Steve Stewart

Do Employers Check Credit Scores before Hiring?

By Steve Stewart on July 16, 2015

Interview with Kai Yaniz [1:00]

#192: Kai used to be responsible for staffing at a firm. She knows first-hand what companies use to check on an applicant’s background.   While a company may check credit reports, they do not review credit scores.

Once again, this is proof that the bare minimum to succeed in America is to simply pay your bills and debts on time.

If you don’t have any debts and don’t have credit cards, you won’t have a credit score. However, you will have a clean credit report – or no information for a credit report to be built upon.

UPDATE 2020: My wife and I paid off our last debt, the home mortgage, in December 2015. Within 2 years, I no longer had a credit score. Does that mean I couldn’t get a traditional job in corporate America? Of course not! Let my story be your testimony. Spend more time on your personal finances and less time trying to build your credit.

In this episode we discuss:

Why Americans allow themselves to become trapped in debt
How much responsibility do we place on the education system to teach children and young adults about financial literacy
The truth about employers pulling credit scores or credit reports
The 5 Dangers of Buying Cheap and “Splaving”

I Can’t Live Without My Smartphone [19:00]

This comes from an article that first appeared on LibertyInvestor.com

Make sure you listen to my LL Cool J impersonation [20:13]

Ponda from the Honda [26:00]

If you have time to research credit cards and build credit… then you have time to budget.

8 Summer Jobs for Teachers and Destination Debt Freedom

By Steve Stewart on July 9, 2015

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In this episode we talk about summer jobs for teachers, a new online accountability course called Destination Debt Freedom, and the Top 10 Financial Oxymorons.

8 Summer Jobs for Teachers [00:46]

Summer is a great time for teachers to take a break. It also gives them a chance to earn extra income to have some fun or advance their wealth building efforts.

Heather van der Hoop from ThePennyHoarder.com comes on the show to offer these suggestions for creating an income – and many of them involve stretching your boundaries as a teacher.

Teach English as a Second Language
Teach Abroad
Sell Your Lesson Plans Online
Work at a Summer Camp
Drive for Uber, Lyft or Sidecar
Rent Out Your Driveway
Rent Extra Space in Your House
Become a Local Tour Guide

This article first appeared on http://www.thepennyhoarder.com/summer-jobs-for-teachers/

Destination Debt Freedom [19:00]

A new peer accountability program for inspiring people along their debt freedom journey is being launched July 2015.

Alan Steinborn and Jackie Beck are spearheading this effort. They came on to explain the benefits and process for how the process works.

For more information visit http://www.destinationdebtfreedom.com

Top 10 Financial Oxymorons [33:22]

I asked the Facebook Group, Debt Freedom Fighters, what they thought the Top 10 Financial Oxymorons were. The answers were hilarious!

Inflation Induced Debt Destruction with Jason Hartman – MPSOS190

By Steve Stewart on July 2, 2015

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Jason Hartman only wants mortgage debt – and he will take out as much as he possibly can. He has been investing since he was 20 years old and learned how inflation is the enemy of home equity but the golden goose of real estate income property owners (my words, not his).

We first have to understand how inflation plays into this investment strategy and what “Inflation Induced Debt Destruction” is.

Concepts covered in this conversation with Jason Hartman

Jason says the classic definition of inflation is “too many dollars chasing a limited supply of goods and services, causing prices to rise”

Raised prices are not the same as inflation, as we are led to believe
The CPI (Consumer Price Index) is a basket of goods on which the government measures inflation
Jason also describes Fractional Reserve Banking and Lending

Six ways the government can deal with the national debt

Default: Unlikely to occur because it is politically unpopular
Raise Taxes: Impossible to raise taxes high enough to pay off debt (even at 150%)
Sell off America’s assets: Some of this is already happening (like toll roads)
Use the military to steal: For the natural resources, history has shown this is to be true
Technological innovation: Best option – but not the government’s first choice
Raise inflation gradually: Most likely solution as it devalues the value of currency

“Inflation is an insidious hidden tax. It’s a robber and a thief that destroys our purchasing power. It destroys the value of savings, of stocks, of bonds, even of equity in real estate. But thankfully, it also destroys the value of debt.”

Jason goes on to share examples of how a $100 bill decreases in value and how it works in favor for a real estate investor.

Borrowing to the Hilt

“Inflation is the most powerful method of wealth distribution known to man“.

Jason only likes one kind of debt: Fixed rate, long term debt in the form of an income producing real estate property.

He tells the story of a couple who buys a house in 1972 with a 30-year mortgage [33:22]

The mortgage rate for a 30-year mortgage was 7.37%. If you put down 20 percent on an $18,000 home in 1972 then you would borrow $14,000 and the payment would be about $100 a month.

However, the dollar deflates to about 40 cents by 1984. This means the couple was only paying $487 per year (about $40.58 per month) in an inflation induced economy – even though the checks written to the mortgage company remained $100 a month.

Find more about Jason Hartman at JasonHartman.com

Disclaimer from Steve

This is not an endorsement nor is it a dismissal of Jason’s investing philosophy. Seek the advice of a professional before making any decisions that could impact your financial future.

Announcing: The Midwest Mastermind Event

Join Ryan Rhoten, Dustin Hartzler, myself and a special event guest to find clarity, get focused, and grow your business.

This is a real, in person mastermind experience. Only the those with dedication and desire should attend. [23:45]

Morning and afternoon meals are provided for you and $450 in bonuses will be provided by your hosts.

HURRY! Early Bird tickets won’t last

Which Half-Glass Investor Are You?

By Steve Stewart on June 25, 2015

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Are you a half-glass opportunistic investor? Take this short quiz to find out and how you can improve your ability to invest wisely.

In this episode:

• Pessimists, Opportunists, and the Half-Glass Investor Quiz (print here)
• How a GOOD credit score is all you need
• Ponda from the Honda

A Pleasant Conversation with The Angry Grad – MPSOS188

By Steve Stewart on June 20, 2015

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Leah Bell, The Angry Grad, did what she thought everyone does: Goes to college to get a degree.

What she didn’t know was her chosen major narrowed her options just before the recession of 2008. Leah is now on a mission to educate others about education.