💰Clean up your creditJan 07, 2024
Happy Monday, Money Makers, we love being in your inboxes at the start of the week because Money Mondays are always full of tips and tricks that will help you along your financial journey.
Today we tell you all about an exciting new tool that will help you easily clean up your credit, a practical way to leverage your personal development, and one of the easiest ways you can make money. All this and more while we supercharge your money, one step at a time!
IN THE STOCKS
- S&P 500 4,697 (-1.52%)
- NASDAQ 14,524 (-3.25%)
- Dow Jones 37,466 (-0.59%)
*Stock data as of closing on January 5th.
THE MONEY BREAKDOWN
Let's break down the financial powerhouse that is credit. In a nutshell, credit is your financial reputation condensed into a numerical score. This score, typically ranging from 300 to 850, reflects how reliable you are when it comes to borrowing money. Whether you're eyeing a new credit card or a mortgage, lenders peek at this number to gauge the level of trust they can place in you. It’s made up of payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).
Think of credit as a roadmap to financial opportunities. A solid credit score opens doors to better interest rates, superior credit card offers, and more favorable terms on loans. It's not just a number; it's the key to unlocking financial freedom and maximizing your potential in the vast landscape of personal finance.
If your credit is in the 400s, 500s, or 600s, making big purchases like a house or car may be tough. But fixing your credit is not impossible. We’ve put together a tool just for you where fixing and building your credit has never been easier. It’s free but there is a cost of $39.95 to link your credit report so we can do our thing. It’s still better than the thousands of dollars credit repair agencies charge. Check it out at milansingh.co/hack-your-credit
MILAN’S HACK OF THE DAY
Build Your Network to Expand Your Mindset
In today’s society, money is a taboo subject but to truly understand money, to master it, and to build a money mindset, you must first begin having conversations about money. And where better to start than with the most successful people?
You are the average of the 5 people you spend most of your time with. Your network is key to getting rich. So get surrounded by other rich and successful people, build a network, talk to them, learn from them, and try out their methods for yourself. Pro Tip: Go to conferences, meetups, and events to meet experts and speak with like-minded people. As your network grows, so will your net worth.
If you’re looking to get ahead of your money, our Top 15 Hacks will help you make, manage, save, and invest your money better. Download them for free at milansingh.co/hacks
OUR FAVORITE TOOLS
The easiest money you could make..
If you’re still saving your money at a bank, or in a regular savings account, you’re missing out on the easiest way you could be expanding your wealth. Regular savings accounts at banks are known for having monthly fees, low interest rates, a high complaint rate, and even multiple legal battles so don’t waste your time trying to maximize your wealth with them.
Instead, open up a High Yield Savings Account that has no account fees, is FDIC insured, and has an interest rate 10x more than the national average. It works exactly like a normal savings account except that now you’re earning passive income while you save.
To learn more about my recommended HYSA, visit milansingh.co/sofi