What is the independence YOU want?

Independent thought and Resource management   July is a time when we think about independence and it’s an excellent time to look at what resources you have already on the books and track how well  they are working for you.  Independent thinking on the subject of wealth means looking at things with a free mind and concentrating on a desired outcome.      At Rich Chicks we believe and teach that wealth creation is about having access to resources.  That also means paying attention to and managing the resources that you currently have.  Part of financial independence is not just having money, it’s about freedom from fear about money and being able to look at your total resource picture in a cool, logical way–and do so often, not just when you are panicked about something. .     Why should you look at your resources often? Many people avoid this task because they fear what they might see or they think it’s a hassle, or they think it’s someone else’s job.  Wake up!  Fear is the very reason you should be looking, it’s not a hassle, and it is your job to take care of yourself.   Top Three Reasons to Track Your Resources   1. Viewing your credit cards and bank accounts in a timely way lets you know what your money is doing-it’s much easier to spot charges that aren’t yours and report them. 2. Knowing what resources you have available also helps you reduce stress and start problem solving. How can you connect  with resources that you need?.  3. Looking  at your resources without emotion or doubt is a mindset that  allows you to interact with them in a very functional way. Here is a Rich Chicks independence challenge for you:  –Look at your interest rates and banking relationships. Make sure your overdraft protection is current. Does your checking account pay you interest? Do you understand the bank charges? –Check on your debt and interest rates. Really know what you owe, even if it’s scary. Can you get a lower interest rate? You won’t know unless you call and ask.   –Take 30 minutes and really check in with how things are going in your retirement plan and set a date (month, day and year) for retirement (like age 65).    Five follow up questions to help promote free thinking about your resources Is this a resource I plan on using? When do I need this resource? Is this the best way to manage this resource? Are they ways to make this resource more useful? Should this resource be connected to another resource?

What is NOT in your FICO score

FICO scores consider a wide range of information on your credit report. However, they do not consider:

• Your race, color, religion, national origin, sex and marital status.
  US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.
• Your age.
  Other types of scores may consider your age, but FICO scores don’t.
• Your salary, occupation, title, employer, date employed or employment history.
  Lenders may consider this information, however, as may other types of scores.
• Where you live.
• Any interest rate being charged on a particular credit card or other account.
• Any items reported as child/family support obligations or rental agreements.
• Certain types of inquiries (requests for your credit report).
  The score does not count “consumer-initiated” inquiries – requests you have made for your credit report, in order to check it. It also does not count “promotional inquiries” – requests made by lenders in order to make you a “pre-approved” credit offer – or “administrative inquiries” – requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.
• Any information not found in your credit report.
• Any information that is not proven to be predictive of future credit performance.
• Whether or not you are participating in a credit counseling of any kind.

* this is from myfico.com

Your rights on debt collection

The Fair Debt Collection Practices Act (FDCPA) applies to personal, family, and household debts. This includes money owed for the purchase of a car, for medical care, or for charge accounts. The FDCPA prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts.

Your rights under the Fair Debt Collection Practices Act:

• Debt collectors may contact you only between 8 a.m. and 9 p.m.
• Debt collectors may not contact you at work if they know your employer disapproves.
• Debt collectors may not harass, oppress, or abuse you.
• Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime.
• Debt collectors must identify themselves to you on the phone.
• Debt collectors must stop contacting you if you ask them to in writing
• this is from * www.myfico.com