paula christine

In this episode of Beyond the Paycheck, Paula and Jon are joined by Bob Bernotas, a franchise expert with over 30 years of experience in the field. Bob shared his journey into franchising, starting with his first venture into West Coast Video back in 1986. He recently acquired a men's health franchise called Gameday Men's Health.

We go into the process of purchasing a franchise, emphasizing the importance of selecting the right franchise that aligns with your goals and values. Bob highlighted that franchising has evolved, and it's not necessarily difficult to enter a franchise if you find the right fit.

Bob discussed the qualities that make a good franchisee, focusing on people skills, basic business acumen, determination, and financial capacity. He stressed that passion alone may not lead to success in franchise ownership, and it's crucial to choose a franchise that matches your skill set and goals.

We also explore the trend of semi-passive franchise concepts, which allow individuals to start their businesses part-time while maintaining other commitments. This trend has made franchising more accessible to a wider range of people.

In conclusion, Bob shares that the key to successful franchising is finding the right fit, ensuring that both the franchise and the franchisee are a good match. He encouraged anyone interested in franchising to reach out and explore the possibilities.

If you want to learn more or get in touch with Bob Bernotas, you can visit his website at franchisewithbob.com or contact him directly at 610-506-0002.

To reach Paula Christine, email her at paula@paulachristine.com or visit www.paulachristine.com

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Kevin Palmieri joins Paula Christine to discuss success and how to define and achieve it. Kevin shares his personal journey of redefining success from being solely financially wealthy to prioritizing health, wealth, and love. He emphasizes the importance of becoming the most capable and competent version of oneself in all areas of life. Kevin also discusses the power of tracking habits and shares his own list of 26 daily habits that help him stay focused and make progress towards his goals. He encourages listeners to aim for consistent progress rather than perfection and to focus on the most important tasks each day. Kevin shares a powerful story of helping a client overcome her fear of approaching strangers and how it transformed her life. He also discusses the concept of borrowing belief and how it can help individuals overcome limiting beliefs and achieve their goals. The conversation concludes with Kevin sharing his favorite book, "Mindset" by Carol Dweck, which helped him shift from a fixed mindset to a growth mindset.

Key Takeaways:

1. Success is not solely about financial wealth but about becoming the most capable and competent version of oneself in health, wealth, and love.
2. Tracking habits is a powerful tool for self-improvement and staying focused on daily actions that lead to progress.
3. Consistent progress is more important than perfection. Aim for 70% effort consistently rather than sporadic 100% effort.
4. Borrowing belief from others can help overcome limiting beliefs and take new actions that lead to new results.
5. The most recent and relevant proof can help challenge and overcome self-doubt and imposter syndrome.

To connect with Kevin and find his podcasts, visit www.nextleveluniverse.com or email kevin@nextleveluniverse.com. For more from Paula, visit www.paulachristine.com or email paula@paulachristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Jasper Smith, also known as Mr. #Build Wealth, rejoins Paula and Jon today. Together, they delve into the realm of intelligent money management and share valuable insights on effective budgeting, financial communication, and alternatives to traditional budgets. 

Jasper highlights the key hurdle: finding a budgeting strategy that truly resonates with one's unique lifestyle and preferences. He emphasizes the need to choose a method that aligns with individual needs rather than blindly adopting popular approaches.

Jasper explains the "highlighter challenge," a practical exercise designed to illuminate spending habits. This activity involves reviewing the past three months of financial statements and highlighting non-essential expenses. By doing so, individuals gain a clearer understanding of their spending patterns and can differentiate between necessary expenditures and discretionary wants.

The conversation then shifts to the 50/20 rule, a strategy that Jasper endorses. He explains that this approach involves allocating 50% of one's income to essentials, 20% to financial goals, and 30% to lifestyle expenses. Jasper emphasizes that adopting a simplified and personalized budgeting approach can lead to greater financial freedom and enjoyment.

We discuss the importance of open and transparent financial communication within couples. Jasper suggests having honest conversations about financial strategies and goals in a relaxed setting, which fosters understanding and cooperation. The episode also touches on the significance of both partners being informed about their financial situation to avoid potential complications in the future.

