Did you know that if you maintain a credit score of 723 you are at an average level? But if your score falls lower you will pay higher interest rates (higher monthly payments).
That's why I would like to encourage those of you with lower scores to take the time to repair (build) your credit history. Make the effort to keep up with all your current monthly payments, and monitor the other factors that may have an influence on your history. You'll be glad you did.
Don't let your score get the better of you. With an average score or above, your score will work for you. So, what does your pocketbook say about you? With a better score you'll have more in it. Keep your credit score high and you'll pay less in interest over time. That way you can have more money to spend on whatever you choose.
2/17/09
What a budget means to me...
A budget is a way of saving money. It is sort of a lifestyle. One can spend frivolously or one can spend wisely by budgeting. I choose to live by a budget: every paycheck I put money aside for saving, I take care of my bills and I place my spurge money to the side for my hair, entertainment activities to have fun with and food. So far it has worked!
Without a budget, I would live paycheck to paycheck struggling to pay a bill. I would not have set savings amount, it would be awful! I would probably spend all my money on clothes and going out eating at restaurants. My life would be a wreck. The thought of not knowing how much money I have left in the bank at the end of the week….is financial ignorance.
I have adapted to the life of budgeting and I encourage others to practice a life of money management.
Without a budget, I would live paycheck to paycheck struggling to pay a bill. I would not have set savings amount, it would be awful! I would probably spend all my money on clothes and going out eating at restaurants. My life would be a wreck. The thought of not knowing how much money I have left in the bank at the end of the week….is financial ignorance.
I have adapted to the life of budgeting and I encourage others to practice a life of money management.
How Debt Effect Your Future
Debt is your identity. In the real word, you are not looked at as an individual, you are looked at as a number. Your credit score determines who you are in society. Debt affects your ability to purchase a house, a car or any other type of valuable property. When you go to finance anything, business people give you rates based upon your credit score. As young college students, we Gabbers need to watch what we spend our money on and start planning for the future by budgeting. Good credit equals a bright future….do you agree?
2/16/09
America's Money Crisis
In the year of 2009, we started out on the wrong foot going into a recession. “Time is money” says my friend Jasmine Huddleston, while she is in search of employment. Job lost statistics reach a record high since December 1974. The unemployment rate climbs 7.6% this month alone, in plain numbers that is 598,000 jobs slashed. Without people working, how will bills get paid? It is a chain effect, first people loose their jobs then, they loose their house and worldly processions after that they loose there self. Things are turning deadly with rising suicide and homicides rates due to job lost and depression.
Times are hard! We need to come up with a better way of budgeting our money, separating our needs from our wants. As a solution, millionaires that we support like rappers and actors should give back to their community. By these well known wealthy people, hosting free events to help raise awareness for the money crisis that we are in, people can save money, have fun and educate themselves. These events will help raise the spirits of many working and non-working American citizens.
Times are hard! We need to come up with a better way of budgeting our money, separating our needs from our wants. As a solution, millionaires that we support like rappers and actors should give back to their community. By these well known wealthy people, hosting free events to help raise awareness for the money crisis that we are in, people can save money, have fun and educate themselves. These events will help raise the spirits of many working and non-working American citizens.
1/25/09
The Benefits Of A Well Written Budget
Over the past week my car was broken into. Very unfortunate, right?
The criminal event caught me totally off guard. I have never been robbed before and for my first time; the robber whipped me out good. He stole all big ticket items that a college student need and cherish. I was robbed of my book bag, it is not just the fact that he went in my truck and stole my book bag but it was the things in it and the way a robber thinks. When he took it, he took all the books out and left them; including my Gabber book and my Gabber planner that I won at one of the SECU workshops. I made it very convenient for him because my backpack was on wheels. Thank god I took my lap top out that night because that would be gone too...if he would have stolen that, I don't know what I would do. In fact the robber stole all my cds, my GPS, my camcorder which was inside the back pack with my curling iron and other items that I am noticing slowly but surely. He busted out my whole passenger side window and ram sacked my car inside out, on one of the coldest nights in January. In the mist of writing up my police report, I did not cry at all. I am usually emotional but I was strong that night. I was shaken by the events but I was not worried at all about money and how I was going to get my window fixed.
This situation tapped into my savings money which came in handy. Ever paycheck when I am screaming to myself to have control seemed to pay off. For this situation, I used the money that I put aside and refused to spend over the course of many pay periods. I am glad I made a budget! With the money that I saved, I had well over enough to purchase a whole new window for my car and club the weekend away with my friends to dance my pain away. In light of the terrible event that took place with my car, the police caught my robber and retrieved some of my belongings. This situation taught me to clean my car out of valuable thing that I need but am not using and also encouraged me to keep saving money through a well written budget, because you never know when something major will happen and you will need recovery money to get yourself back on track.
