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Can You Remove Late Payments from Your Credit Reports?

If you have ever missed any payment on your credit card or loan, you know the sinking feeling that follows. It is an easy mistake but can have grave consequences, including higher interest rates and late fees. If you fail to make the payment for more than 30 days, it can also lower your credit score.

Now, removing these late payments is something that you can do to keep your credit score ranges up. However, it is not as easy as it sounds, but it is possible. If you wish to remove that negative mark from your credit history, then read this guide. Here is how to delete late payments from credit report to improve your bad credit score.

How To Remove Late Payments From Credit Report?

Credit bureaus and lenders can only delete unverifiable or inaccurate information from a credit report. This means that legitimate payments cannot be removed, regardless of how many online articles suggest you do so. You can wait it out, and if you are thinking, “How to remove 30-day late payment from credit report” then negative information, such as late payments, usually stays on your credit report for seven years.

This might look like a long time but a few thuds in the road might smoothen out with time. If you get your payments back on track, your score might go back up possibly regardless of one or two late payments. Keep in mind, creditors usually consider your entire history while looking at your credit report, not only the faults.

Even if you know the late payment on your credit report is valid, it is a great idea to request a new copy of your credit report after a few months to ensure the road ahead remains smooth. Remember, actively staying on top of payments is the key to moving forward. Now, back to the question…

Steps Of How To Get Late Payments Removed From Credit Report

Let us say you observe a dip in your credit score that you do not understand. How can you fix it? What can you do? Getting a copy of your credit reports is the perfect way to figure out what is going on. You can get your credit reports all in one place by signing up for Gifted Financial Services.

Next up, look the reports over for any mistakes concerning your payment dates, personal information, and account statuses, for instance. Mistakes can happen. If the ding in your bad credit score looks to be from an incorrectly reported late payment, it needs to be removed or fixed. In order to get a false payment removed from your credit report, you can:

File A Dispute With The Bureau

Credit score monitoring services, such as Gifted Financial Services, offer tools for you to remove late payment from credit report. This process involves describing every issue and giving any proof that you have.

Send A Dispute Letter To The Lender

Send a letter explaining to your creditor what is wrong with your report. You can also seek services from experts from Gifted Financial Services. These experts can even write a dispute for you to convince the bureaus.

Re-Dispute

If the bureau does not resolve this dispute in your favor, you can send in another dispute along with acceptable reasons for late payments on credit report. Moreover, do not forget to add additional relevant documentation.

Provide A Statement Of Dispute

In the end, if you cannot get the bureau to remove it, you have the right to add a statement to your credit report explaining why you disagree with something in it. This statement will be visible whenever anyone views your credit report.

File A Complaint With The CFPB

You can submit your issue to the CFPB, which will try to work it out. They try to get you a response in only 15 days. You can conduct your research on how to get late payments removed from credit report to how to deal with the situation expertly.

The Effects Of Late Payments

A few late payments may not seem like a lot, but it might be a problem for lenders. Missed payments on your report can raise your concern about the borrower’s financial responsibility. Moreover, the borrower might, therefore, be seen as a risk. But this is not all; late payments might also lead to:

Penalty APRs

After about two months without payment, credit card issuers might charge penalty APRs as high as 29.99%, which can stay in effect for up to six months after on-time payment resumes. There are many credit score services, such as Gifted Financial Services, to help you with the matter.

Credit Score Drops

FICO credit scores consider past payment history to be the most important factor when determining your score; it counts for 35% of the total credit score. A payment missed for an entire day billing cycle will most likely be reported to the major credit bureaus and appear on their reports. Sadly, the better your score is, the more damage a missed payment might do.

Late Fees

Late payment fees have been lowered from $32 to $8 by the CFPB. Moreover, the good news is if you pay off your statement balance or make your credit card minimum payment before the next billing cycle, my credit score typically would not drop, and the negative information won’t show up on your credit report.

The Takeaway

There are ways through which you can remove late payments from your credit report to help improve your credit score. However, if a payment is late authentically, it cannot be removed legally, regardless of how much you try. The good news is that missing one payment or two is most unlikely to hurt your credit score much, particularly if you have a brief history of on-time payments. By now, we are sure that you are aware of how long do late payments stay on credit report and what you can do to remove them. If you need any help regarding your credit scores or reports, then seek help from the experts of Gifted Financial Services.

What Is an Annual Percentage Rate (APR)? | APR vs. APY

Annual percentage yield (APY) and Annual percentage rate (APR) sound more or less the same. They both have a lot to do with interest rates.  But there are tons of differences that set them apart. For instance, APY is the rate of return you can expect while investing or saving money. It represents how much you can earn, factoring in compound interest.

On the other hand, APR is the yearly rate you will pay on a loan, including interest as well as other fees. It represents the cost of the money that you borrowed. It will help you make more informed decisions if you understand the difference between APY and APR. So, let us discuss these terms one by one to understand them better. 