Paula and Jasper conclude the episode by emphasizing the critical role of addressing financial challenges head-on and seeking expert guidance when needed. 

More from Jasper Smith, "Mr. #Build Wealth" and the Build Wealth Movement, here: https://www.thebuildwealthmovement.com/

Find Paula Christine at PaulaChristine.com or via email at paula@paulachristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

In this episode, Paula speaks with Rachael Burns from True Wealth about dealing with the challenges of divorce and the loss of a spouse. Rachael, who specializes in helping women through life transitions, explains how she found her niche after working with large financial firms like Merrill Lynch and Morgan Stanley.

Rachael's expertise lies in supporting women who have faced significant life changes, such as the death of a spouse or divorce. She emphasizes the importance of empowering women to take control of their finances, especially in situations where they may not have been financially empowered before.

They discuss the critical role of knowledge in these situations, advising listeners to gather as much information about their finances as possible, even before contemplating divorce. Rachael explains that knowing your financial situation can help alleviate the fear of the unknown and make informed decisions during challenging times.

They address the emotional aspect of these transitions and the difficulties of making rational decisions while dealing with grief. Rachael offers practical advice, suggesting that individuals focus on urgent matters, seek professional help, and consider therapy to manage the emotional aspects separately from financial decisions.

One key point is avoiding common mistakes, such as taking advice from biased sources or making impulsive financial decisions during moments of vulnerability. Rachael shares examples of widowed individuals spending large sums of money without considering long-term financial sustainability.

The podcast emphasizes the importance of being aware of your financial situation regardless of marital status, and Rachael stresses the significance of planning for unexpected life events. They encourage listeners to reach out to financial professionals for guidance and highlight the positive impact of proactive financial planning.

In closing, Paula and Rachael emphasize that life can be unpredictable, and while difficult circumstances may arise, being financially prepared can help mitigate the impact and secure a more stable future.

Find Rachael at https://trueworthfp.com/

Find Paula Christine at PaulaChristine.com or via emal at paula@paulachristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Get ready to be blown away, folks! We've got a dynamo of a guest today—meet Jonathan Green, the wizard who turned artificial intelligence into a goldmine for online businesses! 

Author of the chart-topping book "ChatGPT Profits," Jonathan is here to spill the beans on how he turned a career hiccup into a groundbreaking journey. Picture this: It's 2010, and out of the blue, he's handed a pink slip from a job he loved. Ouch, right? But instead of throwing a pity party, Jonathan had an epiphany: the 9-to-5 grind could be a financial house of cards! 

That 'aha' moment catapulted him into the mesmerizing world of AI. Determined to take the reins of his financial future, he delved deep into crafting passive income streams powered by artificial intelligence. 

Gone are the days when AI was a shiny new toy for tech nerds. Today, it's the linchpin that's redefining how we think about online businesses and the job market. If you're not AI-savvy yet, you might just be missing the boat! 

And it's not just Jonathan raving about AI; Paula joins the conversation to share her life-changing experience. Ever swamped with work? Paula reveals how AI cut her workload in half—like a hot knife through butter! Jonathan chips in with killer insights on how ChatGPT can automate the mundane—from whipping up captivating social media posts to drafting pitch-perfect marketing emails. 

But wait, there's more! AI isn't a one-size-fits-all robot. It's a virtuoso that can tune into your unique writing style and deliver content that speaks directly to YOUR audience. The secret sauce? Asking the right questions can unlock the AI's potential better than mere commands. 

For those hungry to unlock the full power of AI, Jonathan has something special—his hands-on course, "AI Freedom." This isn't about replacing humans; it's about amplifying our talents. Imagine the kind of wizardry you can pull off when AI is your sidekick, fine-tuning your craft and supercharging your strengths! 

