#42: Upping your credit score

Long-time listeners of The Fat Wallet Show might not be surprised that I find questions around credit records distressing. My dubious credit history makes me wary of debt billed as anything but an expensive and stressful parting from my money.

 

We look very mischievous in this picture, but we actually talk about how to build up a credit score in this #podcast. #money #fatwallet

A post shared by Kristia Van Heerden (@k_r_isis) on Mar 30, 2017 at 4:15am PDT

That said, some larger purchases are only within most of our reach through credit. A bad credit record could be the only thing standing between you and the house you shouldn't buy. A question from a 24-year-old listener trying to prop up his credit record had me do some digging. I was happy to find there are ways to get a good credit record without exposing yourself to the trappings of the bad stuff.

I also received one of my favourite emails of all time from Shaun McQueen this week. Thanks for writing, Shaun. You did my soul good.

I'd like to give you some feedback on Just One Lap and your Fat Wallet Show.

End of last year I've came to the  conclusion that I hate my job. I've been pondering on this for quite a while ..what the hell, it might also just be a midlife crisis.

Anyway, so I decided to focus on the one thing that doctors know nothing about - finances. Become a trader or something...After all, finance 101 in med school is easy. If you need more money - work more hours! Worst business model ever. This is how I stumbled across your show  via the JSE podcast.

After 3 months of reading books, listening podcasts etc. I'm obviously not my own trader or investor - yet. But, I've noticed a big difference in my thinking. I suddenly realize that I don't need the expensive car, or all the gadgets etc. It's easy to think  " I deserve this and that, because I work so hard". What bullsh*t.  I now know that I do not hate my job, I actually love it. It is the fact that I need to work all the hours to pay for all the stuff that I do not really need, that makes me unhappy in my work.

So, today I've made a massive poster and stuck it onto my home office wall for me to see every day. I've noted down the stuff to get rid off, my step by step financial plan and my road to less working hours!( happiness). It won't happen overnight, but it is a start.

Thanks for waking me up. I'll continue down this journey of financial education. And maybe in 3 - 5 years from now I'll work because I want to, and trade because I can.

Regards

Shaun

PS Not only engineers listening to your show...

Kris