APY vs APR |All You Need To Know About These Rates

What Is APR?

Annual Percentage Rate (APR) typically applies when you borrow money through loans, i.e.:

  1. Home equity lines of credit
  2. Credit cards
  3. Personal lines of credit
  4. Car loans
  5. Student loans
  6. Personal loans
  7. Home loans

APR measures the amount of interest as well as any other fees that you will be charged when you borrow. The lower the APR, the less interest you might have to pay.

APR Vs. Interest Rate

The CFPB sheds light on the fact that, while considering APR vs APY, you must also think about the interest rates. APR includes the interest rate plus other costs, such as insurance, lender fees, and closing costs. If there are no lender fees included in the APR, then this rate, combined with the interest rate, might be the same. This is typically the case for credit cards. Because APR can include costs, including lender fees, it might be more useful than the interest rate when comparing particular types of credit offers, such as auto loans.

What Is APY?

Annual percentage yield (APY) is also known as Effective Interest Rate (EAR). Typically, EAR or APY applies to money in deposit accounts, including:

  1. High-yield savings accounts
  2. Money market accounts
  3. Certificates of deposit

It can display the amount of interest an account could earn in a year. Generally, the higher the APY, the more interest your investment could earn. How much you earn also depends on how much money you have in your account. Moreover, keep in consideration that if the APY for a deposit account is variable, the yield might change after the account is activated.

APY Vs. Interest Rate

APY is a wider measure than the interest rate. This is also because it reflects compound interest and how often compounding happens during a year. Compound interest means you do not get interest on what you have deposited. You can also earn additional interest on the interest you already have earned.

This can make it much more useful for comparing deposit accounts. For instance, let us say two accounts have the same interest rate. The annual percentage yield might show that the one that compounds periodically will earn you more interest than the one that compounds per year. If you wish to keep tabs on your credit, then you can try Credit Breeze, offered by Gifted Financial Services. It is one of the best credit score monitoring services that can help you with your scores.

What Is The Difference Between APR And APY?

Even though APY and APR both measure interest, they are not the same. Generally, the APR measures the interest charged when you borrow money. On the other hand, APY measures the interest earned when you invest or save money. Usually, the APR is associated with credit accounts. The lower the APR account, the lower the overall cost of borrowing might be. On the contrary, APY is mostly associated with deposit accounts. The higher it is, the more you will earn.

Which Is Better, APR Or APY?

APR and APY are both helpful when you are shopping for rates and comparing which of them works the best for you. APR can help you estimate how much you might owe on a car loan, home loan, credit card, or even personal loan. At the same time, APY helps you see how much you can earn in a year in a CD or a savings account. If you are worried that how to improve my credit score, then sign up at Gifted Financial Services. You will be able to see your scores from the three major credit bureaus simultaneously.

APR Vs. APY In A Nutshell

Understanding the difference between APR and APY might take some of your time and effort. We are sure that you have a clearer idea of what sets APR apart from APY. While both of these rates might sound similar, they are a lot different from one another. APRs and APYs both offer vital insights into the investments and loans they describe. However, it is essential to be aware of the restrictions of each at the same time. While APYs are commonly a more realistic indicator of interest owed, APRs can be more insightful of the other costs associated with borrowing apart from interest rates. By understanding the key differences between these rates, any consumer can think of themselves as being armed with the ability to draw effective conclusions from these ways of describing interest.

Why Was I Denied a Checking Account?

You can be denied a checking account for a lot of reasons, including a negative mark in your banking history, inability to verify your identity, or suspicions of fraud. These are only a handful of reasons; in reality, there are a lot more. If you are interested to know more about closing Bank of America account, then read on. Below, we have shed light on why banks might turn down your checking account application.

Top 8 Reasons Why Can’t I Open A Bank Account

Your Business Is Brand New

One of the major reasons why you might be rejected is that your business has only started, so you have no financial history yet. However, in a lot of cases, you are not rejected for being new. This rejection will tie into another reason – your business does not have proper documentation.

Moreover, many banks only deal with well-known companies. You will be unable to open accounts with them unless you are more notable. In a lot of cases, you must start with your local bank, i.e., Logix online banking. By doing so, you will help your business open an account, but it might be able to help you connect with an attorney to help you get all the documentation that you require.

Your Business Is Missing Documentation

This is one of the most common reasons why banks deny accounts, particularly if you apply online. If you do not have the required documents, the bank may not be able to verify essential information about your business. Thus, you will either be denied or will be put on hold until you provide the required information. It is best to contact an attorney to aid you during your business formation.

The Bank Can’t Verify Your Information

For the reason that blends into the first two items above, a bank might deny your new account if it cannot verify the information you provided. This might often be cleared in an instant, which will permit the bank to approve your account.

