A credit score is comprised of five different factors, and each factor affects your score differently. The factors are listed below: 1. Payment history (35%) – This is the largest factor in your credit score. A long history of paying on-time has a very positive impact on your score. Conversely, late payments have a significant…

Review Your Credit Report It’s a best practice to review your credit report annually. There are three major credit bureaus in the US – Experian, Equifax, and Transunion. Each bureau is required to provide free access to your credit report once every twelve months. Checking your credit report is important for two main reasons. First,…

Most folks tend to think of their credit score only impacting the rate they can receive on a new mortgage or auto loan. While this is one important area that’s impacted by credit history, it’s certainly not the only category. Future employers often review credit reports for signs of bankruptcy or other issues related to…

As a starting spot, it’s important to understand what it means to receive a tax refund. Receiving a tax refund simply means that a taxpayer paid in more tax throughout the year than they needed to. It is not necessarily a reflection of actually owing less in tax – it is simply a reflection of…

Taxes are an inevitable part of life, and the US tax system is no exception. The taxes that we pay as American taxpayers are a complex and ever-evolving landscape that can be confusing to navigate. With so many different types of taxes, rates, deductions, and credits, it can be difficult to understand the ins and…

Our societal view of taxes is negative to say the least. Who wants to pay more in taxes? At the same time, it’s important that we take a step back and understand what it means when we pay taxes. Income taxes are symptomatic of God’s provision. When tax filing season comes around, we can use…

SECURE 2.0 makes it easier to save for retirement, easier to preserve savings in retirement, and easier for businesses to provide retirement benefits. While there was normal debate about individual provisions, SECURE and SECURE 2.0 were both jointly sponsored by Democrats and Republicans and had broad bipartisan support. Here are highlights of some of the…

Now that a savings plan has been established for long-term goals, the next phase of the hierarchy is “surplus.” This phase includes experienced, active risk taking and major charitable giving. When entering this phase, it’s important to revisit the concept of the “financial finish line.” We want to revisit the question of “How much is…

The next foundational step is “secure.” This step comes after households have started saving for major, short-term purchases and worked this amount into their monthly cash flow plan. Once this has been achieved, it’s time to start attacking long-term goals. These are big-ticket items such as retirement, college, or major lifestyle changes down the road.…