The best case is a person who has wealth (assets) and income (cash inflows) and uses his income to generate assets that earn income which generates more assets which earn more income which generates more assets which generate more income . . .
A truly rich person is one who does not have to earn income, […]
Consider a person who owns a huge mansion, an expensive car and designer clothes, but has no job.
He has wealth, but no income. He has assets which do not earn and are expensive to maintain. (The case with many an actor past his heyday). Of course, these assets can always be sold […]
At the end of the day, what accounting does is: it measures wealth and talks about how income creates wealth.
There is a world of difference between wealth and income. It is easy to confuse the two. And many think wealth and income are synonymous. Wealth is what is owned. Income […]
Even if you do not need to borrow to cover Expenses (especially if you are generating a Cash surplus), it is good financial strategy to borrow anyway and pay on time. Borrowing –when you know you can pay on time– establishes your credit rating and improves your credit standing. With a […]
Whenever you use your credit card for a purchase or any expense payable through a credit card, the issuing bank or credit card company is betting that you will not pay your whole balance within the free 30-day grace period and they will earn revenues from your account. By paying the whole balance before […]
First, find out your credit score and credit risk rating by obtaining a credit rating report from TransUnion (www.transunion.com), Experian (www.experian.com), or Equifax (www.equifax.com). Ascertain whether all the entries are correct and fair.
The most common causes of a low credit score (600 and below) or a high credit risk rating (R5 or higher) are:
a […]
Credit Scores generated by the financial institution’s credit rating system range from 300 to 850, where the higher score denotes a better risk. A score below 600 is subprime. Although credit bureaus estimate that more than half of US residents have credit scores higher than 700 and will qualify for normal market rates […]
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