The criminal event caught me totally off guard. I have never been robbed before and for my first time; the robber whipped me out good. He stole all big ticket items that a college student need and cherish. I was robbed of my book bag, it is not just the fact that he went in my truck and stole my book bag but it was the things in it and the way a robber thinks. When he took it, he took all the books out and left them; including my Gabber book and my Gabber planner that I won at one of the SECU workshops. I made it very convenient for him because my backpack was on wheels. Thank god I took my lap top out that night because that would be gone too...if he would have stolen that, I don't know what I would do. In fact the robber stole all my cds, my GPS, my camcorder which was inside the back pack with my curling iron and other items that I am noticing slowly but surely. He busted out my whole passenger side window and ram sacked my car inside out, on one of the coldest nights in January. In the mist of writing up my police report, I did not cry at all. I am usually emotional but I was strong that night. I was shaken by the events but I was not worried at all about money and how I was going to get my window fixed.
This situation tapped into my savings money which came in handy. Ever paycheck when I am screaming to myself to have control seemed to pay off. For this situation, I used the money that I put aside and refused to spend over the course of many pay periods. I am glad I made a budget! With the money that I saved, I had well over enough to purchase a whole new window for my car and club the weekend away with my friends to dance my pain away. In light of the terrible event that took place with my car, the police caught my robber and retrieved some of my belongings. This situation taught me to clean my car out of valuable thing that I need but am not using and also encouraged me to keep saving money through a well written budget, because you never know when something major will happen and you will need recovery money to get yourself back on track.
1/18/09
Paying back loans
This post is late but I guess better late than never right. I Thought I did a December post but as I was looking I realized I must have forgotten it, finals time was not a good time. Now that were into January and most of us starting off fresh with new classes for the new year why don't we talk about paying back those student loans.... don't run, it has to be done.
All loans have to be repaid its a sure thing that can't be changed unless you decide to teach and only in some cases will your loans be waived. Some student loans through the government such as Federal or Direct Stafford Loans have a six-month grace period. The grace period is a period of time after you graduate before you have to begin repayment. If you do not have one of these loans or do not have a grace period repayment of the loan usually begins within 60 days after the loan amount is fully disbursed. The good thing about the grace period with a subsidized Stafford loan is it is interest free. So if you pay back the loan within the grace period you will just be paying back the principal. If you wait until after the grace period your payments will be both interest and principal.
Most people face student loans today and many people have a lot of trouble paying back there loans which can cause a lot of financial trouble in the future. Defaulting on a loan can cause your credit score to drop and you could possibly be sued. It is very important to pay back the loans because we all know what happens when the credit score goes down.
My main point is that education is important yet very expensive but if you are wise with your money and try to keep up with the payments the loans will be gone before you know it.
1/13/09
Money Money Money
Hello GABbers!
Thanks to those of you who have been keeping up with your posts and comments.. I get them ALL via email by the way!! And of course we are watching!
Our next face to face meeting is Saturday January 24th starting at 11AM... read your email for location info.
You will all be stars as we tape your fabulous financial education skits.
ALSO, speaking of money, SECU has a special deal for those of you who currently do not have checking acocunts with us for $150 bucks, also there are a few other scholarship opportunities in March and April for $1000 or more.
Of course I am not going to talk about them here, but will on the 24th!
Thanks to those of you who have been keeping up with your posts and comments.. I get them ALL via email by the way!! And of course we are watching!
Our next face to face meeting is Saturday January 24th starting at 11AM... read your email for location info.
You will all be stars as we tape your fabulous financial education skits.
ALSO, speaking of money, SECU has a special deal for those of you who currently do not have checking acocunts with us for $150 bucks, also there are a few other scholarship opportunities in March and April for $1000 or more.
Of course I am not going to talk about them here, but will on the 24th!
1/4/09
2 Places
Hey Gabbers, how is the New Year treating everyone?
With today’s economy people are very cautious about where they put their money. Turning times like these people tend to take their money out of banks and actually put them into credit unions. Yet you should always have your money in at least two places. The reason is first having your money in two places makes it more difficult to get to your funds, which means easier for you to save.
Also as some of you may know I currently work for Tower Federal Credit Union, but just recently TFCU was doing an end of the year system check and the system, ATMs, and pretty much everything linked to TFCU was shut down for about 36 hours. Now for me not being able to use my debit card for a day was no problem. Yet I had no idea how many people were dependant on their bi-weekly paycheck for funds.
