Category: Personal Finance (Page 1 of 5)

Credit Scores Are Easy To Raise: Reach Excellent

Your credit score determines how trustworthy you are to the lenders eyes so maintaining a healthy score is very important.

Especially if you’re looking to make a big purchase like your first home.

Whether you’re looking to add points or reach an excellent score, here’s how to increase your credit score.

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#1. Be Active

You will need to be active if you want to increase your credit score.

If you’ve just graduated from high school chances are you have 0 credit score.

You’ll need to be active by opening up accounts under your name.

If you’ve had more experience economically but are debt free, you too will need to open accounts in order to increase your credit score.

Reaching an excellent credit score will require that you have quite a history of credit use and will also be earned by a number of factors.

Let’s start with the easiest form of building credit.

#2. Utilize A Credit Card

One of the easiest forms of building credit is to utilize a credit card.

If you’re fresh out of high school, it can be a great way to begin building your credit through small purchases from which you can pay back once your statement has been provided to you.

Do not take up a credit card unless you are working.

A credit card is not free cash.

A credit card is merely a tool for you to prove to lenders you are responsible enough to handle a credit line.

I’ve compiled a list of ways to use a credit card responsibly here.

If you’ve used a credit card in the past but have since then buried them or your credit card expired, you’re going to need to be active once again.

Use a credit card with a low credit line just so you may continue to show lenders a history of active credit use.

Here are a few great ways you can use a credit card in order to show history while staying out of credit card debt:

Do’s

  • Use it at the gasoline station
  • Buy small groceries
  • Purchase a book from it
  • Treat yourself to lunch/dinner once a month

As you can tell from the list, these are all small ticket items you can pay back without any problem.

The key to using a credit card responsibly is to use it on things you can pay back then and there without using the credit card.

This trick will allow you to begin building your credit score from scratch and to increase it as well.

Here are the don’ts to using a credit card:

Don’ts

  • Don’t buy luxuries (tv, game consoles, phones, etc.)
  • In other words, don’t buy anything that will require you to make payments (stay away from creating that debt)
  • Do not use more than 30% of your initial credit line
  • Stay away from the quicksand (read more about it here)
  • Keep using debit for all your bills, never use your credit card for those

Let us know in the comments section below how you’re using your credit card. Have you been using it wisely or do you have credit card horror stories to share with our readers?

What happens if I stop using my credit card?

If you stop using your credit card it will automatically deactivate after 3 months of no use.

Your credit score won’t go down but by deactivating your credit card, your chances to raise your score become slimmer.

This is why it’s important to be active with your accounts.

#3. Use An Auto Loan to Increase Your Credit Score

At some point in life, you’re going to need your own transportation, especially if you’re in the states.

An auto loan is a great way to lock you in a term of non-stop credit achievement.

While staying out of debt will become a goal for you at some point, your first auto loan will also give your credit score a massive boost which will help increase it to excellent.

Auto loans show lenders commitment and responsibility.

Each month you pay your vehicle on time will essentially reflect on your credit score throughout the years of your term.

You do not necessarily have to finance a new car.

Start with a used and reliable vehicle that isn’t so expensive.

This car should only be a tool from which it can transfer you from point A to point B while allowing you to allocate points to your credit score.

Your credit score will spike once you have paid the vehicle off.

Again, the point is to increase your credit score effectively without drowning yourself in debt.

What if I make two payments per month on my car?

Your credit score won’t really be phased by making more than one monthly payment on your car. It will only close the account quicker.

Credit scores evaluate on-time and late payments, not so much the number of payments within a statement.

#4. Pay Your Tuition

This will apply to those who carry a student loan.

If you’ve decided to further your education in order to start a career you’ll understand student loans are no joke.

While it takes most of us a long time to close these tuitions, they certainly play a big role in our credit history and help increase our score throughout the years.

While it’s easy to disregard them once we graduate or even years beyond, it’s important to continue paying your tuition off.

If you continuously paid for your tuition while you were enrolled in school, then you most likely graduated with some credit score to your name.