Your Business Or Business Owners Have Credit Issues

When opening a new Bank of America joint account, your bank might pull the company’s credit report to make sure that there are no credit issues. Moreover, the bank might pull personal credit report range on the business owners. This is particularly true if the business is too new you will have to improve credit score. While the bank might approve a business with issues on one of those credit reports, you might be denied. It is vital to keep a close eye on your business as well as personal credit reports. Moreover, you must also handle any problems to avoid being denied new accounts and potentially new lines of credit.

Your Business Appears In Check Verification Systems

Another reason why a bank denies a new account is for your business or one of your owners to show up in a “check verification systems report.” Services such as Early Warning Services (EWS), ChexSystems, and TeleCheck maintain business and consumer deposit account activity lists. If your business or one of your owners shows up on these lists, a bank might deny your new account. If this happens, you will be required to resolve the issue prior to applying for a new account, as nearly every bank uses a check verification system.

Your Type Of Business Is Not Supported

A number of businesses cannot get a business bank account at many banks. Such businesses might be involved in entirely legal activities but carry a risk that banks are unwilling to take. Federally-backed banks are banned from opening accounts for a few business types. Moreover, businesses performing illegal activities cannot get an account. While it is not a complete list, here are some major business types that are often denied a business bank account:

  1. Gambling-based businesses
  2. A business selling illegal products or performing illegal activities
  3. The sale of services and products that might be patently offensive
  4. Drug-related businesses, including medical marijuana and cannabis
  5. Selling firearms, weapons, or any related items that might cause injury
  6. The sale of vaping products, tobacco, or e-cigarettes
  • Business Organization Might Not Be Supported

While many banks support many business organization types, some Chase student account, banks, or fintechs might not support every type of business. Many of them will not permit sole proprietors to open an account, while others might not permit multi-owner LLCs. Check the bank’s website to see which organization types are eligible to open an account. Moreover, some traditional banks may not let you open an online account based on your organization type. In those situations, you might have to pay a visit to the branch to open an account. Again, these banks will either contact you to let you know once you begin the process or include this information on their websites.

Business Transactions May Be Suspicious

If your business has a record of suspicious activities, you might be denied opening a new business bank account. Moreover, such activities might result in an existing account to be closed. Banks are required by the Office of the Comptroller of the Currency to fill out any suspicious activity reports (SAR).

Bottom Line

If you can steer clear of the reasons listed above as to why your ally joint checking account is denied, you should be able to open an account easily. If your account is rejected, it might be due to any reason. That reason can be as simple as verifying information with the bank or clearing up a small issue to turn that rejection into an approval. The bank should provide you with a clear reason for denial if you are turned down for an account. So, once you resolve these issues, you must be able to open your account successfully.

How Life Insurance Can Help You Build Generational Wealth

Usually, in movies we see people leaving behind billions of dollars to their children and grandchildren. Such wealth securely locked away in trust funds, so that their family can enjoy a good life. Sounds a bit too unrealistic for your family?

Well, in reality, you could leave behind funds to make life a bit easier for the next generation. To do that, you need to learn how to build life insurance generational wealth. Anyone can begin building a financial cushion for their family that lasts way beyond their own lifetime. Even if you are a middle-income family, it is still possible to create such a sort of security net for your children or even grandchildren. Let us see how:

What Is Generational Wealth Life Insurance?

Generational wealth refers to leaving an inheritance for the next generation, such as your grandchildren and children. Handing down wealth from one generation to the next generation of your family allows you to leave something behind. In many cases, this is referred to as family wealth or even a legacy. There are a lot of ways to leave behind your wealth. This might include cash but also includes bonds and stocks, life insurance proceeds, or real estate.

Generational wealth helps secure the financial future for your children and usually their children. It also secures your extended family’s financial future. It is not always possible to leave a huge amount of money in the form of an inheritance to your family, but it is also possible to give the next generation resources that can offer them a kick-start financially.

How To Build Generational Wealth?

Building generational wealth takes a lot of consistency and time. Establishing good financial habits and putting strategies into place early can help you create a lot more opportunities for wealth-building. These tips can help you maximize your legacy and build wealth for the next generation.

Eliminate Debt

As per Experian, in 2023, an average U.S. adult has $6,501 in their credit cards. Moreover, they also had an average of $19,402 in personal loan debt. Student loans, auto loans, and mortgages add more to this amount, leading to an average debt of $104,215. Eliminating this debt means saving money on interest and freeing up more funds for future investments. Make it a prime concern to pay down all of your high-interest debts. For instance, if you are putting money into an investment account that earns 2 percent but your credit card interest rate is 17 percent. So, you are actually losing your money by not clearing out your debt first.

Buy A Home

Purchasing and paying off a mortgage loan on a home is one of the key elements to building generational wealth. Instead of putting money toward rent every month, you will eventually have an asset you own that is clear and free. Once you pass on, your family can decide whether to sell the home to get a place all their own or keep it in the family.

