Owner: Moolanomy - The Science of Money URL:http://www.moolanomy.com/ Join Date: Thu, 26 Jul 2007 08:03:24 -0500 Rating:0 Site Description: Personal blog about my journey to improve my personal finance knowledge, and the things I am doing to build a $1 million investment portfolio by 2017. Site statistics:Click here
Review of Building Wealth: A Beginner’s Guide to Securing Your Financial Future 2007-07-25 06:45:03 In my top 10 list of personal finance lists, the first link takes you to a list of 30 free personal finance eBooks. I had the pleasure of reading the first eBook, BuildingWealth
: A Beginner
’s Guide
to Securing Your FinancialFuture
by the Federal Reserve Bank of Dallas.
What I like
This is one of the best beginner’s guide I have seen in years. I usually go straight for Dummies books when I am in new territory; but for the price, this one definitely trumps Personal Finance For Dummies (which I thought was pretty good).
It touches the full gamut of personal finance topics including the definition of wealth, budgeting, how to save and invest, how to take control of debt, how to protect your wealth, and it ends with a great glossary of financial terms. Although it covers a wide range of personal finance topics, it does a good job of going over all the important details - i.e., it covers all the major investment and insurance types.
The book was very easy to read, got some
Top 10 list of personal finance lists 2007-07-24 11:08:05 I have been reading a lot lately trying to bring myself back up to speed about personal finance
matters. In the past two weeks, I came across a lot of good resources. Since I am having a serious case of writer block today, I will just share links to 10 of the best posts and articles:
30 Free eBooks to Learn Everything You Want to Know About Personal Finance by Cap at Mint.com. I am not sure how Cap found all these free eBooks, but the list is awesome. I will be busy the next few months reading all these eBooks. Reviews on a few of these eBooks are coming soon over the coming months.
Building a Personal Finance Library: 25 of the Best Books About Money by JD at Get Rich Slowly. This list contains excellent personal finance
books. I haven’t read all the books listed here and I am looking forward to read them. I think The Millionaire Next Door will be my next book.
102 Personal Finance Tips Your Professor Never Taught You by Ask The Advisor. This is a good
Destroy 50% of your wealth investing in mutual funds 2007-07-23 14:10:20 Yes, you read it right. Given enough time, Mutual funds can literally siphon off over half of your investment. Personally, own shares of several mutual funds — i.e., I don’t have any other option beside mutual funds when I am investing my 401k. Funds are also convenient for smaller investment amount where stock investment would not provide enough diversification and the commission fee would eat up a large percentage of the investment.
However, what I am about to show you may convince you stay away from mutual funds forever. Here’s why…
Let’s take a look at $10,000 invested over 30 years with an average annualized gain of 10% (see chart below)
Now, let say you invest in a fund with an expense ratio of 0.5% (typical for index funds), after 30 years you would be sitting on $150,132 and paid a life time total of $24,362 (or 14%) in expense fee. Now let’s look at another example, if you invest in an exotic mutual fund with an expense rati
Personal Finance Resources 2007-07-23 08:51:51 This post will be regularly updated with personal finance specific resources, directories, forums, blogs, portals, etc. If your site is not mentioned, please submit comment with your site information.
Directories
Best of the Web Blogs - PR5, $4 for express submit, must be active and 6 months or older to submit
Blog Flux Directory
Money Smartz - PR4
Forums
Get Rich Slowly - 5 forums with 475 users and 5,560 articles (as of 7/23/2007)
MBN Forums - 7 forums with ___ users and 10,541 articles (as of 7/23/2007)
SavingAdvice Forums - 15 forums with 12,092 users and 124,118 articles (as of 7/23/2007)
Blogs
Clever Dude - personal finance & money
Financing Your Family - family finance, saving money, and getting out of debt
Get Rich Slowly - personal finance that makes cents
Money, Matter, and More Musings - musings on money, personal finance, frugality, debt, and other matters
My Money Blog - personal finance and investing blog
Personal
Finance Advice - personal finance advice Read more:Resources
Funding 401k and IRA without cash 2007-07-22 22:22:39 Okay, this post was originally about how I recently had to sell mutual fund shares in my Rainy Day Fund so that I have enough money to contribute $2,000 to each of our IRAs. I was going to tell you that it’s been tougher to contribute to IRA in the recent years because I got married, refinanced the house, spent more money, etc. But now that I gave it some thought, I am renaming this “The big fat lies that Corporate America and the US Government are feeding us“.
