Goals
Write it down
What is the first step to creating a goal?
How responsibly you've handled money in the past?
What your credit score tells lenders?
Experian, Equifax, and TransUnion
What are the 3 main credit bureaus?
A lender that charges higher than normal interest rates, unreasonable fees, and other certain fees to take advantage of you.
What is predatory lending?
The gap between income and expenses is what?
What is freedom?
Goals need to be __________, measurable, and time bound.
What is specific?
Is a credit score of 500 good, fair, or poor?
What is fair?
Equifax, TransUnion, and Experian
What are the 3 main credit bureaus?
a loan with an above average interest rate, a pre-payment penalty, a hidden balloon payment
What are some signs of a predatory lender?
The illusion of success
What is the salary trap?
You are not motivated enough, you don't create a realistic plan, you have no intentions to do it.
Why is it difficult to reach a goal?
Is a credit score of 750 good, very good, or excellent
What is very good?
What factor is the largest % of your FICO score?
What is payment history?
Pay off the smallest debt first and just pay the minimum on all other credit cards
What is the Snowball method?
You earn more, so you upgrade various areas of your life (better house, newer car, better job, etc)
What is lifestyle inflation?
When a person fails to reach a goal, this is probably the number one reason why.
What is they don't know WHY they want to reach that goal?
Your savings, investments, income growth, and spending habits
What is what your credit score does not show?
Types of credit
What factor is the lowest % of your credit score?
Pay off the debt with the highest interest rate first
What is the Avalanche method?
We mistake status for ________
What is progress?
How often should you review your progress toward a goal?
What is weekly?
Identify areas to address and to review account information
Why should you check your credit report annually?
judgements, bankruptcies, and tax liens
What are some other things that credit bureaus publish?
Switch cable provider, travel a different route to work to avoid tolls, or shop at Aldi/Lidl
What are some way to reduce expenses?
What % of American professionals cannot survive one month without a paycheck?