Start A Business

When it narrows down to using life insurance to build wealth, building a business is one of the more difficult but most rewarding options out there. The investment in a business that becomes profitable through wise decisions and constant work can carry on from one generation to the other. Whether it is bookkeeping, flower arranging, or anything you are passionate about, establishing a business and investing wisely in it can create opportunities for your family for years to come.

Invest In The Market

You do not have to be a stock market guru to start investing. By investing in the market wisely, you can minimize the risks and benefit from tax breaks to make your money grow faster. The sooner you start investing, the better it will be for you.

Instill Good Financial Habits

Building generational wealth is not only about leaving assets or money behind. It is also about leaving skills, greater financial habits, and skills behind. Teach your generation how to save rather than blindly spending money. Build from a budget. Work along with your children to teach them about investing. These things can last a lifetime.  

Consider Life Insurance

After your demise, life insurance is one of the most convenient and budget-friendly ways to offer your family a major financial cushion. This is why a lot of people are now looking for “how to use life insurance to build wealth.” You pay a premium each month, and your life insurance company gives a cash payout to your family when you die while the policy is active.

Life insurance comes in many forms, based on your goals and budget. If you are looking to give your family extra protection while you are raising children or paying off a home, a life plan provides affordable protection for a time period. If you are looking for a guaranteed payout for your family, permanent life insurance lasts your entire lifetime as long as you keep up with the premiums.  Now, let us dig a bit deeper to see whether life insurance can help you build wealth during your lifetime.

Can Life Insurance Actually Help You Build Wealth During Your Lifetime?

Well, yes, it can. However, it all narrows down to the type of policy you have. There are two main kinds of life insurance, i.e.:

Whole Life Insurance

Life insurance coverage for life and also pays a death benefit. What makes it innovative is that this policy also accumulates a cash value during your lifetime. You can borrow against this amount as required and pay it back, or take money out clear and free. You only need to be aware that your death benefit will be reduced if you do not replace the funds that you borrow.

Term Life Insurance

This offers coverage for a predetermined amount of time, which can last anywhere from 12 months to up to 30 years. You will likely pay a fixed premium throughout the term. If you pass away during this time, a death benefit will be paid out. Typically, this sort of policy costs less than the one we discussed above.

The Bottom Line

Building generational wealth with life insurance can help you fortify your family’s wealth and shore up your legacy. At least your policy’s death benefit can offer much-required financial security during a difficult time. A suitable policy will depend on your budget and risk tolerance.

The Importance Of Financial Coaching -What The NFL Can Teach Us About Financial Planning

It is the NFL season! A lot of us are watching our favorite teams in the playoffs. Do you know that there are many parallels between what happens on the football field and how you manage your finances? How about we look into these similarities? Let us see what tactics we can take away from the sport that is applicable to professional athlete wealth management or even individual financial planning. Here you go!

NFL & Financial Planning | The Parallels Between Them

The Red Zone

A successful team mostly performs well in the red zone. The matches in these 20 yards need accurate execution and provide little room for issues. There is a lot riding on the effort because success in this zone mostly means winning the game.

There is a financial red zone that goes from 5 to 10 years prior to 5 years after retirement. This is when focusing on the details, such as budgeting properly, saving more, and steering clear of mistakes, is difficult for a winning retirement. These years are important as there is so little amount of time left before you retire to correct mistakes, including taking too much risk. You want to secure the assets that you have worked so hard to gather and invest new money conservatively.

The Hurry-Up Offense

This strategy lets a team adopt a faster approach to play when they are running out of time and required to gain a lot of ground immediately. If the hurry-up defense is done well, it disturbs the opponent’s defense strategy. However, this offensive move is difficult to carry out efficiently and mostly leads to mistakes. This can end up in chaos, and the team may become uncertain about what to do.

We can see a similar situation in financial planning for athletes when people feel as if they are behind in investing and saving. If they do not think they have sufficient money for retirement, they are willing to take more risk than it is wise.

It is a risky reaction and can even mean gambling with money that is meant to last longer. Yes, retirees and pre-retirees require some element of growth. However, few of them are in a position to get aggressive growth and accept the risk that accompanies it.

The Victory Formation

With the win in hand, a team can make the victory formation, permitting the quarterback to take a knee as the clock runs out. Because play stops, there is no chance for a fumble that can put the win at threat. It is the same with retirement. If you have saved enough for you to retire comfortably, you might not need to grow your money anymore. You can even take the market risk linked with a growth strategy. You have only one go at retiring, so why blow that winning position?

Good Coaches Make A Difference

A great coach can make or break a franchise or team. We have seen it firsthand in the NFL, fantasy football, and college football. All players have an advantage from having a coach who offers them the motivation and guidance they need to achieve their maximum potential.

In financial planning, an athlete financial advisor is there to figure things out. Financial experts help you prepare a smart game plan. You can benefit from their experiences, knowledge, and objectivity in implementing and developing a winning strategy. It is advantageous to have another set of eyes on your portfolio to make sure you are on the right track. It also helps you do everything possible to achieve a financially secure retirement.  