In the past 7 years, 401k limit risen from $10,500 in 2000 to $15,000 in 2007 — a 43% increase. Similarly, IRA limit doubled from $2,000 to $4,000. In the same time frame, many companies replaced their pension plans with a new and more robust investment vehicle called 401k. 401k is a lot more flexible and can be customized to everyone needs. At the same time, we learned that our Social Security system that’s in trouble, but not to worry, our government is helping by increasing the Read more:Funding
Net Worth: How do you stack up? 2007-07-20 19:34:34 This is going to be a fairly short post, I came across the CNN Net worth calculator by following the link from The Get Rich Slowly Forums topic that asked the question of how much should someone save by the time they are X years old.
I punched in my numbers and I am glad to say that I am doing quite well compare to people at my age and income (according to the calculator anyway).
Actually, it’s kind of scary that the median net worth for a 33 years old is only $2,125.
Read more:Worth
, Net Worth
Make money being a Blogger 2007-07-19 19:36:14 Is it possible to make money from a web site? Certainly, my other site made over $5,000 in 2005 before I gave it up (the subject was not appealing to me anymore, and I got tired of all the spams). Of course, this is nothing compare to many other sites, but that’s life. With a good web site you can build up both your revenue and asset — i.e., you can sell your web site and/or domain name. For example, just recently Business.com and its underlying business was valued at $400 million.
Last night I was trying to catch up on the latest tips and tricks on blogging, and came across Lifehack.org’s 101 Steps to Becoming a Better Blogger
. Althought the title is somewhat misleading, the post was a good one. I don’t think the post can really make you become a better blogger, but it definitely points out many possible things to make your blog more successful both in popularity and financially. I will surely reference it often to keep this blog moving in the right direction.
Rainy day fund and missed opportunities 2007-07-18 20:44:47 First, I have little experience investing in IOUs like bills, notes, and bonds — except for the occasional dabble in bond funds. I came across Treasury bills for ordinary folks at Wise Bread last night and thought the article was well written — definitely worth a read if you are inexperience with IOUs. The article also went on to say that investing in Treasury Bills is a good option for your Rainy Day Fund.
I think the concept of having an emergency fund equal to 3-6 months of living expense has its merit. However, like other insurance plan (you are basically insuring yourself), the plan may not be right for everyone. Here’s why…
Personally, I don’t have a true emergency fund except $20,000 in mutual funds that I can readily liquidate. Yes the stock market can crash tomorrow and I can lose 30%. But accepting this risk allowed me to double its value since I first put it together in 2002. This sure beats having my money linger in low yielding money market a
Want more money? Ask for it! 2007-07-17 20:50:50 In “Wealth building made REAL simple“, I discussed the 4 basic ingredients of wealth building. The first ingredient is increasing your revenue. One way to do this is by earning more from your job. Here are a few options to get the most money out of your current job…
Higher wage or salary – you can ask for a raise (see below) or try to go for a higher paying job.
More overtime — the amount and opportunity will depend on your job, but there is a better chance to get overtime if you make it known to your boss that you are available upon request.
Volunteer to be “on call” — some jobs pay you a small amount to be on call in exchange for you to be ready to be at work within 1 or 2 hours. You can still have limited freedom on your days off, and also have the first dip on overtime if the need for your service arises.
Ask for special assignments — some assignments take you away from your home or office for a period of time. While you are o
Wealth building made REAL simple 2007-07-16 18:13:53 I have read many personal finance books, and found many of them to be boring and intimidating. They usually go into great detail about setting your financial goal, budgeting, etc. — but they don’t tell you the big picture in a simple and concise way. As the most financially astute person in my family, I came up with the following simple explanation, so that I can help them gain a better understanding. Here it is, wealth building in a nutshell…
Wealth
building has 4 basic ingredients:
R = Revenue
E = Expense
A = Asset
L = Liability
You can group these into 2 groups:
Builders = Revenue and Asset
Bleeders = Expense and Liability
To build wealth you have to focus on increasing your Builders and decreasing your Bleeders.
