Future Credit: From the Financial Planner's Desk

A New Year marks the perfect opportunity for a fresh start. Photo by Polina Tankilevitch Here are some steps you can take to secure your goals for the upcoming year: 1. Set S.M.A.R.T. goals: Specific, Measurable, Achievable, Relevant, and Time-bound goals keep you focused and motivated throughout the year. Break down your long-term goals into smaller, more manageable short-term goals. 2. Identify personal and professional priorities: Determine what matters to you the most, both personally and professionally. This will help you prioritize your efforts and allocate resources effectively. 3. Create a financial plan: Analyze your current financial situation and identify areas where you can improve. Set a budget to manage your expenses better, allocate funds towards savings or investments, and determine measurable milestones for financial growth. 4. Long-term financial goals: Define clear long-term financial objectives, such as purchasing a house, saving for retirement, or starting a busine...

Be careful when asking for credit! Many companies ask similar questions:  "Do you have a card with us?", "Want to apply for our card and get 10% off your purchase today?" People do not realize what this could imply on their credit. They do not know that it affects their credit scores!

  During the COVID-19 pandemic, monitoring your finance is necessary.  The three national credit reporting agencies: Experian, Transunion, and Equifax are ensuring to provide free copies of your credit report every week. The federal law used to allow a free copy of your credit report from each credit reporting company for every 12 months.  In 2020, the U.S. House of Representatives passed the " Protecting Your Credit Score Act ," increasing consumer protection. The bill also develops accountability to the credit reporting agencies to be more transparent. Benefits to get free weekly credit reports are extended until April 20, 2022. Monitoring your credit reports will be a helpful tool to manage your finances as it has information about your credit history and are essentially used to approve loans or credit. If you are struggling to pay your bills on time, because of the Coronavirus crisis, then check your credit reports regularly. To get your free credit reports, go to Ann...

Still waiting for the stimulus check? Many U.S. citizens are becoming frustrated for not having yet recieved their stimulus check. When will they recieve it is what is being questioned as they anxiously wait. So, why is it taking it longer for others? Well, it has to do much with the bill being specifically designed to protect taxpayers. The IRS and the Department of Treasury needs to work quickly as possible to execute this plan.  See bill here:  https://www.congress.gov/bill/116th-congress/senate-bill/3548/text It may involve going into each and every person's file in order to process payments. Those who has filed their 2018 or 2019 taxes will be receiving their stimulus check first. As for social security receipients they should be receiving theirs the same payment method they recieve their SSN. What leaves next are those who are still in the process of  filing for the 2019 taxes and the nonfilers who are needed to fill out the simple tax fo...

There is a debt crisis and potential recession, yet credit seems to be the solution to our future's problems. A record high of $14 trillion in debt has been reported among students loans, credit cards, mortgages and other forms of debt. Since 2008, consumers has increased their debt by $1.3 trillion dollars. From that debt, $667 billion are late or delinquent. In addition, $424 billion of that debt are seriously delinquent by being 90 days or more late. Photo by  Sharon McCutcheon  on  Unsplash Other debts included were: Student Loans = Increased by $1.5 trillion Credit Cards = Increased by $13 billion Mortgage = Owing $9.44 trillion Business debt is also historically high. Eventually, over 186,000 consumers filed for bankruptcy. As we know in personal finance, that is the last option to take. So, if there is no current money and only debt is left with more expenses then credit is the definite solution. We should see credit as "future money." It is there ...

Photo by  Trung Thanh  on  Unsplash Myth about credit cards. Have you ever heard: "Don't get too much credit cards!" from someone before? Or maybe you have heard something similar such as not getting into much debt. In many occasions, people in reality are not complaining about the actual credit card, but the interest rates itself that is brought with it. See, disappointment and frustration comes when a person tries to pay off a credit card, but that percentage goes to the company and not the actual item that was purchased. Companies do need to receive their earnings for lending the money, so what is it that we need to actually look out for if we really do need credit cards in our lives? There has been many myths about credit cards just like having too many is one of them. First off, we shouldn't be scared of having them. Instead we should learn how to use them to our advantage. Credit is one of the factors that you should know affects how much interest rat...