Tuitions can easily become a hinderance once we’ve begun to take on more from life in general.

Fortunately, tuitions can be put on forbearance.

If you find yourself needing to take some time off from student loans, take the opportunity to gather your finances before continuing to pay off the debt.

This strategy will allow you to safely put your loans on hold without it affecting your credit score.

Once you’re ready, start aiming for that excellent credit score!

What happens if you pay your student loans all at once?

If you were paying your student loans and all of a sudden come across the opportunity to pay off your entire tuition that’s amazing!

As soon as you close your tuition account you will see a huge spike in your credit score.

Every time you close any account, you should get an email regarding one of your accounts has been closed.

If you personally don’t have any student loans but your child does, pay it a few months to increase your credit score before fully paying it off and eliminating that liability.

#5. Pay Your Rent on Time

Though this might seem like a no-brainer, it must be mentioned.

Pay your rent on time in order to increase your credit score.

Whether you’re currently financing a home or renting, timely payments builds trust with lenders and property managers.

The last thing you’d want is to run into a bad rental history when applying for a bigger unit or a new home.

Impress lenders with a great record of paying rent on time.

This will increase your credit score and help you reach an excellent score quicker.

Rent should be one of your biggest priorities.

Utilities Also Help Increase Your Credit Score

Gas, electricity, water, garbage, & internet all help increase your credit score.

All bills have a due date and accumulate towards helping you reach an excellent credit score.

Keep in mind that if your utilities are not under your name (e.g., your spouse) then you will not earn points.

This applies to any bill you might pay but don’t otherwise have your name to.

What If I have A Lot of Debt?

If you’re have a ton of debt, continue paying down your debt.

Never stop paying down the minimum.

Although your debt continues to grow due to interest, you’ll have to keep paying it off so that your credit score is not affected.

Read: Debt Sucks | Here’s How To Pay Off Thousands In Debt

We published a post on the best strategy to pay off debt using the snowball effect method.

If you are having difficulty paying off your debt, be sure to read it and begin to start changing your life today.

Should I Open Multiple Credit Cards?

Opening multiple credit cards will result in a higher possibility of falling into credit card debt.

One credit card is enough to boost your credit score even after you’ve managed to pay off large amounts of debt.

Also, the more credit cards you apply for will result in a drop of credit score.

Keep an eye out for it as it will happen even when you apply for your first one.

Do not worry as it is normal and will eventually pick up after a few months of you establishing trust with the lender.

Do not open multiple credit cards and do not spend more as the lender increases your credit line.

It’s how they get ya! Do not fall victim of this quicksand.

What if I have a business and need the credit lines?

If you’re a small business and you need the credit lines to grow, then it should be no problem.

It only becomes a problem if you can’t repay your balance when you receive your statement.

What are the best type of credit cards to use?

Use a credit card that’s going to provide you with more value than just borrowing money in advance.

One of my credit cards give me cash back, or discounts on certain purchases.

This money accumulates over time resulting in money being saved over a long period of time. Another benefit this card has is that it has 0% APR during its first year.

0% APR cards can help you out of a sticky situation.

You can use this card to close the balance of another card that keeps rolling over in interest.

The 0% APR card allows you to pay your balance without the extra fees.

Cards like these can actually help you recover from debt and increase your credit score at the same time!

Will checking my credit score drop it lower?

Despite what someone older than you might have said, no; checking your credit score does not lower it.

What causes credit score to drop?

  • Late payments
  • Accounts sent to collections
  • Hard inquiries on an account
  • Any sort of temporary credit score check

The only exception on this list is the last bullet. Whenever you’re applying for something that requires a credit score check know that it will drop.

This is only temporary however and you can expect your score to rise after a few weeks to a few months.

How Do I Reach an Excellent Credit Score?

How Do I Reach An Excellent Credit Score?

An excellent credit score will require you to reach a 700+ credit score.

In order to reach a 700+ credit score you will need to have a great history of paying on time.

The more accounts you have open will mean the greater chance you have of obtaining an excellent credit score sooner than later.

