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It's key to be prepared if/when interest rates do rise

Although Federal Reserve Gov. Jerome Powell told CNBC he's still undecided whether to raise interest rates in September, it never hurts to consider how a change in rates might impact your investments and lifestyle, says Hardeep Walia, founder and CEO of Motif Investing.

Read MoreHow much risk can you stomach?

"It hits every aspect of your daily life, from student loans to adjustable rates on your mortgage to your credit card debt, so you want to be very careful, making sure you understand the impact," he explains, adding that the prospect of rising rates has what he calls a "headwind effect" on stock prices—evidenced by recent market jitters.

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"You want to be very careful about putting all of your money in ... one basket, so you've got to be smart how you deploy it," Walia says.

If you think the Fed will indeed say yes to a rate hike in September, then you may "want to take some of your allocation from your bond funds that are heavily exposed in a negative way to interest-rate increases," Walia advises.

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