With having at least a small amount of funds in a separate financial institution you can always get to at least a little amount of cash no matter what.
With today’s economy people are very cautious about where they put their money. Turning times like these people tend to take their money out of banks and actually put them into credit unions. Yet you should always have your money in at least two places. The reason is first having your money in two places makes it more difficult to get to your funds, which means easier for you to save.
Also as some of you may know I currently work for Tower Federal Credit Union, but just recently TFCU was doing an end of the year system check and the system, ATMs, and pretty much everything linked to TFCU was shut down for about 36 hours. Now for me not being able to use my debit card for a day was no problem. Yet I had no idea how many people were dependant on their bi-weekly paycheck for funds.
With having at least a small amount of funds in a separate financial institution you can always get to at least a little amount of cash no matter what.
Happy New Year Gen Y
You Can Improve Your Credit this Year
The New Year has started off great, and I’m glad to be moving forward into 2009. It’s a new beginning for us. Change has happened in America when voters took their stand with pride and elected our new president, whom many admire. Change can be hard and challenging. However, it’s all in how we approach it that is key. Some of us may jump right in and others take our time; some don’t face it at all. But I caution you not to take the latter approach in regards to improving your credit.
I did some research and came across some valuable information. Did you know that 60% of people smell their feet? No, just kidding! What I found is that 60% percent of us have a credit score of less than 750. Not having an excellent score is no big deal, but it shows that for most of us there’s room for improvement.
And who doesn’t want to improve? It’s so much fun! (I’m kidding again!) I realize this will not be true for some of us who just want to dig a hole in the ground and hide from our shortcomings. Just remember, think about improving your credit score as a work in progress. You can get to 750, with time.
First, take a look at the positive things in your credit history. Write them down. Next, write down those shoulda, coulda, wouldas, such as if only I had paid my bills on time … yatta, yatta. Now, take it all in (breathe), then let it all out (exhale). - No screaming allowed! - It’s a New Year. Let the New Year bring some welcome change.
This is an intensive process but with change as your goal, start with some small, less stressful, steps. And try to visualize your success. What will it take to get to where you want to be?
Take it a step further. Smell success. It isn’t a sour smell like your big toe, but as fresh as a breeze at the seashore!
The New Year has started off great, and I’m glad to be moving forward into 2009. It’s a new beginning for us. Change has happened in America when voters took their stand with pride and elected our new president, whom many admire. Change can be hard and challenging. However, it’s all in how we approach it that is key. Some of us may jump right in and others take our time; some don’t face it at all. But I caution you not to take the latter approach in regards to improving your credit.
I did some research and came across some valuable information. Did you know that 60% of people smell their feet? No, just kidding! What I found is that 60% percent of us have a credit score of less than 750. Not having an excellent score is no big deal, but it shows that for most of us there’s room for improvement.
And who doesn’t want to improve? It’s so much fun! (I’m kidding again!) I realize this will not be true for some of us who just want to dig a hole in the ground and hide from our shortcomings. Just remember, think about improving your credit score as a work in progress. You can get to 750, with time.
First, take a look at the positive things in your credit history. Write them down. Next, write down those shoulda, coulda, wouldas, such as if only I had paid my bills on time … yatta, yatta. Now, take it all in (breathe), then let it all out (exhale). - No screaming allowed! - It’s a New Year. Let the New Year bring some welcome change.
This is an intensive process but with change as your goal, start with some small, less stressful, steps. And try to visualize your success. What will it take to get to where you want to be?
Take it a step further. Smell success. It isn’t a sour smell like your big toe, but as fresh as a breeze at the seashore!
12/25/08
Am I the only one with a "Holiday Headache"
Merry Christmas Gabber's & Friends,
It's about 12:27am on Christmas morning and I can't go to sleep. No, I'm not awaiting Santa!! LOL.. Atleast not this year... As I finish wrapping all of my gifts, suddenly I have mixed feelings about the red and green candy cane stripped boxes and bags underneath my tree. On one hand I'm "totally siked" about all the happy faces I'll see opening Ipods, digital camera's, and indiviual toe-socks. Yet, on the other hand...I think I should say "In" the other hand there is nothing. Zip, Zero! Every Christmas I "go broke" buying gifts and tokens for family and friends. Some years I even create debt by using department store credit cards.(Of course now that I am implementing my credit card restoration plan, Department store credit card over load is out of the question)
I watch CNN as they report that America is officially in a recession, in need of unemployment benefit extensions, and another economic stimulus package and yet there seems to be no drop in holiday sales. The malls where I shop were still just as crowded as usual on Christmas eve. How much do you spend each year on presents?
