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Video-Tutorials

Is Renting Throwing Money Away?

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Is renting throwing money awayThe debate of renting vs buying continues. Is renting throwing money away? Not really, even when the monthly payment is the same as a comparable mortgage. Many utilities, even cable, are often included in rent that costs you hundreds of additional dollars when you own a home.

This video proves that renting can buy you patience while building up a good downpayment for a house. Don’t be swayed by the “renting is throwing money away” lie. Instead, pay attention – not interest.

There are many benefits of owning a home but most of them are not financial: The pride of home ownership, added comfort, stability, security, and personalization (remodeling rooms and painting them any color you like).

Want to go deeper? Listen to “House Poor Are You” where I dive deeper into this topic: http://moneyplansos.com/sos031-house-poor-are-you/

Use SOS for your free eCredable account

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How can I prove my credit worthiness when I don’t have any debt? That is the question people around America are asking when they see their credit scores disappear once all their debt is paid off.

Should we be punished because FICO can’t evaluate our score their way? Absolutely not, we have eCredable! 

eCredable is an online service that evaluates your payment history. They can verify your normal monthly bills like electricity, cell phone, and even rent – FICO doesn’t do that.

And now, it’s FREE!

You can use the promo code “SOS” to get your free account.

Free eCredable screenshot

 

 

Cranky old guy gets his credit score

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Too much emphasis has been placed on “building our credit scores”

We spend too much time worrying about credit scores and not enough time working on saving money. I don’t believe in debt so I made the decision to stop borrowing money. My last credit card was closed in 2006 and I haven’t borrowed another dime while we are attacking the mortgage.

My credit file is thin, so my score should be low

Traditional credit scores are based on credit reports, which you can get free once a year by visiting AnnualCreditReport.com. If what we have been told is true, more credit accounts being paid on over a long period of time results in a higher score, then my extremely thin list should result in a low score.

When I got my score, I was shocked

Watch this video of a cranky old guy (me) walking through the steps to buy his credit score from MyFICO.com. My score is much different than you would expect:

Pay particular attention to how many times I am almost forced to sign up for a monthly membership. It felt like I was sitting in on a timeshare presentation.

Don’t be swayed by the propaganda

So many people repeat the mantra that we need the right mix of debt products and need to manage them wisely. This activity if folly. If you want to be rich and have good credit, even without a credit score, then

  • Pay all your bills on time
  • Don’t borrow a bunch of money
  • Use eCredable if your credit file is thin and you want qualify for the best rates on a mortgage (the only time I would consider borrowing money)

We even have all the tools necessary to live completely debt free in America (watch my on-stage performance in front of my peers). Do the right thing and build wealth, not credit.

Checking your ChexSystems report for free

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Obtaining a copy of your Credit Report is important, but have you ever looked at your ChexSystems report? Your banking habits are reported in way similar to the way your payment history is reported to credit reporting agencies.

This video shows how easy it is to request your FREE ChexSystems report.

For more details: https://www.consumerdebit.com/consumerinfo/us/es/chexsystems/report/index.htm

Ignite FinCon12: No Debt, No Credit, No Problems

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It is possible to live in the United States with No Debt, No Credit, and have No Problems. In this 5 minute Ignite presentation I walk you through how you can be debt free and still remain credit worthy – and how the pursuit of the perfect FICO score could actually make you poorer, not richer.

Ignite

…a speed presentation where speakers have exactly 5 minutes on stage. To make public speaking more challenging they must have 20 prepared slides that auto-advance every 15 seconds. This leaves no margin for error and causes un-rehearsed presenters (or drunk ones) turn beet-red from embarrassment.

FinCon12

…a three day get-together for Financial Bloggers from all over North America, Canada, and as far south as Australia. This was the 2nd annual meeting that was held in Denver. Yep, there is a conference for that!

A Financial Blogger walks into a tango bar…

Watch as I present to a tango bar full of Financial Bloggers, CFPs, CPAs, Bank Representatives and one MyFico Relations Manager (yeah, that’s pretty funny!).

If you are looking for ways to get out of debt and live debt free then listen to free audio lessons (podcasts) that teach everyday Americans like you how to Pay Attention, Not Interest!