Good Credit Score: 720 is the New 680

It is going to take a bit more in the good credit score rating department to get those great loan rates you see at banks and auto dealers.

Credit agencies that report your credit also have a “number” assigned to your status. This provides lenders an ultra quick snapshot at your credit worthiness. As of today, for the most part, 720 is that magic number.

What does a 720 good credit score get you?

Well, for starters, just about any time you see a 0% APR car loan, you are going to want a 720 score or above. And 715 is not 720, so expect them to be pretty hard and fast on that rule.

If you are looking for a bank loan, under 720 could mean hundreds or thousands of dollars difference in a home equality loan.

So what is a poor 680 to do?

Well, try and get that score up a bit. Whether you have 715, 680, or 600, here are some things to focus on that will help improve credit scores….

1. Pay your bills on time – That could not have been more obvious. Over the span of 10 years a payment or two missed won’t hurt you. Chronic late payments will be the first thing to lower your score.

2. Don’t take it to the max! – If you carry cards that are always close to their limit it will be reflected (poorly) in your score. If you can, try and keep any outstanding balances below 50% of available credit.

3. Not too many – Having to many accounts can also hurt you. Take a look at accounts that you have not used for a long time. Consider closing them. Continue reading “Good Credit Score: 720 is the New 680”

Can Lemonade Help When Starting Your Own Business?

It’s not a pink slip. It’s a blank page.

If you never actually saw the movie Lemonade but did catch the poster, you might get an idea of what is in store for you.

The opportunity to be your own boss.

But perhaps more importantly, follow your passion and control your own financial future.

Some people have the benefit of being able to slowly work into becoming their own boss. Careful planning, years of preparations, and saving up money for the building process.

Then again, that is also the downside.

Many people take too much time planning. They try to read all about starting your own business. So much in fact, they never actually do it. Let me make this very clear…

Your ducks will never be all in a row, the stars are never fully in line, and there’s never a “right time.”

Lemonade documents the layoffs of numerous individuals. All going through the same disbelief and all asking themselves, “What next?”  It is the “next” part that most people will find hopeful and inspiring.

Forget about financial freedom, these people are just looking for a way to survive.

Can you be in survival mode and still follow your passion? Can you be your own boss?

Can you start your own business in an area that is completely new to you?

I think anyone that watches this movie will see that you can.

What is Kajabi? Will It Help Me Make Money Online?

As if “making money online” was not a hot enough subject in its own right, this week Internet marketers saw the first preview of Kajabi (software designed to help you sell just about anything online).

So is it real or just hype? First, let’s back up for just a minute.

Despite what just about everyone will tell you, making money online does require some work. You can’t just build a web page in 30 seconds and watch the cash come rolling in (sorry to break it to you). With that said, you can create great passive income with a few things in place.

1.     Pick a Niche – Don’t go after the “whole enchilada” as they say. If you are interested in the Weight Loss category, pick a segment of it. Something like, “How to eat a proper breakfast to help you lose weight.” A small niche helps you get through to more, targeted, people in the long run. Continue reading “What is Kajabi? Will It Help Me Make Money Online?”

Selling on the Internet? Create a Buzz First!

So you think you want to launch an Internet product? Well, putting aside all the get-rich-quick-black-hat stuff people keep talking about, if no one has heard of you, then no one will buy from you – it’s pretty simple.

If Apple never marketed any of their items the way they do now, no one would buy their computers, plain and simple.

The have a following. Better yet, an involved and passionate following. And it is something you can build for yourself and Fire Your Boss.

What to do BEFORE you launch a product… Continue reading “Selling on the Internet? Create a Buzz First!”

Banks Profit But Still Not Lending Money?

Ok, what is the deal? Banks are announcing great earnings yet the average Joe (or Joanne) can’t seem to get a loan let alone Fire Your Boss.

Here is the deal…

For starters, make no mistake; banks did take a big hit during this whole economic downturn. People missed house payments, stopped paying credit cards, and even lost homes back to the bank.

All those people that lost equity in homes and turned them over to the bank equaled real “lending” dollars for the banks gone.

The only positive side was the economic downturn gave banks an environment to dump marginal products and loans they probably should not have had to begin with.

This is where the “profitable” part comes in… Continue reading “Banks Profit But Still Not Lending Money?”

