We've all heard the term "Passive Income". Let's talk about it. Sipping marjarita's on the beach? Making money in your sleep? Our thoughts on passive income, why it's important and how to start.
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
Richard Moxley is one of Canada's leading authorities on personal credit. After seven years as a mortgage broker, he had had enough in watching people forced to pay thousands of dollars in excess fees and rates, all because no one had taught them the basic rules of credit. Learn to level up your credit game on his website: https://creditgame.net/
Email him ANY credit questions: info@creditgame.net
Credit PIE chart: https://www.skidmore.edu/hr/documents/Credit-Score-Pie-Chart.pdf
SHOUTOUT:
Do you know what your credit score is? Do you need to improve it for a specific goal? Do you have a story to share about credit? DM us! We'd love to hear.
HOMEWORK: Set an alert on your credit card account to notify you when your balance goes above 50% so that you can pay it off right away.
HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
Email Richard @ info@creditgame.net
Show Notes:
00:00:52 Today on Money Stuff with Moms podcast we have a special guest! Richard Moxley is here to talk about CREDIT.
After 8 years as a high-volume mortgage broker, Richard Moxley finally had enough of watching the Average Joe being forced to pay thousands in excess rates and fees, all because no one had taught them the rules of credit. Due to demand, Richard focuses full-time on his passion which is helping Canadians fix, understand, and improve their credit. Here are a few of his credentials:
Still married after twelve years and five kids! Bestselling author of two books
Financial Literacy of the Year award, 2015
Certified Bankruptcy and Insolvency Counsellor
Featured in The Globe and Mail, CBC Go Public, CTV, Global News, and many others
00:02:47 Having a high credit score is NOT the most important thing.
00:04:59 If you want to boost your score, there are two golden rules. 1: pay your bills on time. 2: keep your credit card balance BELOW 50% of your limit at ANY given time during the month, not just before you pay it off. (and it doesn't matter how high the limit is, either.)
00:08:17 Businesses in Canada can now charge you a fee if you are using a credit card, so watch out for that. You've got to decide if the fees you're paying are worth the points you get.
00:09:37 How to build your credit FAST if you don't like the temptation of using a credit card
00:13:56 Why joint credit is so risky and why you should say NO to cosigning for anything.
00:19:56 Why cosigning for your kids is a bad idea and what you should do instead
00:21:25 If you have bad credit, don't beat yourself up about it. It can be turned around, and sometimes very quickly.
00:35:01 Why Richard would rather rent his property out to someone who just went through a bankruptcy or consumer proposal.
