Morgan Polotan

How to Obtain Your Free Annual Credit Report

Oct 272011

Knowing what’s on your credit report is crucial to your financial health, because this report is used by credit card companies to determine your credit score. A higher credit score means better interest on loans, insurance and credit cards. It could also mean the difference between getting a job or not, or having your rental application accepted, as these also involve credit checks.

Here’s how to get yours.

Go to http://www.annualcreditreport.com.
Select your state of residence and click “Request Report.”
Go through the step-by-step process to obtain your free credit report from the three main credit bureaus: Experian, TransUnion, and Equifax.
Print your report!

You are entitled by law to a free credit report once per year. We will go over what’s on your credit report and what to look for in a future blog post!

Do you get your free credit report each year? Why or why not? Give your reasons in the comments!

The Art of Money Manifesto

Uncategorized 2 Responses »

Aug 162011

Several people have committed suicide because of excessive debt. The King of Pop Michael Jackson came close to bankruptcy, and famed heavyweight boxer Mike Tyson actually declared Chapter 11 despite earning over $400 million throughout his career. What is the one thing these people have in common? The utter inability to manage their money. They spend more than they earn, rack up unsustainable credit card debt, and avoid investing in wealth-generating assets.

This inability to deal with money is not for lack of information; there are hundreds of books, blogs, and seminars on how to manage your money. The root cause is deeper and more subtle; it’s a combination of poor money values and not understanding human psychology.

Most people make poor financial decisions because they see money as a way to impress others. They buy fancy cars and clothing to look good (to others), go to expensive dinners and clubs to be seen as hip and cool (to others), and live in chic apartments in trendy neighborhoods to impress (you guessed it, others). Now all of these things are fine if you can afford them.

And when I say afford them, I don’t mean, “I’m a college student with no job but I have a credit card so therefore I can afford that Louis Vuitton bag and pair of Louboutin heels .” What I mean is, “I have zero credit card debt, a 6-month emergency fund, maxed out retirement funds, and several streams of passive income, so I’m going to take some of that money and treat myself to a pair of Ralph Lauren sunglasses and a nice dinner at Nobu.”

In order to make better money decisions, it’s necessary to 1) understand why you make the decisions you do, 2) develop empowering money values, and 3) attain a base level of financial literacy. If you can do this, you will have mastered the art of money. For all us math geeks, here is the equation:

Human psychology + money values + financial literacy = The Art of Money.

These are the topics I will be covering in this blog. I hope you enjoy reading it and learn a lot. I encourage you to leave your thoughts and suggestions in the comments. You can start with this one.

What topic would you like The Art of Money to write about?