Financial Literacy


  Money works one of two ways – either

1) For You – is when your money is INCREASING your net worth

a. Income producing ASSETS such as Rental property

b. INVESTMENTS with higher rate of returns such as mutual funds

c. Start Saving and Investing EARLYCOMPOUND INTEREST

d. Earning money on moneyTHE RULE OF 72

2) Against You – is when your money is decreasing your net worth

a. Waiting to the perfect time to start saving or investing

b. Purchasing and acquiring liabilities – money going out or being spent

Each pay period, after tithe and before you pay any bill or anyone else; pay yourself 10% of your gross income. Pay yourself by building your three Financial Wellness Accounts:

The building process can be automated simply by having a portion of your 10% pay direct deposited or payroll deduction to your Financial Wellness Accounts.

“If you love yourself, you’ll pay yourself.”

REMEMBER: It’s Not What You Earn, It’s What You Keep!

1) 35% Payment History: This is best described as the presence or lack of derogatory information such as Bankruptcy, liens, judgments, settlements, charge-offs, repossessions, foreclosures, and late payments.

2) 30% Amounts Owed: This category considers a number of debt measurements using six different metrics in the debt category including the debt to credit limit ratio, the number of accounts with balances, amounts owed across different types of accounts, and the amount paid down on installment loans.

3) 15% Length of Credit History: As a credit history ages it can have a positive impact on its FICO score. There are two metrics in this category: the average age of the accounts on a report and the age of the oldest account.

4) 10% Credit Mix: Your credit profile can benefit by having a history of managing different types of credit used:

a. installment loans - auto loans, student loans, motorcycle loans

b. revolving – credit cards, department store charge cards, of credit or home equity line of credit

c. consumer finance – payday loans, title loans,  FLEX loans, Online loans

d. mortgage – primary home mortgage, rental home mortgage

5) 10%: Recent inquiries for credit:

a. Hard credit inquiries are placed on your credit file when you apply for any type of credit such as a credit card or loan.

b. Soft credit inquiries that are made by you such as pulling a credit report for personal use, by an employer for employee verification, or by companies initiating pre-screened offers of credit or insurance do not have any impact on a credit score. Soft credit inquiries are not considered by credit scoring systems.

Your Credit Reports Matter

1) Credit reports affect your interest rates on auto loans and mortgages, credit card approvals, apartment application and believe it or not your job application.

2) Another benefit of regularly reviewing each of your credit reports helps to detect early signs of identity theft. FREE Credit Reports Federal law allows you to:

1) Get a free copy of your credit report every 12 months from each credit reporting agency


2) Ensure that the information on all of your credit reports is correct and current.


As a result of the FACT Act (Fair and Accurate Credit Transactions Act), each legal U.S. resident is entitled to a free copy of his or her credit report every 12 months from each credit reporting agency. The law requires all three agencies, EquifaxExperian, and Transunion, to provide reports. The three credit reporting agencies run, where users can get their free credit reports.

Get Your Free Credit Report

Much of our spending habits will revolve around our credit scores. We know that there are times when your scores could be lower than needed to apply for that new car loan or a home mortgage and we are here to help you get on the right path to increasing those scores and eliminating negative items from your report.
  Click the logo to begin your credit restoration process TODAY!


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