While balancing a car loan, tuition, rent, and a credit card simultaneously can sound stressful, it’s certainly doable given that you are managing your finances properly.

Most people will buy too much car, or too much house and get themselves into credit card debt. It’s these sort of financial horror stories you do not want to live.

Even if you aren’t simultaneously paying different lenders every month, the important thing is that you’re responsible with the expenses you do have.

Pay on time every month and your credit score will continue to increase no matter how long it takes to reach an excellent credit score.

Frank Nez How To Get Clients To Pay You When They're Past Due

What’s Your Credit Score?

Let us know what your credit score is below. Do you have an excellent credit score? Share with our readers what you’ve done to increase your score!

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I Made A Whopping $65K Online Without Showing My Face

Are you wondering how to make money online without showing your face? This December I’m receiving a $65K payout from September’s ad revenue.

You read that correctly, that’s in just one month.

What’s even more mind boggling is that I earned this incredible payout from the comfort of my home.

In fact, January’s payout is looking like a $40K – $50K month, another massive month.

I literally went from earning my first $100 online to then my first $1,000 before ultimately hitting $8K per month.

How did I make such a big jump without any employees or a team this year?

Simple, I was able to break into a much bigger market which exposed me to millions upon millions of more people.

How to make money online without showing your face.

What’s wild is I made all this money online without showing my face through my blog.

Does this mean you have to start a blog too? Well, not exactly.

I help you identify which online platform and method is best for you in my book, “Unlock Your Personal Brand”.

But for now, I’m going to break down 3 ways you can start making money online without showing your face down below.

For those who are new to the online money-making game:

  1. Yes you can become an influencer without showing your face, I know many and will show you how.
  2. Yes you will have the opportunity to make money while you sleep.
  3. And yes you will (with time) have the time and financial freedom to spend your day and money however you’d like.

Quick facts:

  • I made my first $10 online writing music reviews on a website I created in 2019.
  • I also started to generate around $300 per month selling merchandise on eBay as a side hustle.
  • Then I created my blog in 2020 which now receives around 2 million views per month and generates 5-figures monthly.

Now, let’s get to it.

How To Make Money Online Without Showing Your Face

How to make money online without showing your face

Making money online without showing your face is something anybody can do, but especially you.

The fact that you have landed here shows effort and a willingness to start.

And if I’m being honest, that’s literally all it takes, that same consistency.

Now, there are 3 major ways on how to make money online without showing your face.

  1. Podcasting – What I love about podcasting is that you don’t necessarily have to show your face since the content is being consumed in audio format.
  2. YouTube Shows/Series – Creators are making money online without showing their face on YouTube by creating shows or series that don’t necessarily involve being in front of the camera.
  3. Blogging – Blogging is all about writing. This is a great way to build an online presence without the world having to hear your voice or see you on screen.

Chances are you want to make money online without showing your face because you’re an introvert, I’m one myself!

A smaller percentage of you simply don’t want the fame and are more private, though you wouldn’t necessarily consider yourselves an introvert, and that’s cool too.

But how do you make money online anyway?

In my book “Unlock Your Personal Brand” I go over what the best online method for you may be and also walk you step by step on how to start as early as today.

However, for the sake of this blog post, I will summarize some of the key points just for you.

Last month I made nearly $65K online without showing my face just from ad revenue.

Whether you decide to start a blog, a podcast, or a channel, you will want to start making money through ad revenue first.

How to make money online without showing your face
How to make money online without showing your face.

What’s incredible about making money online and why it’s such an attractive career today is because of the massive leverage creators have at their disposal.

Whether you run a blog, podcast, or YouTube channel, you have the ability and tools at your disposal to get paid by millions upon millions of people for only creating a piece of work once.

This is what is known as ‘leveraged income’.

It’s when you create something once and get paid for it multiple times.

That’s the power of online leverage.

How To Start Making Money Online

The first thing you have to do to start making money online is identify which platform you will be taking on.

You can start a blog with Bluehost, create a podcast, or start your very own YouTube channel to start making money online without necessarily having to show your face.

