Though it may not be common, be aware that criminals can steal a child’s social security number and use it for things like opening a line of credit, which can then lead to things like applying for government benefits in the child’s name, buying high-cost items, etc. The Federal Trade Commission, the government agency responsible …
Borrowing & Credit
Free Credit Report
It is a good idea to review your credit report on an annual basis. Why? First, when you review your credit report, you may find opportunities to improve your credit score. Second, to identify signs of identity theft. Are there credit cards or loans open under your name with which you are not familiar? Third, …
Second Homeownership
Snowbirds: Second Homeownership ft. Melissa Joy Transcript: “Welcome to a Word on Wealth, a Stephens Wealth Management Group podcast focused on topics of interest to business owners as well as couples and individuals on the Glide Path to or in early retirement. We discuss topics of interest to you and hope to bring clarity to …
Good Vs Bad Debt
So, some people believe that you shouldn’t EVER have debt. I don’t subscribe to this theory. There are times when debt may help. What is the difference between “good” debt and “bad” debt? Well, a simple answer is that good debt helps you finance something that will potentially increase in value, for example, a mortgage. …
Student Loans
Forbes published an article about the student loan debt crisis a couple of years ago. Among the concerning statistics shared in the article, there was this little tidbit….student loan debt has now surpassed credit card and auto loan debt, making it the second highest consumer debt category, totaling more than $1.5 trillion. Unfortunately, dealing with …
Credit Card Debt
Welcome to October, which is National Credit Card Awareness month! There was an article published on the Credible financial website that did a survey of 500 Americans with credit card debt. The survey said that of those survey participants, age 18-34 years, 33%+ said that debt is the scariest thing in their life. Just over …
Credit Card Benefits
We all know the basic benefits of a credit card—allowing you to pay for things over time and building your credit, and you might even be familiar with rewards such as cash back, miles, or points, as I talked about in last week’s blog. That said, I recently opened a business credit card and was …
Credit Card Travel Hacking
Gen Y & Z are seemingly obsessed with “hacks”. I know my 12-year-old son is always talking to me about various “life hacks” that he sees on TikTok. But one of the original life hacks is using credit cards for travel hacking—basically, using credit cards to the fullest to try to get things like free …
Credit Scores
In honor of Financial Literacy month, I’m sharing important information related to credit scores. Do you know what your credit score is? And what it means? First, shout out to my dad who is turning 69 today. Happy birthday, dad! Here is the range for Credit Scores: *Source: https://www.experian.com You can check your score for …