Hello fellow readers and bloggers! I’ve been reading your thoughts and I’m always impressed. Keep up the good work!
So let’s catch up on this journey of mine called life. These days I’m excited about my early retirement, yes leaving corporate America while I can still enjoy camping and hiking like a teenager. Plan “A” has worked out good (the earlier one starts the better outcome, unless we have another Wall Street melt-down), and now on to Plan “B”, which is reinventing “ME”! Yay 🙌
My reading challenge has expanded exponentially through Audible (yes, click the hyperlink and help me earn some credits/mullahs$$$ 😎)!
In an earlier post, I mentioned a reading challenge I signed up for and used the audible app to listen while commuting to and from work, during my lunch break and while exercising. Getting that free credit point once a month helped me stack up on some good books and pick up a new term like ‘underachievers of wealth’ (UAWs) from the book “Millionaire Mind Set’. Yep, always learning and growing.
I’ve worked in the financial field for over 18 years and it still amazes me how little information our youth and some adults know about banking and what affects their credit scores, especially with so much technology and information within reach of our fingertips. I’ll leave this topic for another blog post in the near future. But before I continue on with the task at hand, let me point my knowledge seekers to a post I wrote some time back about the subject on my blog:
Banking: Credit vs. Debit (update)
TIP- Did you know that an overdrawn checking account does not get reported to the credit bureaus? The only time a bank will report to the credit bureau is if you have a charged off account. A charged off account is one that has been overdrawn so long that the bank will send it to collections (debt collectors) and let the credit bureaus know so that this negative information can be added to your report and bring down your FICO score. I suppose if I didn’t have a job with the Bank, I might be a bit confused too. Our mother practically raised us in the library and had us participate in other development programs that trained our impressionable minds to see beyond our horizons. if only I had the foresight then, but I digress.
So, back to UAWs. According to some wealthy folks, those who started young or inherited money an underachiever of wealth has less than 100k in liquid assets and less than 1M in brokerage/investment accounts. Well darn it, that would be the majority of working class citizens!
Listen, I know your time is valuable, so I won’t hold you much longer. Just understand how imperative it is to have those conversations with your kids and family members about goals and how to come together and make some real moves that your future selves will thank you for – now. Don’t wait til tomorrow, it’s not promised.
Until, next time…
Peace, love, and prosperity,
ET- your Financial Literacy Advocate