How to Build Financial Stability & Prepare for Your Future
The panel included Rod Griffin: Senior Director, Consumer Education and Advocacy, Experian; Christina Roman: Consumer Education and Advocacy Manager at Experian; Forbes Advisor; Danetha Doe: Freelance Writer and Creator of Money & Mimosas; Lawrence D. Sprung: CFP® President of Mitlin Financial, Inc; Sara Rathner: Credit Card and Travel Expert, NerdWallet; Kamilah O’Brien: Senior Financial Manager; Michelle L. Black: Credit Expert; Take Charge America; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Paulina Likos: Investing Reporter at U.S. News; Patrina Dixon: Certified Financial Educator; Alicia R. Hudnett Reiss: CERTIFIED FINANCIAL PLANNER™; Molly Ford-Coates: Founder, Ford Financial Management; and Leslie H. Tayne, Esq: Founder and Managing Director of Tayne Law Group, P.C. (f/k/a The Law Offices of Leslie H. Tayne, P.C.).
Questions We Discussed:
Q1: What is financial stability?
Q2: What are some smart ways to boost your income and make more money?
Q3: How can you create better spending habits?
Q4: What are some of the fastest and most effective ways to get out of debt?
Q5: What are some of the most important things everyone should be saving money for?
Q6: What are some tips for spending money wisely?
Q7: How can your credit score impact your financial future?
Q8: What are some steps you can take to protect your family financially?
Q9: What are some ways to improve your financial literacy?
Q10: Any last-minute tips for building a financially secure future?
Retweet these insights from our community:
A1: Financial stability isn’t a number, it’s a mindset. Financial stability is when you have dependable income, when you’re debt free or working towards zero debt as a goal, it’s paying your bills because you know you will have enough to cover them. #CreditChat
— Benjamin Curry (@curry_nyc) August 12, 2020
A2. Smart ways to boost income: consider investing options, take on a side hustle or monetize something you are good at. Consider flipping items in your house that you are no longer using. #CreditChat
— Christina Roman (@Teena_LaRo) August 12, 2020
A3: Track your expenses for a month to see where you’re spending your money. Analyze your spending at the end of the month and see where you can cut back to create better spending habits. You might be surprised what you spend money on! #CreditChat pic.twitter.com/eY2dcxY0xb
— American Consumer Credit Counseling (@ACCC_TalkCents) August 12, 2020
A4: If your credit card balances are high, pay them down. I’ve seen my scores swing 30 points in a month just by paying off a credit card. #creditchat
— Rod Griffin (@Rod_Griffin) August 12, 2020
A5. Everyone should be creating an emergency fund, if 2020 has highlights anything it is the importance for playing for the “what if.” Just like with retirement “how much” is different for each person. https://t.co/pOPeS4nUQL #CreditChat
— Larry Sprung, CFP® (@Lawrence_Sprung) August 12, 2020
A6a Money spending tip – start with your goals and build your budget around that. Make sure your spending is aligned #creditchat
— Focused Spender (@focusedspender) August 12, 2020
A7: Your credit score affects more than the ability to get a mortgage, car or credit card. A good/excellent score makes landlords more likely to rent to you, or utility companies less likely to charge you pricey deposits. It can save you a lot of money. #creditchat
— Sara Rathner (@SaraKRathner) August 12, 2020
A8: Allocate part of your monthly budget toward investing. Apart from your personal retirement fund you can create funds for your children such as a 529, IRA. This can be life-changing as they enter into adulthood. #CreditChat
— Paulina Likos (@Paulina_Likos) August 12, 2020
A9. Become a consumer of financial news. Find personal finance blogs that resonate with you and what your goals are and inspire you to reach them. #creditchat
— Take Charge America (@TCAsolutions) August 12, 2020
A10: Attaining stability is hard, especially if you’re struggling financially right now, as so many people are. Be kind to yourself and know that everyone makes money mistakes (even the experts!). What’s important is what you do next. Even baby steps move you forward. #creditchat
— Sara Rathner (@SaraKRathner) August 12, 2020