Archive for the ‘Growing Your Financial Understanding’ Category

How To Shop for the Best Credit Card for You

Friday, September 8th, 2017

How To Shop for the Best Credit Card for You

Did you know that almost 60% of all Americans do not compare offers when shopping for a credit card? It’s true.

Not shopping around to find the best deal and best fit when it comes to credit cards can result in higher interest rates and ultimately more of your hard earned money going to interest.

To help you become financially fit, use these 3 websites to find the best credit card offers available.

#1: CreditCards.com

This one of the biggest online portals for credit card offers. The site is free to use and part of the Bankrate online network. They offer cards with special offers, along with travel and purchase rewards.

#2: NerdWallet.com

This site makes shopping for credit cards very easy. Their website is user friendly and also provides valuable industry information. Instantly compare over 1,200 cards to find your best matches for your needs.

#3: WalletHub.com

This is a credit card search engine that allows you to quickly search for specific financial needs. Let’s say you are a college student, small business owner, or looking for the best rewards program, WalletHub will make it easy for you to find the right card.

As with all financial websites, be sure to double check all offers. Don’t hesitate to call the credit card companies directly to get more information.

10 Financial Mistakes To Avoid This Summer

Monday, August 14th, 2017

10 Financial Mistakes To Avoid This Summer

Sunshine, surf and vacations are great ways to enjoy your summer. This time of year can also be beneficial as you relax and recharge your internal batteries.

However, don’t think for a moment that summer is about tuning out and ignoring your obligations and financial best practices. When you lose sight of the hard work you’ve put in trying to take control of your finances, be careful. You can easily slip back into old ways, and lose precious financial momentum.

Today I want you to put some serious thought into these 10 common Financial Mistakes many people make during summer, so you can avoid putting yourself in a bad financial position.

Mistake #1. Going on vacation and not sticking to your monthly budget.

For some reason, people seem to think when summer comes around, it’s okay to forget about sound spending habits and sticking to your monthly budget. You may work hard all year round to stick to your budget. Yet when you ignore your budget for the sake of having summer fun, you can quickly find yourself back where you started financially in the fall. Be strong and you can find yourself making gains instead of losses every month of the year.

Mistake #2. Not making bill and debt payments on time.

Another thing you work hard to make better during the year, yet may forget during summer, is paying down your debt and improving your credit score. If you’ve ever had not-so-good credit, and worked hard for a long time to achieve good credit, then you go on summer vacation and forget to pay your bills on time, you are shooting yourself in the foot financially. An easy way to make sure you don’t pay bills and debt payments late is to automate your payments. It’s easy to set up, then you can forget about the world for a month or so, while your bill payments are made on time automatically.

Mistake #3. Not contributing to your retirement fund regularly.

Did you know, that in many cases, when you contribute to your retirement fund, your employer matches your contribution? It’s true. Knowing this, why would you not make sure you are contributing to your retirement each and every month, even when you’re on summer vacation? Instead of forgetting this while on vacation, set up an automatic payment or debit that sends money into your fund. Whether it’s summer or winter, you can grow your retirement funds.

Mistake #4. Not having an emergency fund.

Are you going on summer vacation, and using your savings to do it? While you may have a good time, what happens if an emergency arises and you don’t have the cash to deal with it? If you don’t have an emergency fund right now, start one today. If you do have an emergency fund, remember what that account is for… emergencies only. When something serious does arise, you will have peace of mind that you have the cash to handle it.

Mistake #5. Not paying off your credit cards in full each month.

It can be easy to rack up more debt while you’re on a nice summer trip. While it’s fine to put trip expenses on a credit card, you have to be careful. Many have good intentions about paying off their vacation when they return home. Other things can pop up, and before you know it, you’re paying the minimum payment, and the expenses you put on your credit card now start to grow and grow. Don’t get caught racking up credit card debt. Commit to paying off your vacation in full when you get home.

Mistake #6. Not building a detailed financial plan.

Do you know where your money is going each month? Do you spend without even thinking about it? Do you find it difficult to save? If so, having a financial plan will help. Without one, you will find it difficult to become debt-free, and you may see that at the end of each month, you have more month left than money. Making a sound financial plan does not have to be complicated or difficult. Your plan will guide you with how you spend your money, how you manage your bills and how to always have money that is working for you.

