Understanding SLIC Methods
SLIC Methods have been discussed not only in Unindebted the Course, but also in my weekly newsletters received by #OYCClub members (sign up here if ya missing out!). I recently sent out a quiz to my exclusive #OYCClub members for a chance to win $50 by answering seven OYC questions correctly. As many of my terms were remembered, like MVP’s (Minimal Viable Plan) and CAR Fund’s, my question about SLIC Methods received the most incorrect answers.
No worries! I gotchuuuu!
Here are my SLIC Methods gems. Not only am I answering what they are and how they can help you #OwnYourCheck, additionally, I'm giving away SLIC's for the FREE! I have over 250 SLIC Methods that my Unindebted the Course clients receive, but here’s a preview of a few!
What are SLIC Methods?
S = Security and Savings
L = Lifestyle and Legal
I = Investments, Insurance, and Income
C = Credit
SLIC Methods include to-do’s, strategies, step-by-step instructions, and tips to achieve your financial goals and secure your future. With SLIC Methods, YOU implement them at your OWN pace. The SLIC Methods are contingent on your lifestyle and financial standing.
Security and Savings
Protect Your Check! Security means protecting your property and personal information from physical and online identity theft. Savings SLIC’s are strategies about creating/maintaining your savings accounts. Here are some examples of Security and Savings SLIC’s.
Perform a social media personal information purge.
Use credit cards to pay for vacations and products/services overseas.
Separate your savings account by categories/goals (sub-savings accounts).
Research and open a high-yield savings account.
Lifestyle and Legal
Lifestyle and Legal SLIC’s are strategies/to-do’s/tips with matters pertaining to your lifestyle and legal affairs. With legal, this includes contracts, loans, estate planning, marriage and more. Lifestyle SLIC’s pertain to your lifestyle (where you live, how to negotiate bills, where you shop, how much you give, etc.). Here are some examples of Lifestyle and Legal SLIC’s:
Update beneficiaries on all accounts. This includes life insurance, stocks, retirement accounts, etc...
Do your research to determine what documents you want to have for estate planning. (Medical Power of Attorney, Guardianship Designations, HIPAA Authorizations, etc.)
Purchase items that you need out-of-season to receive the best discounts.
Buy used if possible. Check out your local Facebook group marketplace to see if you can purchase a product new, like-new, or used for cheaper.
Investments, Insurance and Income
Investment SLIC’s are matters that pertain to pre-tax investments, your health and your SELF! My Insurance SLIC’s are CLUTCH for health and car insurance tips. It’s important to know your insurance benefits and picking the best/affordable plan for you and your family! Lastly, when evaluating a job, look beyond the salary! Income SLIC’s include important inquiries you should make with your current, or potential employer. Here are some examples of Investment, Insurance and Income SLIC’s:
Call your health insurance company and ask them to walk you through all of the FREE services that are included in your plan.
If you have been with your car insurance for numerous years, shop around and see if you could receive a cheaper rate/more benefits from another insurer.
When evaluating a job, look beyond the salary. Consider taxes in the state of employment, 401k match, pension, flexible work arrangements and other employee benefits.
Take advantage of pre-tax investment accounts: 401k, HSA, FSA, etc. I wrote a whole series on pre-tax investment accounts. Click here to read!
Credit
Credit SLIC’s are tips, to-do’s and strategies that are all about your credit. This means how your credit score is calculated, how to handle credit report disputes, how to improve your score and so much more!
If the credit reporting agency doesn’t receive a response from the entity that reported the debt after you disputed the information within 30 days (sometimes 45 days), the credit reporting agency MUST remove the disputed information from your credit report. THAT’S LAW!
If there’s negative information on your credit report past 7 years(sometimes 10 years), dispute it! (I teach you how to do this in Unindebted the Course! I did this twice and my credit score went up 61 points! Ayeeee!)
With newer FICO scoring models, such as FICO Score 9, rent payments that are reported are part of the score calculations.
In my course, I share with my clients over 250 SLIC Methods that they can apply to their security, savings, lifestyle, legal affairs, investments, income, insurance and credit! To learn more about my other SLIC methods and more, join the Unindebted the Course waiting list or visit my services page to learn how I can help you achieve your goals!