money from heaven” feeling of those low rates, our current environment reminds us to “look up,” stay informed, chat with the experts, and always be ready for the twists and turns of your particular financial journey.

Shout out and happy birthday to Sammy Baron, Chaya Bender, Avi Blumenfeld, Shana Cohen, Adam Ehrenreich, Sammy Eisner, Michelle Frohlich, Naphtali Hoff, Hyman Kindler, Phyllis Krug, Jeremy Kugelman, Mark Lipner, Yocheved Lisker, Yaakov Morgenstern, Nekije Rizvani, Shmuel Rosansky, Karen Rubin, Penny Samuel, Roni Schwartz, Yehudah Strauss, Shlomo Swinkin, Avi Tsadok and Yonah Wolf.

Shmuel Shayowitz (NMLS#19871) is a highly regarded real estate and finance executive, writer, speaker, coach and advisor. He is president and chief lending officer of Approved Funding, a privately held national mortgage banker and direct lender. Shmuel has over20 years of industry experience, holding numerous licenses and accreditations, including certified mortgage underwriter, licensed real estate agent, residential review appraiser, and accredited investor, to name a few. Shmuel has successfully navigated through many changing markets and business landscapes, making his market insights and experience well-coveted within the real estate industry. He can be reached via email at [email protected]

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