We evolve by gaining insight.

The decisions we make in our financial journeys can yield significant consequences, either positive or negative. Enhancing our financial literacy holds the potential to bring about positive transformations for individuals, families, organizations, and entire communities.

Upon contemplating my own journey towards financial well-being, I've pinpointed some specific steps that guided me on the correct path to achieving financial wellness. They are understanding credit, emergency funds, debt management, and personal care. Though this page, I hope to share the knowledge and strategies that have been instrumental in my financial wellness journey, so you too can embark on a personal path to financial wellness, stability and growth. Explore the tools and insights provided here, to assist with the support and reinforcement needed in making informed financial decisions - today.

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iGrad created a video, over 10 years ago asking college students financial wellness questions vs pop cultural questions.

The video is transformative and dives deep into the heart of financial wellness, with an entertaining twist. Crafted by iGrad, an expert in financial planning and wealth management, this video is an insightful way to bring attention to the lack of financial literacy among young adults/college students.

Whether you're just starting out on your financial journey or looking to refine your strategies for wealth building, the time to start is always now, if not yesterday. Financial wellness is a key component of overall well-being, and enjoy providing you with the tools and resources you need to achieve it.

Growing Greatness LLC is dedicated to helping you understand from budgeting basics and debt management to future planning, we cover a wide range of topics with clarity and expertise. Financial wellness is a journey, not a destination. We're here to support you every step of the way. Enjoy the video!!!!!!

Understanding Credit Score Recovery Time:

Credit Issue	Average Recovery Time
Missed or defaulted payment	18 months
High credit utilization	3 months
Hard credit inquiry	3 months
Late mortgage payment (30 – 90 days)	9 months

Understanding Credit Score Models

Credit Score Model	Overview	Score Range	Key Factors
FICO Score	The most widely used credit score model.	300 - 850	Payment History: 35% Amounts Owed: 30% Length of Credit History: 15% New Credit: 10% Credit Mix: 10%
VantageScore	Created by credit bureaus: Equifax, Experian, and TransUnion.	300 - 850	Payment History: Extremely Influential Credit Age and Type: Highly Influential Percentage of Credit Limit Used: Highly Influential Total Balances and Debt: Moderately Influential Recent Credit Behavior: Less Influential Available Credit: Less Influential
Equifax Credit Score	Proprietary scoring model used primarily by Equifax.	280 - 850	Similar to FICO but with proprietary adjustments.
Experian Plus Score	Proprietary scoring model used by Experian.	330 - 830	Payment history, debt levels, credit age, account types, and recent credit activity.
TransUnion New Account Score	Tailored for new credit applicants, used by TransUnion.	Varies	Emphasizes recent credit activity and new accounts.

Financial Literacy Terms of Focus

Some good financial literacy terms to become familiar with:

Annual Percentage Rate (APR)

APR, or Annual Percentage Rate, represents the yearly cost of borrowing money, expressed as a percentage. Understanding APR helps you compare loan offers to find the most favorable interest rate.

Asset

Assets are items that can be converted into money, such as savings, 401(k) accounts, real estate, securities, and even art. They are often discussed alongside liabilities.

Budget

A budget is your financial blueprint. It outlines how you allocate your income to cover expenses and save towards your financial goals.

Credit

Credit is borrowed money that you must repay, often used with credit cards or loans. In banking, credit also refers to deposits or interest earned.

Credit Score

Your credit score is a numerical representation of your creditworthiness. Higher scores improve your chances of getting approved for loans and better interest rates.

Debt

Debt is the money you owe to lenders or individuals. Managing debt effectively is crucial for financial health.

Debit

A debit is a transaction where money leaves your account, such as withdrawals, bill payments, and transfers.

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Interest

Interest is the fee charged by financial institutions for lending you money. Conversely, it's the money you earn from deposits in your savings account.

Liability

Liabilities are debts or obligations, like a mortgage or car loan, that you need to repay.

Net Worth

Your net worth is calculated by subtracting your liabilities from your assets. It gives a snapshot of your financial health.

Principal

In loans, the principal is the original amount of money borrowed. In investments, it's the initial amount of money you invest.

Repayment

Repayment is the period during which you pay back borrowed money. For instance, a 30-year mortgage is structured to be paid off in 30 years.

Return

Return is the profit or loss from an investment or savings. It's the gain or loss you experience from putting your money to work.

This introduction sets the stage to understand the importance of the terms in achieving financial literacy. We are here to help guide you towards financial wellness, understanding and growth. #GrowingGreatnessLLC

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