The 10% Savings Rule

Sometimes I think the simplest solution is often the best. This is a perfect example of this. In cutting to the point early on, you should always put 10% of the money you bring home into a savings account. But before we focus on whether to save in a CD, IRA’s etc., let’s focus on one thing first. Just save the money.

Often we find ourselves with such a tough budget we often don’t know where to start. I imagine when a mountain climber looks at some the tallest mountains in the world there is the thought in the back of their minds that it is insurmountable. And, approaching it from that angle – it is. One cannot take one big step and be at the top. It is a process of taking one step at a time and slowly making your way towards to the top. The good news is, given enough time and steps, they do make it to the top.

Building wealth for yourself is no different. Each step, no matter how small and seemingly insignificant, takes you closer to your goal. The harder it is to put away 10%, the more important it is for you to do it. Say 10% for you is $100 per month. After a year that is $1200, which, if that is all you could afford to put away, should be a pretty good sum for you.

There is another benefit. Your mindset begins to shift. Continue reading “The 10% Savings Rule”

Starting an Internet Business? Have a Purpose and a Passion.

There is no shortage of internet businesses to choose from. Most are junk, some are good, and few can be an incredible success. Many people fall for the “junk” category as they are chasing “millions of dollars” and quick riches.

There is a check list of items you need to go over to be sure you are getting into the right area. At the top of the list is the fact that it needs to be  something you care deeply about. You need to be passionate about whatever you are trying to sell.

Too many people try and do an online business that they could care less about. At some point you will need to write articles, speak to people, or make comments on other sites. If you are “just in it for the money” this will come off and you will fail. No doubt.

So, what does it take to be successful online?

Well, if you had a million dollars right now, in your hands, what would you be doing for a living? You don’t have to worry about money, you don’t have to worry about success. So, what really interests you?

Your answer will point you in the right direction. It is probably a current hobby or something you have always wanted to do – just never had the time.

“But I can’t make money at [insert anything here.]” Continue reading “Starting an Internet Business? Have a Purpose and a Passion.”

How to Stay Motivated

One of the most difficult things to do when starting a new venture is stay motivated. We usually have no trouble getting excited about things initially, but once it actually begins becoming work – we find ourselves easily distracted.

I have seen some of the most unlikely success stories come out of extraordinary circumstances. People that were battling education issues, geographical issues, even physical or emotional issues have become formidable professionals in the industry. Conversely, I have seen some of the most talented and educated people not quite break into a higher level. So, if I were forced to pick what separates these people and I had to reduce it to one element, I would have to say it is “motivation.”

I have to say; with proper motivation (commitment, drive, and never-take-no-for-an-answer mentality), almost anything can be accomplished. It is interesting that most people really don’t know what motivates them. What motivates you? You should be able to answer that question right away without significant thought. But realistically, lots of us really don’t know what motivates us, or we think in terms of goals that are too extensive. Continue reading “How to Stay Motivated”

7 Places to Find More Money

Now that you’re sold on the concept of savings, you’re probably wondering how you can get started quickly. Building up a savings a little bit at a time is always a great method. But sometimes I know we all want to get our savings built up faster.

It not only gives you a good starting point for your savings… it just feels great. Here are some solid tips on ways to gain some extra cash to set aside for savings quickly:

Have a Garage Sale – OK, sounds kind of funny, and maybe it’s a long shot, but you never know what you may find when you look around your house. This is a great excuse to do a little spring cleaning in an effort to make a nice start to your nest egg. The general rule of thumb here is, “Do I really need it?” So many of us find items around the house that were bad gifts, impulse buys that we never used, or things that we’ve outgrown/no longer use. Recouping capital in this method is a great start.

Online Auctions – An extension of the garage sale would be to use online Auctions to get rid of unused items around the house. I know several people that have made good part time income selling items on eBay (the ultimate flea market). Continue reading “7 Places to Find More Money”

Which Credit Card Do I Pay off First?

Before you can Fire Your Boss you need to reduce or eliminate all credit card debt.

The most common question I get about credit card debt is which card do I pay off first?

Some so-called “experts” say it is the card with the biggest monthly payment while other “experts” say it is the smallest payment first.

The real answer is the card with the highest interest rate.

If you put your credit cards in order, the highest rate card should be paid as much money each month as you can afford – everyone else gets the minimum payment. After that card is paid off, go to the next lowest rate and so on.

Both the payment amount and the balance are irrelevant. It is the interest rate charged each month that costs you the most.

Coming soon…How to get extra income to pay off those damn cards once and for all!