Tag Archives: Money Talk Monday

Money Talk Monday: Investing is no simple task

Can you explain investing and the stock market like I'm five? Or at least like I'm a new college student? Wow - that is a loaded question. And the simple answer is no. Investing in the stock market is not something to be done lightly. You must start by learning. Read more [...]

Money Talk Monday: Smart debt pays off

Is there such a thing as "smart debt"? Is it really better to buy the big stuff on credit than to pay cash? If not, how do you build your credit without getting into massive debt? Yes, there is such a thing as smart debt. Most financial advisors say that smart debt is anything that can help you financially. Read more [...]

Money Talk Monday: Only take what you need

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If I've already taken out student loans, what can I do now to help me get ahead of the debt once I graduate? Very good question. The thing about student loans is that many students are taking them simply because they were told they qualify for them. Read more [...]

Money Talk Monday: Get to the core of credit scores

By Debra Avara   At what age should young adults start concerning themselves with a credit score? What is the wisest way to go about building a good credit score? Young adults need to be concerned with good credit from the get go, as teenagers. Many young adults actually start late (age 21, 22) in building good credit, where others by that age have already destroyed their credit. As soon as a person starts to do anything at all with credit, they need to be concerned in building good credit. It takes years to build good credit, and only a few months to destroy it. Once it is destroyed, it can take 7 to 11 years to rebuild again. The legal age in Texas for a credit card is 18. You may get one younger, but it would probably come with a lot of restrictions. However, in 2010, Congress passed a bunch of new laws regarding credit cards. The biggest change was that people under 21 years of age now had to have a parent/guardian/adult co-sign for them. Their thinking is that the adults would know better and wouldn’t LET the ‘kids’ get out of control in their credit card debt. My thinking is once you understand credit cards, you will handle the card properly, regardless a co-signature or not! Two relatively easy ways to get a credit card: 1. Your parents can actually put you on their card as an authorized user. Of course, if your parents don’t have good credit, you don’t want to do that. But if they have good credit, this is a good way to start. Their credit becomes yours. Even if you never use the card, it can help you get another card. You and your parents should discuss and be in agreement as to how and when you can use this card, and obviously, you shouldn’t abuse it! 2. You can get a ‘secured’ credit card. If you have a savings account at your credit union or bank, you can ask them for a ‘secured’ card. This means that if you have $1000 in savings, ask them for a card with a $500 limit. You will not be able to use $500 of your Read more [...]