It’s essentially your financial report card. It’s also often connected to whether or not you can rent an apartment or get a job because a landlord or employer, respectively, will want to use it to determine how responsible you are. So, first check it and see exactly what you’re working with. Then, don’t cut up credit cards…instead keep ‘em alive and just put one recurring bill on them. You want to make sure you’re using only using a small amount of the max credit you have available to you. Also, I know it sounds annoying, but pay your bills on time. Seriously, it’s one of the biggest factors to acing your score.
Lastly, negotiate your bills. Yes, everything is negotiable. Your cell phone bill. Your credit card APR. Your medical bills. Just because it’s written on fancy letter head doesn’t mean it’s set in stone. Take a couple hours and go through your bills and ask for a better rate. It’s your hard-earned money, you might as well fight for it!!
Describe how the 2017 financial forecast will affect lifestyle activities such as shopping, travel, vacation, dining out etc.?
Rents and home prices are predicted to increase. You can also expect the usual fluctuations that will lead to higher prices at the grocery store, the airport, and the doctor's office. But there are some surprising price hikes and plunges, too. Here are my predictions for what will go up and down in price.
In 2016, grocery prices overall decreased for the first time since the 60s…well next year, that’s going to turn around and get more expensive.
Specifically, coconut products will go up because of coconut plantations affected by drought, storms and disease in the Caribbean. Weather has also affected olive oil production in Italy and Greece which should increase olive oil prices. And severe Weather is also affecting orange crops in Florida which will increase the price of OJ.
The USDA also predicts an increase in fruit of 1-2% and Dairy up to 2.5%. And a vanilla bean shortage in Madagascar will affect the price of vanilla and the sweet treats that use vanilla – everything from ice cream to cakes and cookies. All this food increase means dining out will be more expensive as well – which is already steadily rising at 5x that of inflation.
Not everything is more expensive – avocados should drop along with veggies, eggs and peanut butter. Also Whole Foods Market is rolling out a rewards program in some cities so you might save more than ever at the notoriously high priced market next year.
Airlines charge for just about everything these days. United made headlines for charging for overhead bins for its new lower-fare basic economy seats. Also some British airlines will make you pay about 33 bucks to complain about missing luggage, cancellations or other issues. If it’s found the claim is valid, it will be refunded…but a letter is still free.
On the flipside, more airlines are getting into the basic economy game. Economy fares in general are dropping 3% for short flights and 1% for long flights. International travel should be more affordable – Norwegian Air is offering 69 bucks to Europe. Also the stronger dollar is making it cheaper to go abroad.
Cubs fans are happy with the world series win, but it’s gonna cost them…Cubs are cashing in on the success by raising ticket prices for season ticket holders about 20%! Also DirectTV customers who subscribe to most packages of AT&T’s satellite TV service can expect to pay $2-6 more per month and some regional sports channels will also see an increase.
Because of the lack of new home lot availability, new homes are expected to increase and home prices in general should see an uptick of 5%. Renters can also expect about a 4% raise, and your kids school textbooks are expected to get more expensive between 5-7%...textbooks have increased 1000% since the 70s. Premiums on health care and prescription drugs will increase, but on the flipside, leasing some cars will be going down along with the price of electric or hybrid cars and tax incentives.
Explain what a Trump Presidency means to our savings, stocks, investments, mortgages, education etc?
The biggest thing we should expect to see is higher interest rates. This is a big deal. Interest rates have been at rock bottom to try and pump up the economy. We became addicted to low rates and expected more of the same. That’s going to stop.