What is your credit history? It’s a record of your borrowing and
repayment on credit and loan accounts. They want to see if you pay on time, how long you’ve had accounts and maintained them, and if there’s any problems, like bankruptcies, tax liens, and accounts in collections.
Why should we care about our credit history? Your history determines your credit score and your credit score determines how much you’ll pay on insurance, rent, mortgages, ect. To build a good credit score, you’ll need to make all of your loan payments on time, keep the amount of debt you owe below at least 30% and ideally 10% of your total credit limit(s), maintain credit accounts for the long haul, add a mix of accounts over time and manage how often you apply for new credit in a short time-frame. The website usa.gov/credit-reports has links and phone numbers of places that can help you find your score and history. Plus, if you have errors on your report, or need to file a complaint the places are listed with the “how to” information you need.
Tuesday, February 28, 2017
Monday, February 27, 2017
Thursday, February 23, 2017
Highlights for February 25 Your Safe Money Show
This comes up often when someone leaves a job, they are unsure of their options with their 401(k). So, I’ll go over the options and what might work best for you and your situation.
Turns out household debt is getting close to 2008 levels and that’s a concern, we’ll see what we can do about debt in general.
And we’ve all heard the statement “you have to start somewhere”. That’s true with a new job and it’s true when trying to build credit history. There’s some good news from the Consumer Financial Protection Bureau on alternative ways to establish credit history.
Turns out household debt is getting close to 2008 levels and that’s a concern, we’ll see what we can do about debt in general.
And we’ve all heard the statement “you have to start somewhere”. That’s true with a new job and it’s true when trying to build credit history. There’s some good news from the Consumer Financial Protection Bureau on alternative ways to establish credit history.
Wednesday, February 22, 2017
Paying yourself first
To be successful at saving for retirement or saving in general, the key is paying yourself first. Now I know that sounds simple, but if you grasp this rule and make it your own, you will save like never before.
For many of us we work and our paychecks pay our bills first. Mortgage or rent, insurance, food, fuel, health insurance, you get the idea.
With this concept, you take 10%, if possible, and put that in a savings account, if you can’t do 10% do what you can, and be consistent.
If you don’t have your emergency money saved yet do that first. Automating is a great way to save. Find accounts where the money is taken out automatically.
I talked about the 52-week challenge where you start out with a dollar the first week of the year. The next week you save two dollars, and you continue until week 52, by the end of the year you will have saved $1,378.
Paying yourself first might be the most beneficial financial rule you can use for your financial future!
For many of us we work and our paychecks pay our bills first. Mortgage or rent, insurance, food, fuel, health insurance, you get the idea.
With this concept, you take 10%, if possible, and put that in a savings account, if you can’t do 10% do what you can, and be consistent.
If you don’t have your emergency money saved yet do that first. Automating is a great way to save. Find accounts where the money is taken out automatically.
I talked about the 52-week challenge where you start out with a dollar the first week of the year. The next week you save two dollars, and you continue until week 52, by the end of the year you will have saved $1,378.
Paying yourself first might be the most beneficial financial rule you can use for your financial future!
Tuesday, February 21, 2017
Thursday, February 16, 2017
Highlights for Saturday February 18 Your Safe Money Show
On this week's Your Safe Money Show.
Since Valentine’s Day just happened this week, I want to talk with you about “love and money”. Are you and your partner on the same page financially?
The CDC (Center for Disease Control) reported what a problem we have with hearing loss in our country. What can we do to help ourselves?
And the government is holding millions in unclaimed retirement money find out if any of that is yours.
Tune in Saturday February 18 at 7:30 a.m. at KBEK 95.5 FM. They stream live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com podcast page.
Since Valentine’s Day just happened this week, I want to talk with you about “love and money”. Are you and your partner on the same page financially?
The CDC (Center for Disease Control) reported what a problem we have with hearing loss in our country. What can we do to help ourselves?
And the government is holding millions in unclaimed retirement money find out if any of that is yours.
Tune in Saturday February 18 at 7:30 a.m. at KBEK 95.5 FM. They stream live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com podcast page.
Tuesday, February 14, 2017
Loaning money to family or friends
If you decide to lend money to a family member or friend be prepared to not get the money back.
What I've discovered over my 20 years as a financial planner is, if the loan isn't repaid it can cause serious harm to a relationship.
There are things to consider before you loan someone money.