Mistake #7. Using emotion to buy or sell investments.

Speaking of having your money work for you, many think if they just dump some cash into investments, someday they will be rich. Not only is this not likely to happen, you will almost never be successful with this approach if you let your emotions guide your investments. Instead, you need to do your homework, so you can make informed decisions. Having the guidance of a qualified financial planner can help you put your money where it has the best chance of growing. This will also help you avoid losing your hard-earned money due to poor investment practices.

Mistake #8. Failure to update all of your insurance coverage.

Insurance is one of those things people believe you can set up once, and you never have to look at it again. The fact is, as your life and your family situation changes, it is likely your insurance must be updated to reflect these changes. If you go on a long summer vacation without consulting your insurance agent first, you may put yourself in a position where you are not covered for certain things, like your car and traveling, and your home being left alone unattended while you go to Disneyland. Check in with your insurance agent a few times a year for a check up.

Mistake #9. Failure to diversify your income and investments.

When you were a child, you may have heard your parents tell you… “don’t put all your eggs in one basket.” Though sage advice, many people today ignore it. So what does diversifying your income look like? You have streams of income from different sources, like having a job and a home-based business. What does diversifying your investments look like? Identify “growth funds” that increase your wealth, and income funds designed to deliver spendable income when you’re nearing retirement. A balance of both means you have a healthy investment plan.

Mistake #10. Not taking the time to educate yourself on financial matters.

Going back to childhood days again, remember the cartoon ostrich that would stick his head in the sand whenever trouble was near? Well some people today approach their financial matters the same way. It pays to take the time to get “financially literate” so you understand how to navigate the financial landscape.

 

4 Types Of Capital That Create Long-Term Generational Wealth

Wednesday, July 12th, 2017

4 Types Of Capital That Create Long-Term Generational Wealth

Are you planning to build long-term generational wealth for your family? I think for most people that is the goal but they only think about in terms of financial capital.

According to financial advisor Max Osbon, there are 4 types of capital you need:

Capital Types #1: Financial Capital.

Financial capital is the value of all of your assets combined. Once you start to accumulate a significant net worth, you should focus on growing it, protecting it and passing it on to your heirs in a tax efficient manner.

Do you invest in assets that generate income without you? In the world of financial assets, you are limited to stocks, bonds, real estate, commodities and currency, cash. Understanding these different investments and the manner in which you invest in them is the key to building financial wealth.

Capital Types #2: Human or Personal Capital.

Who will be responsible and in charge of the family wealth. How can you ensure that your successors treat your financial capital the same way you would…thoughtfully and carefully. Here we are talking about the thinking and actions you take every day that are consistent with your values, desires and beliefs. We create our own world. If you don’t like it, you can absolutely change it to your liking.

Capital Types #3: Intellectual Capital.

This is the playbook for how you and your family will work together to solve problems and address conflict. Part of your intellectual capital often involves business activities that develop assets, many of which do this without your direct daily participation. Building wealth in this area leverage business prosperity and how we invest in ourselves in an asset based way, instead of an income based way. Some look at this as “the business of family.”

Capital Types #4: Social Capital.

What will be your level of civic engagement? True family wealth includes caring for and helping others. I’m sure you’ve seen countless foundations supported or sponsored by wealth families, which enable the greater good in society to grow and prosper. Giving back is very important to those with generational wealth, as it is the right thing to do, plus it moves wealth to organizations doing good, rather than going into government coffers in the form of taxes that will likely be squandered in areas that your beliefs may not support.

10 Ways To Make More Money In Your Retirement Years

Saturday, June 10th, 2017

10 Ways To Make More Money In Your Retirement Years

Are you retired and having a tough time living on your pension or social security?

Are you getting older and know you will have a better life if you plan ahead now, by setting yourself up to have the extra income you want, month after month?

I’m sure you want to be comfortable in your retirement years. Well, adding more income every month can make it easier.

Today I have 10 tips for you to give you some ideas to think about, for making more money after you retire.

Retirement Income Tip #1: Put your expertise to work by starting your own business.

There’s a good chance that whatever you did for a living before you retired can be the basis of a money-generating business. Just think, you already know how to do what you do. Just do it as a business owner or a freelancer and you could set yourself up to bring in income as long as you want.

