In 1997, I bought my first house.
I was 26 years old and I knew that renting was no longer for me. I worked too hard for my money to throw it into the abyss of rental rabbit holes.
The house was in a booming area of Baltimore called Hampden.
At the time, it was still overrun with junkies, drug dealers and prostitutes. All three were in a vicious and sad cycle of drug addiction and violence.
But something new was happening.
Little by little, new restaurants began to open.
The once dilapidated section of Baltimore began to see an influx of residents, as rents were some of the cheapest you could find in North Baltimore.
Gentrification was coming.
You could smell it in the rotten air and see it on the signs of contractors renovating the place, house by house and street by street.
I might not be good at a lot of things, but I know a good deal when I see one.
And when I had the opportunity to buy my house for $ 57,000, I jumped at the chance.
In 2005, eight years later, the house sold for $ 219,000.
Of course, I really had no idea that its value would increase so quickly.
In fact, when I bought it, I was mostly consumed with my credit rating, which weighed heavily on me with anxiety.
From my real estate agent to my grandfather all I heard was I better have a decent credit score.
Now, I’ve always been pretty responsible with my finances.
I never took on too much debt, paid all of my bills on time, and tried to keep enough money in my bank account to carry me around for at least three months, just in case I ran out. would find himself out of work.
Yet the way people talked about credit scores, it was ultimately something that stressed me out a lot.
Of course, my credit rating was good, but it always bothered me that we put so much pressure on ourselves when it came to our credit scores.
And to make matters worse, credit scores will soon be even more convoluted, as they may soon depend on more than just basic financial information.
Very soon, credit scores could also depend on your internet history.
Why rich people don’t care about their credit rating
Businesses may soon be looking at your browsing history to determine the size and terms of a home or car loan, according to the International Monetary Fund.
While some people may consider this a good idea, as such a situation might paint a bigger picture than just an occasional missed loan payment, it also raises a huge privacy issue, resulting in increased government oversight and regulation. .
What could go wrong?
Does Big Data now have the ability to control whether or not you can buy a house?
It’s a horrible idea – at least for the majority of people around the world who need to rely on credit scores for home and auto loans.
But you know who cares about this stuff?
Think the next time Elon Musk buys a house, he laughs at his credit rating?
Think Jeff Bezos trembles when he sees an online ad warning him to monitor his credit score?
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A colleague of mine recently bought a new home just outside of Boston. He paid $ 860,000 for it – and he paid in cash.
The idea of a credit score didn’t even occur to him.
The truth is, if you have enough scratches, credit scores are about as scary as being eaten by a dinosaur.
When my neighbor first reported this to me, he suggested that I write an article on how you can improve your credit score.
I looked at him, I laughed, I showed him this photo …
And he said, “God doesn’t care about your credit score.
The value of your life does not coincide with your credit score, and I reject the implication that it should.
Yes, a lot of us still need to borrow money for a lot of different things, but I find it much more beneficial to focus on my ability to build significant wealth than to focus on it. a few points increase in my credit rating.
This is one of the many reasons I entered the world of finance many years ago: to make enough money that I never had to be held hostage financially by a credit score.
I’m not going to lie …
It’s a liberating feeling.
And that is why I strongly urge you to stay abreast of all the lucrative opportunities that we present to you here at Energy and Capital.
Here are some of my favorites:
- A basket of six new cryptocurrencies that offer a lot more for your money than Bitcoin.
- A new energy resource that produces absolutely zero emissions and, because it is so inexpensive to produce, is undermining all other forms of energy on the planet.
- A new biotechnology sector that uses psychedelic molecules to treat depression, anxiety, PTSD and even addiction.
Stop wasting time worrying about your credit score. Get rich and never think about it again.
Towards a new way of life and a new generation of wealth …
Jeff is the Founder and Editor-in-Chief of Green Chip Stocks, a private investment community that capitalizes on opportunities in alternative energy, organic food markets, legal cannabis, and socially responsible investing. He has been guest featured on Fox, CNBC and Bloomberg Asia, and is the author of the bestselling book, Investing in renewable energies: making money with green stocks. To learn more about Jeff, visit his publisher’s page.
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