Credit Scores/Rpts
Where can you check your credit score?
Any bank or credit card/loan that you currently have open.
Name 3 excuses for not putting together a budget.
I need a raise first, I'm too busy, I'm afraid, I don't know how to get started, it's not fun, I don't like change.
Name 2 reasons why people choose not to talk about money.
I fear being judged, I am embarrassed, I don't understand money, It makes me uncomfortable
What is the definition of debt?
Money borrowed from another party for something you cannot afford.
RACHEL :)
What number represents a GOOD credit score?
670 & above (goes to 850)
Name 3 things to include on your budget spreadsheet.
ALL of your bill, your income, your debt including balances and interest rates, your savings information, goals
What feeling/emotion happens when you are always worried about money?
STRESS!
Is all debt bad? Please explain.
No! If you bought a house or a degree/training or something else that benefits your life, you will likely get a return on your investment.
Why do you like working at Talan?
Any honest answer :)
What is a hard inquiry?
When a creditor requests to look at your report, like when you apply for a loan or credit card.
Why is tracking your spending important?
Because you don't know where your money is going without tracking! You can't cut back or change habits if you don't know your full financial picture.
Name 2 examples of positive outcomes from reaching your financial goals.
Stress reduction, improved sleep, healthier relationships, confidence building
Name 3 reasons to focus on paying off debt.
Have full control of your money, save for the future, keep more of your money (not paying interest), reduce stress, improve credit score
What is ROYGBIV referring to?
Colors of the rainbow
Red, orange, yellow, green, blue, indigo & violet
Name 3 different types of companies that can use your credit score.
Banks, insurance companies, landlords, utility companies, cell phone companies
What is the #1 reason why creating a budget is so important?
"I can't afford that" is a negative mindset statement. Can you turn it into a positive mindset statement?
"I might be able to afford that, but I’m choosing to spend my money on other things."
"Small changes make a big difference, so I’ll start today with one small change."
What is the difference between the SNOWBALL & AVALANCHE way of paying off debt?
SNOWBALL - make larger payments on your smallest debt
AVALANCHE - make larger payments on your highest interest rate debt
How much does a cloud weigh?
1 MILLION TONNES! Equal to approximately 200,000 elephants!
What are the 5 factors that are used to create your credit score?
Payment history (35%), amount owed (30%), credit history length (15%), credit mix (10%), new credit (10%)
Name 4 benefits of using a credit card & 1 negative.
BENEFITS: build credit, protect from fraud, cash back rewards, access to your credit score any time
NEGATIVE: people often spend more when using a card vs cash
Most common reason someone overspends.
EMOTIONS! People tend to overspend when emotions are very high. Can be emotions of anger, happiness or sadness.
Forgive yourself for past decisions, create a budget, stop using credit cards, change your habits, track your spending
No points, just 2 fun facts! :)
93% of millionaires report that they strictly stick to the budgets they make.
33% of millionaires never earned more than $100K in a single year.