Retirement Income Tip #2: Become an Uber driver.

If you live in an area that is fairly populated to very populated, working as an Uber driver in your spare time can be a great way to earn extra income “on demand.” It’s not a bad life to be able to work when you want to and not work when you don’t.

Retirement Income Tip #3: Work part-time at your local golf course.

If you like to golf, just imagine enjoying being on the golf course every day, while get the perks of free golf and more money. Many people would rather play golf than go to work anyway. You could be the envy of your neighborhood when you go golfing every day, while earning extra cash.
Retirement Income Tip #4: Use Airbnb or VRBO to rent out a spare room in your home.

Rental income is one of the best forms of money you can make. You really don’t have to do much to earn rental money. Just keep up your property, let people know you have a room for rent. That is now easier with listing services like AirBnB and VRBO.

Retirement Income Tip #5: Try pet sitting or walking dogs for people in your neighborhood.

If you love animals and pets, and don’t mind walking them or watching after them for a few hours every day, you can earn extra cash. At the end of the day your pet “guests” go home, and you’ve had a fun day doing what you love.

Retirement Income Tip #6: Teach English online.

There are many ways to earn an income from home, like you’re discovering today. A great way to help others from foreign lands function day to day in America is to help them learn to speak English. All you have to do is become an English teacher at one of the online language programs like Lingoda.com or iTudorGroup.

Retirement Income Tip #7: Try house sitting.

Though babysitting can be a tough job, watching over homes of people who take long vacations or live in your area seasonally can be easy. These homeowners want someone to stop by their homes regularly to make sure all is well. You can be the person who stops by weekly, and earn extra spending money while you’re at it.

Retirement Income Tip #8: Turn your hobby into a business.

Hobbies are great for extra income, since you love doing whatever the hobby is. Just do your hobby as usual, then sell the things you make online. You can get started selling what you create easily, when you set up a simple Facebook or Etsy page.

Retirement Income Tip #9: Write the book you’ve always wanted to write.

Everyone has at least one good book in them. Write a compelling book on a subject others are deeply interested in, and you could have a best-seller on your hands. Imagine you on a TV talk show talking about your latest book with the host!

Retirement Income Tip #10: Make DIY video tutorials.

YouTube is a free video platform that lets you create any video you want and share it with the world. Many create “do it yourself” tutorials in areas they are good in. What can you teach people on video to help them create or do what they want?

My message today is all about keeping yourself busy in retirement in a way that keeps you sharp and young at heart, while putting more cash in the bank. If you don’t think you can do any of these suggestions, I’m here to tell you that you can. Like Nike used to say… Just Do It!

10 Really Dumb Money Mistakes To Avoid

Tuesday, May 9th, 2017

10 Really Dumb Money Mistakes To Avoid

Did you know the number one cause of divorce is money problems? It’s true. This has caused millions of families to break up, which is a shame.

According to USA Today…70% of couples argue about finances. More than half say the fights stem from what one spouse saw as a frivolous purchase. Yet there are many other causes of families having financial difficulties.

Here are 10 really dumb money mistakes to avoid, so you don’t have to get into any more arguments with your spouse or partner about money:

Mistake #1: Spending more than you earn.

This is the number 1 reason why families get in over their head with bills and credit cards, leading to personal finances out of control. That’s why one of the first things we teach our students is knowing the concept of “money in” vs. “money out.”

Mistake #2: Not saving anything.

Not having a fund set aside for a rainy day will make your stress level go through the roof when you find yourself with a real emergency. Make it a point to take 10% of what you earn, and put that in your savings account each month.

Mistake #3: Living in a place you can’t afford.

This is another financial disaster waiting to happen. If you can’t afford where you live, that means you’ll probably rely on other means to meet the bills every month, which is usually a credit card or a personal loan.

Mistake #4: Missing out on a 401k match from your employer.

It’s really a “no brainer” to contribute to your employer-funded 401k. Each time you do, up to a certain amount, your employer will add the same amount to your 401k. As the years go by, you can build a nice next egg, or retirement fund, with your boss’s help.

Mistake #5: Failing to invest savings.