So, I sit awake... wishing that Santa Clause really had purchased all these presents. I just realized that the price of Christmas is giving me a Holiday Headache
It's about 12:27am on Christmas morning and I can't go to sleep. No, I'm not awaiting Santa!! LOL.. Atleast not this year... As I finish wrapping all of my gifts, suddenly I have mixed feelings about the red and green candy cane stripped boxes and bags underneath my tree. On one hand I'm "totally siked" about all the happy faces I'll see opening Ipods, digital camera's, and indiviual toe-socks. Yet, on the other hand...I think I should say "In" the other hand there is nothing. Zip, Zero! Every Christmas I "go broke" buying gifts and tokens for family and friends. Some years I even create debt by using department store credit cards.(Of course now that I am implementing my credit card restoration plan, Department store credit card over load is out of the question)
I watch CNN as they report that America is officially in a recession, in need of unemployment benefit extensions, and another economic stimulus package and yet there seems to be no drop in holiday sales. The malls where I shop were still just as crowded as usual on Christmas eve. How much do you spend each year on presents?
So, I sit awake... wishing that Santa Clause really had purchased all these presents. I just realized that the price of Christmas is giving me a Holiday Headache
T'was the night before College Scene 1
INT. Steve’s Bedroom - DAY
Narrator
Steve is alone in his bedroom packing up belongings to leave for college. He stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He begins to daydream about all the things he’ll buy once away from his penny-pinching parents that won’t allow him to wear the latest clothing or have an expensive car and doses off to sleep. Then, he awakes in a day-dream where he will meet three different characters that will educate him on the dangers of over spending and save his financial life.
He hears his favorite song on the radio and jumps off his bed to turn up the volume, sing along, and imitate a guitar player.
“Good Charlotte: Girls Don’t like Boys Girls like cars and money”
The door opens abruptly startling Steve, and the Ghost of Lil Wayna quickly enters the room. She walks directly to his radio and pushes power. Her face is stern as she looks into Steve’s eyes.
Steve
You scared me to death! Who are you, how did you get into my [Pausing] wait a minute, are you Lil Wayna?
Lil Wayna
Cha Ching Cha Ching Bling Bling
Who did you think I was
I’m the #1 stunner
Steve and Lil Wayna
Wah what wah What
Steve
Oh my Gosh! I love your music. I’ve always wanted to be the #1 stunner and bling bling like you and your crew. [Excited] Man you had Platinum Teeth, Gold rings, then gold fingers, and legs and then there was this thing on the news about you dying because you tried to make your heart gold and then… WAIT your dead your dead your dead your dead.. How did a dead person get in my room.. Oh my God.. Am I dead too
Lil Wayna
Chill-lax lil woody. Do I look dead to you. I’m here because I’m about to save my biggest fan from making a some big mistakes. Ya Heard me! Come on lil Whoody you got some stuff you need to see.
Steve
Where are we.. This isn’t my bedroom. How did I get here. Wait that’s me when I was younger. I’m getting beat up by that little rich kid bully that lived on our block. We’ve gotta go help me!
Lil Wayna
Slow ya role lil Whoody, They can’t see you. Your in the past.
Steve
But But, I need to help me [Pause] I don’t even know why that lil rich kid didn’t like me anyway. He had everything, all the latest games, gear, anything he wanted. I just don’t get it
Lil Wayna
Dah.. He was jealous of you fool.. He had all that money, but he didn’t have parents like yours that cared for a lil Whoody. He thought that you were rich… cha ching Material things can’t buy you happiness lil Whoody. Your parents tell you to budget cause they love ya
Steve
Your wrong lil Wayna, I’m not gonna be like you and have a golden heart transplant. My parents are just cheap and ordinary. When I get to college I’m gonna have all the girls and all the credit cards I need to keep them. All I’ve ever wanted to be was cool and rich like him, Cool and rich like him.. Cool and rich like him.. [Fades out]
INT. Steve’s Bedroom - DAY
Narrator
Steve seemingly wakes up from his day-dream in his bedroom and resumes packing up belongings to leave for college. He again stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He ignores Lil Wayna’s advice about treasuring his parents budgeting habits etc and Sweet-N-Sour climb into his window.
Steve
Tell me I’m not still dreaming.. Who are you. First lil Wayna and now this.. I don’t even know who you are. Get out of my room
Sweet
I’m sweet
Sour
And I’m Sour
Steve
It was rhetorical.. I don’t care about your names.. I just want to know how you go in my room. No better yet, just leave
Narrator
Steve is alone in his bedroom packing up belongings to leave for college. He stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He begins to daydream about all the things he’ll buy once away from his penny-pinching parents that won’t allow him to wear the latest clothing or have an expensive car and doses off to sleep. Then, he awakes in a day-dream where he will meet three different characters that will educate him on the dangers of over spending and save his financial life.
