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Odds are you’ve had financial stress at some point in your life. If you really think about
it, most of the financial stress we suffer is ultimately our own fault. We spend more than we should and save less. We buy things we don’t need and fail to give money the
respect it deserves. One big purchase on a credit card can result in payments that
never seem to end.

If you could go back in time and eliminate all of your financial errors, your life would
probably be very different. Though it’s never too late to make improvements, it’s much easier to prevent challenges than it is to solve them. You can help your child avoid such financial challenges.

You can give your child the gift of financial wisdom.

Consider discussing these ideas with your children:

1. Consider the real cost of what you’re buying. A $500 stereo doesn’t just cost $500. Invested at 10%, $500 could grow to almost $27,000. This is commonly referred to as opportunity cost.
   • If you spend your money on something, that money isn’t available for anything else, like investing.
2. Show your child how to use a simple savings calculator. These free calculators are available all over the internet and are a great way to show what can be accomplished by consistently saving a little money each month.
3. Teach them about debt. The average household has over $7,000 in credit card debt. When kids go to college, they’re inundated with credit card offers from the first day on campus. Imagine how much better your lifestyle would likely be if you were debt-free. Teach your child not to fall into the debt trap.
4. Start building their credit. Consider co-signing for a credit card, if they aren’t old enough to get one by themselves. Look for a card with a low rate and no annual fee. Teach them how to use the card wisely
   • An alternative is to take out a loan together. Banks will loan money to anyone if the loan is fully secured. With a small deposit in a savings account, a comparable amount can be borrowed easily.
   • Most young adults are unable to purchase a home for several years, often due
     to a lack of credit history. Get started early.
5. Pull their credit report. After some credit building activities, teach your child how to view their credit report and check for errors. The majority of credit reports have errors, typically not in your favor.
6. Teach them how to save. Most of us pay our bills, have a little fun, and then plan to save whatever is left. There’s rarely ever anything left with that approach. Teach your child to immediately save 10-20% (or more) of every dollar earned. Think about how much money you’d have if you had done the same since you were 18.
7. Teach them to be giving. Allow your child to choose a charity and contribute to it. For a young child, it might be just a few dollars. You child will ultimately come to see that giving affects them as much as it does the person or organization receiving the money
8. Make them work during the summer. All teenagers want more money. Give them the chance to earn it. Their perspective will change.

Money is an important part of life. Money provides security, opportunity, and a greater ability to help others. You have a lot of control over the financial habits your children develop. Help them to have a financially successful life.

Are you reaching your financial goals? Do you even have financial goals? Regardless of your current financial situation, there are several strategies you can use that can make you rich. There are no guarantees in life, but you can greatly increase the odds in your favor. Intelligent decisions and consistent behavior are all you need.

These strategies needed to create wealth are available to everyone:

1. Have multiple streams of income. One of the most important aspects of becoming wealthy is the avoidance of financial disasters, such as losing a job. It can take years to replace the savings you might spend in just a couple of months. The more sources of income you have, the more financial security you’ll enjoy. You’ll also earn more.
2. Live within your means. No one can outspend their income indefinitely. Bankruptcy is the common result. Regardless of your income, it’s necessary to spend less than you earn.
3. Invest in yourself. We’re not talking about purchasing a sports car. Spend money on education and self-improvement. Develop your talents and learn valuable skills. Money spent wisely on self-education and enhancement can provide greater returns than any stock you could ever own.
4. Set and pursue financial goals. While a few people luck their way into wealth, setting goals is a more reliable strategy. Do something to pursue that goal each and every day. Measure your results regularly.
5. Accept responsibility for your financial future. It’s your responsibility to create your own prosperity. After all, no one else is going to do it for you. 
6. Be patient. Unless you find a way to secure a very large income, wealth requires time and patience. You don’t have to do anything spectacular to amass a spectacular fortune, but it won’t happen overnight. Keep your eye on the long-term outcome and be patient.
7. Invest consistently. If you’re not saving a portion of your paycheck each month and investing it as well as you can, you’re limiting your ability to build wealth. Build to the point where you’re saving at least 15% of your take home pay. Learn about investing so you know how to invest those funds wisely. 
8. Consider taxes. Taxes have a huge effect. Whether you’re purchasing a home or thinking about selling a stock, taxes matter. Make investment decisions with an understanding of the tax implications. Make full use of tax-deferred retirement accounts, too.
9. Focus on needs and let go of wants. Before making any purchase, ask yourself if you need the item or service. How many purchases have you regretted in the past? Do you really need a larger TV or your own espresso machine? As much as possible, limit spending to your needs and invest the remainder. 
10. Know when to stay and when to go. Nothing lasts forever. There is a time to exit a job, an investment, or a business. Staying too long with any of these things will cost you financially sooner or later.