While it’s essential to put aside some of the money you earn into your savings account, that money won’t make you much in return on it’s own. That’s why investing some of your savings wisely is so important.

Mistake #6: Investing with greed or desperation.

If you are expecting to make a million dollars in one year, or you’re investing because your financial back is up against a wall and you need a return on your money fast, you’ll most likely be disappointed with your results.

Mistake #7: Tapping into retirement funds early.

There are many different ways you can earn extra income if you really think about it. Even if this means getting a second job or starting a home business, that’s better than dipping into your retirement funds, that you may find hard to replace when you’re older and not working.

Mistake #8: Waiting too long to get life or disability insurance.

After you get injured and can’t work, or you pass away, is not the time to protect your family with insurance. Be proactive with your family’s future. Did you know that many life insurance policies can build cash value over time? It’s true.

Mistake #9: Failing to make a will.

You remember what happened when Prince died, right? I think there is still a probate court case going, with people who say they deserve a cut of his fortune. Don’t leave your legacy up to the courts. Making a will is fast, easy and inexpensive… even free. You can create your simple will for free, with the easy steps you’ll find at LegalZoom.com.

Mistake #10: Following a cookie-cutter approach to building wealth.

The fact is, the world of finances changes like the seasons. You must stay informed about trends and problems that can help you build your wealth, or that may decrease your wealth without you even being aware. This is why it’s always smart to have a qualified financial advisor in your corner.

5 Reasons To Incorporate Your Small Business

Monday, April 3rd, 2017

5 Reasons To Incorporate Your Small Business

Are you a small business owner and you don’t know whether you should incorporate your business or not?

You see, there are 4 main choices you have when it comes to running your business.

First, as a sole proprietor or Limited Liability Company. Then there are the S and C Corps.

The SBA reports that over 80% of all small businesses are sole proprietors. All of these businesses stand to benefit in many ways, by incorporating.

Here are 5 reasons to incorporate your small business:

Reason #1. Protect your personal assets.

Incorporating is like putting up a wall between your business and your personal life. Whatever happens with your business does not affect your personal liability.

Reason #2: Add credibility and legitimacy.

When you incorporate your business, by adding LLC or Inc to your business name, you seem more like a real business, especially to those who don’t know you. Since people want to do business with credible companies, this is a good thing.

Reason #3: Build your business brand.

With an S or C corporation you have sole rights to the name of your business in your state. It is smart to have a catchy name people remember, or that include benefits of what you do. Since no one can use the same name you do, the more you promote your brand the more you will benefit.

Reason #4: Enjoy tax benefits and save money.

By electing to be taxed as an S corporation, you can avoid the dreaded double taxation. This means you won’t be taxed on your business income, plus your personal income, which in many cases for a sole proprietor, is the same.

Reason #5: Establish credit for your business.

Why rely on your personal credit for business expenses, when you can build business credit instead? This means your personal credit lines will not be affected by the amount of business credit you are using. Your business and personal credit are completely separate when you incorporate your business.

Whenever you start, change or dissolve a business entity, it’s wise to get the help of a CPA who deals with businesses and the taxes business and individuals pay.

Their help will come in handy when completing your yearly tax return, and when any issues about your taxes, income or business come in to play.

5 Steps To Building A Solid Credit Score

Friday, March 10th, 2017

5 Steps To Building A Solid Credit Score

The last thing you want to do in 2017 is to bang up your credit score.

Having a great credit score will qualify you for the best loan rates, possibly lower your insurance premiums and even help you to get a new higher paying job.

Here are 5 things you can do today to start improving your credit score:

#1: Download your free credit report at www.AnnualCreditReport.com

I suggest you get one credit report from each of the three credit bureaus once every three months. This will allow you to monitor your credit report regularly, while never having to pay for a report.

#2: Report errors immediately.

When you receive your credit reports, check for any errors you find, like a wrong address, a credit card that does not belong to you, or bad debt that should’ve been removed. Then report any errors to that reporting service right away.

#3: Visit www.CreditKarma.com

This is where you can get your credit score, absolutely free. Just remember, AnnualCreditReport.com does not give you a credit score. They give you a credit report. By visiting CreditKarma.com you’ll get your most up to date credit score. Visit this site every few months to monitor how your credit score is doing.

