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photo by steed media service
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America’s
economic crisis affects each and every citizen from Wall Street to Main
Street. Business mogul Russell Simmons offers sound advice for keeping
yourself from drowning in a fiscal quagmire. “The credit crunch
teaches us that a key to good money management is avoiding debt,”
says Russell Simmons. “Debt free is the way to be.” –todd williams
Take control of your money and avoid the credit crunch
with these tips from Simmons:
1.
Think about various options to safely manage your money — and
save money by avoiding check-cashing fees, trips to the bank, or lost
or stolen checks by having your money directly deposited for free onto
the RushCard. Simmons created the RushCard to give all consumers the
luxury of plastic without the debt that typically follows. Visit www.rushcard.com to learn more.
2. Review your credit report as often as possible to prevent identity theft. AnnualCreditReport.com
is sponsored by the nationwide consumer credit reporting companies.
Consumers can obtain their free credit report from all three agencies:
Equifax, Experian and TransUnion.
3. Stay abreast of financial scams. You can check for financial crimes at www.usa.gov/Citizen/Topics/Money/Financial_Crime.shtml.
4.
Always take advantage of discounts and make sure you’re aware of
opportunities to save on regular purchases (i.e. groceries and gas).
5. Stop living above your means. Don’t spend more money than you make and avoid mounting credit card debt.
6. Make sure to pay off bills with the highest interest rates as soon as possible.
7. Money management is key; set budgets and analyze your spending. You can find free financial literacy tools at www.MyMoney.gov.
8. Put together a basic savings plan that will allow you to save and build reserve (emergency) funds.
9.
Develop a plan for establishing a positive credit file and use it to
your advantage. You can find resources at www.whatsmyscore.org or
enroll in “RushPath to Credit” at www.rushcard.com.
10.
In tough financial times, always remember that there are those who are
worse off and try to give to the less fortunate as much as possible.
The
RushCard was launched by entrepreneur and philanthropist Russell
Simmons to help people without traditional banking relationships gain
the financial freedom, security and respect they deserve. RushCard
offers an array of basic financial services including the ability to
use the card wherever Visa debit cards are accepted, and it provides
free, 24/7 customer service.