Decide if you can afford to help. Make sure you won't put yourself in a bad situation by not having that cash available. Get your spouse's or partner's approval. Lend only what you can afford to lose. Put the agreement in writing and have it signed and notarized. Charge interest. If you’re making a loan and aren’t planning on charging interest, you may want to reconsider. Any interest you waive can be considered a gift to the debtor by the (IRS) and subject to tax if that amount plus any other gifts you made to that same person exceed $14,000.
Bottom line when you lend money to someone understand that you might not get repaid, and are you OK with that?
What I've discovered over my 20 years as a financial planner is, if the loan isn't repaid it can cause serious harm to a relationship.
There are things to consider before you loan someone money.
Decide if you can afford to help. Make sure you won't put yourself in a bad situation by not having that cash available. Get your spouse's or partner's approval. Lend only what you can afford to lose. Put the agreement in writing and have it signed and notarized. Charge interest. If you’re making a loan and aren’t planning on charging interest, you may want to reconsider. Any interest you waive can be considered a gift to the debtor by the (IRS) and subject to tax if that amount plus any other gifts you made to that same person exceed $14,000.
Bottom line when you lend money to someone understand that you might not get repaid, and are you OK with that?
Monday, February 13, 2017
Thursday, February 9, 2017
Highlights for Saturday February 11 Your Safe Money Show
On this week's (February 11)Your Safe Money Show, no one ever wants to get audited by the IRS. If you are a retiree or soon to be a retiree, we’ll discuss “red flags” to avoid this tax season.
And I’ll have reasons to get started early on your tax returns.
Plus, life insurance is such an important piece of someone’s financial strategy going forward, I’ll explain why that is.
Tune in Saturday's at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com. Listen to recent shows at the podcast page at yoursafemoneyshow.com.
And I’ll have reasons to get started early on your tax returns.
Plus, life insurance is such an important piece of someone’s financial strategy going forward, I’ll explain why that is.
Tune in Saturday's at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com. Listen to recent shows at the podcast page at yoursafemoneyshow.com.
Wednesday, February 8, 2017
Beware of IRS tax scams
During this tax season the IRS is warning about scammers posing as the IRS and trying to steal your identity and get money from you.
One scam they ask for payment or there will be legal action. The IRS will never call and demand immediate payment or that you have to pay with a prepaid debit card or wire transfer.
Another scam, they ask for verification of bank account information and Social Security numbers.Never give out personal information over the phone to anyone claiming to be from the IRS. The IRS will generally mail you out a bill if you owe any taxes.
Official-looking emails are designed to fool taxpayers into
thinking they're communicating with the IRS. Known as phishing, these emails and text messages are used by scammers to get information that will help them file a false refund in your name. Don't click on links and emails from places you don't know.
If you are targeted by a tax scam, call the U.S. Treasury Inspector General for Tax Administration at (800) 366-4484.
One scam they ask for payment or there will be legal action. The IRS will never call and demand immediate payment or that you have to pay with a prepaid debit card or wire transfer.
Another scam, they ask for verification of bank account information and Social Security numbers.Never give out personal information over the phone to anyone claiming to be from the IRS. The IRS will generally mail you out a bill if you owe any taxes.
Official-looking emails are designed to fool taxpayers into
thinking they're communicating with the IRS. Known as phishing, these emails and text messages are used by scammers to get information that will help them file a false refund in your name. Don't click on links and emails from places you don't know.
If you are targeted by a tax scam, call the U.S. Treasury Inspector General for Tax Administration at (800) 366-4484.
Monday, February 6, 2017
Thursday, February 2, 2017
Highlights for February 4 Your Safe Money Show
We'll answer questions related to credit scores and history for a listener who asked for us to look into that for him.
Also, if you have a business credit card did you know some of the fees they charge are tax deductible?
And as you get your tax refund I have ways for you to save that refund for your retirement.
Tune in Saturday morning at 7:30 at 95.5 FM KBEK. They stream live at kbek.com. Hear past shows podcast at yoursafemoneyshow.com.
Also, if you have a business credit card did you know some of the fees they charge are tax deductible?
And as you get your tax refund I have ways for you to save that refund for your retirement.
Tune in Saturday morning at 7:30 at 95.5 FM KBEK. They stream live at kbek.com. Hear past shows podcast at yoursafemoneyshow.com.
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