Budgeting… the unsung financial hero.

We often praise high FICO credit scores, low-interest rates for cars/homes, high credit card limits, and being able to be approved for practically anything. We rarely praise the most important tool we have… Budgeting.

The endless pursuit of the illustrious 800+ FICO scores is what we are after. Although for home & auto purchases a 740+ will yield the same rate. Higher scores equal less risk, lower rates, better offers and increased access to additional financial resources. There are several strategies to increase your FICO scores, and the best route will be determined by your financial goals.

Generational wealth is created by having several streams of income and diversification through investments. Generational wealth represents assets passed down from one generation to the next. Over time and with smart financial decisions, you can generate enough assets and capital to put your children/grandchildren in a financially stable position. To build your wealth, you will want to invest your money. Investing allows you to put your money in vehicles that have the potential to earn strong rates of return.

Mastering a proven set of negotiation techniques can yield dividends over the course of your life. In fact, strong negotiating skills can be among the most valuable assets a person can have.

Credit card utilization makes up almost 30 percent of your FICO credit score. In other words, the illustrious 800 milestone is not achievable without them. Using credit cards responsibly is #lifegoals! Besides, why not take advantage of free travel, cashback, and rewards???

Emergency funds are dedicated savings accounts that are reserved for financial emergencies. An emergency fund is 3-6 months of bills for your home. This savings account is a financial tool that creates a cushion between you and life’s unplanned expenses. Establishing a dedicated emergency fund is an essential financial strategy to protect your family.

A rainy-day fund is a dedicated savings account reserved for small expenses that are unplanned. Rainy day funds are a strategic account that is solely used for short-term and unexpected costs without impacting your monthly budget.