He hears his favorite song on the radio and jumps off his bed to turn up the volume, sing along, and imitate a guitar player.
“Good Charlotte: Girls Don’t like Boys Girls like cars and money”
The door opens abruptly startling Steve, and the Ghost of Lil Wayna quickly enters the room. She walks directly to his radio and pushes power. Her face is stern as she looks into Steve’s eyes.
Steve
You scared me to death! Who are you, how did you get into my [Pausing] wait a minute, are you Lil Wayna?
Lil Wayna
Cha Ching Cha Ching Bling Bling
Who did you think I was
I’m the #1 stunner
Steve and Lil Wayna
Wah what wah What
Steve
Oh my Gosh! I love your music. I’ve always wanted to be the #1 stunner and bling bling like you and your crew. [Excited] Man you had Platinum Teeth, Gold rings, then gold fingers, and legs and then there was this thing on the news about you dying because you tried to make your heart gold and then… WAIT your dead your dead your dead your dead.. How did a dead person get in my room.. Oh my God.. Am I dead too
Lil Wayna
Chill-lax lil woody. Do I look dead to you. I’m here because I’m about to save my biggest fan from making a some big mistakes. Ya Heard me! Come on lil Whoody you got some stuff you need to see.
Steve
Where are we.. This isn’t my bedroom. How did I get here. Wait that’s me when I was younger. I’m getting beat up by that little rich kid bully that lived on our block. We’ve gotta go help me!
Lil Wayna
Slow ya role lil Whoody, They can’t see you. Your in the past.
Steve
But But, I need to help me [Pause] I don’t even know why that lil rich kid didn’t like me anyway. He had everything, all the latest games, gear, anything he wanted. I just don’t get it
Lil Wayna
Dah.. He was jealous of you fool.. He had all that money, but he didn’t have parents like yours that cared for a lil Whoody. He thought that you were rich… cha ching Material things can’t buy you happiness lil Whoody. Your parents tell you to budget cause they love ya
Steve
Your wrong lil Wayna, I’m not gonna be like you and have a golden heart transplant. My parents are just cheap and ordinary. When I get to college I’m gonna have all the girls and all the credit cards I need to keep them. All I’ve ever wanted to be was cool and rich like him, Cool and rich like him.. Cool and rich like him.. [Fades out]
INT. Steve’s Bedroom - DAY
Narrator
Steve seemingly wakes up from his day-dream in his bedroom and resumes packing up belongings to leave for college. He again stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He ignores Lil Wayna’s advice about treasuring his parents budgeting habits etc and Sweet-N-Sour climb into his window.
Steve
Tell me I’m not still dreaming.. Who are you. First lil Wayna and now this.. I don’t even know who you are. Get out of my room
Sweet
I’m sweet
Sour
And I’m Sour
Steve
It was rhetorical.. I don’t care about your names.. I just want to know how you go in my room. No better yet, just leave
12/12/08
Come be a Star!
Tomorrow, Saturday December 13, is your chance to show us your stuff! Come equipped with ideas on how to best communicate your financial education topic to your peers in 3-5 minutes.
We will see you from 11AM-1PM, check your email for more details!
We will see you from 11AM-1PM, check your email for more details!
11/30/08
BONDS
Hey GABbers, Once again I have another Idea about savings
So recently due to the economy people have been afraid to put their money in stocks, banks, even CDs. But there is one lender who will almost never go broke, The United States Government. While lead me to the topic of Federally Insured Bonds.
There are currently two types of bonds you can buy today, I bonds and EE bonds. Of course there were many other types of bonds available a few years ago, like the H bond or E bonds. But for right now let’s talk about the types of bonds that we can actually buy today.
First is the EE bond, now although these types of bonds are great for long term investments, many are give these as gifts. EE bonds are bought half of face value, so a $100 EE bonds is bought for only $50. Which is why these are perfect for gifts, they look like $100 when actually the buyer only paid $50. Now EE bonds will reach face value in about 17 years, and the APY is 1.3%. Again a good gift for a new born baby, because in 17 years those bonds will be worth their face value and its perfect timing for college.
Next am I bonds, which I personally think are a much better investment. I bonds are purchased at their face value. So a $100 I bond will be bought at $100. Yet these bonds tend to have much higher interest then EE bonds. The interest rates for I bonds do change twice a year and are determined by two things; a fixed rate set by the U.S. Treasury and the rate of inflation. Today an I bonds has an APY of 5.64%, much higher then the I bond and most CDs offered.
