JANUARY FEATURE
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Building Good Credit is One of the Building Blocks of Financial Security
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Building financial security doesn’t happen overnight.
There are 5 building blocks that you must focus on in order to achieve the best outcome. 1. Understand Good Debt vs. Bad Debt
Not all debt is bad. A student loan is an investment in your education for the future. A mortgage is an investment in creating a valuable asset for life. A good rule of thumb is to avoid debt with an interest rate greater than 5%. 2. Build Good Credit Your credit score is key to virtually every financial event in your life, and the better your credit score the better the financial terms you will be offered. That means more money in your pocket that you can put towards saving or investing in your future. |
3. Start Saving for Your Lifetime
Everybody needs money for a rainy day, a loss of employment, a vacation or a major purchase. The sooner you make this a habit the sooner you’ll feel good about having these funds set aside when you really need them.
4. Invest in Your Future
Investing is different than saving. Investing allows you to maximize your hard earned money and let it work for you for the long term – especially when you retire.
5. Insure Your Future
Don’t let unforeseen tragedy ruin all the hard work you put into building your financial security. Insuring your assets, your health, and your life is an important way to take care of you and your loved ones.
eCredable has several tools you should take advantage of to help build your financial security depending on where you are in your journey:
Everybody needs money for a rainy day, a loss of employment, a vacation or a major purchase. The sooner you make this a habit the sooner you’ll feel good about having these funds set aside when you really need them.
4. Invest in Your Future
Investing is different than saving. Investing allows you to maximize your hard earned money and let it work for you for the long term – especially when you retire.
5. Insure Your Future
Don’t let unforeseen tragedy ruin all the hard work you put into building your financial security. Insuring your assets, your health, and your life is an important way to take care of you and your loved ones.
eCredable has several tools you should take advantage of to help build your financial security depending on where you are in your journey:
- Just getting started – use eCredable Lift to get a credit score just by reporting your phone and utility bills to TransUnion.
- Preparing for a major purchase – use eCredable LiftLocker to manage your money and your credit in one app, and get prepared for major purchases like buying a car or a home.
- Building a small business – use eCredable Business Lift to build business credit you can leverage and minimize the use of your personal credit in your business.
Contact us anytime. |