"If You Use Your Credit Cards, You Do Not Want to be Rich. - Mark Cuban

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  • Опубліковано 6 лис 2022
  • "If You Use Your Credit Cards, You Do Not Want to be Rich. - Mark Cuban
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КОМЕНТАРІ • 4 тис.

  • @1000brother
    @1000brother 5 місяців тому +7545

    This advice is for people that don't pay off their card each month.

    • @seeks6272
      @seeks6272 3 місяці тому +99

      No you missed the point paying into your credit score essentially since if you spend 1000 you are going to pay let’s say 1200 that 200 that you put into “building credit” can be used to build more wealth not throw money into a magic number that will only help you finance a house why finance a house when you can pay cash you see

    • @pat156462
      @pat156462 3 місяці тому +421

      ​@seeks6272 not if you pay if off every month. I've had my cards for over 7 years now. I've paid like $20 in interest. And that was an accident. Set up auto pay for the statement balance and you'll never pay interest.

    • @motorguy4203
      @motorguy4203 3 місяці тому

      @@seeks6272truly showing how little you know lol. You don’t pay interest if you pay your balance every month😂😂 stop trying to justify your horrible credit score to yourself and fix it!

    • @tubeguy4066
      @tubeguy4066 3 місяці тому +90

      I maxed out all my credit cards and will never pay back. That got me rich

    • @james-wx6jh
      @james-wx6jh 3 місяці тому +152

      ​@seeks6272 dont carry a balance i get 2% on all the stuff i have to buy ie. Gas and food and buy dividend stock with the cashback ive never paid a cent in interest. Just clear the card its free money

  • @jcrowley1985
    @jcrowley1985 Рік тому +17934

    If you carry a balance you don't want to be rich
    Fixed

    • @TheDaumWorld
      @TheDaumWorld Рік тому +134

      It’s all about subconscious spending 🤷🏼‍♂️ not fixed

    • @jcrowley1985
      @jcrowley1985 Рік тому +561

      @@TheDaumWorld you can subconsciously spend on a debit card too.
      So fixed

    • @toddduncan8230
      @toddduncan8230 Рік тому +3

      Done

    • @user-lb5vt4ll9c
      @user-lb5vt4ll9c Рік тому +561

      THANK YOU!!!! Using only cc and not carrying balance = free money in rewards

    • @justinoffutt7712
      @justinoffutt7712 Рік тому +49

      Until life hits then they got you.

  • @bible1st
    @bible1st Місяць тому +31

    Well if I was a billionaire I would cut up my credit cards too. 😂

  • @MistaWordz
    @MistaWordz 2 місяці тому +288

    This is good advice for most people with no self control with money. Me personally, I use my credit cards for just about everything and get that cash back, then pay my cards off so I don't get charged interest. I also have my cards on autopay just in case shit happens. I save anywhere from 2-10% on just about everything I buy, sometimes more by doing that. It adds up.

    • @TropTrevTv
      @TropTrevTv 2 місяці тому +17

      Exactly, bro preaching to a broken crowd

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +6

      "This is good advice for everyone except me. I'm the exception that will beat the system."

    • @MistaWordz
      @MistaWordz Місяць тому

      @@amyzonkers7568 Not at all. There are people that blow all their money as soon as they get paid and people that know how to live below their means. Mark's advice is more for that first group of people.

    • @disgustedluigi
      @disgustedluigi Місяць тому +13

      @@amyzonkers7568that’s not what that means at all. I do the same. The point is the average person with a CC has no self control.

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +2

      @@disgustedluigi The average person thinks they're an above average exception. This includes you and the rest of the I-love-credit NPCs who think they're going to get wealthy with rewards points.

  • @ddennis2430
    @ddennis2430 Рік тому +10277

    Literally just pay off the card before interest kicks in

    • @johnlewis8934
      @johnlewis8934 Рік тому +192

      Exactly 💯

    • @mv3380
      @mv3380 Рік тому +690

      I load my card to max. Pay it off immediately. Get the rewards.

    • @dominicjeanb2063
      @dominicjeanb2063 Рік тому +164

      That’s too hard for people

    • @JCPerez-jz5cv
      @JCPerez-jz5cv Рік тому +138

      Sometimes life happens and you can't make the payment before interest kicks in.

    • @peytonstewart3380
      @peytonstewart3380 Рік тому +587

      @@JCPerez-jz5cvthen just don’t buy things that you don’t have money for

  • @MaxCruise73
    @MaxCruise73 6 місяців тому +4088

    I always use a credit card.
    Pay in full every month.
    NEVER pay interest.
    I got back over $400 from Costco.

    • @santielewaut
      @santielewaut 4 місяці тому +244

      Same here. Use it as a debit card, not overspend. You get 30 day 0 interest which is super important in an economy like Argentina with 200+% inflation where I'm from.

    • @thunderspence8183
      @thunderspence8183 4 місяці тому +97

      well you're not the group dave helps.

    • @metaltera86
      @metaltera86 4 місяці тому +42

      As long as you actively watch your checking account and truly don’t overspend

    • @NorthEastTrailRunner
      @NorthEastTrailRunner 4 місяці тому +52

      I do the same here in the UK. Buy things that I was going to buy anyway, like groceries and diesel, then pay it straight off. I don't get charged any interest, but I get the Avios points to use on flights. Dave has a bee in his bonnet about credit cards, because they pursued him when he owed them money. He gives good advice for broke people, but not for those who can control their spending.

    • @twofknscoops6379
      @twofknscoops6379 4 місяці тому +3

      You’re one of the few.

  • @itsthattime89
    @itsthattime89 2 місяці тому +260

    If you are responsible, the credit card is one of the best inventions ever made.

    • @pathurd9595
      @pathurd9595 2 місяці тому +26

      For real I’m a college student with a 741 score, I use my card for everything and pay it off IMMEDIATELY no questions. Just got a good cash back match too

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +12

      If you're responsible you dont need credit cards.

    • @itsthattime89
      @itsthattime89 Місяць тому

      @@amyzonkers7568 idk about that.. I’m sure your bank doesn’t offer the same protections as a credit card. Why risk your money, when you can use someone else’s?

    • @yuu557
      @yuu557 Місяць тому

      @@amyzonkers7568 many people dont use the card for the sake of holding debt, but rather for the cash back rewards and credit score

    • @benstephens187
      @benstephens187 Місяць тому

      ​@@amyzonkers7568 there's so many benefits to using credit cards. I made over $1,000 in cash back from using credit cards last year alone. It boosts your credit score which will help you get loans for mortgages / cars.

  • @Zizzarazzo
    @Zizzarazzo Місяць тому +4

    My oldest credit card is 10 years old. I have never paid a single penny on interest. I have flown a couple times for free on points. Just this year I finally got a credit card with annual fee of $100, but I took the opportunity and got 6000 points ($600). That basically pays the annual fee for 6 years. Use credit cards, but use it wisely. Don’t spend money you don’t have

  • @reedsilvesan2197
    @reedsilvesan2197 5 місяців тому +744

    I knew a man who used his credit cards for ALL of his companies bills, he paid them all off every month.
    As a result, Jeff used his accrued air mileage to fly from fargo to Miami 5 to 6 times a year, and NEVER paid a single penny in interest.
    It's all how you use your money.

