Hey guys,
I'M BACK! letting you in on the most important chapter in the book of my life as a reformed humanistic capitalist. What will they say.. the ones that know me, when my life is over? I'll tell you what they won't say, they won't say, "that girl left us nothing but a bill" What about the ones that don't know me! Well after I finish my (Credit Report Restoration Plan) they'll say "Hey, I didn't know her but her credit was great" Lol... Class is back in session and I hope everyone did their homework from our last post. If you did do your homework than you found a copy of your personal credit report as well. Well... What did you find? If your credit report looks anything like my own, than you need a CRP(Credit Report Restoration Plan). If you haven't realized it yet, let me be the first to tell you that I have no idea what my Credit Report Restoration Plan will consist of; at least not completely.... Together we will figure this thing out! Tell me what you think of step one: Change your thinking
Step One-Change you thinking:
Its the American way to buy all you can, card charge what you can't and lay-a-way what's left behind. Living "beyond your means" is a value seen in every aspect of American life. The media, civil societies, and even our government perpetuates irresponsible spending habits. For example, if I was already a trillion dollars in debt, I probably wouldn't borrow money from my friend in China to "stimulate my economy." If America had a FICO score what do you think it would be... Get the picture? However, poor spending habits don't materialize over night, they begin with being out-of-touch with your financial reality. For me, growing up in a household that taught me to spend only what I had in my pocket gave me the impression that credit was like forbidden fruit. And what did Eve do... Who knows the end of that story? Saving every dime, keeping your money under the mattress, and not establishing credit at all is what I consider the rightist approach to finance. Spending everything you have and charging everything you don't is what we refer to as the leftist approach to finance. Stability is achieved through balance. The first step to undergoing credit report restoration is changing the way you think about your finances. Before you change how you think, you must ask yourself " how do I think about finance?" What values have shaped your financial culture? Was it your mother, teacher, or friend that influenced you to act for or against the ideology that drives your financial thought process. WOW.. I think we just had a break though; an epiphany. Before we change the way we think about how to manage our financial lifestyles, we must first realize what it is we already think.. and why!
Well that's step one! Do a little soul searching and find out what values drive your thought process about the financial lifestyle you lead. Next post we'll discuss what to change your mind set into. Till then, tell me about it.. What did your family or experiences growing up teach you about credit(ie money, finances, nothing)
Class dismissed!!
Subscribe to:
Post Comments (Atom)
8 comments:
Your post is really good. When I was reading it I found it interesting and it kept my attention. This subject can get quite boring at times but the way you wrote it made the subject interesting and I feel like other young people would actually read it and find it very informative. I can't wait to read your next post!
Hey kim,
Great post! I agree on the fact that you should spend with what you have. Growing up that way for me teached me to make wiser spending habits when you can only use what you got. Your great at being creative on your choice on how to write your info, I can tell you really put alot of thought and effort into what you write.I made a brochore on my out reach project and I had alot of fun being creative on it. I wonder how you did on yours because in all we where on the same topic. Besides that, I doing good and still getting used to living on my own with my two children. But it's been positive so far. I have so much more responsiability that it's really hard. I'am managing though. When it gets tough the experince only makes me stonger and I like moving forward and not dwelling on the past.
Hey Guys,
Abby thanks for reading my post! I love the freedom that SECU has given us as founding GaBbers. However, sometimes I wonder if I have choosen the best template to communicate my topic of expertise. Since I am learning and educating simutaneously I often feel as if I'm flying a plane and building too. Everyone seems to have thier own style or "set-up" for posting information and I learn so much from you all!!
Anywho, as for your brochure Gwen, I think thats a wonderful idea. Who do you plan to distibute it to and how? Since we have the same topic, if you can email me a copy I will assist in distribution.
What if I don't have anything on my credit report yet? Rather than have a credit restoration plan, I need a credit building plan!
That is so true Kim. Most families do not teach their children about saving nor budgeting, it’s just..."Here is some cash baby, spend it all and come back if you need more." So the idea of getting to know the way that people think psychologically is smart. That may be the reason that most Americans are in debt, they were not raise being taught how to budget or worrying about finances.
The jury is in.. we love Kim's Journey to Financial Literacy series!!!
When I was growing up I watched my mom spend spend spend.. and it was usually with a little piece of plastic. She had no idea the impact it had on me when I got my first card. Despite being in finance all my life, I did not practice what I was preaching, and got myself into debt very quickly.
Its amazing how fast you can get into debt and how long it takes to get out!
No Credit? Bad Credit?
OK, so I know that sounds like an ad that I am sure all of us have seen somewhere...
I bring it up because of the comment about not only restoring credit, but establishing it.
You could be the best money manager out there, but if you do not have a credit card (and use it), or a loan, you can forget about a credit score. It seems a little backwards.
Did you guys know that some states have passed laws stating that their uitlity and phone bills will show up on their credit report?
Currently in Maryland, they will only show up if they are past due and have gone to collections.
What do you think about this?
Wow! Credit Reports is such a large and general topic to explore and posting more than six paragraphs to educate other is just too long for a blog. I would like to get more in detail on this topic before we transition into another but I have no idea how!! I feel as if I have to choose between a creative context and an informative content. Before I post my next blog, please offer advice.
Post a Comment