Learn more about Jonathan, his course, and his contact info on his website: https://servenomaster.com/

Find Paula Christine at PaulaChristine.com or via emal at paula@paulachristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Today, Paula Christine welcomes Mark Booher, a former soldier with a background in intelligence who is now a licensed attorney. Mark's unique journey takes us from his early enlistment in the Army at the age of 19, driven by a passion for the military, to his transition into law school following injuries and disillusionment with the practice of law. Despite his varied roles, Mark's unwavering love for the military remained a constant throughout his career.

The heart of the discussion centers around the concept of a "warrior mindset," a topic that has always fascinated Paula. Mark sheds light on this mindset, emphasizing that it encompasses more than just physical strength. It involves a holistic approach to life, characterized by discipline, courage, and self-mastery, all tied to a higher purpose and sense of duty. Drawing from historical examples, Mark highlights how ancient warriors balanced physical prowess with spiritual growth and self-discovery, resonating with the idea that true warriors conquer their internal struggles before external ones.

Paula raises a pertinent question: How can someone without military experience cultivate a warrior mindset? Mark's response revolves around adopting the right framework, and embracing struggle, sacrifice, and discomfort as essential ingredients for growth. Drawing parallels with the hero's journey, Mark explains how facing challenges, seeking knowledge, and overcoming obstacles are integral to developing this mindset. Both hosts discuss the significance of personal growth in alignment with community betterment, and Mark stresses the importance of striking a balance between individual achievement and communal contribution.

Learn more about Mark by listening to his podcast Pearl Snap Tactical, or visiting his website https://www.barritusdefense.com/

Find Paula Christine at PaulaChristine.com or via email at paula@paulachristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

In this episode of Beyond the Paycheck, we are joined Jasper Smith, also known as Mr. Build Wealth, to talk about the complexities of managing financial goals for both parents and children. Our discussion centers on the challenge of saving for our children's college education while also balancing our personal financial aspirations. Jasper emphasizes the importance of considering whether our child truly needs to go to college, highlighting that higher education isn't the only path to success. He encourages us to have candid conversations with our children about their aspirations and to question whether college aligns with their goals. Our dialogue then transitions to exploring various financial tools, such as education-specific accounts and regular investment and savings accounts, that we can utilize to save for our child's future. Jasper emphasizes the significance of early discussions to determine the most suitable solution, with a nod to the SECURE 2.0 act and its implications for saving. Our conversation touches on the option of using funds for alternate purposes if our child chooses not to attend college, illustrating this through anecdotes and suggesting that flexibility and communication are key.

We also delve into the balancing act of financial priorities between education savings and our personal goals, such as retirement and home ownership. We stress the importance of prioritization and decision-making, while considering our individual situations and timeframes. The skyrocketing costs of higher education and the shifting landscape towards trade schools and community colleges are explored as factors affecting the college-versus-trade education decision. The pandemic and its impact on perceptions of formalized education are also discussed. Our discussion continues with reflections on career choices, potential income, and the value of education in various fields, recognizing the need for a solid financial foundation regardless of the chosen path.

Jasper firmly believes in  a "village" for financial planning and education. We discuss strategies for harnessing support from family and friends, encouraging them to contribute to financial goals rather than gifting material possessions. Our conversation touches on the delicate balance between providing for our children and instilling a sense of financial responsibility, acknowledging that different households may have distinct approaches.

More from Jasper Smith, "Mr. Build Wealth" and the Build Wealth Movement, here: https://www.thebuildwealthmovement.com/

Find Paula Christine at PaulaChristine.com or via email at paula@paulachristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

True Wealth Is Time, Not Money.

Erik Nero of First-Step Wealth is Paula and Jon's guest today, and he thinks people have many misconceptions about money.  It's not about the quantity of money you have; it's about what that money allows you to do.  What are you passionate about?   In fact, some of this reminds Paula of online dating!

Sometimes mindsets around money can be chased back to childhood. Erik tells a story of his dad making him earn 25 cents to buy a squirt gun.  It's a valuable lesson, as opposed to thinking money just appears.

Paula and Erik also spend some time discussing the importance of saving while you're young.  Recent law changes have made that easier, but the younger you can start, the better.  This is especially true because life often gets more complicated when you get older.