#4: Don’t be late.

To maintain a good credit report and credit score, be sure to never be late or miss a payment. Even making one payment late or missing just one payment can affect your report and credit score negatively. Never paying late or missing a payment has the biggest impact on lowering your score.

#5: Improve your score. Pay off debt as quickly.

The best way I know of to improve your credit score is by paying off debt. When you pay off debt quickly, you get an even greater benefit. A good target credit score to shoot for is 750 or higher. While it may take some time and effort to raise your credit score, the effort is well worth it for the sake of your financial health.

A Simple Way To Invest In The Stock Market

Wednesday, February 15th, 2017

A Simple Way To Invest In The Stock Market

Do you ever think about investing in stocks? Do you want to build a large retirement portfolio, but just don’t know what to do first, then next?

If so, here’s a simple investment technique that does not rely on you trying to do the impossible, time the market, which is difficult even for experienced investors to do.

It’s called Dollar Cost Averaging. Here’s how it works:

Let’s say you have $100 to invest on a monthly basis.

Using dollar cost averaging, you would set up your account to automatically buy $100 worth of an investment at the same time each month, regardless of the price of the shares.

When share prices are low you will end up buying more shares.

When share prices are high you will end up buying less shares.

The theory is, the average cost per share will be lower over time, which will increase your chances of making more money.

This approach allows you to build your investments, while not getting stressed out about the ongoing fluctuation in the value of stocks.

As with any investment, there is no guarantee that you will not lose money. However, by starting early, and consistently investing over time, the odds are in your favor to create a winning formula for your family’s financial fitness.

You can get started today with this plan. What makes it easy is that you only invest $100 per month. You also won’t have all the stress many experience by constantly watching what the market is doing on a day to day basis.

5 Ways to Recover From Financial Troubles

Friday, January 13th, 2017

5 Ways to Recover From Financial Troubles

Have you ever been through tough financial times?  Who hasn’t, right?  We all experience rough patches on our financial journey.

Think back to the last few times you experienced financial troubles. Have you ever fallen, and stayed in that financial state for a long time? I hope not, yet it does happen to many people. Falling is one thing, but staying stuck financially is no way to live.

When you fall and get back up, don’t you feel like you’ve just made a positive accomplishment? Well you have. We all make mistakes. Yet, when you recover quickly, you can get right back on the financial high road, where you’re spending wisely, earning all you can, limiting your credit purchases and saving each and every month.

Here are 5 tips to help you recover from financial troubles and get back on the financial high road quickly:

#1:  Commit yourself to living a better financial life.
Set goals that will make you be more responsible with your finances than ever.

#2:  Learn from your past money mistakes and resolve to never make those mistakes again.
A mistake is not bad, if you learn something from that mistake. Of course, even better (and less painful) is learning from other people’s mistakes.

#3:  Build and add to your emergency fund regularly.
Most of our troubles come from financial emergencies. When you can’t handle these emergencies, that’s when you feel like your finances are out of control. You will feel much better when you are always adding to your emergency fund.

#4:  Find a better paying job.
Besides watching your spending, increasing your income and putting that extra money to work for you is the key to experiencing financial peace of mind.

#5:  Become more financially literate. 
Read up on financial topics that interest you. I personally like to read one new book about personal finance each month. Another great way to become more financially literate is by doing what you are doing right now. Read your Financial Fitness Magazine from cover to cover, each and every month.

Find out how to make tough financial times easier here.

5 Things to Consider Before Switching Banks

Monday, December 12th, 2016

5-things-to-consider-before-switching-banks

Don’t like the bank you have now?

Are you thinking of switching banks?

Is a new bank making an offer you can’t resist?

If so, don’t be in a rush and make hasty decisions. There are a few important things to think about before you act, or you may be sorry later.

Here are my Top 5 things to do before making the switch:

#1:  Do Your Research. 

Before making the jump to a new bank you know little about, be sure to spend time researching the services you plan to use and compare the benefits to your existing bank.

#2:  Everything Will Change.

Keep in mind switching banks means changing direct deposits, automatic bill payments, recurring transfers, safe-deposit box access and in some cases, when and where you can access your bank.

#3:  Don’t Empty Your Account Yet.

