blog, John J. Bowman Jr Accountant, John J. Bowman Jr. Accountant, personal finance

Improving a FICO Score in Four Steps

A high FICO score can unlock many doors for consumers, including the doors to low mortgage interest rates, attractive credit card offers, and zero-interest car loans. A low FICO score, however, keeps many of those entrances locked and creates a far more expensive borrowing experience. To improve a credit score and gain access to all the benefits afforded, borrowers can try these steps.

Paying bills before the due date

Over one-third of a FICO score is determined by a borrower’s compliance (or lack thereof) with payment due dates. Thus, when a creditor pays a bill late, it is reported to the credit bureaus and can have a devastating impact on a credit score. Paying bills early and maintaining automatic bill pay through a bank can help ensure consistent, timely payments and remove the risk of garnering a low score due to late payments.

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blog, John J. Bowman Jr Accountant, John J. Bowman Jr. Accountant, personal finance

The Differences Between CFAs and CPAs

CFAs and CPAs may sound like the same thing, but their responsibilities differ. For people who are not familiar with the financial and investment industries, the differences between the two may not be that clear. While CFAs and CPAs are both financial professionals, these individuals travel along different educational and professional paths.

What is a CFA?

A CFA, or chartered financial analyst, analyzes financial reports. Such reports include financial statements revolving around wealth planning and mutual and hedge funds.

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blog, John J. Bowman Jr Accountant, John J. Bowman Jr. Accountant, personal finance

Debunking Personal Finance Myths

Personal finance is one of the most fundamental topics and aspects of our individual lives. Much has been said regarding how to practice good personal finance practices. Unfortunately, some of the information available out there is rooted in misconception. Here is an overview of some of the commonly perpetuated myths about personal finance.

“To make an investment, you need to be rich”

This misconception is based on the fact that most investments today are capital-intensive. One does not, however, have to be rich to successfully establish a business, as there are numerous options to source for startup capital. In addition, one can start a successful business with minimal savings and gradually advance the investment portfolio.

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blog, John J. Bowman Jr Accountant, John J. Bowman Jr. Accountant, personal finance

Choosing Between a 401(k) and Roth IRA

When it comes to retirement savings, two of the more popular vehicles are the 401(k) and the Roth IRA. Both are tax-advantaged retirement accounts, but there are significant differences. Depending upon your specific situation, you may find that one fits your needs better than the other.

What are the savings limits?

For workers who haven’t yet reached age 50, it’s possible to save as much as $19,000 in a 401(k) as of 2019. Those who have passed 50 can save an additional $6,000 as a catch-up contribution. Depending upon their age, those who want to save in a Roth IRA can save $6,000 or $7,000 per year. Both are great savings vehicles, but those who are looking to max out their savings would most benefit from using a 401(k).

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John J. Bowman Jr. Accountant, personal finance

5 Ways To Cut Costs & Save More Each Month

Do you feel like it is impossible to get ahead with your finances? The problem may be that you are paying a lot more than you should be each month on necessary expenditures. These expenditures could include your housing, food, utilities, and insurance. Recurring expenses tend to consume the bulk of your budget, making it […]

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