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How to Become a Millionaire with a 750 FICO Score
How high are your FICO scores? Known simply as just FICOs, the credit scoring juggernaut, (as created by two math geeks in the 1960s) has been able to attain credit scoring nirvana in areas of personal finance. Put simply, high FICOs are an asset. Truth be told: FICOs hidden value in the area of personal finances has been known to only a select few individuals who knew how to truly untapped its income generating potential. Moreover, we’ve all been taught that building wealth is suppose to take a considerable amount of time, effort and money. Not so! Actually attaining a level of wealth has never been easier to do—that is, of course, you’re one of the select few individuals with very high FICOs. Are you tired of working the typical 9 to 5; perhaps, you think you have what it takes to become financially secure in less than 10 years? Well here goes: The theory behind becoming a millionaire with high FICO scores is relatively straight forward—that is, to say, for those few prudent individuals who have a proven strategy, and truly know how to decode FICOs scoring model great riches most certainly awaits. Here are three ways your FICOs can make you a millionaire:
In Finance...Savings Equals Investment
The advantages to having high FICOs certainly outweigh the disadvantages. One such advantage that rarely gets talked about is the avenue for substantial savings. Credit score enhancement is a personal financial moral imperative. The reason: It can literally save you over $100,000 in just in interest alone. This is why the virtue of having great credit should be of great value to you—that is, to say, if a person with poor credit pays over $100,000 more in interest than the person with excellent credit, then that individual effectively loses out on the ability of investing that same amount. Why is this so important? It's important because in the world of personal finances savings and investment are essentially two of the same things. In fact, savings is investment; and, quite frankly, you want your money to work for you and not the other way around. Therefore, putting $100,000 into some kind of interest bearing savings account is always a better option than throwing it away on principal and high-interest payments. Need more advice: Since the difference in having a great score and not having one has such significant value in potential loss income, taking the time to practice due diligence in regards to your FICOs should become that much more important.
Becoming a Homeowner Increases Your Net Worth…
The virtues of home ownership speaks for itself: 1) It proves that you’re financially responsible; 2) It gives you with a well-defined tax write-off; and more importantly 3) It provides you with an asset that appreciates over time. What does this have to do with having a good credit score? Everything: A good credit score can mean the difference between 1% interest or more, which can cost you a great deal of money on a mortgage overtime. Case in point: The difference of 1% interest rate on a $300,000 home is roughly $62,658 over the course of 30 years—that’s a great deal of money for a lot of American household. This is why it’s so important that you strive for the highest FICO score as possible, as the difference between a 4% and a 5% interest rate can mean the difference in investing that same amount into stocks, bonds or real estate.
Starting a Business Makes Sense and Makes You Money…
Most consumers that have been able to become very well-off in America have done so by sticking very close to the basic premise of entrepreneurship. As the saying goes, “You can’t get rich working for someone else.” In fact, that saying is attached to an even greater saying in the credit world, which is this: “You can’t start and maintain a profitable business with bad credit scores.” Here’s why: In order to build a profitable business, one for which is able to weather any financial storm, it’s going to need to credit. Put simply, business credit is the life blood of any good business venture. Which begets an even greater inquiry: “How do you establish business credit?” Well for one, before you even think about establishing business credit, you better have high personal FICO scores. Sound ironic doesn’t: If on one hand you’re tell consumers that business credit is the “holy grail” to all things financial, but on the other hand you’re required to have high FICO scores, then what’s really great about business credit is it’s ability to work well with high FICO scores.