If you do switch banks, be sure to keep some money in your old account just in case you missed a written check or automatic payment. It’s good to wait 30 days after you’ve opened your new bank account someplace else, to make sure all outstanding payments and debits have cleared.

#4:  Make New Relationships. 

Banking is about relationships. Get to know the key people at the new bank, like the branch manager and loan officers. When you need something that you could do using the drive-through teller, go inside instead. Get to know one representative well by seeing that person each time you visit your bank. Do this for a couple months and your new buddy in the bank will be your best friend.

#5:  Close Your Account.

After your account at your new bank is open and you have all of your automatic payments, debits and deposits going through them, it’s safe to close your old bank account.

Once you’re done with your old bank, visit them one more time to get a written letter stating that the last automatic payments, checks and debits have cleared, and that your account is closed.

This simple yet important advice could save you big headaches down the road.

Do You Know The Two Ways To Invest In Real Estate?

Thursday, November 10th, 2016

do-you-know-the-two-ways-to-invest-in-real-estate

Have you ever considered investing in real estate? If so, you may be wondering…

“Where do I start, and how do I do it without losing money?”

There are so many different ways to invest in real estate, it can get very confusing.

That’s why I whittled it down to a couple of simple categories:

Cash Flow Investing… and Cash Now Investing.

Cash Flow Investing is buying properties to rent for income.

This would include single family homes, condos and town homes.

On the commercial side of this category, there are apartment buildings, warehouses, office buildings and more.

The key benefit to remember is that you are buying the cash each property generates every month.

The question to ask before jumping in to this kind of real estate investing is:

“Will I earn positive cash flow each month on this unit?”

Next comes Cash Now Investing, which is buying and selling properties, land and buildings for a profit. Some call it real estate flipping.

The key to making this kind of investing pay off for you, is to buy distressed properties that can be fixed up or built and sold for a profit.

As with any investment, you should do your due diligence and make judgments based on numbers, not emotions or a gut feel.

Remember to let the numbers tell the story, and you could find yourself a wealthy real estate investor this time next year.

9 Do’s and Don’ts For Retirement Planning

Friday, October 7th, 2016

9-dos-and-donts-for-retirement-planning

Many Americans are not very good when it comes to planning for their retirement. Many have not done anything to build up funds and assets they can live on when they no longer work. How long will your retirement funds carry you in your “golden years?”

Today I’m going to share with you what you should NOT do when preparing for retirement, and what you SHOULD do instead.

Here’s what you should NOT do when preparing for your retirement, that could get in the way of you retiring comfortably, living the lifestyle you do now (or even better):

Retirement Tip #1 – DON’T avoid or ignore planning for your retirement now.

Put money in savings or investments that will support your lifestyle. Not investing in your future now could put you in a less than desirable situation when you’re ready to retire.

Retirement Tip #2 – DON’T estimate low for your needs.

This may put you in a position where you run out of money early, or you have to settle for a lifestyle that is less than what you desire. Don’t risk it.

Retirement Tip #3 – DON’T ignore retirement plans and vehicles that are tax-friendly.

With a self-directed plan like a Roth IRA, you may incur taxes up front, but your retirement payouts could be tax free.

Retirement Tip #4 – DON’T be scared and invest too conservatively.

A financial professional can help you find a reasonable balance between safety from risk and asset growth potential.

Now, here are 5 things you SHOULD do so you can get on the path to living the lifestyle you desire when you’re retired:

Retirement Tip #5 – DO figure out the amount of income you’ll need.

Set yourself up so you can live the lifestyle you want to live. It is wise to plan for a need that is from 80-100% of your income today.

Retirement Tip #6 – DO an inventory of the income you’ll receive in retirement.

Know exactly how much income you will bring in after you retire, including social security, pensions, savings, bonds income properties and investment dividends.

Retirement Tip #7 – DO leverage the right savings and investment vehicles.

You want to have vehicles in place that will produce the income you need, plus discretionary income for traveling, and doing the other things you want to do. Consult a qualified retirement planner to see which vehicles are right for you.

Retirement Tip #8 – DO know how much you can withdraw.

You will need money for your day to day living. To still leave your principle largely unaffected, a good rule is to consider limiting retirement withdrawals to 4% of your overall funds.