Summing It All Up!

Any successful NFL team depends on discipline, strategy, and a great coach to win on the field. Similarly, impactful financial planning also needs expertise and dedication. Whether you are someone preparing for retirement or a professional athlete, the similarities between financial management and the NFL are crystal clear. Having a financial coach, just like an athlete’s trusted advisor, can make all the difference in assisting you in building a winning and solid game plan for your financial future. With the right approaches and guidance, you can score a massive financial victory.

How To Create A Winning Financial Strategy – Insights Inspired By NFL Playbooks

A successful financial plan, just like a successful NFL team, needs a greater level of synergy throughout the board from various components. In football, a good deal of planning helps in driving the entire group towards working to achieve their end goal. Your opponent will expose any weak links to make your team pay for it. 

The same rules apply to gameplan financial planning as well. An error in your plan might delay your retirement goals. We can agree that planning is a vital part of both financial planning and football. The best way to draw a closer comparison between them is to break them down by position and personnel grouping. Let’s go!

Master Your Finances With NFL Precision

Quarterback (QB) – Equivalent To The Financial Planner

Do you want to be like the New England Patriots or the Cleveland Browns? In most cases, Super Bowls are not won without a perfect quarterback behind center. Recent exceptions involve the Baltimore Ravens.

Similarly, many people can manage their financial matters on their own. However, these individuals are also the statistical outliers. The majority of people require a good financial planner to make sure that their goals are being achieved and resources are being maximized. With accountability, what looks like a minor task gets put off. Consequently, enough of these tasks add up, and the team (client) struggles to catch up.

An expert NFL financial advisor and a good quarterback planner focus on the details. They hold those around them accountable and make just the right adjustments on the fly. Both of them also effectively communicate with everyone involved.

Wide Receivers (WR) – Equivalent To Growth Stocks

WR (Wide Receivers), such as growth stocks, pick up large bits of yards (dollars) at a time. Wide receivers can have games where they explore for 215 yards and ten catches or other games where they are held in check with only 7 yards and two catches. Purchasing a growth stock like Tesla can be both painful and exciting. In other words, wide receivers and growth stocks both tend to have a volatile persona. Tight End & Fullback (TE) & (FB) – Equivalent To Alternative Investments, Such As Real Estate And Commodities.

If you are a true football fanatic, then you must know Rob Gronkowski. He is the dominant tight end in the NFL. However, many teams outside of the Cowboys, Chiefs, Eagles, and Patriots use the tight end to increase their offensive schemes. As a matter of fact, the tight end is commonly used by offenses to build mismatches near the end zone or when an opponent is weak in coverage at the linebacker spot. REITs (Real Estate Investment Trusts) play a similar complementary role in an investor’s portfolio.

Offensive Line (OL) – Equivalent To Bonds And Cash (Fixed Income)

Each football fan understands that a great football team is made from the inside out. The offensive line is the stabilizing force, as the offense cannot simply function without the guards, center, and handles all being on the same page. The offensive line is accountable for safeguarding the quarterback from getting dismissed by the defense and opening up running lanes for the backs to pick up hard-fought yards. Without the seasoned players doing their job in the trenches, the offense will fall apart.

Cash instruments and bonds (savings, money market, and CDs) work in a similar protective manner. They are the safety net of your portfolio and a requirement for retirees who need surety and income. The principal investment is usually stable due to features like the sound of creditworthiness of the bond issuer.

Defense – Equivalent To Insurance And Risk Management

All the previous positions mentioned worked side by side on offense to gather points for the team. They also grow the bottom line net worth of an individual. The defense is vital to prevent loss. That is limiting the damage caused by your opponent. No one is that lucky that we go through life without experiencing some loss that resulted from things like water/wind damage to a home, stolen/lost jewelry, an extended hospital stay, premature death, or prolonged disability. Many times, the losses can be so destructive that without proper insurance coverage, you have to wipe out your life savings to cover the damages. While the cost of insurance adds up to your monthly budget, it will save you from having to hit the start-over button with your financial plan. It is similar to how a good defense in football will bend but not break.

Backups – Equivalent To Saving For A Rainy Day

This one is pretty blunt. No team wishes to go to its backups. Similarly, no one wants to experience a dip in their savings when the AC unit needs replacement. However, when you have sufficient savings for emergencies, it saves you from having to borrow money from others.

Special Teams – Equivalent To The Small Details That Add Up

What looks like to be minor details can have a massive impact on the momentum. The same can be said in the world of financial planning about things such as focusing on your household budget, being financially prepared for transitions in life, opting for low-cost index funds, rebalancing your investments, and knowing where to tax-shelter assets. The little things that do not seem like they matter really add up to and accumulate a lot of money with time.

