Financial Planning, Retirement Plan, 401k, Investment Blog

Financial Planning, Retirement Plan, 401k, Investment Blog

Misc

FICO Fitness Fundamentals

Posted November 25, 2008 by Bernz

A FICO score is the number that determines the interest rate you pay on credit cards, car loans and mortgages. It also determines whether or not your application is approved for an apartment or whether or not you qualify for a cell phone plan. Your FICO score can even affect your ability to get a job. Your FICO score is based on a calculation from the history in your credit reports from these three major credit bureaus: Equifax, Experian and TransUnion.

The FICO score is linked to just about every financial step you take. Basically it boils down to being a number representation of your past and current spending and bill paying habits. For this reason it’s critical you learn your FICO score and that you manage it well.

High FICO scores represent good credit and low FICO scores are associated with poor credit. Your goal should be to keep your score in the 720 to 850 range. (more…)

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Why I think Thanksgiving and wealth are synonymous

Posted November 24, 2008 by Bernz

I guess if you were to look at the history of Thanksgiving you’d focus on the pilgrims and Native Americans sharing turkey parts.

I’m one who’s all for tradition especially when it comes to holidays (particularly the eating part), but the state of our economy will force many families to celebrate this holiday season much differently.

Take my own family for instance. This year instead of one family hosting the meal where typically the head of the household (think mom) does all the cooking, we’re having a buffet. Really, there’s no telling what our dinner menu will look like. I’m just hoping that surely someone will bring stuffing, mashed potatoes, corn bread, and collards.

Another change for me this year is that I’m not rushing out to purchase any big ticket items. I also don’t plan to use my credit card, which means that plenty of people expecting gifts will have to wait until after Christmas—when all of the items that are left over get final mark downs. (more…)

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Stretch your holiday fund without skimping the fun

Posted November 20, 2008 by Bernz

The holiday shopping season starts in about two weeks. Retailers are worried as sales dipped 2.8% in October. It’s definitely the season for less spending. Here’s a thought: think how much we would all save if we shopped in our own personal closets, entertained at home and ate from the food stored in our pantry. I think with imagination in most cases it shouldn’t be a problem. Even so I thought I’d offer up these cool ways to stretch your holiday shopping budget and still have fun.

If your office is doing the gift exchange thing this year and you’re nervous that it doesn’t fit into your Christmas budget, suggest that your office or department draws names and the gift you buy for a person must match the gift recipient’s name initials.

For instance, Doug Brighton could receive a Detective Book. Peggy Hall could get a pencil holder or pink hat. Charles Pruitt might receive a Cherry Pie or Cotton Pullover. The advantage over this gift exchange is that it’s a unique twist on traditional name pulling and there’s an array of choices that meet your spending budget. For example you could select a paperback book, one that’s hard cover, or purchase book on tape. Another plus is that regardless of your gift choice it will always be letter perfect. (more…)

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