That’s the whole idea. Now let me explain…
Definition of the 4 basic ingredients
Revenue
This is your gross income, and there are many sources:
Your job (as an employee or a self-employed person)
Your business
Income generated by your A
Market slides, investors hang on tight! 2007-07-28 08:55:51 In the past few days, there was a lot of gloom and doom talk about the stock market that closed 13,265.47 on Friday, July 27 off the record high of 14,000.41 sets on Thursday, July 19 — a 9.47% drop in 6 days.
If you are new to investing, or just invest for the short-term, this is a scary drop. You may begin to think that stock market is like a roller coaster ride — a gamble at best. Here’s what the past 5 days look like:
But one nice thing about roller coaster is that you will be safe as long as you buckle in and hang on tight
. But if you try to jump off in the middle of the ride, that’s when you will hit the bucket. Now, take a look at the stock market from 1950, and see if it’s really that gloomy.
Would you believe that the chart includes at least 12 Bear markets*:
1956 to 1957: 19% drop from 521 to 420
1960 to 1960: 17% drop from 685 to 566
1961 to 1962: 27% drop from 735 to 536
1966 to 1966: 25% drop from 995 to 744
1968 to 197 Read more:Market
Are you wealthy? Here’s a test 2007-07-27 09:40:05 To many people, wealthy means having an abundance of material possessions. Wealthy people are those that own big houses, luxury cars, yachts, expensive watches, etc. But is that really wealthy?
For me, I would consider myself wealthy when income from my assets can cover all my family living expenses and a few luxuries. There is no magic number. But when both my wife and I can choose to live without working, that’s when we are wealthy. However, we do have a short-term goal of having $1 million of assets excluding home equity by 2017.
How are you measuring up?
From The Millionaire Next Door by Thomas Stanley and William Danko, you net worth should be:
Net worth (or Assets - Liabilities) = your age X your pre-tax income / 10
If you have twice that, you are indeed on your way to become wealthy! Stanley and Danko call them Prodigious Accumulator of Wealth or PAW
I did a quick calculation yesterday in my beat up 98 Ford Contour, and our net worth should be about
Paying too much rent? Charging too little? 2007-07-26 20:40:58 Do you ever wonder if you are charging too little
for your rental property? Likewise, if you rent, do you ever wonder if you are paying too much? Today, I stumbled upon this site called Rentometer.
Just enter your zip code, rent, the number of bedrooms, and the number of units in the building. The site then compares your price to other similar rental properties in your area and gives you a cool looking dashboard like this.
You can see on the left how you are doing compare to other people in your area. On the right, you can click on specific property to see what they are paying. Pretty cool just to check out. Read more:Charging
Protect your wealth with Exchange-Traded Funds 2007-07-26 11:10:34 In the post Destroy 50% of your wealth investing in mutual funds, I showed you how investing in mutual funds with high expense ratio can cost you 50% of your potential gain. With this in mind, I went back to review my IRA portfolio and found a fund that charges 1.23% (above my 1.0% maximum tolerance). This does not seem expensive, but it can cost me 30% of money invested if I keep it in the fund for 30 years.
I also hinted that I have been looking at another class of investment called Exchange
-Traded Funds
or ETF. I did my initial research on Yahoo! Finance and About.com. Here are the highlights:
ETFs are essentially a hybrid between individual stocks and mutual funds with characteristics of both
Like mutual funds:
ETFs are portfolios of many stocks, but their prices do not necessary match the net asset value (NAV) of the underlying stocks. It could be traded at a premium above the NAV, or at a discount below the NAV.
ETFs are usually set up in categories similar to mutual fund – Read more:Protect
$1 million by 2017. What’s your goal? 2007-07-30 14:45:52 Before I started this blog, I did not really have a good financial goal. Actually, my one financial goal was similar to 99.9% of other Americans…I want to be rich. But what is rich? In my post, Are you wealthy? Here’s a test, I defined wealthy as: “…when income from my assets can cover all my family living expenses and a few luxuries“. That was a good start, but now I want to put together a specific and achievable goal and plan.
Goal: Build a $1 million
investment portfolio by 2017 (excluding home equity)
10 years may not sound very sexy, but I don not know any get rich quick scheme that works for me. So, I have to work within my capability and 10% should be achievable. I am currently at 23% of my goal. In fact, I consider myself lucky to have accumulated this much wealth without any financial goal or plan for the past 10 years.
So how did I get to $230,000?
I started working in 1996 with about $20,000 debt in my name (mostly stude
“Do Follow” Personal Finance Bloggers Blogroll 2007-07-29 09:56:40 This is a list of personal finance bloggers that turned off the “nofollow” tag from comment links.
