Do you currently manage your finances in a mature manner or are you all over the place and going in directions that are not of your choosing?
It is imperative that you manage your finances in a mature manner and not in a manner that is reckless—as so many are doing at this time. With immaturity at a fever pitch from the highest office in the land to the halls of congress it can often be disheartening to see the level of immaturity on display in the times that we now live in.
With tax legislation now in the news where many will benefit greatly and even more who will reap small rewards or none at all–you must still have an optimistic view of your and your family’s future! Regardless of the tax situation you now face or may face in your future as a result of new legislation, it is important that you make the decision at this time to manage your finances in as mature a manner as possible.
In order to manage your finances in a more mature manner you must ask and appropriately answer the following questions in as responsible a manner as possible.
Do you know how to organize in your mind financially what you need to do in your financial life to achieve the results that you desire to make your life more enjoyable during your working years and after you retire from working?
Furthermore, do you know all areas of your finances that you must address?
In clear terms you must know how to comprehensively manage your finances.
By doing so you are showing maturity in your life and maturity in the management of your finances.
In this discussion you will learn how you can manage your finances in a more mature manner so that you can improve the living conditions for yourself and your family. You can now pursue your financial goals in a more time efficient—easy to follow—and easy to understand manner and in a manner that will provide you the real opportunity to achieve the goals that you set and the goals that you desire or need to attain to make your life more meaningful while you are here on earth.
How You Can Show Maturity by Knowing Exactly Where You Stand Financially
If you are to manage your finances in a more mature manner you must know where you now stand financially and a budget or cash flow statement will get you on a path to knowing exactly where you stand financially as far as your monthly inflow and outflow of cash is concerned.
In addition, you must know your cash flow on an annual basis as well. Finally you must know who you owe and what you own so that you will know your net worth or how well you are doing financially!
Your effective knowledge and understanding of how your inflow and outflow of cash affects you and your family on a monthly basis is the starting point for you to show maturity as it relates to managing your finances and building wealth.
By creating a budget at an early stage in your life and understanding how to use that budget or cash flow statement to your advantage you are showing maturity in the management of your finances.
Even many of those who earn six figures or millions of dollars use a management approach that lets them know where they are financially—and where they are headed financially. By doing so they add clarity and an additional layer of financial security during their lifetime along with peace and joy in their daily life—and you can do the same.
It is important that you use personal financial statements to help you effectively manage your finances throughout your lifetime so that you can achieve more—and do more throughout your lifetime.
How You Can Show Maturity by Effectively Managing Your Credit During Your Lifetime…
Did you know that the following credit scoring and credit card companies can help you manage your credit and finances more efficiently to help you achieve what you desire throughout your lifetime—AND IN A MORE MATURE MANNER?
Credit.com—uses Experian in their credit score calculations
CreditKarma—uses TransUnion and Equifax in their credit score calculations
Credit Sesame—uses TransUnion in their credit score calculations
Quizzle (now Bankrate)—Free credit score and credit report every 3 months—uses TransUnion in their credit score calculations
CreditCheckTotal.com—an Experian Company—3 Bureau Reports and FICO score for a monthly fee—low cost trial offer available
MyFICO—fee for score and credit report
Credit Card Issuing Companies—use various credit bureaus and scoring techniques in their credit score calculations and if you are a cardholder, credit scoring service is normally free. Discover, Capital One , Chase, CITI and many other credit card issuers have free or nominal rate access to your credit score based on varying scoring models
ANNUALCREDITREPORT.COM—all in one site where you can get a free copy of your credit report from each credit bureau once per year–TransUnion, Equifax and Experian–be sure to TEE off on getting your credit right today–No PUN intended…
Credit Resources—a rare page on the internet that allows you to use helpful resources in one location to manage your credit more efficiently
Credit Improvement—if you currently have credit issues be sure to go to this page before you do anything else
All About Credit—go to this page if you have a desire to manage your personal credit effectively throughout your lifetime and not leave any area of your credit management to chance…
All of the above companies and pages will provide you free or nominal rate credit scores and credit files (and/or credit advice) and utilizing some or all of them should be a part of your overall credit management plan at some stage in your life.
Keep in mind that you will sometimes (depends on who is providing the score) get a “consumer” or “educational” score for your benefit or a “Vantagescore” that is created by the 3 credit bureaus that many lenders actually use.
To get your actual FICO score go to myFICO.com!
Other Key Credit Points:
Sure the lender that you apply to for credit can pull your report and give you helpful advice (or in some cases not so helpful–remember the housing market meltdown of 2008). However as a consumer in control of your own life, you should pull your credit report at least annually if not more frequently and see what you can do to move toward making your dreams come true.
You should also know your credit score “before” contacting a lender!
By doing the above you increase the likelihood of successful “pre-approval” which gives you more negotiating power than a “pre-qualification” if you were to purchase your home using traditional lenders.
If you were purchasing an auto, applying for a credit card, seeking employment or rental agreement for housing—your credit in many cases would play a role and knowing where you stand up front is the right approach to take in almost all instances.
In addition, your credit score takes a hit (goes down) whenever your score is pulled by someone other than yourself (with a few exceptions).
How You can Show Maturity by Having an Overall or Comprehensive View of Your Finances…
Once you have a handle on your monthly income and expenses and you know how to manage your credit effectively throughout your lifetime—you need to see all areas of your finances that you must address—and then you must address those areas.
Have you addressed your insurance needs, your investment needs, your tax concerns, your emergency fund, your education planning, your estate planning/wills and your retirement needs in a way that will get you results that you need—or the results that will serve your best interest during your lifetime.
By comprehensively addressing what you need to address at this time you are showing maturity in managing your finances because you are not leaving anything to chance, thus improving the likelihood that the goals that you desire will be achieved.
Conclusion
By looking at ways that you can manage your finances more maturely you are forcing your mind to address what needs to be addressed to make your life more meaningful and at the same time putting yourself and your family on a better track for long-term success in a comprehensive manner.
You are not doing like many who go through life drifting along and letting life’s unpredictable paths direct their future or the opinions and feelings of others direct their future. Quite the contrary, you are getting out in front of your finances and pursuing your dreams in a more intelligent, consistent and proactive manner where the success that you see is not only the possible outcome–but the outcome that will be achieved!
Or, another way to look at it is that you are “pursuing your dreams” from a better “vantage point” than most and you are showing the maturity that should be expected of you if you are one who sincerely desire to make your dreams come true.
All the best as you continue to mature and achieve lasting success…
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