    • @hypnotico7051
      @hypnotico7051 3 місяці тому +15

      I knew a guy that traveled regularly for work. You would charge all travel expenses to his credit card and how the company reimbursing getting him status and miles. It's genius

    • @PoopSunday
      @PoopSunday 2 місяці тому +6

      Yea I use a credit card for everyday purchases and get two flights to England a year for free

    • @kaseylv922
      @kaseylv922 2 місяці тому +7

      Yes, absolutely - it's all about financial responsibility. There's a saying g "don't throw the baby out with the bath water". In this case, credit cards are fine in the hands of financially responsible people. I don't like to carry around cash in this day and age, credit cards are safer - as long as you pay them off every month, it's fine.

    • @Ebani
      @Ebani 2 місяці тому

      Yep

    • @IdoNomb
      @IdoNomb 2 місяці тому +4

      I pay everything on credit card. Ever gum. And pay it off every paycheck. And get freeee moneyyy!!!! It's the best thing ever lol now I only get like $50 max or so in rewards because i don't spend much anyways but ai use those $50 to pay off my balance lol

  • @1timothydillon
    @1timothydillon Рік тому +2824

    If you can't control yourself, this is sound advice, otherwise maintain a zero balance.

    • @josuesantiago4521
      @josuesantiago4521 Рік тому +8

      Are you rich? Just wondering lol 😂

    • @DeezNutsAreSoft
      @DeezNutsAreSoft Рік тому +16

      ​@@josuesantiago4521 are you?

    • @shawnsmith3741
      @shawnsmith3741 Рік тому +3

      @@josuesantiago4521 ?

    • @stillmatic03
      @stillmatic03 Рік тому +20

      This should be top comment but unfortunately people don’t find out they’re that person until it’s too late

    • @bryanp5843
      @bryanp5843 Рік тому +1

      ​@@josuesantiago4521 Are you rich? Just wondering lol😂

  • @eileenjenkins6773
    @eileenjenkins6773 Місяць тому +35

    My husband and I use credit cards but pay them off every month. We write everything down in the checkbook then compare them to the statements and pay them off every month. We do this for the rewards. We are also debt free and in our 60’s. We’ve done this since we were first married. It’s a matter of discipline and not comparing what you have to others.

  • @kevinarzola4781
    @kevinarzola4781 3 місяці тому +151

    I saw Mark at a casino in Vegas and he paid with an Amex card lol

    • @kovu159
      @kovu159 Місяць тому +11

      Most Amex cards are charge cards, not credit cards. You earn rewards but cannot carry a balance.

    • @floridaman964
      @floridaman964 Місяць тому +7

      @@kovu159 Not true anymore. Nice disinformation post though.

    • @flam6229
      @flam6229 Місяць тому +1

      well he mentioned interest or wtv so he probably pays stuff off on time

    • @TheBlackSheepReport
      @TheBlackSheepReport Місяць тому

      @@kovu159 Amex from 20 years ago. Not today. I'm sitting on an Amex Blue Everyday card and you do not have to pay it off each month.

    • @stock_glock-9710
      @stock_glock-9710 Місяць тому

      @@floridaman964 well Tell us how it works then

  • @2936Julian
    @2936Julian Рік тому +1702

    I use my cc for everything and pay off the balance at the end of the month. I pay no interest but get 1.5%-5% cash back.

    • @ryebread447
      @ryebread447 11 місяців тому +90

      Same! The only downside is we may overspend by, lets just say, 10%, since it doesnt "hurt" as much as cash leaving ur hand.

    • @thesnowman2509
      @thesnowman2509 10 місяців тому

      @@ryebread447speak for yourself. Us financially responsible people don’t overspend

    • @bdkj3e
      @bdkj3e 9 місяців тому +89

      I have a card specifically for food getting me 3% every time I go to the grocery store and 4% at fast food and restaurants, I've got $450 back this year so far

    • @vadimnesen8060
      @vadimnesen8060 9 місяців тому +12

      It's just another hassle in life. Keep on running gerbil. 🏃‍♀️

    • @shayemoore
      @shayemoore 8 місяців тому +10

      Right. Paying cc interest defeats the purpose of getting rewards points.

  • @xMontorix
    @xMontorix 10 місяців тому +732

    I'm debt free with 7 credit Cards all with 0% balances. This is sound advice for people with no self control. I don't use debt to get leverage but having a nice credit score in my back pocket is a good feeling to me.

    • @Mattlott222
      @Mattlott222 6 місяців тому +8

      I float at like 10% utilization but the payments are automatically taken out. It just depends on when certain bills hit on how much utilization it shows

    • @eco6350
      @eco6350 5 місяців тому +23

      Same. And I also like to take advantage of cash back. I have funded trips with it, but I mostly cash and invest it. It's basically free money. I have never paid any interest or any kind of fee.

    • @yupdatscookie
      @yupdatscookie 5 місяців тому +15

      Likewise, I pay the balance in full every month (minus the cash-back applied) so the card pays me. Furthermore, if you follow this practice most cards will allow you to request a credit limit increase every six months, which increases your overall borrowing power, which can lead to a better credit score.

    • @patriciaque197
      @patriciaque197 5 місяців тому +6

      I use a credit card for points and convenience - monthly expenses paid with a single check and mailed out week received. If I can't afford to remit when due, it's a "want" not a "need". No debt and live within my means. Raised by CT Yankees 🇺🇲

    • @heatherp1410
      @heatherp1410 5 місяців тому +2

      @xMontorix 🎉 Congrats!! That’s a HUGE (and very difficult) accomplishment. Way to go! 🎉

  • @cbrooks0905
    @cbrooks0905 Місяць тому +5

    There’s a caveat to this advice. If you have credit cards that give you rewards, like cash back on your purchases, then you should absolutely use them and pay them off every month. You’ll pay no interest, and still reap the cash back benefits. We swipe our cards for everything we normally buy, food, gas, anything we need for the house, etc. Most of the time I pay them off weekly. We’ve been doing this for around 10 years and have never paid a dime in interest.

  • @derrick73
    @derrick73 4 місяці тому +7

    Normal people have to worry about credit scores. Get a credit card, spend 10% of the limit a month on stuff you need, never miss a payment because it’s $30, you are good. Great for credit

  • @jackmallard7800
    @jackmallard7800 7 місяців тому +321

    There’s a massive difference between not being in debt and not using a credit card

    • @rookie_breaks
      @rookie_breaks 3 місяці тому +10

      Yeah this clip and message is a little misleading. It’s not as catchy to say, “Don’t hold debts at extremely high interest rates for example with credit cards”.

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +1

      You dont get a credit card to not be in debt. That's what a credit card is. The bank buys it for you and you owe them money.

    • @jackmallard7800
      @jackmallard7800 Місяць тому

      @@amyzonkers7568 people who effectively use credit cards are technically in debt, however it’s good debt, you get rewards and a great credit score.

    • @gnc623
      @gnc623 12 днів тому

      For some reason, Dave cannot understand this.

  • @kenmazza1766
    @kenmazza1766 5 місяців тому +302

    I am 70 years old and use my credit card for all my transactions and never paid a penny interest in my life so far! You can do it just don't by stupid which is hard to do.

