SOWBO Magazine 4TH edition

It is very important to use credit responsibly. Always make your payments on time and keep the
balances on revolving credit low. Missing payments and carrying high balances will hurt yourcredit
report and score.
8: Delet e your Debt
Having debt not only absorbs a significant portion of your income each month but also costs
thousands of dollars in interest payments. Conversely, paying off your debt can provide a feeling of
relief and give you more money for other things, like savings.
9: Buy a Hom e
Purchasing a home can be a wise investment. While the real estate market fluctuates, most houses
gain value over time. Additionally, Uncle Sam subsidizes your property investment with tax breaks.
However, homeownership isn?t right for everyone. It is important to honestly assess your financial
obligations and determine if you can carry a mortgage and how much can you afford to pay. Don?t
just rely on the lender?s approval amount to tell you what you can afford ? take a close look at your
budget.
The path to financial success requires being intentional about allocating your financial resources
towards your goals. It also requires discipline, persistence, knowledge, determination and the
conviction to define what is most important to your happiness.
Florence Norville-Cheek, MBA
Financial Services Professional
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