Consumerism Commentary
FinancialDominance.com
Generation X Finance
Lazy Man and Money
Money, Matter, and More Musings
Moolanomy
No Credit Needed
Plonkee Money
Punny Money
The Digerati Life
The Finance Journey
The Frugal Law Student
The Simple Dollar
We’re In Debt
If your personal finance blog is a “Do Follow” blog, please send me your link (through contact form or comment form) and I will add you to the list.
Note: I got the idea to start this post from Money Blog Network Forums. Read more:Personal
, Blogroll
Moolanomy weekly roundup #1: “My Favorites” edition 2007-07-29 09:15:22 This blog is officially 2 weeks old, and I came across many interesting people, blogs, and posts. Here are this week highlights:
The Dough Roller shares his 10 Things I Now Know at 40 That I Wish I Knew at 20 – a great read for younger folks. I committed a few of these errors myself. On the same note, Gather Little by Little talks about the 7 Stupid Financial Mistakes I’ve Made.
Becoming wealthy is not that hard, so here is the 10 Simple Steps To Becoming Wealthy by Money, Matter, and More Musings. Must be the best 10 steps I ever read! Another key ingredient to greater wealth is to understand debt, so here is Good Debt, Bad Debt: The Differences, Illustrated by The Digerati Life.
Money and Such shared with us how he helped improve his company’s 401k. That’s awesome because lousy mutual funds with high expense ratio can really eat away your potential gain. Here is another perspective about from Money Ning: Why We Always Recommend Buying Low Cost In
Powerful life experiences about money 2007-08-02 21:06:49 As we grow up, we are constantly bombarded with experiences
and emotions. Some are so powerful that they change us and make us who we are today. Take a moment and move yourself back through time. What are some of the experiences that shape your life; in particular about money?
Here are some events that I can still remember vividly from my past.
Pickpocket
When I was 9, my parents sent me to a boarding school so that I can more fully experience life. One Sunday before the semester starts, my parents and I went shopping for school supplies and clothing. The mall was busy and the sale section was jammed packed.
Everything seemed normal as we searched through the pile for bargains. There was even a friendly lady who offered to help mom look through the pile. After a short while, we got a few items in hand and headed to the cashier. As my mom reached for her wallet, she realized that someone had cut through her purse and took it. She was distraught because the wallet had my tuition money in
Put your savings on autopilot and how I saved $250,000 2007-08-01 19:19:10 I want to share with you how I saved
my first $250,000. Of course, your result will vary depending on your income, saving options, and ability to save.
Automatic-Investment Plan (AIP)
I started working in 1996 as a contract worker, so I didn’t have any 401k plan. Personally, I am not a budgeting type, so I had to somehow find a way to “pay myself first.” The only option available to me then was Automatic-Investment Plan through my discount brokerage, Charles Schwab (I have since moved to lower cost discount brokerage firm). The plan basically withdraws an amount of money from my Money Market account and buys shares of mutual funds I own. It was flexible enough for me to specify exactly how many dollars I want to spend on each fund and how often.
401k
401k is probably the best automatic investment plan available. When I was hired full-time in 1998, I was able to participate in the 401k program. With 401k, I was able to contribute with my pre-tax money b
35 Common Sense Rules for Investing 2007-07-31 17:22:50 I have been investing in the stock market for nearly 10 years and acquired a lot of knowledge (mainly through making mistakes). This knowledge was never codified on to a piece of paper until today. Before I begin, I want to give credit where it is due. My 35 CommonSenseRules
of Investing
was inspired by CommodityWorld.com’s Common Sense
Rules for Traders.
Pay off your debts. Clean up your finance before you invest. When you pay off your [bad] debt, you are guaranteed to save money on interest; there is no guarantee that your investment will make money – especially when you are new at it.
Do your homework. Do not trade until you understand the market and what it offers. Learn about investing and the different kinds of investment before you jump in.
Know yourself. Understand your risk tolerance and formulate your investment strategy based on your risk profile, goals, and timeframe.
Have a solid strategy. Did you do 1, 2, and 3 above? Always remain true to your plan and
Moolanomy weekly roundup #2: “Dealing with debt” edition 2007-08-05 08:25:56 Trying to build wealth while you are in debt is like running on a treadmill. At best, you will get a good exercise running to nowhere. At worst, you might fall off and hurt yourself. In this round up, I search through the personal finance Blogosphere and found some great posts about dealing with debt.
