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Finance

Credit: Making It Work for You

Right now, everyone is talking about the filmed version of Hamilton released on Disney+. The story encompasses a wide range of issues that played a part in the founding of the United States. One such point is the importance of financial health, but this issue has not been the focus of many articles around the show. 

A quick refresher: Alexander Hamilton was the United States’ first treasury secretary, and many of his ideas still impact our financial systems today. While facts about Hamilton’s connection to finances appear throughout the show, they can become lost among the drama. One such important impact of Hamilton was his recognition of the need for developing the credit of the new United States.  

From nations to individuals, everyone needs credit. Credit helps keep the economy going. Anyone with a dream to start a business, or do a remodel, or help their children pay for college has seen first hand the power of credit. Rarely do we have the cash on hand to complete such projects. The good news? There are many places we can take out loans and other forms of credit for these exact reasons. 

For many, the trick is looking online for credit solutions—for example, online loans Texas, which includes certified Credit Access Businesses (CAB). CABs are useful because they help connect you to a wide range of loan providers and take on the role of manager, managing your loans for you. This can be useful when dealing with multiple lenders, or when you want confidence in the knowledge, you will have access to someone if any questions or issues arise. CABs are an excellent solution for short term credit needs.  

After you have found the short term solutions for your credit needs next, you will want to look over your credit holistically. Many data points go into a credit score, and each provides you ways to build your credit. For example, some of the most critical data included in credit score calculations include payment history, credit history, and credit inquiries. If you are starting to examine your credit, you might consider exploring Forbes’ credit center, which includes a vast array of articles and tools to track and understand your credit. 

As you build your credit, you will find it is easier to obtain further credit. There is a positive snowball effect. One of the best long term ways to build credit starts with a full understanding of your current credit levels and a knowledge of the various services you use. Especially in the current economic climate, there are many organizations and nonprofits providing access to funds you might not otherwise be able to access. 

Finally, one area where there have been recent developments is in the financialization of emotional and creative labor. With the growth of social media, content creators are seeking ways to profit from the reuse of content on social media. The LKS Foundation has announced the launching of the LKSCOIN, a new cryptocurrency developed for content creators. Content creators can profit for the content they produce. LKSCOIN and related concepts allow creators to build their social credit in a way that can help build their financial credit in the long term.

Alexander Hamilton was able to understand the future credit needs of the United States of America. From this understanding, there are lessons we all can learn to take to heart. Find solutions to your short term credit needs, understand your long term credit health, and explore ways to monetize your work in other fields. Credit might seem complex or complicated, but using the resources all around you can make the process simpler.

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