Low Interest Rates | Financial Temp | Entrepreneurs

Low Interest Rates: In a report published by the Bank of America, historical comparison showed that the interest rates are at a 5,000-year low. The number reflects where rates were in 2005 as the chart shows. And while rates are expected to increase over the next 5,000 years, there’s no expectation that they will rise soon.

Taking Your Financial Temp: A new survey revealed that 58% of Americans have “completely” changed how they think about money due to the pandemic. Nearly as many Americans (56%) believe their concept of financial well-being was altered by the pandemic. What changed in their thinking? Well, at least 48% now believe they need a rainy day or emergency fund. Three in 10 responders claimed good spending habits as their number one trouble spot. The top habit looking for change? Spending on items they don’t really need. Not a bad place to start!

Entrepreneurs Taking the Plunge: A crazy trend has become a bit more popular as the company, Swimply, has developed a business model that works for homeowners and consumers. Swimply matches pool owners with people wanting to rent a pool. One owner rented his pool out 500 times, making close to $50,000. As you’d expect, Covid did slow the company’s gains since consumers were looking for socially distanced activities the past two summers. Swimply grew from $3 million in profits to $10 million. Goes to show that no idea is a bad idea.

Some quick hits from the week that was that may interest:

• Since Bitcoin’s all-time high of nearly $65,000 in mid-April, its price has plunged more than 50%.
• After returning from his quick jaunt in space, Jeff Bezos said he would donate $100 million each to 2 non-profits.
• Twenty-seven percent of businesses in Columbus, Ohio are offering fully remote positions, making it the most remote-friendly city in America.
• The U.S. recession officially ended in April 2020. According to experts, it was the shortest and sharpest down-turn in history.