    • @iriana_official162
      @iriana_official162 3 місяці тому +3

      Well appreciate your honesty🙏🏾 but honestly I have a question, I’m 18 and have yet to start building my credit bc I want to learn first and make less mistakes as possible, after watching this video I am now unsure whether I should start building at all😅 what’s the actual pros to building credit besides financing things? Pls and thank you for your time.

    • @dronzie
      @dronzie 3 місяці тому

      ​@iriana_official162 In order to build credit, you need to show that you can borrow money and pay it back responsibly. You can do this by getting personal loans or auto loans, but those are costly and something you should only use when you actually need those things. On top of that, the benefit of those loans to your credit usually go away once you finish paying those loans off which will cause your score to drop along with that line of credit. Which is why credit cards are a much simpler way to build and maintain a good credit score.
      Unlike loans, credit cards have a permanent line of credit that stays open as long as you use the card every once in a while. Just make sure to limit your use of them to stuff that you have to buy anyway like bills, transportation, and groceries. If you feel you are financially responsible enough for it, using it to buy all your other expenses is fine too.
      Also of course, make sure you fully pay your credit card balance off every single month.

    • @philiplubduck6107
      @philiplubduck6107 3 місяці тому +2

      I use a credit card because I at the very least get 1% back in rewards and get 5% on my groceries which nowadays definitely helps. If you don’t use a credit card and pay in cash you’re only hurting yourself while helping out the company you are shopping at. Only time I pay cash is when buying from someone in person or from a mechanic or someone who gives a discount for paying in cash.

    • @philiplubduck6107
      @philiplubduck6107 3 місяці тому +6

      Look at my comment, it saves you money to use a credit card in most situations. Just don’t be dumb enough to not pay on time. Setup autopay and only spend what you have. I treat my card like I would cash. I don’t spend money I don’t have.

    • @frozen9065
      @frozen9065 3 місяці тому

      @@iriana_official162credit is a key to a good middle class life. Billionaires and multimillionaires aren’t even looking at there credit. It’s easy for them to say when they can go buy a 2024 lambo wit straight cash. But the average person needs good credit if he wants something luxurious or something he proably couldn’t buy in cash. Most middle class homes with those nice cars are all loans. America runs on the middle class and credit. That’s how the rich get rich

  • @DiegoFlores-cu8yf
    @DiegoFlores-cu8yf 2 місяці тому +7

    Suddenly Kiyosaki will show up and say: living off credit is the best thing to do😅.
    Thank you for showing this video

  • @nootnoot-2
    @nootnoot-2 2 місяці тому +7

    People tend to spend more with cc, even if they dont carry a balance. So not bad advice for the average person.

  • @windyhawthorn7387
    @windyhawthorn7387 Рік тому +280

    An old lady who was vary rich was talking with my mom and she said that if you can pay all your bills not be in debt and live within your means your rich person and don't let anyone say your poor.

  • @Ovi2k
    @Ovi2k 9 місяців тому +608

    I paid my plane ticket to Europe with my credit card points last year. Also never paid a dime in interest. Pay it off at the end of each month.

    • @annemariesmith5459
      @annemariesmith5459 6 місяців тому +10

      Points. That's where we're headed - no cash, just Points . They want the data from your spending.

    • @Tommy.461
      @Tommy.461 5 місяців тому +18

      We've paid for 2 vacations to Jamaica with points from our card. Haven't ever paid interest on it.

    • @Micloren
      @Micloren 5 місяців тому +1

      @@Tommy.461But you do pay for the price adjustment each merchant makes to cover processing fees.

    • @brandypeay5350
      @brandypeay5350 5 місяців тому +4

      @@Miclorenonly 5.60 on SW rapid rewards card for domestic flights. So I could pay 300 for round trip per person or pay 5.60 per person. My card points win! I pay off any balance by end of month no debt at all❤

    • @michaellong2439
      @michaellong2439 5 місяців тому

      @@annemariesmith5459 You think debit cards dont also sell data?

  • @Ifoget
    @Ifoget 6 днів тому

    Revolutionary advice: You build wealth by saving money. Thanks Rich people!

  • @josiahbaumgartner7643
    @josiahbaumgartner7643 2 місяці тому +2

    Using a credit card doesn’t put you in debt, using a credit card poorly puts you in debt 👍🏻👍🏻

  • @dutch-boy
    @dutch-boy Рік тому +2451

    Well, I buy $50k+ a month for my store using AMEX and get 720k travel miles and hotel miles annually. I just pay bill monthly and hold nothing over

    • @jimmyewald
      @jimmyewald Рік тому +78

      Good for you?

    • @Slytherin_Crow5972
      @Slytherin_Crow5972 Рік тому +53

      Same I pay off the balance bi monthly when I get paid so I never get interest charged. If you auto pay on the due date, yes your going to pay money. I budget and use my card within the budget.

    • @ravenzyblack
      @ravenzyblack Рік тому +72

      There is a difference between a personal account and a business account. Using an AMEX for business expenses is not the same as having personal debt.

    • @Immigrantlovesamerica
      @Immigrantlovesamerica Рік тому +15

      But you’re an unicorn. Everyone is not spending that much.

    • @RealGalaxyGamers
      @RealGalaxyGamers Рік тому +30

      Just Ignore two insanely rich people. One of them happens to be a billionaire. Who cares what he thinks because someone making 40k says to use CCs.

  • @joshb7415
    @joshb7415 Рік тому +808

    Nothing wrong with credit cards, if you use them like a debit card and never go into debt

    • @anotherdoseyt
      @anotherdoseyt 10 місяців тому +40

      Very few do, that’s the problem

    • @thesnowman2509
      @thesnowman2509 10 місяців тому

      @@anotherdoseytI’m totally fine with reaping the benefits of others paying interest

    • @abramsrob
      @abramsrob 9 місяців тому +30

      Yeah i dont spend money i dont have, simple

    • @anotherdoseyt
      @anotherdoseyt 9 місяців тому +3

      @abramsrob so you don’t use a credit card. Good

    • @user5214
      @user5214 9 місяців тому +6

      ​@@abramsrob exactly. Leverage is one thing. Debt is just bad.

  • @SuperTrell06
    @SuperTrell06 2 місяці тому +1

    I literally just watched a video that says don't spend your money use the credit. Find your own way is the answer

  • @KC_FlightChief
    @KC_FlightChief 2 місяці тому +2

    I pay my southwest cc in full every month and put absolutely everything on it.
    I haven’t paid for a flight since the day I opened it.

  • @jdhockey12
    @jdhockey12 Рік тому +525

    Just pay off your cards before the interest kicks in, and load up on cash back

    • @TraderDT
      @TraderDT Рік тому +18

      Exactly!

    • @Kamel-Elkadri
      @Kamel-Elkadri Рік тому +14

      The people that say this are the same type of people that don’t pay them off on time….

    • @rohitchoudhari9648
      @rohitchoudhari9648 Рік тому +17

      ​@@Kamel-Elkadri i say this and am paying it off for 3 years till date.
      I was stupid enough to underestimate my financial discipline.
      Have 15 active credit cards at present.
      Balance carried? Zero.
      Have fully funded emergency fund with me.

