Finances for Everyone

This is the first article I have written and want to make this column geared towards what you want.  As the economy keeps going south and we think there is no hope for the future you need to remember there is always doing to be ups and downs, but depending on what you do makes the difference.  We have been taught that there is only one way to save for the future but again that is not true.  Each one of us has different goals we want to achieve and this brings me to “Finances for Everyone”.

Finances become even more complicated when you start to look into the future when you have a hard time even making ends meet today.  It is possible to achieve both, but it will take dedication.   You thought it was hard enough but now it is going to get even harder when finances are intermingled when you are gay.  Some laws have been changing to make this easier, but we still have of progress to make.  Or your partner makes more then you, or vice versa, how do you handle that, and the many other challenges that will come along.

I want to make this an interactive column where I get your input, questions and concerns about what is talked about.  You can’t just read up on finances and understand it.  You need to sit down with your loved ones and be honest with what you have.  Once you are honest you can then start to fix your finances, if needed, or change where you are headed.  This will not happen over night nor will it ever stop, but the more you learn and put that into motion the better off you will be.

The first thing you need to do is to get online and get you credit report.  You don’t want to wait until you need your credit to fix it, but fix it before you need it.  Your credit score can affect more then just the interest rate you get on that new car but could also affect your auto insurance.  You are entitled to one free credit report, from all three credit reporting agencies Experian, Equifax, and TransUnion, every year.  Just log onto https://www.annualcreditreport.com and fill in the information.  There is a fee to get your FICO (Fair Isaac Corporation) score but the most important thing is to confirm that you information is accurate on your credit report.  If you want to get your FICO score please get it and I will explain that more at a later time.  For those of you that are lucky enough to be in a relationship please do this as a couple.  You may not realize how this can bring you together, but be prepared to go through a lot in this process.  Make sure to be honest with your partner, because that is the only way to make it through fiancés and make a lasting relationship.  No excuses and total honesty is the only way to go.

Now that you, and your partner if applicable, has your three credit reports printed out and sitting in front of you start going through it.  You will be amazed what is on it.  From the beginning you will have your name and demographic information on it.  Then revolving credit and loans accounts, and then at the end will be inquiries and court records and bankruptcies or anything else that might negatively affect your FICO score. 

Once accurate information is placed on your account it will stay there for a minimum of 7 years or longer.  It is possible that their might be incorrect information placed on your account and it is your responsibility to contact the credit reporting agency to get this corrected.  Follow the steps outlined with the specific credit reporting agency.  Corrections can take 30 days or longer to be processed so it is a good idea to correct this information before you need it for a loan or to buy your first home.

What happens if you find fraudulent information your report?  First thing you need to do is contact either three of the credit reporting agencies and place a “Fraud Alert” on your account.  Then that agency will report the “Fraud Alert” to the other agencies on your behalf.  Then make sure to contact your local police station and make a police report.  Hopefully you have found this information quick enough to fix it, but identity theft is a multi-billion dollar business and you are the only one that can protect your information.

You may feel ashamed of your credit report, but you shouldn’t be.  This is past information but there are ways to correct it form here on out.  This is where being honest is the best thing.  You might have told your loved one, family and friends that you can do anything but now having your report in front of you should tell you a little different.  Just because you can get the credit to buy something doesn’t mean you can afford to buy it.  It is hard in today’s environment but sometimes you just need to say no.  Through this process you need to learn about your significant others credit report as well.  Finances are the number one reason of arguments in a relationship and if you deal with it now there is no reason to argue later.  That is if you keep an open line of communication and remember why you are with them.  Now is the time to talk and communicate about how you are going to move further and grow.

I am sure that this will both get positive and negative discussion but I am ready for that.  “Finance’s for Everyone” is being designed around the gay society and how to best move forward.  You need to do specific things depending on if you are single, in a new relationship, married or getting ready to retire.  Life isn’t easy nor is fiancés but you will be ready for what comes your way if you take it a day at a time.

Please forward questions, concerns, or ideas for future articles.  I am here for you.

Kenneth Weppler

Neither Kenneth Weppler nor West Virginia Queer News hold any licenses or certified as a CPA or CFP.  This information and column is intended for informational purposes only to better understand finances.  Please contact your CPA or attorney for specific legal questions.