Before You Buy The New New

The host of Sweet Millionaire Formula discusses the importance of investing in oneself and giving one's best effort. They emphasize the need to execute ideas at the highest capacity and provide tools and resources for creating generational wealth. They also talk about the significance of understanding one's credit profile and offer advice on improving credit scores. The host mentions the benefits of being an authorized user on a parent's credit and suggests obtaining a secured credit card to build credit history. They promote their courses and services for deleting inaccurate information from credit reports and maximizing credit scores. The episode ends with a teaser for the next topic on educational and financial decisions. Hello, guys, and welcome back to another episode of Sweet Millionaire Formula. I'm so glad you're here, guys, and we're on episode number five, and I thank you guys for sticking with me thus far. You might be enjoying the episodes, and I am enjoying making them, guys, because I love the fact that we have the power to educate each other on generational wealth and becoming financially independent and financially free, making sound decisions with our money, making sound decisions in our families, and creating generational trust, LLCs and estates that live on through our legacies, through our businesses, through tax-deferred accounts and things of that nature, guys. So great day, and welcome back, okay? So today we're going to get into some topics, okay? First of all, I want to say that if you are going to take your life to the next level, you have to invest it to yourself. Does that make sense? So it's not for you to continue to say, oh, this person isn't going to invest in me or they won't give me the chance. You have to take the chance and make the best chance of the chance that you take. Does that make sense? You have to take the chance and make the best of the chance that you take, and when you take that chance, give it your best shot. Like when I was creating the ad the other day, I was just thinking to myself, like, don't just do the bare minimum. You need to create this ad as if you were doing this for Beyonce or Jeff Bezos to be on Jeff Bezos' marketing team. You need to make sure that the execution of the ad that you put out, Courtney, is top tier, superior, above average. And I was thinking to myself that when you put the effort of the best that you have and the best, that's when you usually reap the best results, because even if you make a mistake while you're trying to do your best, you're more likely to fail but learn something along the way besides you just doing the bare minimum and still not even reaching a level of a mistake that could break through your knowledge or break through on how you can execute it better next time. So I would suggest to you guys highly, when you're executing your ideas, do it at the highest capacity, okay? When you're executing your business ideas, do it at the highest capacity. And that's one thing that we love here at Sweet Millionaire Formula, creating generational wealth, is that we give you the tools, we give you the resources, and we give you the knowledge to classes and courses that are geared towards you having a substantial roadmap that is ahead of your time, that is ahead of your retirement age, 30, 40-plus years ahead of your time of looking for a pension or SSI. By the time you reach your retirement age, you should be $1.2 million into abundance as you reach your retirement age with a positive cash flow of $3,500 or plus a month with no house know or any of those things because you should have bought your house 40 years prior. But before we get into all those deep, amazing talk of generational wealth, what we want to discuss today is credit profile. I've been seeing a lot of issues with people having issues understanding their credit profile and what that looks like, okay? So your credit profile is made up of your credit usage, your credit history, your new credit, your payment, and your amounts owed, your payment history, your credit mix, your length of credit history, and your new credit, okay? So you have this FICO score also that is basically a generated score of the collective of all of your percentages together that gives you a FICO score. This means the numbers of three and the numbers of eight. And generally, I think that people have a misconception that they don't have the power to raise their credit score when you do have the power to raise your credit score. When you're looking at payment history of 35% and you're looking at amounts owed of 30%, partially the 65% basically of your credit score is amounts owed and payment history. So you don't want to continue to buy cars that you can't afford. Does that make sense? You don't want to take out a car and buy a car for $28,000, the newest Kia, Toyota, or whatever it may be, or $30,000 and you're paying a car note of 18, 19%, which is generally between $600 and $700 of your money on top of a car insurance, which would be $350. So while you have this amount owed or while you're buying the new car, you have an amount owed of $32,000, which brings your credit score down. Does that make sense? So you're more likely and your best bet would be to buy a used car or open up your business, generate you some business funding, have a legit business going for a year, and then open up and buy yourself a car through your business credit. Yes, come on now. You dropped a gem. See, the difference between you being where you want to be and where you are now is your mindset. You're thinking, oh, I want to catch the bus with my kids, but you're not thinking about the fact that that $700 could be the money that you need to generate positive cash flow into your business account for a year so that when you look up and you have $100,000, you've reached top tier three in your credit and you're able to afford yourself now a car through your business credit. That is a long-term plan. That is the difference between generational wealth and you living for society. You want to post on Instagram. No, the thing about it is you have to have a mindset that outweighs and outsees and a vision that outsees where you are now. That's what's going to separate you from being great and being mediocre, okay? So, yes, your credit profile, it's made up of five different areas, and 65% of those areas is payment history and amounts owed. Now, if you are an 18-year-old adult and you are an authorized user on your parent's credit, that is different from being a 35-year-old salary employee with bills of mortgage and bills plus, and the difference is between you being an authorized user, 18 years old, being able to get a car for, lease a car actually, for a little to less than 0% APR and you and your parents' car insurance, okay? So their payment history and the amounts owed will boost that credit score because they don't have any history. So it's a difference between having $55,000 in student loans debt as amounts owed, which is 30%, versus having no amounts owed and you're taking out a car and that's your first amounts owed, 30% of your credit. Those payments are going to be crucial to building your credit from age 18 to whenever you pay that car off because it's going to build your credit score. So I think the importance of having a credit profile and knowing the different aspects of your credit profile will contribute to your understanding of how you can see yourself visually and what you need to pull back on and what you need to add into your credit to make sure that the payment history and the amounts owed are balancing out with the new credit, the credit mix, and the length of history. I believe that new credit is just as important as the length of history and the credit mix because new credit gives you the ability. Now, this is not what I'm saying. I'm not saying that you need to go out and keep applying for credits because you're creating hard inquiries on your credit report. But what you should do is at least go and apply for a security card, put the 500 down, make three positive payments per month, one before the payment statement, one right after the payment statement, and one three days before the credit statement is due. So that will give you guys three forms of payment history all in one month. So you want to make sure that you are balancing out your credit score to be balanced, but you also want to make sure that you're incorporating at least a security card through yourself or through your bank to bring you some new credit history and build new credit while you're also removing negative items, removing hard inquiries, removing inaccurate and erroneous information from your credit report. Sweet Millionaire Formula has this. Click the link on our website, and we have the remedy and the tailored roadmap for you to delete inaccurate items for your credit score. We have the courses that are going to tailor towards you building a positive credit report for yourself and you being able to maximize your credit score so that you can generate business funding of up to 100K and knowing how to distribute and flip and renovate houses with the 100K that you are able to now have because you are able to fix your credit score. Sweet Millionaire Formula is going to give you the tools that you need to sustain and establish generational wealth. The next thing that we're going to talk about is your educational decisions and your financial decisions based off of the education that you have. Okay? So we want you guys to leave comments in the comments section. We're going to get into this next topic. I'm running out of time right now, but we're going to have this discussion on our next episode. Thank you for tuning in today to Sweet Millionaire Formula. Thank you. Thank you. Thank you. Thank you.