Financially successful people have left many clues for you to follow.

Adopting certain behaviors will all but guarantee financial abundance. Choose a few of
these strategies and begin applying them to your life. Continue this personal
transformation and be persistent and consistent. Building a fortune takes time.

It’s not as easy as it once was to get a home loan. Government regulations due to the recent housing crisis are the primary culprit. The requirements are more stringent than they were 10 years ago. Debt-to-income ratio requirements are much tougher than in the past.

It’s more challenging to get a mortgage, but not impossible.

Make your mortgage application more likely to be accepted:

1. Have a down payment. The less money you need to borrow, the better your odds of being approved. The larger your down payment, as a percentage of the sales price, the more comfortable the bank will feel. Banks would much rather loan 70% of the value of the home than 95%.
If your income or credit are less than impressive, a larger down payment can make a huge difference.
2. Pay down your debt. Your debt utilization ratio should be below 30% to maximize your odds of receiving approval. That means if your credit card has a credit limit of $10,000, your balance should never be above $3,000 at any point during the month.
Raising your credit limit is another possibility, provided you won’t be tempted to borrow even more.
3. Stay at your job. Frequent hopping between employers will make your lender nervous. Show that your income, and you, are stable by staying with your 1 employers for at least two years. Avoid changing employers during the application process. After you’ve closed on your new home, change jobs as often as you’d like.
4. Minimize the amount you pay toward debt each month. If you’re making payments on two cars, a student loan, alimony, a home-equity loan, and three credit cards, there might not be much left over for a mortgage payment.
5. Have reasonable expectations. Applying for an $800,000 mortgage with a household income of $50,000 is likely to end in failure. Aim for a mortgage payment of 25-30% of your monthly income. Anything higher is likely to result in rejection.
Increasing your income to ensure that you can make the mortgage payment is also beneficial.
6. Know and fix your credit score. Before beginning the search for a new home, get copies of your credit reports and your credit scores. In most cases, you will struggle to get a mortgage if your credit score is less than 680. There are many online resources dedicated to raising credit scores. But be wary of companies selling credit repair services.
7. Negotiate for a lower price. This is similar in effect to raising your income or finding a lower-priced home. Anything that reduces the loan amount or increases your income is helpful.
8. Give yourself plenty of time. The above advice can’t be implemented on short notice. A year or more of planning is ideal. There’s little that can be done to enhance your odds in the next month or two. Sit down with a loan officer and review your situation with him. Make a plan together.
Making a financial commitment that could last 20 years or more is serious business. Do the necessary pre-planning to make it happen.

Focus on being as attractive to your lender as possible. This means minimizing your debt, having a significant down payment, and setting your sights conservatively. Lenders are interested in reducing their risk. Do all that you can to minimize the risk to your lender, and your odds of receiving approval are greatly enhanced.

Paying bills every month can be pretty monotonous, yet overwhelming. If you have the responsibility of taking care of your own bills, you can definitely relate! Unfortunately, managing bill payments is an essential part of adult life.

Paying your bills each month is essential so continue to have the services you need and the credit you’ve earned without interruption. However, that doesn’t mean you are always on top of getting those bills paid.

How can you best manage recurring expenses?

These five commandments for managing bill payments can help you stay on track:

1. Focus on necessities first. In many cases, the challenge with bill payments comes from trying to manage expenses. You have a limited income, so you want to ensure the money is spent most efficiently. To do that, ensure you’re paying for necessities first.
• Since utilities like electricity and water are most important, ensure you take care of those before anything else.
•  In order to keep the roof over your head, be sure to allocate the correct portion of your earnings for the rent or mortgage payment.
•  If you feel like you’ll lose your mind without cable, how about just adjusting the package you have? Instead of 100 channels, why not cut it down to 50?
•  Look into getting things done without taking on an additional payment. Use your community center gym instead of the expensive club in the city.
2. Review bills for accuracy. You’d be surprised how often billing companies make mistakes! In order to pay only what you’re supposed to, constantly review your bills.
• If printed bills arrive in the mail late, switch to electronic versions. Those are usually available as soon as they’re generated.
•  Call the billing company to clarify any charges you’re uncertain about.
•  Document when you request to add or remove services.
3. Setup recurring payments. Sometimes the challenge lies in trying to remember when to pay bills. If that’s the case, and if the bill totals are usually the same each month, setup recurring payments.
•  Setup direct deposits from your bank account to the account of the billing company. You won’t have to worry about remembering when to pay. Just ensure there’s enough money in the account to cover the bills!
4. Pay bills online. If time is a real issue for you, avoid standing in line to pay bills. Many companies facilitate online payments. Make use of it!
5. Know your due dates. Being able to keep track of due dates can help you manage bill payments.
•  If the dates for different bills vary, you can know how to use your money. It’s not always necessary for you to pay all your bills at one time. Put your money to other uses as long as you know the money will be available before the bill is due.

These are pretty easy commandments to follow to effectively manage your bill payments. Remember it’s your responsibility to maintain a positive history of payments. Use these strategies and you’ll be surprised at how easy it can be!

Do you feel like your credit card debt is insurmountable? The good news is that, no matter how high the mountain appears, you can climb it and pull yourself out of the metaphorical hole you may find yourself in.

Here are some ways to tackle that debt and bring it down to size:

1. Only buy what you can afford. The best way to keep debt from becoming a problem is to avoid the problem altogether from this point forward. Rather than splurging on a fancy piece of electronic hardware, just wait and save up for it.
•  By staying within budget and paying off your bills every month, you don’t need to worry about debt piling up on top of you.
•  You can still get out of debt and feel the sweet relief of being debt free by changing your mindset from “having it now” to one of enjoying it even more when you have the money.
2. Pay off the lowest balance first. Financial advisor Suze Orman often advises people in debt to take care of the higher interest debts first. In general, this is a good way to go, however, if you have a credit card with a balance of only a couple hundred dollars, it would also be beneficial to knock that one off right out of the gate.
•  You can eliminate a whole payment, save on interest charges, and put that money towards another bill.
3. Prioritize bills by interest rate. In the long run, paying off the higher interest cards first will save you the most money. It’s usually the interest that keeps knocking you back. By taking out the higher interest cards, you’ll feel a greater sense of progress when paying your bills every month.
4. Consolidate. One of the more overwhelming aspects of being in credit card debt is constantly being reminded of it with so many bills from different cards. One way to fight back is to consolidate your debt. You can do this by either taking out a loan from a bank or transferring the balance to another card.
• If you recently got a new credit card, you can transfer a portion of the balance to that. This will save you a bit of interest since most cards will put that balance under the introductory rate.
• If you take out a loan, you can pay off several of the cards and reduce the amount of mail you receive. It’s less daunting psychologically to receive one big bill as opposed to a bunch of tiny ones.
5. Convert to cash and debit only. One of the best ways to keep yourself in debt is to keep using your credit cards. They’re convenient and it’s easy to justify their occasional use by saying that it’s only a soda or a tank of gas.
•  Those tiny charges add up quick! A dollar here, a few more there, and you’ll negate the payments that you’re making in a very short amount of time.
•  Paying with cash will help you develop new spending habits. By the time you get your debts paid down, you’ll have disciplined yourself to the point where you no longer put yourself in that situation. Debt is a problem that happens to nearly everyone at some point.

Even wealthy people find themselves overextended by debt.

Even if you’re working on a shoestring budget, it’s possible to pull yourself out of debt. With discipline, focus, and hard work, you can find yourself relieved of the mounting pressures

The information in your credit report can affect many areas of your life, so it's important to keep track of what's in it. If you find information that is incorrect for any reason, it's your job to dispute that information in order to have it removed from the report. Only you are looking out for your own credit rating, so it's to your advantage to pay attention to your report. 

There are actually three credit reports: from Experian, Equifax, and Trans Union. Monitoring all three of these credit reports is essential because the information can differ from report to report. 