    • @andrewbabbo123
      @andrewbabbo123 Рік тому +7

      You are getting, what, max 3% cash back? You know how much that is? On a $1000 spend, that's only $30. You do better than that with literally any type of investment

    • @rohitchoudhari9648
      @rohitchoudhari9648 Рік тому +7

      @@andrewbabbo123 it's with this 3-5% saving on your budgeted spends or utilities which will boost your income.
      Especially if you invest that in mutual funds. It may seem small, but it still is fine than having none.

  • @itscomplicatedbeingawizard2892
    @itscomplicatedbeingawizard2892 11 місяців тому +89

    Lots of my boy Dave’s advice is good for people who are just that clueless. If you’re financially literate and responsible, then don’t ever listen to guys who say don’t use credit cards. I have a landscaping company. Get 5% back on sam’s club credit card for gas. What a fool I’d be to not take that return for literally just paying off me credit cards monthly.

    • @jonnygalante3623
      @jonnygalante3623 6 місяців тому +6

      True, but the problem is millions of Americans are in credit card debt became they think it's a good idea to have

    • @Mattlott222
      @Mattlott222 6 місяців тому +4

      Exactly.
      Having available credit isn't the same as having the money. You know how much money you have coming in, so that's the money you're working with.
      I also like having the extra available credit in case something expensive comes up and a lot of credit cards offer extra protections, so you can save money with the cash back with extra coverages

    • @luisdetomaso867
      @luisdetomaso867 5 місяців тому +8

      Same with mortgage debt. I know multi-millionaires who could easily pay off their houses but are smart and keep their 4% fixed loan that's cheap and tax deductible. Rather than pay off the house, they have that money earning 10% to 15% in higher return investments

    • @et6036
      @et6036 5 місяців тому +1

      I have exactly 1 credit card with a low limit, that I use exclusively for online purchasing and sketchy gas stations and pay off every month. I live in small rural and can't get 40% of what I need locally. This way if my identity gets stolen (thanks, Amazon), I never risk being out very much and my bank insures fraudulent usage.

    • @jesse_-
      @jesse_- 3 місяці тому +1

      Dave teaches people to become fiscally responsible. Some people then can move onto learning new financial concepts that teach you about good debt, and others just keep on down the road with Dave’s advice. He’s totally giving great advice for the person that’s financially illiterate, which is roughly 80% of Americans.

  • @DakotaJamesCox
    @DakotaJamesCox 13 днів тому +1

    Yes, obviously get out of credit card debt. But having a credit card doesn’t mean you’ll immediately be in debt. Pay your balance in full, boost your credit score, Get the cashback or miles or whatever

  • @doirtlee
    @doirtlee 3 місяці тому +1

    Revolving credit is a great way to boost your crefit score.

  • @CC12203
    @CC12203 8 місяців тому +479

    I have 3 more payments until my debt free scream! 👍

    • @margaretdoliet1630
      @margaretdoliet1630 5 місяців тому +6

      Well done 🙌

    • @PeterNorthCumshotLegend
      @PeterNorthCumshotLegend 5 місяців тому +13

      And then you'll scream and sit down and everything will be the same. Depressing, boring and mundane. Enjoy. 😂

    • @tobiasmelgard2070
      @tobiasmelgard2070 4 місяці тому +25

      ⁠@@PeterNorthCumshotLegendwomp womp. Looks like we have a downer among us. 😢 Wish all the best to ya buddy. Hope you find peace in ur life instead of being negative.

    • @Justin-__-
      @Justin-__- 4 місяці тому

      Congrats!!!

    • @KalDillard
      @KalDillard 4 місяці тому +1

      Congrats!

  • @Corndog4382
    @Corndog4382 Рік тому +722

    Or just use them for the money back, and pay them off every month like a financially responsible person.

    • @MP-ef6mc
      @MP-ef6mc Рік тому +52

      Yes exactly, Ramsey has SOME good advice but on this he is totally wrong unless you have no self control and then of course you have other deeper issues.

    • @asesinocereal
      @asesinocereal Рік тому +14

      @@MP-ef6mc lol that’s exactly the kind of people who seek help from ramsey maybe

    • @Kamel-Elkadri
      @Kamel-Elkadri Рік тому +11

      @ConRon The people that say “just pay them off every month” are the same type of people that don’t pay them off on time….

    • @thelastcomment8121
      @thelastcomment8121 Рік тому +5

      The majority of the people he’s talking to aren’t in a spot to be using credit cards like that and might never be since they usually put themselves in a hole and kept digging. So it’s probably irresponsible of him to suggest to use a credit card to them in his position.

    • @anthonybanker6479
      @anthonybanker6479 Рік тому +1

      I agree with you ConRon. Ramsey does not.

  • @Riasat202
    @Riasat202 8 годин тому

    Use it like a debit card. Pay it off with every paycheque and never carry a balance!

  • @ivantovar5017
    @ivantovar5017 16 днів тому

    Have an open line of credit and pay off balance before the month to avoid interest rates. It help break up high bill into 2 payments vs one.

  • @josiahb.2117
    @josiahb.2117 9 місяців тому +290

    Credit cards certainly aren't a means to wealth, but they're also not a barrier to wealth if in the hands of a responsible, disciplined person.

    • @justlkbj
      @justlkbj 6 місяців тому +1

      Most people are not disciplined though so are you saying credit cards are made just for rich people??

    • @raymondhansen4482
      @raymondhansen4482 6 місяців тому +15

      @@justlkbjhow did you get that from the comment?

    • @justlkbj
      @justlkbj 6 місяців тому

      @@raymondhansen4482 because I know the history of credit and finance and I know most people are not disciplined which is why I said for rich people because of why they were originally made and because usually poor people have terrible discipline but giving them the benefit of the doubt you shouldn't have to be that disciplined like a dam robot just for credit cards where ax rich people are disciplined like a dam robot you get me

    • @josiahb.2117
      @josiahb.2117 6 місяців тому +13

      @@justlkbj No. I'm saying that credit cards are fine to use if the balance is paid in full each month, and people don't spend beyond their means. Plenty of low-income people have discipline.

    • @justlkbj
      @justlkbj 6 місяців тому

      @@josiahb.2117 my brother in Christ if they had the discipline your talking about they would be wayyy well off and truth fully they are not. Credit should be removed the avg person is better off without credit you don't earn enough anyway to get the full benefits and perks and lifestyle of a credit card not enough cash flow

  • @Bob-hc2kq
    @Bob-hc2kq Рік тому +671

    Id love to see the rich dad poor dad guy argue with these guys

    • @elusivesquid1339
      @elusivesquid1339 Рік тому +17

      Robert has a video with jaspreet talkin about Dave Ramsey on debt

    • @cemora
      @cemora Рік тому +122

      Cuban and Ramsey’s advice here is more geared towards everyday normal people who just want to maybe make a million or two before they retire. Good advice It’s a good goal to strive for as it’s a little more realistic and usually has little risk involved.
      Rich dad poor dad gives advice for people who want to become multi millionaires by owning assets in the form of real estate and businesses. Through debt and assets you can avoid lots of taxes given the current tax codes. This method is a little more difficult and has greater risk involved. But that’s life isn’t it - high risk high reward.
      Either way - they both give good, sound advice. You just have to first find out what it is YOU want out of life, then structure your financial plan accordingly.