The second step is to monetize your blog, podcast, or YouTube channel with ads.

For a blog, you’ll want to start with Google AdSense. For a podcast, you’ll want to sign up with PodBean.

And for YouTube, you’ll need to first reach 1,000 subscribers and 4,000 hours of watch time to qualify.

How Much Money Can You Make Online?

Honestly, there is no limit to how much money you can make online due to the massive leverage at the disposal of content creators.

You can make as much money online without showing your face depending on how many hits your platform receives.

Can You Become An Influencer Without Showing Your Face?

Absolutely. More and more people are becoming influencers on social media without showing their face.

The key here is knowing how to position yourself to achieve this goal.

In my book “Unlock Your Personal Brand”, I go over in detail how to market and promote yourself to attain the online success you desire.

Anyone can start a blog, a podcast, or a YouTube channel.

However, your work needs to be seen and heard for your success to grow.

My blog only received 8,500 views its first year. In my second year, the blog received 3 million views.

Nearly four years after starting, my blog has amassed more than 12 million all-time blog hits from the time of this publication.

I quit my job during my second year and never looked back.

I often tell my fiancé, “more people need to live like this.”

Believe me when I say that if I could do this, you can do it too.

Last month I made a whopping $65K online without showing my face and the only way to describe how I feel is grateful.

If you’re serious about learning how to start this new journey, I highly recommend reading the gems in “Unlock Your Personal Brand”.

It’s only $12 but my readers get a discount using code: THENEZ.

  • Here you will identify how to make money online from scratch, via a platform that best suits you.
  • You will learn how to market your brand to the world.
  • How to build relationships that will exponentially grow your platform.
  • How to position yourself as an authority and gain influence, and much more.

If you have any questions I’ll be more than happy to answer them in the comment section down below.

Also, if you’re interested in learning more ways on how to make money online, read my new segment “The Money Blog”.

You can follow me on Instagram.


3 Ways to Navigate the Rising Cost of Living

how to navigate rising cost of living
Educational: How to navigate the rising cost of living.

According to the World Economic Forum, around 16% of Americans say they are struggling financially and some economists have warned that the U.S. is on the verge of a cost of living crisis due to rapid inflation.

As the festive season fast approaches the cost of extras such as gifts, food and drink, and travel can place a strain on many households that are already finding it difficult to meet their daily expenses.

To help you take charge of your finances, this article has outlined some helpful ways to increase your disposable income and make these uncertain times a little more manageable.

Generate an Extra Income Stream

Aside from your nine-to-five, there are many simple and enjoyable ways in which you can generate some extra income.

One of the best ways is by starting a side hustle in any number of different areas.

Whether it’s paid online surveys from the comfort of your own home or creating an online course teaching students a subject you are an expert in, such side hustles can help to boost your monthly paycheck.

You may have a talent for photography or be a skilled software developer.

No matter your area of expertise, put your skills to good use by taking advantage of some of the online learning platforms that are now available.

If you prefer something more hands-on, you can offer your services by dog-walking, babysitting, or cake-making from your own kitchen.

Another great way to earn a passive income is by renting out a spare room to a tenant.

Lenders such as My Canada Pay can help you with the start-up capital you need to fund your new business idea.

Related: 5 Easy Ways to Earn Leverage Income

Sell Unwanted Things

Declutter your closets and storage spaces to gather items you no longer want or need.

Rather than have them take up space in your home, there are many sites such as eBay and Facebook Marketplace where you can sell possessions such as clothes, jewelry, gift cards, and books helping you bolster your bank balance.

There are also many second-hand luxury sites that cater to high-end or luxury items such as watches, designer clothes, and handbags.

If you have any antiques, heirlooms, or glassware that are gathering dust it is worthwhile getting these items valued.

If they do not hold significant meaning, you can then sell these through a reputable dealer or an auction house.

Prepare Your Own Food

The cost of eating out and ordering in takeaway can easily mount up. Buying your groceries in accordance with what you will prepare for the week ahead can help you budget more wisely and also reduce the cost of food wastage.

