Surviving The Game

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Owning your own business is one of the best ways for creating wealth. But first, there are a few steps that you need to consider before launching your idea.

The first step is to do some critical thinking about entrepreneurship.

1. What would be the best thing about owning your own business?

2. What would be the worst?

3. Would you rather be an employee or an entrepreneur? Why?

4. Do you think the number of business owned by people of color and women are increasing?

Write these questions and answer them honestly. You may find that your really don’t want to start a business at all. However, if your dreams, goals and passions have been stirred by these questions, then becoming a business own may be for you!

Stay tuned for part two!

 

Now that you have your credit report in hand and you know what your credit score is, how do you make sense of it all?  Your credit report is a document that has all of your personal info such as address, name, birthday, etc. Credit account info such as balances and amount owed as well as bankruptcies, liens and judgments will all be found there.

As we said in the last post, creditors will look at how you pay your bills.

Do you pay on time?

How many credit cards do you own?

How much do you owe on all of your accounts?

This info gets reported to all three agencies. If you’re not paying on time, your credit score will be lower than if you pay promptly. Bottom line? If you want good credit, pay your bills on time!

Young people, do you know your credit score? Let’s face, some adults may not know it either.

Fact: Credit score can range from 300 – 850. Most people have between 600-700.  To calculate your score, you have to have had at least one account that has been opened or updated within the last six months.  Whether you are paying those cell phone bills and credit cards on time can effect your score.

To get a free copy of your credit score, you can contact:

Equifax – http://www.equifax.com/home/en_us

Trans Union – http://www.transunion.com/

Experian – http://www.experian.com/

It’s never too early to start building up and taking a serious look at your credit. Knowing is half the battle!

Hello Students

As you begin to file your taxes think about how you can save your tax rebate.  Studies indicate that we all should have six months of salary saved for a rainy day expense.  A great way to start your emergency fund is to put up at least 40% of your tax refund.  Another suggestion I would give you is to pay any outstanding bills that you haven’t been able to pay due to a tight budget.  Let’s plan to save and pay off debt this year when you receive your 2014 Tax Refund.  I would love to hear your thoughts.

Tina M. Jackson, Ph.D.

STG Founder

During this holiday season always remember the most precious gift we all have is spending time together.  Enjoy your holidays and think of creative, thoughtful ways to show your family and friends how much you care about them.