    • @Bob-hc2kq
      @Bob-hc2kq Рік тому +13

      @@cemora thank you sir. I hope you are rich and happy

    • @alex.mcintosh
      @alex.mcintosh Рік тому +12

      personal debt vs business debt

    • @WolfdogsRescue
      @WolfdogsRescue Рік тому +5

      Robert would destroy them. Ramsey & Cuban likely wouldn’t even consider the debate

  • @Phoenix021628
    @Phoenix021628 Місяць тому +1

    Yeah, this is for advice to people that don’t know how to manage credit cards. I’ve made more money off my credit cards than they have made off me. 6 years and not a single penny to interest. Everything goes on my credit cards and then they are paid off before the closing date. Auto pay all my bills on the card and then just pay that off every time. No interest charged and get my cash back.
    Spending money you don’t NEED to spend will stop you being from comfortable or “rich”.

  • @Thats-All
    @Thats-All Місяць тому

    This is genuinely good advice, for most of people

  • @nibblerzmeal2546
    @nibblerzmeal2546 Рік тому +227

    I lived by this motto until I flew to another city and couldn’t rent a car.

    • @Musicienne-DAB1995
      @Musicienne-DAB1995 Рік тому +1

      Which only goes to show how the system is rigged to encourage debt.

    • @lil_dick_girl_666
      @lil_dick_girl_666 Рік тому +9

      you just didnt try and look hard enough

    • @harthart7529
      @harthart7529 Рік тому +24

      I’ve witnessed a car rental company flat out refuse to take cash or debit card. Sitting in an airport you don’t have time or means to shop a deal that will take an alternative form of payment.

    • @lil_dick_girl_666
      @lil_dick_girl_666 Рік тому

      @@harthart7529 then sue them they are not allowed to not accept cash. or just walk away there the ones that want your dollar so go give your money to another business that will accept cash. its there loss there the business trying to make money

    • @mr.terwilliger5728
      @mr.terwilliger5728 Рік тому +2

      You have to have your car delivered to that fort before you arrive 😉

  • @SunCrabJr
    @SunCrabJr 19 днів тому

    My parents were super keen on me not being in debt at all. Not student loans. Not car. Maybe a house but even then they insist that I live with them until I get a good chunk for the down payment. I know that I am fortunate and I’m going to do the best I can to be a good steward of this jump start I got

  • @jdiamatti
    @jdiamatti 2 місяці тому

    I know so many people bogged down by credit card debt. It only gets more and more difficult to pay down as well. Car loans are also abysmal.

  • @JamesBond-th8mo
    @JamesBond-th8mo Рік тому +166

    There’s an old Asian man who literally just told me debt is a good thing like a few scrolls ago. That’s wild

  • @PUBG_emojiler
    @PUBG_emojiler 10 місяців тому +334

    Not going to lie, but we are actually really proud to have an employee like you as part of the team. The job is done so gracefully and neatly. Very well done, dear MYSTICFLIP . First of all. Thank you for making the work environment so friendly and taking your responsibility seriously and completing the work gracefully! You deserve so much.

  • @Just.andrew.r
    @Just.andrew.r 2 місяці тому +2

    I love how Dave always presents his advice like it’s for every one in every situation all the time.

  • @loctee
    @loctee 11 місяців тому +39

    Used to only use my debit card. 20 years ago, started using a cash back card instead. Have not paid a penny of interest or fees and probably made 5 G’s in cash back.

    • @OTBkid
      @OTBkid 5 місяців тому

      And what did you do with that 5k, invest it?

    • @jeffb.6642
      @jeffb.6642 5 місяців тому

      @@OTBkid If that were your concern, he'd have mentioned it.

    • @michaelsorensen7567
      @michaelsorensen7567 3 місяці тому

      5000 over 20 years isn't a great rate of return

    • @MrC77
      @MrC77 3 місяці тому

      @@michaelsorensen7567 Better than 0

  • @helensmith7177
    @helensmith7177 5 місяців тому +34

    I am 67, and my dad taught me a very long time ago….if you can’t pay for something you don’t need it! My parents never had a credit card, and that is how I lived my life. I retired at 62, waited until I reached my FRA to take social security, and my goal is to NOT touch either of my 401k’s or my ESOP until 72. My house had been paid off for years, I drive a 2017 paid for vehicle, and live very comfortably.

    • @marymorris6897
      @marymorris6897 Місяць тому +2

      We also live quite comfortably, spending less than we could. There's a lot to say about the freedom that good money management brings.

    • @thisworldfakeashell4098
      @thisworldfakeashell4098 Місяць тому +1

      You have to live life it’s not just about saving until you DIE! Then what was the point if you don’t get a chance to spend it🤔

    • @CbrF4i600cc
      @CbrF4i600cc Місяць тому

      Some people can't afford food, I agree... they don't need it 👍

    • @ptfambam
      @ptfambam Місяць тому

      So you paid for your house in full? This is extremely misleading

    • @marymorris6897
      @marymorris6897 Місяць тому

      @@ptfambam There's a difference in borrowing with collateral and getting in debt with nothing to back it up. The purpose is different, the interest rates are way lower, and it is a controlled method of managing money. So, we careful folks will borrow for a car or a house, and really nothing else. If we have credit cards, we pay them off every month. It keeps us out of the misery of debt.
      Being in debt is terrible for a person's nervous system, and it is a great killer of marriages.

  • @maxjoey197
    @maxjoey197 3 місяці тому

    That’s the best advice I heard and you right you don’t wanna be rich

  • @naijataylor9822
    @naijataylor9822 2 місяці тому

    Friends on what you define as rich

  • @Thatbrickx
    @Thatbrickx Рік тому +96

    Can’t disagree more. If you use a debit card your loosing out on cash back. Just pay off your card before the interest starts building.

    • @subox9323
      @subox9323 Рік тому +8

      I love getting cash back or points

    • @TraderDT
      @TraderDT Рік тому +2

      Exactly!

    • @bonniekerr6890
      @bonniekerr6890 11 місяців тому +4

      Totally agree! I get several hundred dollars a year back by using my credit card to pay things I was going to pay anyway. Just pay balance off at the end of the month.

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +1

      "I disagree with these millionaires on how to build wealth." -Person who is not a millionaire and has no wealth.

  • @stevesanchez453
    @stevesanchez453 4 місяці тому +278

    For anyone deciding to get a credit card, please use it as a debit card, I cannot stress this enough. Do not make purchases you couldn’t pay off in full or if u don’t have the money for them.

    • @dayofthedan
      @dayofthedan 3 місяці тому

      Please do not use a debit card. If someone steals your debit card, they can literally deplete your bank account and you have no ability to get it back. Credit cards have built in theft protection.

    • @karltiedemann7222
      @karltiedemann7222 3 місяці тому +10

      For real. It is not a magical card that gives you an infinite money glitch. Also that is a good way to put it: "use your credit card as a debit card"

    • @karltiedemann7222
      @karltiedemann7222 3 місяці тому +1

      One question though I am new to credit cards and don't you have to get a credit card that has interest or fees on it when you first get one because you have a very small chance of getting accepted for a "good" credit card (no extra money if you pay on time and in full) since you have zero credit? Is this true?

