Monthly Archives: November 2023

Give Thanks–and Be Rich

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Thanksgiving is upon us.  And I like to celebrate that each year by recounting the many things I have to be thankful for.

This has been a particularly difficult year for my family.  My father passed away in March after a long illness, my siblings and I moved my mother into an assisted living facility, and then we emptied and sold the family home of 56 years.  And throughout all of this, I was dealing with a significant injury to my left knee.  It was a lot.  Really a lot.  And you might wonder why I would have anything to be thankful for at all.  But I honestly do.

I lost my dad this year, but I’m so grateful that his sharp mind is no longer trapped in a body that was failing. And I’m thankful that he was able to share his wisdom with me for many years, and those lessons will move forward with me throughout the rest of my life.

My mom is no longer able to live on her own, but she is still able to have at least some semblance of independence in her assisted living facility.  I’m grateful that she was willing to make that move, and I’m so thankful that she is receiving excellent care.  And as a bonus, she is near me now, so I can visit her nearly every day.

It was bittersweet to empty and sell the home I grew up in.  It was a lot of exhausting work.  And it was heart-wrenching to part with the physical location of so many memories.  But I’m grateful that a new family will now be able to build memories in the home I loved so much.  And I have to say I’m more than a little thankful that I no longer have to worry about the maintenance of a house 100 miles away from my current home.

My knee injury was painful, and frustrating, and brought a sudden halt to any plans I had made to focus on physical activity this year.  I had to deal with crutches, and physical therapy, and ultimately with surgery, and then a cane.  But I’m grateful that I was able, over time, to get my knee to the point where it is almost normal again.  I may not be running any marathons, but I’m confident that I’ll be able to resume more rigorous activity after the new year.  It could have been so much worse.  It could have stopped me from being able to take on the tasks that were needed around the situations with my parents.  I’m very thankful that my knee didn’t stop me from being where I needed to be.

These were only a few of the countless obstacles I faced this year (2023 has definitely not been a favorite).  And each one of them taught me a lot about being appreciative of what I have.  I have a roof over my head.  I have enough money to buy food.  I have solid transportation.  I have a husband to share my adventures with.  I have two cats who love me unconditionally.  I have a career that provides me with the most incredible intrinsic rewards.  If you were to look at my bank account balance, you would never describe me as rich.  But a wise friend once told me that there are two ways to be rich.  One is to have everything you want.  The other is to want everything you have.  And by that standard I am very rich.

Be thankful.

Give Yourself a Little Grace

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We’ve reached that point in the semester when everyone is exhausted and overwhelmed.  The stretch from Labor Day to Thanksgiving break seems eternal.  The will to do what is required isn’t as strong as it needs to be.  This happens every year at this time.  And it’s not just a student sentiment.  The faculty and staff are right there too.

You may think I’m about to head into a “you can do this” pep talk.  But I’m not.  Today I want to focus on how it’s ok to give yourself a little grace.  On Sunday when I got back from a four day training conference, my email was a little out of control.  I thought about logging in and trying to clear out the jam Sunday night.  But I gave myself a little grace.  I let the email sit until Monday.  And because of that I did not get my weekly email out on Monday like I normally do.  But it’s email and the Moneywise Tip.  Nobody is going to die if these things are delayed by 24 hours.  And giving myself that concession was a better choice for my mental health.

I’m not saying that you should skip classes and turn in assignments late.  I am saying that sometimes things you are working on won’t be quite up to your standards.  Sometimes you may have to say no to something you would prefer to take on.  Sometimes you will have to pass on a social event.  Sometimes you may substitute a convenience option from the supermarket rather than making something from scratch.  Corners may be cut.  And it’s ok to give yourself a little grace.  Nobody is perfect.  Nobody has infinite time.  Everyone is tired.

Life can be overwhelming.  Especially when you are in law school, and you see exams peeking around the corner.  Take a breath.  Look at your priorities.  If you can take something off your plate, do it.  If there is someone who can help you, ask.  Give yourself a little grace.  Is the world going to end?  Is anybody going to die?  Likely not.  It’s ok to make yourself a priority.  And now…what you expected earlier….you can do this!!!

A Quick Look at Credit Reports

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Did you know that your financial history has a report card?  Your credit report is a detailed snapshot of your financial history, painting a picture of your creditworthiness to potential lenders, landlords, and employers. What your credit report says can significantly impact your financial opportunities and overall well-being.

There are three major credit bureaus – Equifax, Experian, and TransUnion – that maintain credit reports for individuals in the United States. These bureaus collect information from various sources, including lenders, credit card companies, and public records, to compile a comprehensive overview of your credit history.

Your credit report contains tons of information, including:

  • Personal Information: Your name, Social Security number, birth date, and current and past addresses
  • Credit Accounts: Details about your credit card accounts, installment loans, and other credit-related accounts, including balances, payment history, and credit limits
  • Public Records: Information on bankruptcies, tax liens, and judgments
  • Credit Inquiries: Records of when someone has checked your credit report for lending, employment, or other purposes

By law, you are entitled to a free copy of your credit report from each of the three major credit bureaus once a year.  Thanks to a pandemic change that was made permanent, however, you can now get a free copy of your credit report once a week (though that may be overkill for most people).  You can access your free reports through AnnualCreditReport.com, the official website authorized by the federal government.

Regularly reviewing your credit reports is important to check for accuracy and identify potential errors or fraudulent activity. If you find any discrepancies, you should contact the respective credit bureau to initiate a dispute.  Credit report errors happen more often than anyone would like.

Your credit score is a numerical representation of your credit history.  It is derived from the information in your credit report. It typically ranges from 300 to 850, with a higher score indicating better creditworthiness. Lenders and other entities use your credit score to assess your risk as a borrower or tenant.  Your credit score itself will not appear on your credit report.

A lot of factors go into the calculation of a credit score.  Those with good credit make their payments on time.  It’s a good idea to keep your credit utilization to a maximum of 30% of your available credit.  Applying for credit multiple times in a short period can lower your credit score.  And a longer credit history helps to build a higher credit score, so building strong credit is a bigger challenge for younger people.

Your credit report is basically the report card of your financial habits. You should take a look at it and see how you are doing.  If your credit needs work, you should do that sooner rather than later.  The worst time to find out there is a problem on your credit report is when you actually need credit.  Take a look.  It’s worth it.