According to a study from Penn State University, U.S. households waste nearly a third of the food they acquire, the cost of which amounts to about $1,866 per household per year.

By being more mindful of your food spending habits you are more likely to buy only what you need, cutting down on excessive and unnecessary purchases.

By following the tips outlined, you can help to boost your household’s monthly income making it a little easier to navigate these times.


How to Get Your Money Right in 2023

Personal finance: How to get your money right in 2023.
Personal finance: How to get your money right in 2023.

As the new year approaches, many people take the opportunity to reflect on their financial goals and make resolutions for the coming year.

Whether you are looking to save more money, pay off debt, or invest in your future, there are many strategies you can use to improve your financial situation.

In this article, we’re going to go over 5 key things that will help you get your money right in 2023.

#1. Budgeting is Underrated

One of the most important things you can do to improve your finances is to create a budget.

A budget is a plan that outlines how you will spend and save your money each month.

By keeping track of your income and expenses, you can ensure that you are living within your means and making the most of your money.

One key aspect of budgeting is to track your spending.

This means keeping a record of everything you spend money on.

By paying attention to where your money is going, you can identify areas where you may be able to cut back or save more.

Or if you’re like me, identify what it is you really like spending money on, and let that be a drive to increase your income.

But more on that later.

#2. Setting Financial Goals

Another important aspect of budgeting is setting financial goals.

Whether you want to save for a down payment on a house, pay off credit card debt, or save for retirement, having specific goals in mind can help you stay motivated and focused on your financial progress.

Getting your money right in 2023 is going to require you to really narrow down on what you’re trying to accomplish financially for the new year.

It’s important to note that it is never too late to set financial goals.

However, the earlier you get serious about meeting your financial goals, the sooner you will be able to realize your potential.

As soon as you’re done writing these goals, begin creating a plan of action.

Write down what you will be tackling with sheer focus for the new year to meet these goals.

Don’t just make it a goal, create a real plan.

#3. Increase Your Income

In addition to budgeting and setting financial goals, there are many other strategies you can use to improve your finances in the new year.

One strategy is to increase your income.

This could involve asking for a raise at work, taking on additional freelance or part-time work, or starting a side hustle.

When I was working for the family business, I was still looking for ways to increase my income.

Although my income was going up every year and I had a ‘safe’ career, I wasn’t satisfied.

I started a blog, learned how to earn 6-figures with it, and created time-freedom.

Increasing your income is going to provide you with opportunities to create an income generating side hustle on the side and give you the means to save or invest more for the new year.

Related: 5 Easy Ways You Can Earn Leverage Income

#4. Reduce Unnecessary Expenses

Another strategy is to reduce your expenses.

This could involve cutting back on unnecessary expenses, such as subscription services or other bad habits that aren’t serving you.

Finding ways to save on everyday expenses, such as by shopping around for the best deals is a great way to keep your money in check.

Anyone can be wasteful or careless with their money.

Keeping an eye on where your money is going at all times separates careless spenders from responsible spenders.

#5. Invest Your Money

Another way to improve your finances is to invest in your future.

While investing carries risks, it can also provide the potential for long-term growth and financial security.

Investing in index funds such as the S&P 500 will not only yield dividends, but your portfolio’s value may also grow substantially in the next bull market.

While investments tend to fluctuate, the greater markets tend to trend up long-term.

Never invest more than you’re willing to lose, work towards generating and increasing your income, and you’ll feel on top of the world.

#6. Build a Strong Emergency Fund

Finally, it’s important to have an emergency savings fund in case of unexpected expenses or emergencies.

This could be a savings account or other liquid investment, such as a money market fund, that you can access quickly in case of an emergency.

Having a strong emergency fund is like wearing strong armor in life.

An emergency fund will help you pivot when you’ve taken financial hits, such as losing a job, drop in business revenue, or losses in the market.

Your emergency fund should help you get on your feet if you happen to experience a financial bump in your journey.

Nothing feels greater than when you increase your income, know where your money is going, have your money working for you, and have a strong emergency fund to back you up should you take a small or big hit.

