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Timing is Everything For Building Wealth

By Erik Folgate

No, I’m not talking about timing the market. I think trying to time the market is silly, and you’ll only lose valuable days of trading if you try to time the market. What I’m talking about is being on time with your bill payments.

Motley Fool has an interesting article about punctuality when it comes to making payments on your bills.

Sure, it’s only $30 here, and $30 there, and those late fees do add up, but the real drain on your money is what it does to your credit. It may be the difference in you getting a better interest rate on your home mortgage, which leads to THOUSANDS of dollars of savings over the years. I am not one to dwell on the credit score and letting your credit report run your life, but in terms of buying a house, it’s important no matter what. Unless you do the 100% down plan, which is paying cash for your house. But, after the recent housing boom, very few people have the income and sacrificial nature that it takes to save up $200 to $300 thousand dollars. So, listen to the Fool and set your life up to make sure you never miss a payment EVER again!

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • Minimum Wage

    My credit is shot and I have no open credit accounts. Worse, I can’t even improve my credit without a major boost in income. I have been paying my bills on time for several years, but that hasn’t helped my credit. So does it really matter now whether I pay bills on time?

  • author

    Minimum, yes it does matter. Believe it or not, there are still organizations out there, including mortgage companies that do manual underwriting if you request it. Manual underwriting means that they will look at your ability to pay on time for bills such as utilities, rent, and cable, and also credit cards, student loans, car loans, etc. Even if you aren’t seeing any improvement in your credit score, your ability to pay a payment is still being watched. It’s ALWAYS good to pay on time, especially because you’ll save yourself hundreds or even thousands in late fees.

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