Goal
Smart way to build excellent credit score
Set up score target
More tips for maintaining good score:
1. Always repay the debts on time, such as setting up automatic payment, and pay off
all statement balance.
2. Don't close the oldest credit card account if it has no annual fee.
3. Don't open more than 3 credit card accounts within a year.
Tips for boosting score fast:
1. If you have no credit history or have a bad credit history to be approrved for a
credit
card,
try to apply for secured credit cards first.
2. If you don't have installment loan on the record, try to apply for a small credit
builder
loan. There is normally no hard credit inquiry that could lower your credit score
3. Reporting utility, rent, phone payments to credit bureau may help credit scores, such
as
using Experian Boost.
Set up wealth target
Next -month cash outflow
Future big outflow, over
Next 12-months expenses likely paid with credit cards
Use this optimizer, we will analyze your spending category and suggest
the credit cards to achieve the best cash back rewards.
Note: Actual cash back % and cash back amount may vary due to individual's credit card
selection, usage, and eligibility of the actual benefit offered by the credit card issuer.
Insurance & warranty checklist
Insurance Reminder
1. Consider the monthly installment rather than lump-sum premium? Check the implied interest rates calculated below. If the rate is too high, avoid the installment if possible.
2. Consider to insure in higher-deductible policy (so the premium is much lower) if your emergency fund is significantly enough to cover the deductible if the accident happens.
3. Don't over-pay for coverage more than what you need, the insurance companies can earn all the excess of your premium net of their fixed operating expenses.
List of outstanding debts
Wealth forecast
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Financial
assets |
Total
debts |
Net
worth |
| 5 years later |
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| 10 years later |
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| 30 years later |
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Overview of asset allocation
Should I save in 401k, Roth, or trading account?
Portfolio management fee to save
Investment Reminder
1. Don't invest like all-in gambling, placing more than 10% of total investment on single company's stock (and its corporate bond).
2. Bonds are not always stable alternatives to stocks.
Long-term bonds may have significant interest rate risk, and high yield bond may have significant credit risk.
3. You can quantify more risks of bonds, stocks, and multi-asset portfolio with
Portfolio Risk Assessment tool.
4. Investments with "long-term guaranteed return", higher than the US 10-yr treasury rate + 3%, should be considered cautiously. They could be insustainable or fraudulent statement.
5. Option or futures trading is a zero-sum game. No abnormal returns can be expected in long run.
Project list
| Name |
Edit |
|
Mortgage Loan
Affordability
To Buy or Rent
Refinancing
Auto Loan
Lease
Refinancing
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