Now both I bonds and EE bonds must be head on to for one year before they are cashed in. And if they are cashed in before the bond reacts the age of five, you lose 3 months of interest. Yet after 5 years you are free and clear to cash the bonds at any time, and they will continue to earn interest for 30 years.
But effective January 1, 2008, each social security number is only able to buy $5,000 worth in bonds per year.
At most financial institutions you can purchase bonds, but another place to go is TreasuryDirect.gov
So recently due to the economy people have been afraid to put their money in stocks, banks, even CDs. But there is one lender who will almost never go broke, The United States Government. While lead me to the topic of Federally Insured Bonds.
There are currently two types of bonds you can buy today, I bonds and EE bonds. Of course there were many other types of bonds available a few years ago, like the H bond or E bonds. But for right now let’s talk about the types of bonds that we can actually buy today.
First is the EE bond, now although these types of bonds are great for long term investments, many are give these as gifts. EE bonds are bought half of face value, so a $100 EE bonds is bought for only $50. Which is why these are perfect for gifts, they look like $100 when actually the buyer only paid $50. Now EE bonds will reach face value in about 17 years, and the APY is 1.3%. Again a good gift for a new born baby, because in 17 years those bonds will be worth their face value and its perfect timing for college.
Next am I bonds, which I personally think are a much better investment. I bonds are purchased at their face value. So a $100 I bond will be bought at $100. Yet these bonds tend to have much higher interest then EE bonds. The interest rates for I bonds do change twice a year and are determined by two things; a fixed rate set by the U.S. Treasury and the rate of inflation. Today an I bonds has an APY of 5.64%, much higher then the I bond and most CDs offered.
Now both I bonds and EE bonds must be head on to for one year before they are cashed in. And if they are cashed in before the bond reacts the age of five, you lose 3 months of interest. Yet after 5 years you are free and clear to cash the bonds at any time, and they will continue to earn interest for 30 years.
But effective January 1, 2008, each social security number is only able to buy $5,000 worth in bonds per year.
At most financial institutions you can purchase bonds, but another place to go is TreasuryDirect.gov
11/19/08
Make Reasonable Credit Goals
How many of us have goals that we have set to accomplish? Well, if so have you thought of making credit goals? If not, I have some fun steps that you can follow on your way to achievement.
Let’s be kind with ourselves if we made credit mistakes in the past. We can learn and move forward, right? Approach this as a learning process. Proceed by first taking a look at what we know we can fix in a small time frame such as two weeks or less. We will call this our personal short-term goals. Improving your credit can take months and so you also will want to set long-term credit goals.
First, “sit up straight” and think of what you like to achieve (credit wise) over the years. Then, write down all of your goals in a journal or on a sheet of paper. You can use the list to keep track of your progress. Put the goals in order from short-term effort to long-term effort. Begin with a goal that you are doing daily in the present.
Some examples might be:
Apply for a credit card with a low interest rate
Apply for a gas card
Apply for a share secured loan
Pay bills on time.
Pay at least the minimum balance due on credit cards.
Having both revolving and installment credit is a good way to build credit. Revolving credit is credit cards. Installment credit is things like car loans and student loans.
Then take your list little by little and start to check off or scratch out what you have finished. Next, write your accomplishments on a separate list and display it where it can be seen by others. That will give you confidence to start on another goal.
Be careful not to overwhelm yourself with goals that are too high. When you have trouble, look at some of the resources out there pertaining to meeting goals. It’s also good to have someone to encourage you to stick with your goals.
Keep in mind that you are doing this for your future. Gain as much knowledge as you can if you’re not sure about one of your goals because you don’t want to have wasted time on a goal that is not achievable.
Remember this is a learning process. Take it slowly. It’s not a race. Meet your goals in a time frame that works for you. Using visual reminders can help, and when you’ve met a goal, reward yourself! Maybe go out to eat. With persistence, your hard work and determination will pay off!
Let’s be kind with ourselves if we made credit mistakes in the past. We can learn and move forward, right? Approach this as a learning process. Proceed by first taking a look at what we know we can fix in a small time frame such as two weeks or less. We will call this our personal short-term goals. Improving your credit can take months and so you also will want to set long-term credit goals.
First, “sit up straight” and think of what you like to achieve (credit wise) over the years. Then, write down all of your goals in a journal or on a sheet of paper. You can use the list to keep track of your progress. Put the goals in order from short-term effort to long-term effort. Begin with a goal that you are doing daily in the present.