Follow this process to ensure your credit reports are accurate:

1. Request your credit report. The fastest way to get a copy of your credit report is to visit AnnualCreditReport.com, where you're entitled to receive a copy of each of your three reports for free once per year.
   • If you haven't been following what's in your credit reports, start out by requesting all three reports at once, because the information they contain can actually vary quite significantly, depending on who has reported what to them. The differences from one report to the next can amount to a significant credit score difference.
   • Once you've obtained and corrected past information in your reports, you can stay updated by spreading out your credit report requests to every 4 months. Simply request your report from one of the credit reporting agencies every 4 months, and over the course of a year, you'll have received all three.
   • Of course, correct important mistakes in all 3 of them if you find an error.
2. Verifying information accuracy. Comb over all three credit reports carefully in search of incorrect or inaccurate information. Any detail that isn't right should be changed, even if it's just a wrong address, because these pieces of information can have an impact on how lenders view you.
3. Contact the credit reporting agency. If you find information that needs to be changed in your credit report, the next step is to contact the agency in charge of that specific report. It can take some time to dispute incorrect information, so the sooner you begin, the better.
4. Writing a dispute letter. You can find sample dispute letters online that will give you a good starting point for writing this letter. Be professional and include all of the necessary proof that the information is incorrect so the credit agency can make the change.
   • Include copies of any documents that support your position. Do not include the originals.
5. Disputing an item. Typically, the credit agency (Experian, Equifax, or Trans Union) will contact the company that reported the false information, and an investigation will follow to determine whether or not the information is inaccurate.
6. Add accounts to your file. If not all of your credit accounts are being reflected on your credit file, then you may want to ensure that missing information is added. You can achieve this by contacting the companies that aren't reporting your credit history and asking them to begin reporting for you.
   • Not every company is going to want to report this information for you, so it can take some time for you to have this information added to your account. However, if you're diligent, you should be able to have the information added.
7. Following up. Follow up on your requests if you don't hear anything from the credit reporting company within 30 days, as this is the normal length of time for an investigation

The power is in your hands to keep your credit report in good standing. If there is inaccurate information in your credit report, or if important information is missing, then take the steps to get the information corrected. Your next job, home, or loan may depend on it.

It’s important to monitor your credit reports at least yearly. That way, you’ll regularly be able to spot and handle any mistake that occurs on your credit report that could adversely affect you.

Using this process will help you find errors on your credit report and correct them:

1. Go through the report with a fine-tooth comb. When you receive a copy of your credit report, sit down and take the time reviewing it. Consider it an important part of your financial goals to find out what your creditors are “saying” about your financial life.
2. Look at each item. Carefully check each entry to spot any listings that don’t look familiar. If you don’t remember an item, make a note out in the margin, like “What’s this?” or “I didn’t apply for this loan.”
3. Notice names of companies and financial institutions. Are there any you haven’t heard of? If so, put an “X” by them so you can look up the names on the internet. An unfamiliar name may well be the name of a company that is known by various names.
   • Consult your own financial records. If the company still sounds unfamiliar, pull your own financial records for the year in question. Perhaps you’ll see some record of what you did that will refresh your memory regarding that part of your report.
4.  Call the credit bureau where the report originated. If you can’t resolve or figure out a particular listing on your report, contact the bureau who issued the report. Experian, Equifax, and Trans Union each offer customer service and might be able to assist you.
5. Contact the company that you believe has made false claims against you. Try to resolve the situation with the entity directly and insist they make the proper changes to the credit bureau to correct your information.
6. Dispute the claim. In the event you are unsuccessful in resolving a credit issue with a creditor, you can formally dispute the claim. You do this by phoning the credit bureau that produced the report. You can also contact the credit bureau online to fight the claim there. State you want to dispute the claim. You’ll likely have to explain why.
7. Place a fraud alert on your credit report. If your identity was stolen or any of your banking accounts or credit cards were inappropriately used by others, you should contact the agency where you received your credit report and follow their steps to place a fraud alert on your credit report.
   • This way, the agency will monitor your account extra closely to ensure your privacy and security and might even inform you of any action as it occurs on your account under your name
8.  Do your homework. Learn more about credit reporting from the Federal Trade Commission’s website at http://www.ftc.gov/bcp/menus/consumer/credit.shtm.

Your credit report should be an accurate reflection of your financial life. Go through your credit report and examine each entry carefully. Take notes of entities issuing information about you and then peruse your own financial records to support any claims you may use as you go through this process.

Stay on top of your credit reports so you can correct errors right away. Protect your credit and identity by obtaining your credit report at least yearly and following up on questionable data.