The giant monster mega banks are paying an insulting 0.01% on savings accounts, effectively giving you zero return on your hard-earned cash. If you are sitting on savings at a mega-bank, you are losing out – Clark says your goal should be earning 4.5% or higher. Meanwhile, the housing market is seeing massive shifts as 30-year mortgage rates hit 7%, crushed by geopolitical instability and inflation. However, if you are looking to buy, there is a clear silver lining: high rates have stalled the market, forcing sellers into price cuts and capitulation. If you can afford the monthly payment, buying at a significantly lower purchase price now and refinancing down the road when rates drop is an enormous long-term advantage.

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.