Erik often asks his clients, "What are your values and thoughts about the importance of money and how are those behaviors going to be matched to your overall purpose and outcome?"

Paula and Erik also muse over how hard it is to give advice as a parent; often, your kids will listen to the same exact advice, as long as it's coming from someone else!   

Find Erik Nero at https://first-stepwealth.com - via email at Erik@First-Stepwealth.com or by phone at 518-893-1592.

Email Paula Christine at Paula@PaulaChristine.com. You can also learn more online at www.PaulaChristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Paula welcomes Patti Handy back today to talk about a topic both are very passionate about - women and money. Statistically, women struggle with money.   There's the gender gap (women earn 83 cents for every dollar men do), and women are often having to care for kids and/or aging parents.   More often than not, husbands are in charge of money and investments.  All these factors led to Patti's transition from a financial advisor to a financial coach.

While younger women are taking a more active role in managing their money (again, on average) - women approaching retirement age are concerned about running out of money or being a burden to their kids.

People tend to be afraid to ask for help, but it's important to remember that it's not your fault if you haven't been taught something.  

It's important to set goals and understand your "why" when it comes to money and savings.  Patti also, discusses how important it is to have all of your documents organized in a way that your family knows where everything is located. Download the free resource “Personal Record Book” to get started organizing your estate. 

Most importantly, Patti says, is to take care of yourself - mentally and physically.  

Learn more about Patti Handy on her websites:

https://www.pattihandy.com/

https://mindinghermoney.com/

Email Paula Christine at Paula@PaulaChristine.com. You can also learn more online at www.PaulaChristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

We've been doing this podcast for a little over a year, and today Paula Christine puts Producer Jon in the hot seat.  We've talked a lot about managing your money over our first 56 episodes.  But what has Jon taken away? How has he saved money?

Jon talks about his top 5 takeaways, including:

• Eliminating bottled water
• Eating Out Because of No Dinner Plan
• Expensive Coffee Drinks
• Expedited Shipping and Mobile Payments
• Credit Card Interest

But Jon's not going to let Paula off the hook.  He asks her how SHE is saving.  She mentions gym memberships and streaming services.  Who knew we'd spend part of this episode talking about yoga and Ted Lasso?

Email Paula Christine at Paula@PaulaChristine.com. You can also learn more online at www.PaulaChristine.com.

Need help with your podcast?  Reach out to Jon at jag@jagindetroit.com or through his website, https://jagindetroit.com/

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Today, Paula Christine welcomes Sasha Rogers, a woman who left her career, bet on herself, and now helps others with their mindset.

We start with Paula's son, who is working very hard at a job he's not happy at.  But he's well compensated and not ready to jump.   Sasha feels he's got a certain savings number in his head.  That's a common sticking point.

We spend some time talking about what we learned from our parents and what we teach our kids about money.  It's very easy to be risk averse and not want to see bad things happen to your children, but you often have to give them the leeway to make mistakes and learn from them.

How do you take a giant step forward? The same way some people eliminate debt - the snowball method.  Start with little, small successes, and stack these wins to build momentum.

When asked "What have you learned about money?" Sasha, says to spend the money to invest in yourself.

Want to learn more about Sasha? Email her at sasha@inneranthemacademy.com

Or find her on Instagram at @Sasha_fitcounselor

Email Paula Christine at Paula@PaulaChristine.com. You can also learn more online at www.PaulaChristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Tricia Bailey from Future Plan rejoins us today to talk about savings vehicles for the self-employed. We start with the various limits on SEP IRAs and various 401k plans. This can include a spouse if he or she is being paid by the business.

We spend a lot of time today on a vehicle that isn't often discussed - a cash balance plan. This is an amazing opportunity for high net-worth individuals, who wouldn't have enough savings to support their lifestyle in retirement-based contributions limits of the traditional methods. You can put $260,000 or more per year into this account depending on your age and income. It's pre-tax dollars, so it is not included in your annual income. Yes, you'll have to pay taxes upon withdrawal, but that could be at a time when you're in a lower tax bracket.