Stay Focused and Patient

As you work to improve your finances in the new year, it’s important to be patient and consistent.

Building wealth and improving your financial situation takes time, and it’s important to stay focused and dedicated to your goals.

It can also be helpful to seek the guidance of a mentor or people who are already where you want to be.

Overall, the new year is a great opportunity to take control of your finances and work towards a more secure financial future.

By setting goals, creating a budget, increasing your income, reducing your expenses, investing in your future, and building an emergency savings fund, you can take steps towards improving your financial situation and achieving your financial goals.

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How to Stretch Your Budget for Your Holiday Cooking

how to stretch your budget for holiday cooking
Personal finance: How to stretch your budge for holiday cooking | How to budget holiday cooking.

Holiday cooking can be a fun and enjoyable activity, but it can also be a significant financial burden if not properly planned and budgeted for.

Planning and preparing meals in advance can help you save money and reduce stress during the busy holiday season.

Here are some tips for managing your finances and incorporating affordable and delicious recipes into your holiday cooking:

How to Save Money on Holiday Meals

how to save money on holiday meals

#1. Make a Budget

Make a budget and stick to it: Determine how much you can realistically afford to spend on holiday meals and stick to that budget. This will help you avoid overspending and ensure that you have enough money to cover all of your holiday expenses. Consider shopping sales and using coupons to save money on ingredients.

#2. Plan Ahead

Plan ahead: Make a list of all the dishes you want to prepare and create a shopping list based on the ingredients you will need. This will help you avoid impulse purchases and ensure that you have everything you need when it’s time to start cooking. Consider making some dishes in advance and freezing them so you can just defrost and reheat on the day of your event.

#3. Shop for Ingredients at Affordable Stores

Shop for ingredients at affordable stores: Consider shopping at discount stores or farmer’s markets to find affordable ingredients. These options may not have the same variety as a traditional grocery store, but they can still provide high-quality ingredients at a lower cost.

#4. Make Use of What You Already Have

Make use of what you already have: Before you start shopping for ingredients, take inventory of what you already have in your pantry and fridge. You may be able to use up some of these items in your holiday recipes, saving you money on ingredients.

#5. Consider Alternative Ingredients

Consider alternative ingredients: Instead of using expensive or hard-to-find ingredients, consider using more affordable alternatives that will still add flavor to your dishes. For example, you can use chicken broth instead of beef broth, or canned tomatoes instead of fresh.

#6. Use Less Expensive Cuts of Meat

Use less expensive cuts of meat: Rather than using expensive cuts of meat, consider using cheaper cuts that can be slow-cooked or braised. These cuts tend to be more flavorful and tender when cooked slowly, and they can be a more affordable option.

Budget-Friendly Yet Tasty Holiday Meals

Cheap recipes for the holidays.
Cheap recipes for the holidays.

Now that you have some tips for managing your finances during holiday cooking, here are a few affordable and delicious recipes to try:

  1. Slow-Cooker Pot Roast: This recipe uses a cheaper cut of meat, such as chuck roast, and slow cooks it in a mixture of broth, red wine, and vegetables. The result is a tender and flavorful pot roast that can be served with mashed potatoes or other side dishes.
  2. Spaghetti with Meatballs: This classic recipe is always a crowd-pleaser and it can be made with affordable ingredients such as ground beef, breadcrumbs, and canned tomatoes. Serve it with a side of garlic bread for a complete meal.
  3. Roasted Vegetable and Quinoa Salad: This recipe is perfect for vegetarians or for those looking for a healthier holiday option. It combines roasted vegetables, quinoa, and a homemade vinaigrette for a flavorful and satisfying dish.
  4. Slow-Cooker Chicken and Dumplings: This recipe uses a whole chicken, which is a more affordable option than buying individual cuts of meat. It also uses pantry staples such as canned vegetables and biscuit mix to make dumplings, making it a budget-friendly option.

By following these tips and trying out some of these recipes, you can enjoy a delicious holiday meal without breaking the bank.

Happy cooking!


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