STRATEGIES For financial success!
by Dr. Melissa Griswold, Ph.D.
by Dr. Melissa Griswold, Ph.D.
Your credit score will impact the rate of interest you pay on future loans. Do you know the 5 factors used to determine your credit score? When was the last time you reviewed your credit report?
Should you have a credit card?How many? What impact does credit card use have on your credit score? Are you a "convenience user" or a "borrower?"
What type of home mortgage should you consider? How long should you finance your mortgage? What is escrow? Ernest money? A point?
How much can you comfortably afford to borrow? Yes, your income is a factor. But an additional factor is your overall debt. The 28/36 rule will help you keep your debt levels in check. This section explains the 28/36 rule plus other debt capacity measures.
When should you start planning for retirement? And which plan should you choose? Employer sponsored retirement (401K's and 403B's) along with non-employer sponsored retirement (IRA's) are viable options. Once you choose a retirement plan, you have to choose where to invest your contributions.
Once you reach the maximum of your company match, open an investment account. What is an exchange traded fund? What strategies are available to reduce the risks of investing? Mutual fund? Index fund? Which should you consider and why? What is a bond?
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