How To Plan Financial Steps When You are Still Young and Single

My parents taught me to earn and save money from an early age. I had a checkbook before I was 10, I was in stock market club in 5th grade and had a job as soon as was legally possible. I always balanced my checkbook, had a credit card before 18, paid it off monthly and even learned to file my own taxes. You could say I was quite financially responsible for any age. I took a risk moving across the country when I was 22 and lost my savings trying to “make it”. So when I became pregnant, I was practically starting completely over. Thankfully I already had the skills and resourcefulness to make it work. Now, with my little 3 person family, I am taking seriously all the things I could have done earlier to ensure our financial stability. Benefit from my mistake, and see if you can implement any of these now before you wish you had.

Budget Your Money

To budget your money, you first have to know what you are currently making and spending your money on. First

How To Learn Your Credit Score

Good news! Understanding your credit score is fairly easy and you can use this knowledge to help repair your score and keep it healthy.

35 percent of your score is tied to your payment history. If you haven’t had consistent payment history up until now, don’t panic. Part of the repair process starts with reaching out to creditors and bureaus to get inaccurate, misleading, and outdated information off your report forever.

If your payments are not current, get current and stay current. Creditors will often work with you to create a payment plan so you can get up to date on payments. Making payments on time should be your number one priority. It’s the easiest way to influence your credit score.

30 percent of your score is your credit utilization. Your credit utilization rate is extremely important, and you want it to be under 30 percent. What does that mean? Here’s an example.

You have three credit cards. Each card has as a $1,000 limit. Factoring in no other open credit accounts you have $3,000 in credit available to you. $900 is 30 percent of

How to Increase Self Employment Profits

Small Business Means Freedom to Produce

The US has one of the greatest (or the greatest) economic systems of the world and quite possibly historically… on this side of eternity anyways. Don’t get to carried away, though; nothing is perfect and that goes for the US economy as well. In spite of its many challenges, one of its shining gems is the ability for any US citizen to add value to others by producing goods and / or services for mutual benefit. Profit and livelihood for the producer and solutions to problems and improvement of life for the consumer. Most of us are trained to go to work for others in the form of employees instead of being exposed and trained in the other ways in which income is produced. One of the best ways to learn and train yourself in the various ways of income generation is through a basic understanding of the US tax system as administered by the Internal Revenue Service (visit US Treasury website). The following incomes types are discussed at length by the IRS:

  • Earned Income
  • Passive Income
  • Investment Income
  • Rental

How to Build Business Credit with a Bad Personal Credit Score

Bad personal credit has stopped many an individual and aspiring entrepreneur in their tracks. When it comes to your personal life, bad credit affects your ability to get a loan, rates insurance companies charge for auto coverage and even your job promotions, among many other things. For lenders, your credit score (ranging from 300 to 850) reveals your creditworthiness, or lack thereof. The score itself is determined by five factors: your payment history, current level of indebtedness, types of credit used, length of credit history and new credit accounts.

The effects of your score on your personal life can be devastating. Even worse, the effects can extend beyond your personal life and bring your business plans to a screeching halt. Many mistakenly assume this means end of their business venture. Believe it or not, it is possible to have bad personal credit and strong business credit. In fact, experts encourage that building your business credit while also trying to rebuild your personal credit is a wise decision.

Building Strong Business Credit

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