If you've used a credit card and applied for loans in the past, you should know how important your credit score can be. If your credit score is too low, it's much more difficult to gain approval for any type of loan. However, good credit isn't just about getting loans or credit cards. It can also significantly impact your investment opportunities. If you have little or no investment experience, you should understand what your credit score means for any future investments you make.

Your biggest wealth building tool is your income. If your debt payments leave you with nothing left over at the end of the month, it’s time to get serious about paying off your debt.

Start with a financial inventory of your current assets (savings and retirement accounts, business accounts, home equity) and liabilities (credit cards, student loans, mortgage payments, car payments).