    • @stevesanchez453
      @stevesanchez453 3 місяці тому

      @@karltiedemann7222 I have a discover card as my first credit card and I didn’t get any interest or fees for the first 18 months which expires now in August. Interest is only added onto your total when you don’t finish paying off your debt and fees are only added on if you miss a payment. If you’re interested in getting a discover which I think was good starter because I’m at a 759 right now, I can help you get the card and if u sign up using my share thing u and I both get $100 bonus on our cards.

    • @yondaime5685
      @yondaime5685 3 місяці тому

      @@karltiedemann7222 No. Plenty of starter CCs or even Chase Freedom they give to broke college students.
      So just any CC that will give you one, but then treat it like your own virtual ATM Machine on a card. As in use it like you're withdrawing cash and you're simply creating an IOU to finally pay the accumulated IOUs when the Statement Balance comes in. Never underpay a statement balance where interest starts to get tacked on.
      Within a couple of months new CC opportunities will start to open to you. But only to make your total credit limit be higher and in turn the utilization amount can be larger and you can spend more.
      To be clear never spending more than you can pay per month, but you can carry a larger balance within the month without getting dinged for going over Utilization percentage.

  • @KXXNGp
    @KXXNGp 2 місяці тому

    When you’re debt free you can literally control how much money you need to make, you’ll never need a single job or have to stay in a unpleasant situation

  • @StancyInTheCity
    @StancyInTheCity Місяць тому

    Also, duration of your credit history is a significant part of your credit score. if you do, choose not to use a visa, especially if it has a long history just chop it up. Don’t cancel it.

  • @JEarls90
    @JEarls90 Рік тому +44

    I put my monthly bills on CC, and pay it off each paycheck lol

    • @Musicienne-DAB1995
      @Musicienne-DAB1995 Рік тому +1

      Waste of your paycheck. Think what you could have used that money for.

    • @blunderhappy8962
      @blunderhappy8962 Рік тому +21

      @@Musicienne-DAB1995 Are you joking? Paying your water bill is a waste of money? You bathing in a dirty river to save 30$?

    • @Musicienne-DAB1995
      @Musicienne-DAB1995 Рік тому +1

      @@blunderhappy8962 Pay your water bill with your debit card.

    • @Andrew-it7fb
      @Andrew-it7fb Рік тому +24

      ​@@Musicienne-DAB1995 You're paying the same money either way. The only difference is not getting the cash back with the debit card. 🤦

    • @MrMnvikingsfan
      @MrMnvikingsfan 11 місяців тому +13

      ​@@Musicienne-DAB1995what an incredibly stupid thing to say 😂

  • @aysenurprenses7212
    @aysenurprenses7212 10 місяців тому +236

    This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the Mysticflip on the internet movement when I say ancestral your a gift to our people

  • @razterizer
    @razterizer Місяць тому

    Thank you. This is what my mom taught me and this is what my family lives by. I’ve heard so many people online claiming credit cards will make you rich, but it is the opposite isn’t it. I’ll never loan money to invest them. That is like sitting on a bomb right?

  • @mattjohn6819
    @mattjohn6819 Місяць тому

    Not in every circumstance.
    I use it for my business and pay it off in full every month on time. I enjoy the rewards.

  • @Minimish28
    @Minimish28 Рік тому +32

    “Best way to not be broke is to have money, broke-y”
    ~ Sun Tzu, The Art of War (probably)

  • @rsb7608
    @rsb7608 Місяць тому +1

    That's too easy. Can't do it....

  • @Pianofishdave
    @Pianofishdave 16 днів тому

    Good advice

  • @gi4dtv230
    @gi4dtv230 4 місяці тому +68

    Due to the 0% liability and the fact that I pay it off in full each month, I enjoy using my credit card.

    • @chrisknoblock
      @chrisknoblock 3 місяці тому +11

      I've had my credit card skimmed multiple times, if that was a debit card I'd be out thousands.

    • @jlcain100
      @jlcain100 2 місяці тому +1

      Yeah and you can have a virtual card in minutes and replacement card in 2 days.

    • @CrypticCobra
      @CrypticCobra 2 місяці тому

      @@chrisknoblockthat’s a common myth but you’re still not on the hook for debit card fraud. The reason the myth came about is it is however much more of a pain in the ass to get back to status quo. With a credit card you just notify and the difference is deducted from your bill that month so you never notice. With a debit card you have no access to that money for the duration of the process and only once everything is approved is the money refunded and accessible.

    • @benjaming2026
      @benjaming2026 2 місяці тому

      Why wait till the end of the month?

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +1

      "I enjoy using my credit card and I love my rewards!" -Not rich people

  • @rundownthriftstore
    @rundownthriftstore Рік тому +62

    The wealthy: buy, borrow, die.
    This guy: if you ask wealthy people they say stay out of debt!

    • @lythalmind
      @lythalmind Рік тому +1

      Exactly

    • @Mrbusy498
      @Mrbusy498 Рік тому +6

      They borrow ONCE they’re rich not when they’re poor lol

    • @scottsmith1349
      @scottsmith1349 Рік тому +3

      ​@@Mrbusy498they borrow alot, especially G.C

    • @tubeguy4066
      @tubeguy4066 10 місяців тому +2

      Borrow, never think about paying back, leave an inheritance to your kids

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому

      Wealthy people do not borrow to get their wealth. That's the way they LOSE their wealth. You get wealth through your income and smart investments.

  • @joemeyer2726
    @joemeyer2726 2 місяці тому

    Fantastic example of two people who are not smart, but are still able to be rich

  • @claycampbell7681
    @claycampbell7681 13 днів тому

    Just paid off 15,000 in credit card debt, and cut up the credit card. I'll try to do my debt freedom screaming for Dave soon.

  • @poyrazdedeci3409
    @poyrazdedeci3409 10 місяців тому +106

    This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the MYSTICFLIP on the internet movement when I say ancestral your a gift to our people

  • @kimmiecarevlogz6414
    @kimmiecarevlogz6414 10 місяців тому +8

    The best way to get out of danger is not to put yourself in it

    • @BigWill3855
      @BigWill3855 4 місяці тому

      I have 2 credit cards that automatically pay the balance each month while giving me 1-5% cash back. I pay everything I can with them. I have gotten thousands in cash back and never paid a dime in interest.

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +1

      @@BigWill3855 You paid by spending more if you didnt have the card. You know this by the fact that you view rewards points as financial progress.

  • @EminentG35
    @EminentG35 29 днів тому

    It is simple. Be financially disciplined. Get a credit card, or two, or three. The more lines of credit open the better. Do your research and learn about credit utilization and credit history. Ideally keep your credit utilization as low as possible, at least under 15-20 percent. Use these card only for small purchases and pay off balances early or minimum on time. Within a few years if you don’t have previous bad credit then you should be on your way to 700+ if not close to 800 credit score depending on your credit utilization and history

  • @Cil-iz5jo
    @Cil-iz5jo 3 місяці тому

    I’m about to do clinical trials to finish off anything regarding interest in my name, just paid in full 1 card and half of another since I got a pay raise! It feels so good, my buddy was saying he doesn’t understand why I’m paying off principal because he doesn’t like seeing his money “disappear” from his bank account lmao…
    Bro’s gots 6k in interest from a 5k prince on a shite car and I’m telling his ass to pay that immediately so the interest doesn’t come over into the new car.
    Some people really don’t consider how total debt works and I genuinely hope he just gets rid of it so he can trade in for a car that will do what it’s supposed to

  • @YoPhocFays
    @YoPhocFays 7 місяців тому +16

    I used my credit card to finish a renovation on a rental..... I paid it back in 2 months and that rental has made me more money than the interest I paid.
    Had I waited till I had the money for both the down payment and renovation cost, I would have lost out on that deal

    • @jesse_-
      @jesse_- 3 місяці тому +2

      That’s what’s called good debt. Ramseys all about getting people out of debt, as that’s who he sells to. You’re never going to hear Dave teaching about what good debt is, because that’s not what he is selling, and if he did that, there are way too many people that are black and white and would harass Dave for being a hypocrite. Dave gets what you are saying, but that’s not his product, so he’s never going to promote that.