In Summary

And that is how a financial game plan and football strategies are a lot alike. If you understand one, you will get the other one, too.  By embracing these principles, football fans can tailor a dynamic financial foundation that supports both long-term goals and immediate requirements. It is a game where innovative strategies, the right connections, and community support can turn a fledging club into a financial powerhouse. To keep track of your credit score, you can seek help from trusted services, such as Gifted Financial Services.

How To Tackle Your Finances Like An NFL Coach – Financial Game Plans

The football season is about to start soon. And for that, you need to buy a lot of things. Starting with the tickets and moving to the merchandise that you will match with your favorite team. Things of this sort can make you spend a lot. So, how about we create a financial game plan to save up those $$$? In this blog, we are going to discuss how your financial life can be similar to that of the general manager of a football team. So, dive right in to explore further:

A Detailed Blueprint For Professional Athlete Wealth Management

Step No. 1 – Select Your Team

The Chiefs, as well as other NFL teams, sign and draft players. After that, they choose their coaches. Have you ever noticed how many coaches are there on the staff? Not only football but also our lives have become highly specialized in these last few decades. You can research “financial planning for professional athletes” on search engines, but none of the results will suit your unique condition.

You are probably mostly occupied with your career, managing your house, and barely getting some time for yourself. Do you think that, in all of this chaos, you will effectively manage your money life? Well, you can certainly oversee them from time to time. But we suggest you do not waste your valuable and precious leisure time doing so. It might be much better for you to hire an athlete financial advisor to help you. Gifted Financial Services can often help you with this matter. They can serve no less than your head coach and bring in other professionals, such as estate planning, insurance agents, attorneys, employment attorneys, and others if your requirements change.

Step No. 2 – Assess Your Current Situation

Financial experts perform wealth management for professional athletes by assessing their current situation. Now, this is something that the Chiefs do periodically, that you most probably don’t do with your greenbacks. Do you have your assets and liabilities sorted? The Chiefs might have a “Weaker” position group and report that. One of your liabilities might be carrying a lot of debt. Or you have not taken advantage of employer-sponsored savings plans. Or maybe it can be that you are not saving in a manner that restricts your income tax liability. Moreover, out of a hundred possibilities, it can also be that you are not maximizing your income potential and need to look for a new job or ask for a raise.

You most likely have assets, too. They can be the real-estate assets and investments, and of course, your human capital to earn more money. Are you aware of your net worth, and do you pay attention to increasing it year by year? You do not have to be an NFL financial advisor for this. A lot of financially successful people focus not only on their investment returns but on a wider picture that includes their savings, income, and spending. So, all in all, your assets minus your liabilities is the right way to view your financial success.  

Step No. 3 – Build A Playbook

The Chiefs goal every year is to win the Super Bowl. Travis Kelce is popular for his creative plays. You can begin your gameplan financial playbook by determining your values and goals. What are you willing to achieve? What does success look like for you? It is comparatively easier if you have a purpose. You can also work with a professional financial planner to create a playbook on how you can achieve your goals. This plan must include your current income, like a financial with the quarterback and receivers, to make all the plays work. Hiring an expert, such as an NFL advisor, you might be able to determine creative “plays” or smart plays that will give your success a kickstart.

Step No. 4 – Allocate Your Resources

If you are willing to pay your superstar quarterback a great deal of money, then as the Football GM, you have less to give to other players. Every one of us has access to only limited resources. Thus, it is vital for us to make conscious decisions on how to use these resources. If you wish to spend your money on Chiefs season tickets, then you must limit your other entertainment spending or take fewer vacations. However, if vacationing is something you cannot give up, then you should opt to save money on clothing, fancy coffees, and dining out frequently. This is how financial planning for athletes is done.

Step No. 5 – Practice And Execute The Playbook

The Chiefs practice their plays prior to unveiling them during games; this is what makes them perfect on the playing field. Similarly, practicing new habits will also help you in many ways. For instance, you can pay yourself by putting money into your savings directly from your paycheck. Switch off all ad notifications that you receive from shopping ads. Unsubscribe from all retailer emails that might compel you to buy more things. Cut out streaming services that are not getting views in your home. Join loyalty clubs to get discounts. Maintain your vehicles and keep them for at least eight years. There are a lot of habits that you can practice to achieve your goals. You can take athlete financial planning services to get more ideas regarding these habits.  

In Summary

And this is how you can approach your financial life like a football team. You hire coaches, understand where you stand currently and where you wish to be, create a playbook, and practice new moves (habits) to win your personal Super Bowl. If you wish to monitor your credit scores to understand your financial status, then we suggest you seek help from any reputed credit monitoring service. One such service provider is Gifted Financial Services. These experts offer great financial services that help their clients keep their money game stronger. 

 

Lessons From The NFL For Your Personal Finances – Scoring Financial Touchdowns

The NFL season is in full swing. If you are a football fanatic, then you must be no stranger to how much goes into each game – each week. Hours and hours of researching, scouting, and making plans go into every team’s game plan. Just like your favorite team requires a game plan to play well on the field, you also need a financial game plan to secure your future.

