Bossed Mobile

Financial Security…Here are non-negotiables or must-haves for a good/great/excellent credit score 670-850+:

1) Payment History (40% of your credit score): Pay all bills on time, every time.

2) Credit Usage (23% of your credit score): keep your credit usage to less than 30% of your total combined credit card limits. You can keep unused credit cards open to help with that.

3) Account mix (11% of your credit score): keep a diverse mix of revolving accounts (credit cards) and installment accounts (auto, student and home loans). Be wary of charge accounts (Amex, Discover, etc.) as they may not report to credit bureaus in a way that helps your credit score.

4) Credit age (21% of your credit score): start early to build a solid credit history. Keep your oldest credit account open and in good standing, using at least once a year.

5) Credit inquiries (5% of your credit score): avoid excessive hard pulls on your credit. Use soft pulls as needed for reviewing and hard pulls specific or targeted purchases.

Remember, bank accounts do have an effect on your credit as well. So, keep your bank accounts in good standing.

Got off to a bad start with any creditor or bank? No worries. Contact them to make arrangements to get back into good standing.

Finally, the only way to have solid credit is to pay all of your bills on time, keep your revolving credit usage to around 29%, have auto loan(s) and have a mortgage(s) in your name and using your social security number. Creditors look at your income, time on job and debit issues to see how credit worthy or risky you are.

Say you get paid 10$/h at work.

🔷 A cup of coffee isn't $5 - it's 30 minutes of your life.

🔷 That new iPhone isn't $1300 - it's 130 hours your life.

🔷 That new car isn't $85,000 - it's 8,500 hours of your life.

Your thinking shapes your reality!

The Paradox: Why We Splurge on Stuff But Shy Away from Investment. We often rush to buy new possessions that provide immediate joy. However, consider this: investing may not give you an instant thrill, but it holds the potential to nurture substantial wealth over time.

“Professional athletes are a cautionary tale of how sudden wealth can disappear. Nearly four out of five NFL players face serious financial stress after having been retired for two years, Sports Illustrated reported in 2009. And that figure has only increased. In 2015, nearly 16% of NFL players filed for bankruptcy within the first 12 years of retirement, according to the National Bureau of Economic Research. The lesson here? “Just chill. Don’t make any major decisions or big commitments. Let things digest”.”

The $2 billion Powerball winner is making the worst mistakes financial planners warn people of after they come into a ton of money Lottery winner Edwin Castro has bought three multi-million dollar mansions and a vintage Porsche since collecting his prize in February.

Never live bigger than your paycheck.