    • @amyzonkers7568
      @amyzonkers7568 Місяць тому +1

      "I gambled at the casino and won. Dont tell me gambling isn't good financial advice!"

  • @HedgeFundAnalyst
    @HedgeFundAnalyst Рік тому +103

    I make thousands a year from CC rewards, and have never paid a cent of interest. I have half a million hotel rewards points that haven't been used, easily 5-6 weeks of free stays @$200/n. Combine that with free flights from CC signup bonuses, I probably have about $10k worth of rewards still waiting to be used. I think I'll stick with my current system, thanks...

  • @amaragrace94
    @amaragrace94 4 місяці тому

    I have one card with a modest limit. I stay in 1-9% utilization. I spend ~$30 a month and pay it off, no interest. >750 credit score. You NEED a credit card for flights and hotels. You NEED a good credit. If I book a $500 flight, I pay off $470 immediately from my checking and leave $30 to be reported for utilization. Do not use credit cards for money you don't have. If you do not have the funds to pay it off immediately from your checking, that means you can't afford it. No credit card debt EVER.

  • @shaggysmokes5193
    @shaggysmokes5193 2 місяці тому +3

    I’ve never had a credit card, at 21 I feel as tho I’m one of the few out of the people I know who doesn’t have one. It seems pointless other than to help raise your credit score. I’ve been blessed to never have been in debt and never want to put myself in a position to be in debt. I love comfortably off of what I make with no real reason to get a credit card

    • @yuu557
      @yuu557 Місяць тому

      the only reason for a credit card at that point is just credit score. although many credit cards offer cash back on every purchase, usually shown as reward points. those can be used to help pay off the balance you have on the card with the cash back youve earned through the card or redeemed into some checkings acc. basically free money if you know youre good on paying the balance. autopay would make it more convenient

    • @Mrdeadneck
      @Mrdeadneck Місяць тому

      To be fair building credit isn’t bad just don’t be dumb

    • @jasonwilliams6765
      @jasonwilliams6765 Місяць тому

      Lol 21! You don't know how life changes on a dime! Keep that spirit up..... you'll need it soon. Life come at you fast! Lmao this was hilarious! 21!

  • @zzzarkka
    @zzzarkka Рік тому +38

    When you're worth millions and in Marc's case, billions. Cash back and reward points don't matter.
    Nobody is trying to get rich buy having sky miles and rewards points. It's just a plus for being responsible.

    • @Musicienne-DAB1995
      @Musicienne-DAB1995 Рік тому +2

      Well, that's the thing isn't it: if you're rich, cash back and reward points don't matter. So the way to get rich is to ignore cash back and rewards.

    • @kelvinjefferson2253
      @kelvinjefferson2253 Рік тому

      Very true💯

    • @zzzarkka
      @zzzarkka Рік тому

      @@Musicienne-DAB1995 How so?

    • @Andrew-it7fb
      @Andrew-it7fb Рік тому +2

      ​@@Musicienne-DAB1995 If you mean don't make a purchase because of the rewards, I would agree. But if you're going to buy something anyway, there's no reason not to get the extra rewards.

    • @CrypticCobra
      @CrypticCobra Рік тому +4

      @@Musicienne-DAB1995 You have to get rich before you are rich, and that means every dollar matters, because down the line they will multiply tenfold when invested.
      Outright ignoring free money simply for being responsible is not how you GET rich, it's how you shoot yourself in the foot for no reason at all.
      Only once you ARE rich do the perks stop having the same effect, because at that point your money has grown to the point it is far outpacing the little rewards.

  • @calebsherlock7652
    @calebsherlock7652 Рік тому +18

    Or just never carry a balance and take advantage of the rewards

    • @haloiscool1235
      @haloiscool1235 6 місяців тому

      Only heard people who were upper middle class or wealth say this. Yeah du you have the ability for that to be a no brainer.

  • @billyflanagan9657
    @billyflanagan9657 3 місяці тому

    Love Mark's idea of buying a year supply of the essential things like tooth paste etc while it's cheap

  • @AustinDWoodruff
    @AustinDWoodruff 3 місяці тому

    That last line about income as a wealth building tool… “income” is not just getting paid for a salary job. It can be much more. But if there is bad debt, any type of income doesn’t really matter

  • @cabbytabby
    @cabbytabby Рік тому +58

    All I got to do is get out of debt?? Why didn’t I think of that.
    I was trying to get rich by blowing all my money. Huh

    • @kraken8586
      @kraken8586 Рік тому +1

      But if you are in debt you can't afford, you did blow all your money.

  • @ryankocher
    @ryankocher 11 місяців тому +12

    I pay it every month get 3% off every purchase. The 3% goes in to my checking then I invest it into a high risk mutual fund. I go high risk cause I’m in my 20’s and it’s money I wouldn’t have had if I didn’t use the credit card. Which this year I’ve made about 11% on my money.

    • @Catscratch241
      @Catscratch241 5 місяців тому

      Which mutual fund ? I’m interested in giving my cash back a new home

  • @zacharyhockett6248
    @zacharyhockett6248 3 місяці тому

    Never paid a penny in interest. Also never had to pay for a plane ticket to visit family. Always have enough points to go every year or two

  • @steveellsworth2547
    @steveellsworth2547 Місяць тому

    I soooo agree with them. I used my cards and rang them up. I will be completely credit card free in 2 months. I will be paying "cash" for things for now on.

  • @LWClefty
    @LWClefty 9 місяців тому +39

    Credit is life , exploit the game and live a easy life .

    • @hkhan1705
      @hkhan1705 5 місяців тому +1

      YOU ALREADY KNOW.

    • @Factology
      @Factology 4 місяці тому +1

      If you are not in debt you are not in business

  • @robertocollazoibarra1422
    @robertocollazoibarra1422 Рік тому +38

    I just pay mine off on time and earn cash back on bills that need to be paid anyways 😂😂

  • @ShaySwag18
    @ShaySwag18 2 місяці тому

    I pay 100% of mine before the due date. No interest, no annual fees. I treat it like a debit card, if I don’t have the funds to cover however much I spend, I don’t use it

  • @Benzo18769
    @Benzo18769 Місяць тому

    This is true but the thing is to get anywhere or start anything you almost have to be in some kind of debt

  • @BoringTroublemaker
    @BoringTroublemaker Рік тому +59

    I use my card to buy everything during the month and have autopay set up to pay it off in full each month. No interest, only cash back. But ok please tell us about how that extra money doesn’t matter. Us “normals” who aren’t billionaires don’t have the luxury of passing up free money.
    Also, do these guys not realize that if you “cut up your cards” and never use them the companies will just close them and your FICO score will tank?