Tricia shares examples from doctors and dentists, and what they were able to accomplish with plans like these. Or, if you have a "side hustle" in addition to your 9-5 job, that "side hustle" cash could be saved similarly.

These plans can also be used to mitigate tax exposure when selling a business or dealing with succession planning. Tricia explains some of the rules around contribution limits and timeframes.

If you have additional questions, you can reach Tricia Bailey at 248-520-6372 or tricia.bailey@futureplan.com

Email Paula Christine at Paula@PaulaChristine.com. You can also learn more online at www.PaulaChristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Today, Paula Christine and Jon Gay celebrate one year of the Beyond the Paycheck podcast by looking back on some of their favorite topics and guests over the last 50+ episodes.  They include:

• Episode 20: Listener Aaron who was about to get engaged (update: he's put a ring on it)
• Episode 25: Michael talking about VA loans and the resources available to our veterans
• Episode 33: Marc talking about home buying in a rising interest rate environment
• Episode 5: Money coach Eboney on taking control of your money
• Episode 49: Monica on finding your passion, and how it doesn't have to be reflected in your day job
• Episode 22: Coach Jon on money mindset
• Episode 24: Marty on investment "buckets"
• Episodes 17 and 18: Lynn on diversification
• Episode 3: Shannon on understanding your 401(k)
• Episode 23: Paula and Jon on holiday spending
• Episodes 34 and 35: Money mindset and how our upbringing plays into our relationships
• Episode 27: Divorce journalist Ilyssa.
• Episode 31: Lisa the Certified Divorce Financial Analyst

We wrap up with some final thoughts - what Jon has learned about money, and what Paula has learned about podcasting!

To reach Paula, you can email her at paula@paulachristine.com or visit her website: https://paulachristine.com/

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

There are many mistakes you can make when applying for a mortgage, Today, Paula Christine and Jon are joined by Aelene Vanderveen of Cross Country Mortgage.  Aelene will walk us through some common pitfalls and how to avoid them.

A mortgage calculation looks at three main categories - income, assets, credit, and collateral.  The first three are largely within your control.  Aelene talks about not making any large purchases or gaining a large asset while going through the home-buying process.   As the saying goes, "You can't borrow money to borrow money."  She explains what this means.

Don't open any new lines of credit - even those department store cards that offer discounts for small purchases.  That can affect your application, as can any credit pull.   You may be excited to furnish your new home, but it's best to wait.   Aelene also explains why it maynot be a good idea to pay off medical debt during this period.  Seems counterintuitive.  The bottom line, talk to your lender before making any financial moves.

We also spend some time on credit scores, what goes into it, and why your credit history and debt-to-credit ratio is crucial.  In fact, during the tumult of 2008, some borrowers' credit scores dropped, simply because credit card companies lowered their limits!

What if you're self-employed, like Paula and Jon?  Aileen says you'll likely need your last two years of tax returns, plus a rough P&L statement for the current year. 

What if you're applying with someone else - such as a spouse or even a friend/roommate?  Your lender will take the middle of the three credit scores for each applicant, and the lower one goes into the file.   This is important to think about if you can get approved on one person's income vs. two.

At the end of the day, the most important thing is to overcommunicate with your lender.  If you aren't sure about something, ask!

You can find Aelene at Cross Country Mortgage at 734-679-7000, or email her: aelene.vanderveen@ccm.com

To reach Paula, you can email her at paula@paulachristine.com or visit her website: https://paulachristine.com/

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Monica Fochtman, PhD, is a career clarity coach and resume expert, specializing in helping people find their true passion, with her company Sheldrake Consulting.   When Paula's own son struggled with finding his ideal career, Paula reached out to Monica to come on the show.

We start with a look at resumes in 2023.  Talking about ourselves and our strengths is important, and we are often tempted to list all of our strengths on a resume, but Monica explains why it's better to focus on some key areas, tailored to the job you're applying for.

We also discuss LinkedIn, where it's possible to grow your network exponentially.  And it's important to always be active on LinkedIn, not just when you're job-hunting.   The value in this is building your network before you need it.  In fact, schedule your time to be active on the platform, just as you would plan out everything else on your to-do list, and make a habit of it.