We’re In Debt starts a wonderful series called 15 Days to Start Paying Off Your Debt. This is quite comprehensive and is still in the making, so you will have to bookmark it. Oh, what the hell…Digg it.
Zen Habits offered 73 Great Debt Elimination Tips. Great big list, I am sure you can find at least a few that will be applicable to your situation. I already found a couple dozen that are applicable to mine.
The Simple Dollar shared The Debt Entrapment: When Your Debt Forces You To Stay At An Untenable Job. This is a sad story about a man named Will. The post went on to say how terrible it is to be trapped by debt, and gave us a few hints on how to escape th
Review of NetworthIQ: track, share, and compare your net worth 2007-08-03 17:12:57 Recently, Jason of The Amatureist Financial Journey referred me to a site called NetworthIQ. On his recommendation, I gave it a try and I must say that I am impressed. To keep it short, here are the things I liked about NetworkIQ:
Easy to track my net worth from month to month
I can compare my performance against 5,000+ other users
Great discussion forums about money and personal finance
When you get to the site, the sign up process is simple. You indicate your age, location, income, joint vs. single status, occupation, and education.
The next step is to create your first Net Worth entry. This is also easy. Simply go to “My Portfolio” and click on ”Add New Entry.” At this point you fill in information about your assets and liabilities:
Enter your assets
Cash
Stocks
Bonds
Annuities
Retirement
Home
Other Real Estate
Cars
Personal Property
Other
Debts
Home Mortgage(s)
Other Mortgage(s)
Student Loans
Credit Card
Car Loans
Other
You will not
My kid’s college costs will be $467,000! Are you kidding me? 2007-08-08 09:32:56 In preparation for my first child, I started to think about saving for college. I found this neat calculator from SallieMae® and tried it just to get an idea of how much will college costs 17 years from now (2024). Based on the site, the current average annual tuitions are:
$2,191 for two-year public colleges
$5,491 for four-year public colleges and universities (in state)
$21,235 for four-year private colleges and universities
I plugged in the following information:
Current Annual Cost of Attendance = $22,000
Years Until Child Starts College = 17
Expected Annual Cost Increase (%) = 7%
Expected number of Years of College = 4
…and the answer is…I need to save $308,549 for ONE child. Are you freaking kidding me? I hope my kid is real smart or athletic, so he will be eligible for scholarship.
To check my number, I found another calculator from FinAid. This site also offers some more useful information that I summarized here:
College costs increase is about twice the inflation ra
6 cool financial math tricks and rules 2007-08-07 09:05:07 Here are 6 cool financial math tricks
and rules that I know about. These are pretty common, so you may know them already. Take a look. Do you know any of these?
1. Rule of 72 To Double Your Money
The rule says that to find the number of years required to double your investment, you just divide the growth rate into 72. For example, if you want to know how long it will take to double $10,000 at 9% annualized gain, divide 9 into 72 and you get 8 years.
You can also do the reverse calculation to find the rate of return to double your investment. For example, if you want to double your money in 5 years, divide 5 into 72 and you get 14.4%.
Here are some more articles and posts about this rule:
Wikipedia: Rule of 72
Money Chimp: Rule of 72
Investopedia: What is the “rule of 72″?
2. Rule of 115 To Triple Your Money
This is very similar to the Rule of 72. Basically, you can find the number of years required to triple your investment by dividing the growth rate in
7 costly retirement savings mistakes to avoid 2007-08-06 09:22:57 As you may already know, our Social Security system is in crisis. Even if it is not, the money you get from Social Security may not be enough for your retirement
. Many people do not place retirement planning as a high priority subject. This is especially true when life is hard right now, making it difficult to think about retirement that is 30-40 years away. However, I encourage you to stop putting your future at risk, and review these 7 costly retirement saving mistakes today.
1. Waiting too long
Just as Rabbi Hillel said it many centuries ago: “If I am not for myself, then who will be for me? And if I am only for myself, then what am I? And if not now, when?”
