Babcock Insurance & Financial Services

10/21/2026

🛠️ The richest person in your town probably isn't a tech founder or someone in finance. It's more likely the dentist running four offices, or the owner of the HVAC company whose trucks are everywhere.

New research from economists Owen Zidar and Eric Zwick, based on IRS and Treasury data, found nearly 5 million U.S. households worth at least $5 million, holding combined wealth more than 13 times that of the Forbes 400.

A few patterns stood out:
➡️Most started their business themselves rather than inheriting it
➡️Most run ordinary, brick-and-mortar businesses rather than tech or finance
➡️Independence mattered more to them early on than getting rich ever did

🌭 Case in point: Dick Portillo started a hot dog stand in 1963 with just $1,100. Decades later, he sold the business he'd built for $1 billion.

Building wealth often looks much more ordinary and attainable than the headlines suggest. If growing or eventually stepping back from a business is part of your picture, that's worth talking through together.


Source:

Getting rich in the U.S. is still possible, but the most common path to wealth doesn't involve working for other people, according to a new book.

10/19/2026

🏠 Mortgage rates climbed above 7% last week, and more borrowers started looking for a different way in.

The average rate on a 30-year fixed mortgage rose to 7.12%, while adjustable-rate mortgages offered rates more than a percentage point lower. That difference helped push ARMs to 9.8% of all mortgage applications, up from 8.4% two weeks earlier.

🔑 The appeal is easy to understand: an ARM may offer a lower initial rate and monthly payment. But that rate doesn’t stay fixed forever. Once the initial period ends, it can adjust higher or lower depending on where rates are at that time.

Meanwhile, overall mortgage demand fell, with purchase applications down 1% for the week and refinancing applications down 3%.

A lower rate today can be tempting. What it does after the fixed period ends is the part worth thinking through before you sign.


Source:

As mortgage rates rise, borrowers are seeking savings in riskier, adjustable-rate mortgages that offer lower rates.

10/19/2026

Loved sponsoring this event! Thank you to all our friends and family that came out to support and have a fun time. Ready to get back at it next year!

10/14/2026

📌 Higher rates sting borrowers, but they can be a real win for savers.

As rates rise, banks may increase the yields they offer on savings products to attract deposits. The average U.S. savings account still pays just 0.64% annual percentage yield. Some high-yield accounts are paying more than six times that, up to 4.2%, for the exact same deposit.

🔎 Certificates of deposit, or CDs, can offer even higher rates, but the tradeoff is access: your money is locked in for a set term, and pulling it out early usually costs a penalty.

Higher yields don’t erase the effects of inflation, and they won’t necessarily transform household finances. But if your savings account is still earning close to that 0.64% average, that gap alone might be worth a second look.


Source:

The Federal Reserve recently raised interest rates for the first time since 2023.

10/10/2026

We had the tremendous opportunity to be a sponsor for The Covering House golf tournament this year. Loved teaming up with a few clients to support their cause of fighting human trafficking. Great organization. Check them out if you haven’t heard of them!

10/08/2026

Stocks finished the third quarter mixed. The S&P 500 gained 2.03%, and the Nasdaq Composite rose 2.47%, while the Dow Jones Industrial Average slipped 2.70%. Halloween is next on the calendar, with U.S. consumers expected to spend \$13.5 billion USD this year and 6.26 million Canadian children in their trick-or-treating years.

Stocks were mixed in the third quarter as economic, geopolitical, and corporate earnings news pushed the broad market higher while weighing on the Dow Industrials.

10/07/2026

🌴 More Americans are deciding that enjoying life now matters just as much as making financial progress for later.

A recent SoFi survey found that 72% of Americans would be willing to make slower progress toward their financial goals so they can spend more time with family, travel more, and prioritize meaningful experiences.

That doesn’t necessarily mean abandoning long-term goals. In fact, 59% of respondents said enjoying life is how they define financial progress, compared with 27% who pointed to owning a home.

The challenge is finding a balance between what matters now and what matters later. ✈️ That can mean making room for a vacation, concert, or family event while still keeping an eye on retirement savings and debt.

But charge that trip to a credit card and carry a balance, and interest can turn a two-week memory into a much longer bill.

What does financial progress look like to you: reaching the next milestone, enjoying more of life now, or some mix of both?


Source:

SoFi found 72% of Americans are willing to make slower progress on financial goals to prioritize family, travel and meaningful experiences.

10/07/2026

Excited to be a sponsor for this event supporting Project Periwinkle!

A very special and huge THANK YOU to our Trivia & Silent Auction fundraiser Presenting Sponsor, Babcock Insurance & Financial Services!

With both personal and commercial products, Babcock Insurance & Financial Services also specializes in the non-profit space. With an incredible staff, exceptional knowledge base and experience, and attention to detail, they are a leader in what customers can expect from an insurance and financial services provider.

Babcock Insurance & Financial Services has supported Project Periwinkle through donations over the past years, and Mike Babcock has served on the Project Periwinkle Board of Directors since 2021 and has been a part of our Events and Budget & Finance Committees.

Learn more about Babcock Insurance & Financial Services on their website, www.babcockfinancialgroup.com

And if you’re in the St. Louis area and want to attend, we still have a few tables left. Come join us!

10/05/2026

The Big Mac Index turns forty this year. Forty years old and still fun to explain at parties. Check out what this classic burger can tell us about the purchasing power of our dollar.

09/30/2026

Mortgage rates are rising again, but some buyers may be finding a little more room to navigate the housing market.

The average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance rose to 6.69%, up from 6.65% the previous week.

That was the highest level since last August.

Even so, purchase mortgage applications rose 6% for the week. One reason may be that more inventory in some markets is giving buyers additional options.

Some sellers also appear more willing to cut prices as the market moves through its typically slower summer season.

Higher borrowing costs still matter. Mortgage rates can affect monthly payments, affordability, and how much buyers feel comfortable spending on a home.

For buyers and sellers, the broader takeaway is that multiple factors shape housing conditions. Rates, inventory, home prices, competition, and timing can all influence the market at once.