Recently, I woke up to a rather alarming text message from Capital One. Apparently my card had been used for a $325 purchase. Whomever gained access to it, triggered an alert which then caused me to check my account. It was then that I noticed a $225 charge the day before. What was crazy, as I was on the phone with a rep, there was another $140 charge that was being declined at that very second!
Now this is one of my oldest cards with a generous credit limit that I had just paid off. Although I use it sparingly here and there, nonetheless I was still livid!
Gladly their fraud team was on it & canceled the card right away. But still it put the shit in my Cheerios. This just a day after my credit score went up a few points. So needless to say the charges were reflected on the next billing statement.
Needless to say I was mortified and it left me feeling vulnerable. This wasn’t the first time I had been a victim of ID theft or theft in general. Yet no matter how quickly and safely the issue (or crime if you will) is handled, it leaves a certain taste in your mouth that makes you lost faith in humans. why do people do shit like this is beyond me but I am glad to say that this issue in particular is behind me.
My next goal is to hit 750 now that I am finally in the 700 club. That meant cutting frivolous spending and more investing/saving. I have been wise (well almost) with my spending as well as investing in stocks/trading. My goal being to have a nest egg to retire on and if I’m lucky, help with my kid’s college expenses.
Don’t get me wrong, it’s been a long road trying to get my finances in order. It’s not easy when you’re learning what to do with your money after years of living check to check. What makes it even harder is that I was never taught how to really manage my money. For example, saving money is ok but investing it apparently better. Growing up as a black female, I was always giving the impression that stocks and investing money was a white man’s gamble.
That’s the lie stamped in our heads based off of nothing but ignorance. Why? Because I was only taught to be a consumer. The truth is we probably should invest and save about 25% of our income. How is it possible you ask?
Take a pair of sneakers, a smartphone and a car. What do they have in common?
They are not investments. They do not give you a return on their purchase and they lose value should you resale them.
Why not spend the same several hundred bucks or so and buy shares or stocks in the same manufacturer and make money off said company? Do this instead of giving it away in something that will give you absolute no value in the future. That way those same dollars will comeback as much as double in value if not more.
Now that’s an example and not an exact process but that’s pretty much the science behind it. Eventually and hopefully those types of changes are something that will pay off in the future.
Until Next Time Kiddies,
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