Lacey Brown

Ever wonder what impacts your credit score the most? READ ON! 1. Payment History (35%)... More than a third of your score is determined by payment history, so missed or late payments are the number one thing to avoid. 2. Credit Utilization (30%) Using a high percentage of available credit funds is a factor that lenders consider. If you have multiple credit accounts that are consistently maxed out, your chances of being approved for financing won't be as high compared to an applicant who pays down their debt in full each month. 3. Length of Credit History (15%) This matters to lenders because it shows how much experience you have managing and paying off debt. The longer the credit history, the better. 4. Credit Mix (10%) Having more than one type of credit account on your file, while managing them all responsibly, will have a positive effect on your score. Examples of "Revolving Credit" are credit cards or a home equity line of credit. Examples of "Installment Credit" are car loans, mortgages, and student loans. 5. Recent Applications (10%) When applying for financing, lenders will look at the amount of new credit an applicant has. Applying for a lot of new financing in a short period of time can drop your score. #financialfreedom #credit #creditscore

This is powerful! Money growing at 6% will DOUBLE in about 12 years. Same initial investment, now worth double. How does that work? Math!... You invest $1000 and it earns a 6% return. Now your account is worth $1060. That $1060 earns 6% and turns into $1125. In just 12 years that initial $1000 investment is now worth $2000 and you did nothing but wait. Contribute to the plan regularly and it will grow so much faster! Message me to talk about how we can make compound interest part of your savings plan! #tiptuesday #tips #financialfreedom #interest #money

Interest can be expensive! Simplify your finances by only having one monthly payment instead of many. People often use consolidation loans for smaller loans, credit card balances, overdraft, payday loans, and even loans in collections.... If you qualify for a low interest consolidation loan it could either: Reduce your monthly payments by lowering the interest Pay down your debt faster by keeping the monthly payments the same Both sound like good options to me! Don't keep paying for high interest rates when there are options available to you. Talk to a credit counselor! #tiptuesday #tips #financialfreedom #debt #interest

HAPPY EASTER From my family to yours, wishing you all a very Happy Easter! #easter #easter2021 #allthechocolate #family #financialfreedom

Make sure you're not spending everything you earn Ever wonder how much you should be setting aside for your retirement years? It might be more than you think! While the old advice used to be 10%, experts are now recommending increasing that amount to at least 20% due to economic changes and longer lifespans. ... This is a significant portion of your earnings! If you're used to having not much left each month, start small and increase over time. It's going to take time to adjust your lifestyle and spending habits. Not sure where to start? I can help! #tiptuesday #tips #financialfreedom #budget #financialadvisor

The most frustrating thing about credit is the catch-22 of establishing it. Nobody wants to give you credit when you don't have a history of managing it. But if you've never had credit and don't have a credit score, it isn't ZERO...you're simply "credit invisible".... When you have no credit history, the credit bureaus just don't know enough about you to guess whether you'll pay back borrowed money. And that's all a credit score is! It's an estimate of the likelihood you'll pay back the next credit you're granted. This can be the most frustrating concept to understand for those who have always paid for everything in cash, and have never owed a single cent to their name. They try to get a mortgage and don't understand why they can't! This is because there is no paper trail of managing credit, so lenders aren't willing to take the risk that the loan will be repaid. WHERE DO YOU START? It is an important part of your financial plan to establish and build your credit score. If you're struggling to find a credit company to offer you an unsecured line of credit you can get a prepaid credit card. This is called a SECURED credit card, because it is secured by the cash that was used as the deposit. Secured credit cards are a GREAT way to begin to build that credit score which will open more doors in the future. If you want some personal advice, feel free to reach out and let me help you reach your financial goals. #financialfreedom #goals #credit #creditscore

You get a discount for paying your insurance premiums annually vs monthly. Depending on the carrier you can expect around 7% to 9%. That's a significant savings! If your investments were making that kind of additional return wouldn't that be exciting.... Picture this scenario... Instead of paying monthly for your premiums, switch to annual, but continue paying those same old monthly premiums into a savings vehicle. Now pay your annual premium from that pot when it comes due, and you've still got 7-9% extra in your account! I've got all kinds of creative savings strategies you could be using to maximize your investments. Let's book a chat!

Spring is officially here! When you switch out your wardrobe and do your other cleaning, take the time to tidy up your finances with these tips... 1 - SWEEP OUT OLD SPENDING HABITS ... Take this time to look over your spending habits and identify anything that is hurting your financial goals. Becoming aware of money in and money out is the first step to creating some positive changes. 2 - DUST OFF YOUR BUDGET If you have not been following a budget lately, then it is a great time to get back on track. When you budget consistently, it becomes much easier to reach your financial goals. 3 - CATCH UP ON LATE PAYMENTS It's a good time of year for a yard sale to raise some extra cash. You can list some items on Facebook marketplace without even leaving your home. A spending fast can also help you find extra money to put towards your late payments. 4 - TOSS OUT YOUR DEBT Staying in debt is like holding on to that ratty sweater you never wear anymore. It is just taking up extra room in your life. You may not be able to pay everything off this spring, but when you set up a plan you are making lasting changes. 5 - PLAN FOR YOUR FUTURE Take the time to plant the seeds for your future by creating a plan with clear goals set on a timeline. You can always adjust your plan as life changes, but it's a lot easier to adjust a plan than it is to start from scratch! WHAT ARE YOUR SPRING GOALS? Let me know in the comments!

Just because you’re single doesn't mean you don't need insurance. I can help you find the right life insurance options for your lifestyle. ow.ly/Igrj102BSEE

Insurance through your employer is a great place to start! Do you know what coverage you have? Is it enough? I can help you decipher your benefits package and explain what it really means. We might identify gaps you didn't think of.... If you have children or debt it's even more important to understand the impact of these benefits. What may be right for your colleague may not be right for you. I can help you come up with a plan for your unique goals. Let's talk about your options #tiptuesday #tips #financialfreedom #insurance #life

Education is expensive Undergraduate fulltime tuition continues to outpace inflation. Anyone out there with littles?... The projected cost in 15 years is $70,000! And that's for students living at home. If you factor in housing, you're looking at $125,000 over 4 years. Take advantage of government grant programs which match 20% of your qualifying contributions. And don't wait too long. While there is some carryforward space, they cap the amount they will match in future years. Talk to me about how these programs work! #tiptuesday #tips #education #school #financialfreedom

Here's to strong women! May we know them. May we be them.... May we raise them. #ChooseToChallenge #IWD2021 #InternationalWomensDay #WomensDay #SeeHer #WomensEquality #EachforEqual #BalanceforBetter #PressforProgress #BeBoldforChange #PledgeforParity