In this blog, we will explore the world of financial planning in terms that any football fan can relate to. Below, we will explain what financial planning is, its importance, and how you can handle it like a pro. So, let us begin!

What Is Financial Planning For Professional Athletes?

Financial planning is no less than a playbook for effectively managing your money. Consider it as an approach that your favorite team uses every week when they take the playing field. Similar to how these coaches map out their plays, you will also be mapping out your gameplan financial goals. Not only goals but along with them, you will also make plans on how you can achieve them.

Why Is Financial Planning Important For Football Fans?

Scoring Touchdowns (Goals Achievement)

Just as your team targets to get into the end zone, financial planning helps you score financial touchdowns. You can start by setting realistic goals (i.e., funding your kid’s education, buying a house, or comfortably retiring). It will help you plan like an athlete financial advisor and, thus, create a clear game plan to achieve your goals.

Making Gains (Wealth Accumulation)

Putting up yardage on the game field can be a game-changer. Financial planning assists you in accumulating wealth over time. It revolves around managing debts, budgeting, and investing wisely to elevate your net worth.

Avoiding Fumbles (Financial Security)

In football, even a tiny error can alter an entire game’s result. The same is the case for athlete financial planning. Financial planning creates a safety net so you are not caught unprepared by emergencies or unforeseen expenses. This financial security makes sure that you keep on playing (speaking financially).

Avoiding Penalties (Tax Efficiency)

Similar to how penalties hurt the progress of your team, taxes can also destroy your income. Financial planning involves strategies to minimize your tax liability.

Sideline Comfort (Peace Of Mind)

Knowing you have a properly structured financial game plan can decrease the amount of stress. It permits you to enjoy life’s game without stressing too much about financial planning for athletes.

The Financial Planning Process For Wealth Management For Professional Athletes

Let us break down how the entire process of financial planning:

Set Clear Financial Goals (Scoring Touchdowns)

The first step would be to define your financial goals. Just as your favorite NFL team targets aims for the end zone, you will aim for certain objectives. These objectives can be a comfortable retirement, home ownership, or even college funding.

Assess Your Financial Position (Know The Down And Distance)

It is a great idea to estimate your current financial situation, including your expenses, income, debts, and assets. It is like knowing all about the financial field and what players are filling out your schedule.

Create A Budget (Running The Offense)

Make a budget that highlights your monthly expenses and income. Think of it as your offensive playbook that guides your financial decisions. By keeping track of your monthly expenses, you can clearly see where you are at.

Develop An Investment Strategy (Executing Plays)

Identify how you will invest your money, just like coaches develop plays for their teams. Develop a strategy that is well aligned with your long-term goals and risk tolerance.

Protect Your Finances (Defensive Coverage)

Calculate your insurance coverage, such as your life, liability, and disability insurance. It is the unexpected financial hits against your defense. If you are caught with no insurance, a huge financial burden might severely dent your opportunities to achieve your financial goals. If you find yourself in need of expert advice, then feel free to reach out to any NFL financial advisor.

Manage Debt Wisely (Avoiding Fumbles)

Handle your debts just like your favorite players deal with their opponents. Make a game plan to decrease high-interest debts. Consequently, you will also preserve your financial strength.

Building An Emergency Fund (Special Teams)

Make an emergency fund to act as your financial cushion during unexpected events. This can help you a lot.

Optimizing Taxes (Avoiding Penalties)

Work with a tax advisor to reduce your tax liability lawfully. This is similar to making smart plays and steering clear of penalties.

Monitor And Adjusting (Halftime Adjustments)

Reviewing your financial game plan periodically can help you make sure that you are on the right track to meet your goals. Adjust your plans whenever you feel necessary.

Seek Professional Guidance (Coaching Staff)

Think of working with an NFL advisor who can serve as your coaching staff. They can offer personalized advice to explore the complexities of financial planning.

In Summary

This is how professional athlete wealth management is done. By setting realistic goals, following a perfectly structured plan, and assessing your current financial field position, you can work toward financial security. Moreover, you also get peace of mind and wealth accumulation in return. Whether you are planning out your financial success or cheering for your favorite team from the stands, a perfect game plan can help you confidently explore the realm of finance. It also makes you secure a brighter financial future for your loved ones as well as yourself. If you are beginning to put your game plan together or wish to track your credit scores, then feel free to contact reputed experts. The seasoned team at Gifted Financial Services is at your disposal. With their brilliant strategies, you will reach financial success much faster.

What Is Credit Card Fraud?

Credit card fraud impacts thousands of Americans every year. Many criminals use stolen or lost credit cards to commit fraud. On the other hand, others make illegal transactions without even having their victims’ credit cards in their possession. The criminals only require their victims’ basic account or card details to get access to their funds. They do not even require any fraud credit cards to do so.