Some examples might be:
Apply for a credit card with a low interest rate
Apply for a gas card
Apply for a share secured loan
Pay bills on time.
Pay at least the minimum balance due on credit cards.
Having both revolving and installment credit is a good way to build credit. Revolving credit is credit cards. Installment credit is things like car loans and student loans.
Then take your list little by little and start to check off or scratch out what you have finished. Next, write your accomplishments on a separate list and display it where it can be seen by others. That will give you confidence to start on another goal.
Be careful not to overwhelm yourself with goals that are too high. When you have trouble, look at some of the resources out there pertaining to meeting goals. It’s also good to have someone to encourage you to stick with your goals.
Keep in mind that you are doing this for your future. Gain as much knowledge as you can if you’re not sure about one of your goals because you don’t want to have wasted time on a goal that is not achievable.
Remember this is a learning process. Take it slowly. It’s not a race. Meet your goals in a time frame that works for you. Using visual reminders can help, and when you’ve met a goal, reward yourself! Maybe go out to eat. With persistence, your hard work and determination will pay off!
11/13/08
New Loan research...
Hi everyone,
It was great seeing you this past week and hopefully we can see each other again soon! Now onto the fun stuff.
Well most would think that a loan is a sum of money you borrow from a bank or some kind of lender. Well this is true but there are several loans out there that require a down payment. For instance some companies make you put 20% down on a loan you are taking out. I kind of think this defeats the purpose because you are taking out a loan most likely because you don't have the money. If you have to have down payment, most people would not have enough money to take out the loan.
Now I can also see the good parts to this because most banks offer a lower interest rate if you put up a down payment. Also I can see that if a lender requires a down payment they can see you are going to be able to repay, at least in most cases.
What do you think? Is a down payment a good or bad idea?
11/10/08
Solution to America’s Financial Crisis
Saturday November 20, 2008, the Bush administration formally proposed to Congress the largest financial bailout in U.S. history. They requested the authority for the Treasury Department to buy up $700 billion in mortgage-related assets from financial institutions in the United States.
Less than three pages, the proposal was stunning for its demands. It would raise the national debt to $11.3 trillion dollars. Staff members from the Treasury Department and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill to negotiate these matters at hand.
If you ask me, this whole plan seemed like a clever way to transfer the bad debts of Wall Street into the obligations of American taxpayers.Key Democratic lawmakers made it clear that they were interested in including assurance for a program that would help troubled borrowers at risk of foreclosure.
In research, it is said that the government needs a bail out plan to clear the financial crisis.
If there continues to be no plan at all, American consumers, homeowners, taxpayers and more will all feel the impact. The risk of steep declines in the worldwide market poses a grave risk to all Americans, especially their retirement plans, college savings for children and their access to consumer credit including auto loans.
What are your opinions about the bailout plan?
Less than three pages, the proposal was stunning for its demands. It would raise the national debt to $11.3 trillion dollars. Staff members from the Treasury Department and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill to negotiate these matters at hand.
If you ask me, this whole plan seemed like a clever way to transfer the bad debts of Wall Street into the obligations of American taxpayers.Key Democratic lawmakers made it clear that they were interested in including assurance for a program that would help troubled borrowers at risk of foreclosure.
In research, it is said that the government needs a bail out plan to clear the financial crisis.
If there continues to be no plan at all, American consumers, homeowners, taxpayers and more will all feel the impact. The risk of steep declines in the worldwide market poses a grave risk to all Americans, especially their retirement plans, college savings for children and their access to consumer credit including auto loans.
What are your opinions about the bailout plan?
November Meet and Eat
Hello!
It was great to see you all on Saturday! You had some excellent ideas on how to make the program even better. I am working on finding a date when we can start "filming our movie", or at least start working on scripts etc.
As promised, here are some pics!
It was great to see you all on Saturday! You had some excellent ideas on how to make the program even better. I am working on finding a date when we can start "filming our movie", or at least start working on scripts etc.
As promised, here are some pics!
11/3/08
THIS Saturday!!!
Hey GABbers,
Whoever responds first will get first dibs on what part of the Baltimore metro area we will have our next face-to-face meeting.
1. Baltimore City--fells point area
2. Glen Burnie
3. Towson
4. other ideas??
Remember its THIS Saturday, November 8
Whoever responds first will get first dibs on what part of the Baltimore metro area we will have our next face-to-face meeting.
1. Baltimore City--fells point area
2. Glen Burnie
3. Towson
4. other ideas??
Remember its THIS Saturday, November 8
11/1/08
If marriage was a bussiness...