Retirement Tip #9 – DO save, save and save more now.

Right now is the time to start or continue saving for your retirement. Today, next month and every month is the time to save as much as you can, so you can build a substantial retirement fund.

No matter how old or young you are, planning for your retirement before you retire is of utmost importance to your quality of life in the future.

Take this advice seriously, and make a plan to get clear on how you will be able to live the life you want to live when you no longer work for a living.

4 Financial Lessons I Learned From Michael Phelps

Wednesday, August 31st, 2016

Olympic fever was felt worldwide in 2016. Michael Phelps has done it again winning his 23rd gold medal and 28th medal overall.

For today?s Financial Fitness Magazine, I have compiled 4 of the top financial lessons from I learned from Michael Phelps.

Financial Lesson #1: It does not matter where you start financially.

Did you know Michael Phelps did not win a medal in his first Olympic games? It’s true. Even though he did not start well, he showed the world that his future looked bright. Even though you may not be in a great financial position right now, your financial future can also be better, when you commit to making your future bright.

Financial Lesson #2: Financial success is a journey of overcoming challenges.

Michael endured many ups and downs throughout his career. At the age of 10 he was diagnosed with ADHD. And after he did well at the 2012 Olympic games, he lost his endorsement deals due to some bad choices he made. He overcame those challenges to have his best Olympic games ever in 2016. And he is sure to reap the benefits of new, even more lucrative endorsement deals.

Financial Lesson #3: Always set and go after financial goals.

After the 2012 Olympic games in London, Phelps retired from swimming. With no goals to chase he was arrested for DUI twice. With new commitment to his goals in 2016, he then turned his focus to Rio… and the rest is history.

Financial Lesson #4: Giving back is the key to financial success.

Michael has inspired and mentored thousands of youngsters. He also inspired Joseph Schooling of Singapore who won the gold medal in the 100m butterfly, while Phelps won the silver. When you give back by helping others and giving to charitable organizations or your church, it ends up bringing you blessings you may not expect.

Get The Job You Want, Even If You Have Bad Credit

Thursday, June 30th, 2016

Did you know that having bad credit can prevent you from getting the job you’ve always wanted? It’s true. So what do you do if you’re trying to land the job of your dreams, and you think you have bad credit?

First, it’s important for you to know what a good credit score is. Most credit scores fall between 300 and 850. A score of 720 or above suggests that you’ve been managing your credit in an acceptable way.

So why do employers check your credit? One common scenario is when two people have applied for the same position, and the company uses their credit reports to determine which one to choose.

As you can imagine, an employer would much rather have someone working with their company that doesn’t have the burden of financial stress affecting them every day.

Here are 5 simple steps you can take to boost your credit score and help you land your dream job.

Step 1. Get your credit score.

If you don’t know where you stand now, you can’t determine where you want to be financially. You’ll want to know your FICO score. This is available at MyFICO.com

Step 2. Get your credit report.

I suggest you use one of the free to use sites, like CreditKarma.com or AnnualCreditReport.com.

Step 3. Identify and fix any errors found.

Start with checking your personal information, like social security number, address and correct spelling of your name. To make sure this is your credit report, and not someone else’s.

Next look for any credit accounts that do not belong to you. Then check that your payment history is correct. If you find errors, start by contacting the credit reporting agencies for each item. They are responsible for correcting inaccurate or incomplete information in your report under the Fair Credit Reporting Act.

Step 4. Get up to date with any overdue accounts.

If you’re behind and think you need help getting current, contact the creditor to work out a payment plan. Creditors love it when you are talking to them and making an effort to get it right.

Step 5. The best way to improve your score is by understanding how your credit score is calculated.

This begins with making your credit payments on time, which
is the biggest factor, and accounts for 35% your credit score. The amount of debt you have is worth 30% of your credit score.

To reduce your debt, pay off the highest interest rate debt first, then roll the entire amount that was going to that debt to the next highest interest rate debt.

To find out how you can get the help you need to make a better credit score a reality in your life, you can get your
free copy of my “Super Duper Simple Book On Money”
right here… www.101Financial.com/book

And to find out where you stand now with your personal finances as a whole, get your personal financial analysis at: www.101Financial.com/financial-analysis/