Here’s what we have on deck today:

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📗 Read: The Top 5 Credit Card Myths

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🎙️ Listen: How to Setup Your Financial Foundation

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Top Five Credit Card Myths That Often Lead to Confusion and Missed Opportunities

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Myth #1: Too Many Credit Cards is Bad for Your Score

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People often think having lots of credit cards is bad for your credit score. But that's not always true! If you use your cards wisely, like paying on time and not using too much of your available credit, having multiple cards can actually help your score. It shows you're good at managing credit.

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Myth #2: Closing a Credit Card Boosts Your Score Right Away

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Some folks believe that closing a credit card will immediately make their credit score go up. However, that's not usually the case. Closing a card can affect how much credit you're using compared to what you have available, and it might even make your score go down a bit. If your card doesn’t have yearly fees and it helps your credit history, it might be better to keep it open.

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Myth #3: Keeping a Balance on Your Card Helps Your Credit

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There's a myth that leaving a balance on your credit card helps build your credit. But actually, you don’t need to pay interest by leaving a balance to have good credit. Paying off what you owe each month is the best strategy. This way, you show you're responsible with credit without paying extra money in interest.

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Myth #4: Maxing Out Cards for Rewards is Smart

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Chasing rewards by using all your available credit on a card might seem like a good idea, but it's risky. Using a lot of your credit can hurt your score and make it hard to pay back what you owe. It’s better to use less of your available credit, like under 30%, to keep your score healthy and still get rewards.

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Myth #5: Applying for a Card Always Drops Your Score

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It's true that applying for a new card can slightly lower your score at first because of the credit check. But, this drop is usually small and temporary. If you're careful about how often you apply for new cards and manage them well, the small dip won’t matter much compared to the benefits of having and using the card responsibly.

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P.S. You can see all my fave cards here. ​

Today’s newsletter is brought to you by Empower.

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​Empower is a really helpful free tool for keeping track of your money. It's easy to use, and it helps you see how much money you have and owe. With Empower, you can make smart choices about your finances and reach your money goals.

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Track your Net Worth for Free and use this link. ​

👍 Money Finds

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Finding Fulfillment at Target 🎯💼

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​CNBC shares a personal account of an individual who, after being laid off, chose to work a retail job at Target despite a significant pay cut. The narrative delves into the reasons behind this choice, highlighting the unexpected fulfillment and sense of community found in the new role. It’s a reflective piece on the value of work beyond financial compensation, underscoring the importance of job satisfaction, personal growth, and the social aspects of work.

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The Philosophy of Spending 💡💳

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​Collaborative Fund offers insightful musings on the intricacies of spending money. The article navigates through the psychological and emotional aspects of financial decisions, presenting a nuanced perspective on the value of money in relation to happiness and satisfaction. It encourages readers to consider what truly brings them joy and how to align spending habits with those insights, advocating for a more intentional approach to personal finance.

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Navigating Career Changes 🔄🧭

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​Harvard Business Review outlines four critical questions to ponder before taking the leap into a new career path. From assessing one’s motivations and the realities of the new industry to considering the long-term implications of such a change, the piece provides a structured framework for making informed and strategic career decisions. It’s geared towards professionals contemplating a significant shift, offering guidance to navigate the complexities and uncertainties of career transformation.

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​Slow Productivity: The Lost Art of Accomplishment Without Burnout​

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​How to Build a Financial Foundation The RIGHT WAY! (Money Q&A)​

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​The EXACT Steps You Need to Take To Research and Choose Your 401(K) Investments​

Youtube

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​401(k) Rollover Guide - What to Do with Your Old 401(K) When You Leave​

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