Wow Danni,
Your picture could have been the front cover of "My Big Fat Wedding" magazine!! (i.e. Carrie's wedding from 'Sex in the City') The black and white camera setting is absolutely magnificent:) In my opinion, marriage is similar to a business. Before I sign off on the (For better or for worst...) contract, I DO need to know your credit score(Do not put yourself in a situation where everything is in your name), I DO need to know your debt to income ratio(Once married, his/her debt becomes your debt), and I DO need a prenuptial agreement(just kidding...) Avoid a prenuptial agreement at all cost. As the investment cliche goes, "high risk, high return" and this agreement states loudly from one marriage-business partner to the other "I won't take a risk on your love." Pre-marital deficit....Not good
Any who, marriage is literally a business because once married your net worth and earning potential increases. (My source did not mention why, but if I had to guess I'd say a joint business venture is probably more successful than a sole proprietorship)
So, if marriage is a business than you need a detailed business plan and more importantly, a budget! To answer Danni's question... My wedding would have to be apart of the start up cost for our marriage-business. Sure, I'd prefer an extra house over a princess diamond cut platinum ring and a month long country hopping honeymoon over a $10,000 gown and pretty table decorations, but my ideal wedding definitely has a hefty price tag! You know that item on the menu at expensive restaurants that just says(market value) well that's how my wedding will be priced! But if I had to start the budget off it would look like this..
Month long honeymoon around the world = 50,000
3 bedroom summer house in Costa Rica = 200,000
Me for a life time = Priceless
"Oh yeah... love wouldn't be a bad marriage-business investment either...LOL"
Your picture could have been the front cover of "My Big Fat Wedding" magazine!! (i.e. Carrie's wedding from 'Sex in the City') The black and white camera setting is absolutely magnificent:) In my opinion, marriage is similar to a business. Before I sign off on the (For better or for worst...) contract, I DO need to know your credit score(Do not put yourself in a situation where everything is in your name), I DO need to know your debt to income ratio(Once married, his/her debt becomes your debt), and I DO need a prenuptial agreement(just kidding...) Avoid a prenuptial agreement at all cost. As the investment cliche goes, "high risk, high return" and this agreement states loudly from one marriage-business partner to the other "I won't take a risk on your love." Pre-marital deficit....Not good
Any who, marriage is literally a business because once married your net worth and earning potential increases. (My source did not mention why, but if I had to guess I'd say a joint business venture is probably more successful than a sole proprietorship)
So, if marriage is a business than you need a detailed business plan and more importantly, a budget! To answer Danni's question... My wedding would have to be apart of the start up cost for our marriage-business. Sure, I'd prefer an extra house over a princess diamond cut platinum ring and a month long country hopping honeymoon over a $10,000 gown and pretty table decorations, but my ideal wedding definitely has a hefty price tag! You know that item on the menu at expensive restaurants that just says(market value) well that's how my wedding will be priced! But if I had to start the budget off it would look like this..
Month long honeymoon around the world = 50,000
3 bedroom summer house in Costa Rica = 200,000
Me for a life time = Priceless
"Oh yeah... love wouldn't be a bad marriage-business investment either...LOL"
10/31/08
Excuse to post wedding pics
Hey GABbers!!
Did you miss me??? Or maybe you forgot I was even gone! Anyway, I am back from my wedding and my honeymoon (and an extremely long road trip back from Minnesota)... and back to work!
Did you miss me??? Or maybe you forgot I was even gone! Anyway, I am back from my wedding and my honeymoon (and an extremely long road trip back from Minnesota)... and back to work!
I came back with a lot of fun gifts and memories, but there is also another thing that me and my new hubby came back with.. anyone? anyone?
NEW DEBT!!!!!!! AH!!!!!
It took us a while to reduce our credit card debt from past lives and lo and behold we are in uncomfortable territory. The good thing is, we have a plan and we'll be fine. We made the choice to splurge a little bit because it was our wedding. We probably didn't have to pay $800 for an Excursion Limo, $500 for a fairly small cake, $800 for a photo booth, $700 on cigars, $500 on hair for all the bridesmaids, 2nd dress for late night bar hopping.. and the list can go on.
So my question for you all.. if and when you choose to get married, how will you go about the potential massive cash that goes along with it?
1. Hope your family will pay for it
2. Start saving now--even if you don't know who you want to marry
3. Have a frugal wedding (think back yard BBQ)
4. Have a small wedding
5. Go all out---afterall this is your big day!!!
6. Splurge on a few things that you feel are important (examples please)
6. Splurge on a few things that you feel are important (examples please)
Thanks and its good to be back!!!
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