During the last article I posted, I went into detail about starting a home based business. That article was based on the valuable feedback I received from those that have read Start Winning With Money. After I wrote The Quick Start Credit Repair Guide however, another question pops up all the time that I thought deserved to be addressed in more detail as well.
What do I do if I have no credit whatsoever?
Building credit is a slow process for everyone. When you are faced with building your credit from the ground up however, it can sometimes be a longer process than having to rebuild your credit after you have made some mistakes. Below are some quick tips to help you get started on the right foot.
Find and Maintain a Stable Job
Having long term, stable employment is what's best for your finances. If you are not in this position, it should be your main focus in the immediate future. Stability in employment always looks good as far as lenders are concerned. If you have been working at the same place for years with a steady increase in your pay, you will come across as a stable individual who will be able to make regular loan payments.
Obtain a Bank Account
A bank account should also be at the top of your “to do” list. Any bank account is fine. The point is to open one and maintain activity. This will prove that you are able to keep a bank account running, along with managing its transactions.
Obtain a Credit Card
If you do not have one currently, obtaining a credit card is a goal that you should make for yourself. This is an essential way to make your dreams of building your credit come true. There are many options when you are searching for credit cards. Be sure to do your research and find the credit card that is the right fit for you.
There are many types, from those that are high interest with no fees, to those with low interest for individuals who tend to carry a balance, to credit cards that have a reward point system. There is no “one size fits all” when it comes to credit cards, so research your options and ask friends and family what they love and hate about their own credit cards.
Pay Your Credit Card on Time
Once you have your credit card, make it a priority to pay it on time each month. It used to be believed that you should keep a balance on your credit card in order to build credit, but that has now proven to be false. A better way to build your credit is to pay on time, and in full. This will show lenders that you are a trustworthy individual who can make regular payments on time.
Live within Your Means
One of the best pieces of advice to someone who wants to build credit is to live within your means and not overspend. It won’t do your credit any good to have a job, bank account and credit card if you are constantly in debt and not paying it off in time. Instead, live frugally and stick within your budget.
As you can see, It doesn’t have to be difficult to build your credit from scratch. It simply takes a bit of planning and lots of patience. By using these steps, you can easily build your credit from scratch and be one step closer to the financial dreams of your future.
When people read my book, Start Winning With Money, one of the questions I always get is what kind of business should I start? Below are a couple quick rules and guidelines to consider before you find your profitable business niche.
First, when starting your business venture you will want to have another form of income. It can take months or even years to get a business up and running depending on the industry. It will also take some serious work.
Second, you need to look at the investment of money that you are willing to put into your new business. Not all businesses are expensive to start. Many inexpensive businesses can be done online. Those businesses are usually just a small investment in hosting and domain costs. Other kinds of businesses that are offering services and/or products can cost more to start.
Regardless of what you are trying to get off the ground, remember to ask yourself the following questions:
* Who will your customers be?
* Will my customers be satisfied with my product?
* Will they use what I am offering repeatedly?
* Who are your competitors and what do they charge for similar products/services?
* What do you need to charge so you can still remain competitively priced?
Next, you will need to know about your competition in detail. It's important to find a market that is popular, interesting to you, offers needed products/services, and easy to do repeatedly. Also consider that starting from scratch will offer you the cheapest investment option but it can take many months if not years to establish your name and reputation. Buying into a franchise or an already established business name will cost much more in the beginning, but it will usually generate an immediate income from day one.
Once you have finally decided what kind of business you are going to open and how much it will cost, then the real work begins. It takes more than just an idea to make money. You will have to dedicate your time and effort. This may mean many long days or hiring others to do the work that you don’t have time for.
Remember, most people who start their own business are looking to work for themselves and are willing to go that extra mile in order to succeed. Are you that person?
Until next time,
Well, not really... but the coin in the picture above is.
Say your a billionaire, and you want to get that important somebody in your life something special for Christmas. You know what they really want? Something flashy, gold, and expensive. For the billionaire that has almost everything money can buy, Canada will sell you the $1 million dollar gold coin!
As we come upon the season of giving, I thought it would be funny to look at some of the most outrageous gifts ever purchased as Christmas presents. Take a look below and tell me what you think.
Until next time,