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How Millennial Went From Section 8 Housing to $1 Million Business



Arnita Johnson-Hall is a millennial credit expert living in Dallas with her husband, Corree, and their five kids. She’s a seven-figure earner, according to records viewed by Insider, but less than 10 years ago, she was a single mom receiving government assistance from the Section 8 housing program. 

“I ended up on Section 8 because I had a low income and was having a hard time paying my bills. I was employed, but I was living below the poverty line, which qualified me for government assistance,” Johnson-Hall said.

When she graduated high school, Johnson-Hall had a 700 credit score because her mother had added her to her credit cards as an authorized user when she was younger. However, due to a lack of understanding of how credit works, Johnson-Hall’s score quickly dropped by several hundred points — but she didn’t know it until she was rejected from a job after the company checked her credit. That’s when she decided to invest in her credit education, which became her ticket out of poverty.

Here’s how Johnson-Hall turned her financial story around.

She invested in herself

To improve her credit score, Johnson-Hall spent countless hours at the library studying how credit works. In addition to her bad credit habits, she discovered that her credit score was low because of errors on her credit report. So Johnson-Hall learned how to use credit effectively and how to request corrections to her credit report.

After seeing the positive results she obtained in a short time, she invested in getting educated as a credit consultant and started helping others get similar results.

Johnson-Hall started a credit-repair company as a side hustle with less than $500 spent registering her domain name, creating business cards, and purchasing supplies. But, for five years, her business never made more than $12,000 a year. 

She changed her mindset

With her job as a claims processor and side hustle combined, her income was still below the poverty line. But then she lost her job and, for the first time, Johnson-Hall considered becoming a full-time entrepreneur.

“I was earning $12 an hour at my job, but then I got fired. I used to think there was no way I could have a business and fully be self-sufficient. So in my mind, I needed to work for someone else. That was all that was ever taught to me growing up,”  Johnson-Hall said.

“After almost losing my life to a domestic violence incident with an ex-boyfriend, I was moved to a roach-infested, high-crime, government-assisted housing. I was a mom and wanted a better life for my daughter. That’s when I made a vow to myself to become financially independent,” she added.

She set a goal to get off government assistance, and started seeing her business as a path to becoming self-sufficient financially.

She got creative to keep her business expenses low

With limited resources, Johnson-Hall had to develop creative ways to market her business and grow her revenue. So, in 2013, she started using social media to promote her business. 

“I would reach out to people on social media and offer to fix their credit if they could share their testimony on how I helped,” Johnson-Hall said. She leveraged Instagram, YouTube, and LinkedIn to build relationships. Reaching out to influencers and offering promotions, she grew her Instagram page, Luxurious Credit, to nearly 250,000 followers, and her customer base grew as well.

She budgeted and reinvested in her business

Johnson-Hall started budgeting to put more money towards growing her business. She cut down expenses, such as unnecessary driving, built an emergency fund, and reinvested the little she had left into her business to purchase supplies and a laptop computer. 

Next, she started attending networking events and conferences to meet people who were successful entrepreneurs and potential clients. 

“I started reading more; books were my coaches when I couldn’t afford to hire a coach,” she said. Johnson-Hall implemented what she learned, got off government assistance, and AMB Credit Consultants hit the six-figure mark in 2013.

She invested in getting help, starting with hiring a family member. Finally, she started being more organized and was more intentional about reaching out to potential clients, and following up on leads. In 2016, her business generated seven figures for the first time.

Now, five years after Johnson-Hall’s business generated seven figures for the first time, she shows no signs of slowing down. She told Insider she plans to continue to build wealth through other business ventures and real estate.

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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