You know that your credit score is based on information in your credit history. However, few people wonder how it gets there. The answer is relatively simple: Your creditors report information about you to the credit bureaus. When you pay on time, or if you are late, your lenders report that information. Your entire credit history and credit report depends on how creditors and others report to the credit bureaus, and that information can impact the way your financial reputation looks on paper. Here are a few areas to watch out for.
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When was the last time you attempted to repair instead of buying a new replacement?
Back in the day, my grandfather owned a tailor shop. He sold custom suits, pants and the like, but a big part of his business was actually in repair. His customers would routinely come in to get their garment fixed, like having the zipper repaired. Right next door was a shoe repair shop, and his business thrived. Customers would always go back to have their shoes re-polished, or have the sole of the shoe replaced. After he was done with your shoe, you could hardly tell it from a new one.
Things have changed through the years however. Repairing seems to have become an lost art. When was the last time you actually thought of getting something fixed instead of just buying a new one? Shoe repair shop? Do you even know where to find one anymore?
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I’d be lying if I told you that I think TV is an essential expense. In my household, we cut the cable almost two years ago, and after the initial whining the kids figured out how to entertain themselves just fine.
Still, for most families this solution seems radical, so let’s look at ways you can cut your bill, without abandoning your service.
Sometimes, a tempting offer may make you rethink your 401k rollover strategy…
Archie wants to know:
I am seeking for your insight advice to roll over my 401K. I just got lay off two months ago. I am 37 years old with 2 kids. One insurance company, North America, is giving me 11% bonus to my investing lump sum to open an IRA account but have to stay with them 14 years. I do not know if I should invest my money to this insurance company or go somewhere to invest to get more return for my kids later to go to school. Please give me some suggestions as to where should I go to have my money invested and what types should I go base on my age.
We live in a consumerist society. Even after a long, painful recession, most of us still feel entitled to consume more than we can actually afford. Over the years, Americans have learned to expect a certain standard of living that previous generations could only dream of. We want more of everything, we want everything to be big and new and shiny, and we love to surround ourselves with every new gadget possible and with daily, expensive luxuries that really add up. Take a look at the following three habits. If you see yourself in that list, it’s probably time to cut back, save more and spend less.
A Sense of Entitlement
Let’s borrow a term from economics. Do you tend towards looking at your finances in a macro (big picture) or a micro (bottom up) way?
In other words, do you just worry about the direction of your assets and overall numbers, or do you look at every little expense separately?
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