In today’s day and age, it is really not that hard to get a credit card. Unfortunately, this has become a burden to many families that have continued to rack up debt over the years. I am personally terrified of going into thousands of dollars worth of debt, especially for consumer goods. However, there is a good and bad way to use credit. The good news is that if you already have a poor credit score or no credit score at all, there are ways that you can improve it. In this article, I am going to be going over some of the ways that you can do this.
- Pay off all remaining debt
For most people, the reason why they have a poor credit score is that they let themselves go into debt in the first place. For whatever reason, they either missed a payment or couldn’t make the payment when it was due. For some families, this happens month after month. The first step is to pay off all remaining debt. If you have very large debts on credit worth thousands and thousands of dollars, I would recommend using the debt avalanche method. This method is where you pay off the debt with the highest interest rate first. This way, you will pay less over time. If you have smaller debts, I would recommend the debt snowball. It will give you confidence over time. When you are going this, you are living like a college student and minimizing all expenses so that you can tackle this debt.
- Only put things on credit that you can afford
If you can’t pay the bill with cash, you probably shouldn’t be buying it. For beginners, I would recommend only putting minor expenses on credit card that are easy to pay off like gas and grocery bills.
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The financial crisis of 2009 and the real estate bubble are two events, which many Americans dread to relive. Retirements were destroyed. A baby boom generation poised to enjoy their glory years became lifelong employees. They cannot afford to stop working.
How would you feel if 40 year’s worth of retirement benefits disappeared? There are those who died from the shock. Then there are those who sought the services of Mr. Martin Lustgarten. A double citizenship, a career in investment banking and a brilliant mind define the man.
He has a special place in his heart for retirees. Retirement is a goal. He believes ones needs help to achieve it. His financial and success model is simple; retirees need to become international investors. Diversifying across counties is frowned as spreading oneself too thin. However, he believes it can be done with a close financial eye.
His model of spreading wealth across many countries reduces risk. He makes money from having a clear birds eye view of where the economy is going. Taking the same experiences through a different looking glass could unearth avenues to make wealth beyond the imagination.
A similar model was used by Sir John Templeton. The most famous international investor is George Soros. He borrows from the same book. He works very hard to make his clients rich. George Soros made a killing with the British currency. He read the signs right. According to Martin Lustgarten, a diverse global portfolio is necessary to expand your wealth.
For retiree looking for a mentor Martin is perfect for the role. Investors who do not know where to take their money can benefit by following his steps. For him, it is not about paying the bills, but about making money.
A recovering US economy is a source of more stability for the dollar. Martin has already identified the recent moves as fertile ground. The Federal Reserve Bank low-interest rate policy means you can get cash at very low rates. Martins’ advice is to get deeply into debt, while there is still a chance.
Martin Lustgarten is an investment banker. He was born in 1958, and he lives in Florida. Follow Lustgarten on Instagram @mlustgarten to learn more.