    • @andrewg3666
      @andrewg3666 Рік тому +3

      You actually spend more on those CC’s.

    • @BoringTroublemaker
      @BoringTroublemaker Рік тому +14

      @@andrewg3666 please explain how

    • @davidturk6170
      @davidturk6170 Рік тому +8

      Exactly. We’ve done this for over thirty years; autopay balance each month for zero interest. Haven’t paid a penny in interest during that time. Technically, I was charged interest twice due to computer glitches on their part which was promptly refunded after some phone calls. I’ve got two back up cards, that are active, that I keep in case the others are compromised. Has happened on trips (cards being compromised).
      Aside from not having to carry a bunch of cash, you get better conversion rates when traveling overseas (which we are now doing at least three times a year) and charging using the local currency. Plus, you don’t have to guess at how much to convert into the local currency.
      Have an emergency cash outflow? Use the card, then take the time to select the proper account to pull the funds from to cover the expected cc bill.
      Oh, and the points earned go towards paying off the cc bill, automatically.

    • @davidturk6170
      @davidturk6170 Рік тому +9

      @@andrewg3666 - only if you have little/no self control.

    • @Bibleguy89-uu3nr
      @Bibleguy89-uu3nr Рік тому +7

      You don’t need a fico score if you don’t use debt.

  • @107uptown
    @107uptown Рік тому +22

    I think the CC companies are banking on those who lack discipline/ ability to maintain $0 balance than those who posses those traits. Advice of any kind is fluid. Humbly listen, then use it or don’t.
    Here’s to a financially strong New Year.

  • @Slider93
    @Slider93 Місяць тому

    You don't need more than 2K limit on your credit card. For sales and such. You get another card, a debit card, and autofill it from your salary as soon as it comes. Now you have a card with pocket money. Use that

  • @akarescty8346
    @akarescty8346 2 місяці тому +1

    That’s a lot of water

  • @akamecup8455
    @akamecup8455 5 місяців тому +6

    I pay my credit card off immediately, it never gets a chance to collect debt, I just use it for the 2% return on all purchases

  • @none3988
    @none3988 2 місяці тому

    I have no credit cards and I'm debt-free and I'm going to keep it that way and again I can fix anything that breaks that I have I've never failed

  • @Dasco1990
    @Dasco1990 2 місяці тому

    All online purchase I make, I use a credit card. It’s protected money.

  • @dragonuv65
    @dragonuv65 2 місяці тому

    If you spend too much money, don’t budget and can’t pay off your credit card every month, then yeah this is great advice.

  • @scott2228
    @scott2228 Рік тому +15

    I’m 100% debt free. Every pay check goes very far. I’m able to save $ every month. Biggest reason is try to never have a car note. This way I save and then every 15+ years I buy a vehicle with a large down payment. Car notes are crippling people.

    • @Mattlott222
      @Mattlott222 6 місяців тому

      A lot of people confuse "income" with "how many payments I can afford"
      I had to make up for lost time to build credit, so I took on some loans and refinanced them when my credit got up there, so now I"ve got low interest rates and history building up.
      Going forward, my credit cards should show enough to keep my score high.

    • @scott2228
      @scott2228 6 місяців тому

      I stare at credit reports for a living. As long as u keep your total usage under 30%, the cards will not hurt your score. Some people think that just paying bills on time improves credit. But credit cards don’t work that way. A card with over 50% usage, even if paid perfectly, will bring ur score down.
      Best of luck to u building that score.

  • @ThisThatTheThird
    @ThisThatTheThird Рік тому +40

    I need rich people to come together and agree if debt is good or bad cause these mixed messages are feeling intentional lol

    • @flyingchimp12
      @flyingchimp12 Рік тому +4

      It’s good if you can get it at small interest

    • @commanderthorn3466
      @commanderthorn3466 Рік тому +2

      It’s all part of their plan

    • @bharatsadhnani4370
      @bharatsadhnani4370 8 місяців тому +1

      Debt is good if you have a plan to leverage the money to get more. Such as private equity companies like black stone who take over other business assets. I'll give a nice example. There was a casino in sydney that was under huge amount of debt they couldn't pay the bank. Blackstone came in like an angle with 60% debt leveraged and bought the casino. They litterally took all the debt and paid it off like it was nothing and got a business. This is just one example of debt used as an instrument. If you are smart enough to make money work for you then you will be better taking on debt. Hence why you need a solid plan because if not this same thing can backfire and cost you a lot of money. So debt is good if you can use it as a leveraging instrument but it is a double edged sword. (Sorry for this long explanation just needed to show you how debt can beneficial but also harmful).

    • @ThisThatTheThird
      @ThisThatTheThird 8 місяців тому

      @@bharatsadhnani4370no need to apologize lol this was the perfect clarification I was looking for. I wish there was a different way that average people (so like myself) could understand different types of debt. Because without that it’s just the same word used when describing it even though it’s practical use is very different.

    • @cynthiaabsher9069
      @cynthiaabsher9069 7 місяців тому +1

      Some disagree about buying something to make payments to build credit. The key is to have the money already. My daughter saved money for a car, then made payments. Build credit, but have the money. No failure.

  • @Attemptedvelocity
    @Attemptedvelocity 3 місяці тому

    I have zero debt. Payed it off this last year. This is my first year with zero debt. I have a brand new business started last July. We are on schedule for a great year. I have all my equipment paid off. I don't owe anything to any one and I never will.

  • @Marv0712
    @Marv0712 Місяць тому

    *cut off bad debt. If you get a loan for a duplex, that is good debt. If you get a loan for a car that is bad debt.

  • @Fromdtdawn1977
    @Fromdtdawn1977 Рік тому +15

    Rule number one, stop spending more than you can payoff monthly. Rule number two, payoff your statement balance before the due date to avoid interest charges.

    • @topparklas
      @topparklas 6 місяців тому +1

      And does that build up your credit score ?

    • @ejmongrove372
      @ejmongrove372 6 місяців тому

      ​@@topparklasyes

    • @fiveoh1927
      @fiveoh1927 5 місяців тому

      Yes @@topparklas

  • @H9011a
    @H9011a Рік тому +158

    But Rich dad poor dad tells us all the time to get rich by borrowing money 😂

    • @aaronmartinez3271
      @aaronmartinez3271 Рік тому +54

      Borrow money to invest in appreciating assets is different than swiping a card to buy a latest iPhone or store brand clothing.

    • @1gregmoreira
      @1gregmoreira Рік тому +3

      @ISayThingsToPissYouOffToShowHowLameYouAre.🤣 not at all the same thing

    • @brxne
      @brxne Рік тому

      That's what I was thinking

    • @justhighlights.2737
      @justhighlights.2737 Рік тому +14

      Cc is bad debt. Borrowing money to invest in real estate is good debt

    • @scottmartin1735
      @scottmartin1735 Рік тому +1

      ​@@justhighlights.2737 Only if the real estate is bringing you income

  • @nunyabidness5375
    @nunyabidness5375 25 днів тому

    The only way to use them is minimally (say one trip to the gas station or one dinner out), pay it off, ask for a credit increase, and repeat. Your score will skyrocket.
    If you use them for direct purchasing power rather than as a means to indirectly create purchasing power, you're screwed.