Monica started her business in 2017 when she discovered a passion for helping people find their ideal careers.  And she says there are two schools of thought - following your passion as a career, or having a separate career that allows you to follow your passion when you aren't at work.

To learn more about Monica and what she does, you can email her: monica@sheldrakeconsulting.com or visit her website at sheldrakeconsulting.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

401(K) plans are complicated!  Today, Paula and Jon are joined by 401(K) expert Tricia Bailey.  We're going to cover what employees need to know about their plans.

One of the biggest things plan participants don't understand are the fees associated with the plan.  How much do employers pick up vs. how much do employees themselves cover?   Because this information is disclosed in a complicated form, listed in percentages, few employees read it.  And even fewer understand it!  That's why working with a financial planner can be so important.  Is the plan a good fit, or should you be allocating more toward other retirement vehicles?

80% of the population uses "set it and forget it" style target date funds, based on their age.   Well, everyone's financial situation is different, and one size certainly does not fit all.   And two plans, with the same target date, might be managed completely differently by two different companies!

When it comes to fees, Paula mentions not all fees are bad.  Sometimes, free means you get what you pay for.  Understanding what fees you are paying and what services are available is key to planning your financial future

With the recently passed SECURE Act 2.0, there will be additional vehicles set up to help Americans save for retirement.  This will be a welcome change, as the vast majority do not have nearly enough saved for their future.  Paula shares the story of a rude awakening for a couple she just met.

For solo entrepreneurs, there are retirement vehicles such as a solo 401(K) and a SEP IRA.   Tricia explains how they work.  But if you are a very high earner, the contribution limits on these accounts will not allow you to have the same lifestyle in retirement that you have now.    She breaks down the numbers and some ways to save a much larger nest egg for retirement.

If you have additional questions, you can reach Tricia Bailey at 248-520-6372. or find email Paula Christine at Paula@PaulaChristine.com.    You can also learn more online at www.PaulaChristine.com.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Carolyn Feldman of Nationwide Credit Clearing joins us for the first of two episodes today.  We cover a wide range of topics from establishing credit to the difference between a FICO Score and what she calls a "Fake-O Score."

When you're young and you need to establish credit, you may want to consider a secured credit card - Carolyn explains the difference between secured and unsecured, as well as how credit utilization and bill payment affect your credit score.

To get your true credit score, you'll want to get your FICO Score from MyFico.com. You're able to look at your true FICO score (that potential lenders see) once per year at each of the three major credit bureaus, for free.

Beware of a website called Credit Karma - this is only an estimate of your score.   They have only 2 of the 3 major credit bureaus - Experian won't participate with them.  So Carolyn calls Credit Karma your "Fake-O" score as opposed to your FICO score.

If you're a Capital One customer, they have a program called Credit Wise.  This is a true FICO Score.

It's important to know the difference between a hard pull of your credit history and a soft pull.  When you check your score, that's a soft pull.   There's no penalty for checking on your rating.   When a third party pulls your score, that's a hard pull and can affect your rating.

Credit cards have billing cycles and statements, and credit bureaus are no different - this will affect when new information hits your credit report.  Carolyn says to think of it like a report card.  She explains why.

If you find an error on your credit card report, you can challenge it.  And, by law, if the creditor doesn't respond in 30 days, it comes off your report.   But remember, often the dispute is with the lender,  not the actual credit reporting agency.

We also spend some time on medical bills, which are often a source of financial hardship.  Medical bills do not go on your credit report until they are unpaid.  This is why it's a good idea to even make small payments on a large bill, so they remain in repayment.

To reach Carolyn at Nationwide Credit Clearing, you can call her at 248-254-3315 or send her an email at carolyn@mynationwidecredit.com

To reach Paula Christine regarding any financial questions, visit her website at PaulaChristine.com or email her at Paula@PaulaChristine.com

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

March is National Credit Education Month.  As it draws to a close, today, Paula Christine and Producer Jon Gay do a deep dive into credit scores.  Why are they important, how do you build credit, and how do you rebuild your credit score if it's dropped?