The most powerful ally and the worst of enemy of any saving and investment plan is time. Let us take a look at two fictional characters, Jim and Kramer. Both of them graduate from the same college and are of the same age. Jim is a saver and start contributing $1,200 per year to his IRA account at the age
7 mistakes I made when I went to college 2007-08-10 08:52:06 I recently read a post by Personal Finance Advice, Why Getting a Degree Isn’t Always a Sound Financial Decision. I thought it was a well written post that presented a valid point. Do not get me wrong…I am a strong advocate for college education. However, this post did remind me about my college days, and prompted me to write about the 7 mistakes that I made when I went to college.
1. Not considering the return on investment
Education is like any other investment — i.e., there are good ones and bad ones. Aside from your house, this is probably the second biggest investment you will be making. The problem was that my heart was set on going to an Ivy League school, and I stupidly turned down full scholarship to the University of Michigan at Ann Arbor (a top notch school). In short, I was young and irresponsible with money (my parents’ money). If I went to Ann Arbor instead I would have saved them about $20,000 a year (after scholarship and financ
M-Network Information and Guidelines 2007-08-09 17:04:15 M-Network is a new network of Personal Finance Bloggers.
The purpose of the network is for PF Bloggers to help cross-promote each other sites.
How can it help you? As a member your posts will automatically appear in the aggregated feed that is displayed on every member’s blog index page, and linked to from every member’s blog pages. This means:
More new readers and traffic to your blog
More incoming links to your blog
Higher Technorati Authority ranking for your blog
To qualify to participate in the network please read the following guidelines:
Your site must be a blog
Your blog must be mainly about personal finance, debt, frugality, investing, or other money related topics.
Your blog primary language is English
Your blog must have original content, not just links to other sites and blogs
Your blog must have at least 12 posts so that we can observe the quality of your content
Your blog must post new content at least 3 times per week
Your blog must NOT have the fol Read more:Guidelines
Money saving idea #1: Pay bills online and save $155 per year 2007-08-09 06:21:36 Recently, I realized that I am down to my last checkbook and started to look around the Web to order a new check. Then I remembered that my brokerage firm had merged with (or acquired by) another firm, thus the check information may have changed. So I went online
and found the price $10 for 100 checks…10 cents a check, not bad. Anyway, I am glad that I don’t have write that many checks anymore because that saves me a lot of time and money.
In the past few years, I managed to get most of by bills paid automatically. Let’s see:
Payroll deduction with automatic payment (1 check avoided)
Mortgage
Paid via credit card (money back reward) (5 checks avoided)
Electricity
Gas
Telephone, Cable TV, and Internet
Cell phone
Car Insurance
Electronic Fund Transfer for 3 credit cards (3 checks avoided)
Still uses check
Home Insurance
Water
Real Estate Tax
Well, not quite as automated as it can be, but here is the breakdown:
Saving: avoided using 9 checks p Read more:Money
If I had a million dollars… 2007-08-13 09:00:17 Hin asked me if I was given $1,000,000, what I would do with it? Gee…I would be excited and scared, but here goes…
First, I would hire the best financial advisor I can find. So far, I have been doing well on my own — learning from the Web and books. But if a $1 million
is thrown on my lab (ouch…I think a $1 million would be quite heavy), I want the best to help me protect that million. My first question to them would be what could I do to minimize taxes?
Second, I would settle my debts. I think being debt free is one of the best ways to build wealth. However, with my mortgage being the biggest debt I owe, I will have to work with my financial advisor to figure out which is better: pay off the mortgage or use the money for something else — i.e., invest.
Third, I would share my good fortune with my family and a few close friends that may need financial help. I know the proverb: “Give a man a fish and he’ll eat for a day. Teach a man how to fis Read more:dollars
Moolanomy weekly roundup #3: “My Credit Score” edition 2007-08-12 09:20:23 I was going to do a saving for college roundup this week in preparation for my first baby. But, with so many cool credit related posts around, the saving for college will have to wait another week. This should not be a problem since my baby is not due until mid-December (I still have time right?). This edition is dedicate to a person whom I truly love, but still think the best way to get a better credit score is to own a lot of money and respond to every pre-approved letter.
The Simple Dollar wrote Personal Finance 101: Building Up Credit. This is a good primer for those who are new to FICO score. Trent covers the 5 primary components of the FICO score: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and types of credit used (10%).
Journey To Financial Freedom wrote How FICO score affect your Journey to Achieve Financial Freedom. The post covers the basics. Notables are the table that explains what your FICO score means and 6 wa Read more:Score
, Credit Score
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