Credit card fraud can be no less than a nightmare scenario for any business or individual. Fraudsters are constantly evolving their strategies to trap their victims when they least expect it. The only way to mark yourself safe from them is to understand what credit card fraud really is and how it functions. This information will help you defend yourself and avoid becoming a victim yourself. Let us uncover these bits of knowledge, but first, you need to understand this:

What Is Credit Card Fraud?

Credit card fraud is the illegal use of a credit card account to steal money or goods. Your credit card information is not only restricted to your wallet only. These details can also be found in web databases that have online purchase information. If these databases are breached or compromised, your card information might be stolen and used to commit fraud.

How Credit Card Fraud Works

Any business, regardless of what size, will have a huge surface area for credit card theft or even fraud. Dealing with credit card fraud can greatly impact your credit score ranges. So, it is better to know the ways in which it might happen. Here are some of the ways through which it can occur.

Lost Or Stolen Cards

Fraudsters can get your credit cards by either finding them if you lose them or stealing them from your possession. They might not be able to use the card at any point of sale, as the device will ask for the PIN. However, they can use it online to make purchases.

Card-Not-Present Fraud

This sort of fraud does not need the fraudster to have a physical credit card. Rather, they will get access to the basic details, such as the credit card number, the account holder’s name, as well as the expiration date. With such information, they can commit fraudulent activity online, via the phone, or even by mail.

Application Fraud

Instead of stealing existing card details, a criminal might rather apply for a new credit in their victim’s name. They can do this by using the victim’s personal information, including their date of birth, name, address, and social security number. These criminals might even steal supporting documents to authenticate their application. To combat this, you can hire trustworthy credit score monitoring services, i.e., Gifted Financial Services, to monitor your credit. In this way, you can steer clear of any frauds these fraudsters might think of committing.

Counterfeit, Doctored, Or Faked Cards

Devices known as skimmers can unlawfully get credit card details. These machines get information using the magnetic strip of your card, which the fraudsters can then encode into a faked, counterfeited, or even doctored card. It can be difficult to put apart an ATM or a regular card reader and one having a skimmer attached to it. So, if you ever lose your card, make sure to feel its card reader to check if it feels normal and tight.

Account Takeover

After accessing your personal information, a fraudster can contact your credit card company. They can even pretend to be the account holder by giving information such as passwords, card details, or previous purchases. This entire act is known as “Social Engineering.” They will do this to register a change of address and then report the card as stolen or lost to get their hands on a new card sent their way through the mail.

Intercepting Cards In The Mail

If a credit card company sends out a replacement or new card via post, then the fraudster might be able to steal or intercept the package from the account holder’s mailbox. This is why many card issuers use unmarked packaging and letters while sending out cards. If you are facing any of these frauds, then we suggest you contact any credit score services to report the fraud. Gifted Financial Services is the best bet when it comes to getting help against fraud. So, contact these experts right now and let them deal with these issues.

Signs Of Credit Card Fraud

By reading the information given above, you now know how the fraud works. We think it would be wiser for you to know the signs of these frauds to be aware, just in case. So, read on to find more regarding this:

Suspicious Charges

This is the most commonly occurring sign of fraud. Be alert for any changes that seem new to you. No matter how minor, if you do not recognize something, take action against it. Otherwise, you might end up with a bad credit score or worse.

Unknown Merchants

If you notice any charges from merchants that seem out of character for your spending habits or the ones that you do not recognize, it might be a potential sign of fraud.

Payments From Other Locations

Any charges from places that you have not been to might also be a sign that someone out there is using your card. So, press a credit card abuse charge as soon as you can to avoid any further issues.

New Accounts Opened In Your Name

If you get bills or credit cards for accounts that you did not open or notice a new account on your report, it might be a sign of identity theft.

Unusual Correspondences

If you get unsolicited calls from any credit card companies regarding debt, it might be a fraudulent account that someone else opened under your name. Moreover, if you stop getting statements or emails from your card issuer, it can be an indication that a criminal has changed your billing information.

Changes To Personal Details

Any changes to the personal information on your credit card account must warrant a closer look. For instance, a new phone number or billing address on your account or an order for a new card that you did not request.

How To Report Credit Card Fraud To Police

Have you found any of these signs happening to you? Well, it is high time you report it to the higher authorities. Being a victim of credit card fraud, you must contact your credit card issuer immediately. You can proceed as follows:

  1. Jot down whatever you are dealing with and how you noticed the fraud
  2. Keep all the documentation that you think will help with the police investigation
  3. Contact the local police service to file your complaint
  4. If you think the company has been hacked, contact them immediately
  5. Keep on checking your credit card statements to ensure that there are no further fraud charges

Summing It All Up!

Credit card fraud can happen to anyone. Therefore, you need to be extra vigilant in order to not fall into the traps of these fraudsters. However, even if you do, thankfully, there are a lot of services that can help you safeguard your accounts. One such service provider is Gifted Financial Services. These experts keep your finances more secure and protect your identity. So, if you ever find yourself in need, contact them and let them handle all the stress on your behalf.