There are many ways to establish credit when you're young. This could mean using a secured credit card (where the limit is backed up by a deposit in a bank account).  Or it could mean having a minor as a co-signer on a loan, such as an auto loan.  Just be sure you're making those payments!

Why is a credit score important?  It will affect your ability to get a home or car loan and the interest rate you'll pay.  And here in Michigan, it can even affect your car insurance rate.  This is unfair, and there's work being done to change this, but for now, it remains the law.

How do you find your credit score?  There are three credit bureaus that you can check online - Experian, Equifax, and TransUnion. You should download your credit report and ensure there are no mistakes. And if there are marks against you, you should work to fix them.  Paula also suggests freezing your credit, and only unfreezing it when applying for a loan.  Any inquiries into your credit history (whether you asked for them or not!) can impact your score.

If you have a low credit score, you might also consider being a co-signer on a loan.  And if you're in debt, some companies exist to help you create a plan to get out.  Or, you can even negotiate with credit card companies yourself!

You can work your way out of debt with discipline.   You can pay off multiple credit cards one at a time, either by smallest balance or highest interest rate.

Paula has several tips on getting out of debt on the resource page of her website here: https://paulachristine.com/resources/

Need help with your financial future?  Learn more about Paula and her work at PaulaChristine.com or send her an email: Paula@PaualChristine.com

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Recently, Paula Christine was talking to her daughter about an uncomfortable topic - what would  happen to her daughter's kids if she weren't around? 

Attorney Shannon DeWall rejoins us today to talk about the documents you need to protect your children should you pass away or even become incapacitated.  They include a will, a standalone document for guardianship in the event of disability, and (in many cases) a trust.  Minors cannot inherit money, but that money can go into a trust to provide for them.

Shannon also advises against making the trustee and the guardian the same person.  This can provide some valuable checks and balances to protect the children.

Paula makes a good point in today's episode - if you don't stipulate a guardian for your children, that can end up in probate, and the kids could  go with someone you don't even like!    Also, what if you're still alive, but incapacitated? You need to prepare for that possibility as well.

We do break down the case of divorced parents.  Often, the surviving parent would get custody.  But if the parent who passed away had full custody previously, that may not be the case.

For more information on this topic, you can reach Shannon at Shannon@Dewall-law.com or at 734-772-1220.  Her website is: https://dewall-law.com/

Need help with your financial future?  Learn more about Paula and her work at PaulaChristine.com or send her an email: Paula@PaualChristine.com

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

Shannon Maloney rejoins Paula and Jon this week to discuss savings tips.  It's important to save for retirement, but that's extremely difficult when you're living paycheck to paycheck.

If you're still feeling the pain from holiday spending, you'll love Shannon's first tip.  Buy a gift card every month for the whole year. When Christmas arrives, you can either use them or gift them, without taking a huge hit to your wallet.

We also talk about credit cards.  Treat them as cash; only spend what you can pay off in full every month.  Yes, there are perks like travel rewards, but if you accumulate interest on your cards, that will far outweigh any benefits.  When spending, think about "needs" vs. "wants."

Paying your mortgage bi-weekly instead of monthly, will create two extra payments a year so you can get the balance down faster.

Paula and Shannon talk about thrift stores.  Many times you can find tags-on clothing .  This has benefitted everyone from Paula to Shannon's teenage daughters.

Check out GoodRx to save on prescriptions.  Also talk with your pharmacist about generics. 

Bottled water, coffee, speeding and parking tickets - there are so many areas where you can save a lot of money with some due diligence.

To reach out to Shannon and get her list of tips, email her at Shannon@SRPretire.com.

For bigger picture financial help, you can email Paula Christine:  paula@paulachristine.com, or visit her website: https://paulachristine.com/

Disclaimer: Investment advisory services are offered through Strategic Retirement Partners, an SEC registered investment advisor. All the opinions and comments made on this podcast today are the opinions of Shannon Maloney and not the opinions of Strategic Retirement Partners.

___

Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.