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Personal Finance

FICO Scores & Credit Reports, Personal Finance

Is Your Credit History Related to Your Age?

When is the best time to start establishing a healthy credit history?

Although your length of credit history accounts for 15% of a FICO® Score, your payment history accounts for 35% of that score. That means even if you might have had credit for a long time, it doesn’t help you if it’s not a good credit history, which is why credit monitoring and awareness are crucial from the first day you begin to build your credit.

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Personal Finance

Financial Attitude and Financial Literacy

How to Change Both for the Better

Through experience, most of us have learned that attitude plays a big part in the success (or failure) of reaching any goal. For instance, if we want to learn to play the piano but are never in the mood to practice, we probably won’t be playing a concert at Carnegie Hall anytime soon. The same holds true when it comes to Financial Literacy – if you want to learn more about how to manage your finances and make better financial decisions, your financial attitude is a major factor.

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Personal Finance

Passing Financial Literacy onto Children

Teaching children how to manage money starts at home.

According to Wikipedia, Financial Literacy is defined as follows: “the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.”

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Personal Finance

3 Ways of Thinking That Could Increase Your Wealth

When money is tight and worries set in our mindset changes. We start to think in the “why did I?” and “what if?” frame of mind, which not only adds negativity to the situation but also doesn’t help us escape from it. There’s no doubt that making mistakes can teach us lessons. However, if we dwell on the past and worry about the future, we’re not focusing on the present which is where we need to be in order to make positive change.

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Personal Finance

Welcome to Financial Literacy Month – April 2017

Back in March of 2004, a Senate resolution was passed designating April 2004 as Financial Literacy Month. According to FinancialEducatorsCouncil.org, every year the Senate votes on this resolution which states: “…that the President issue a proclamation calling on the federal government, States, localities, schools, nonprofit organizations, business, other entities and the people of the United States to observe the month with appropriate programs and activities.”

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