Millionaire Reacts To: Insane Credit Card TikToks

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About this episode:
Is it just me, or are more and more people taking crazy leaps in logic to make their credit card habits make sense? Check out these wild examples and decide for yourself whether credit cards are tanking our collective IQ.
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[@TheDeanosaurus]

BIG L on the "pay it" mom for ragging on your kid for not knowing something YOU SHOULD HAVE TAUGHT THEM. You played yourself.

[@jackiekjono]

Kind of publicly shamed herself there.

[@dakotaskong759]

I wanna find the original video to see what the comments are like

[@whytii3861]

I honestly don't know if she understands either. Really struggled to know what to tell her kid

[@lofkii]

​@@dakotaskong759I'd be surprised if the og vid was still up. I'd have taken it down once I realized how dumb it was

[@dakotaskong759]

@@lofkii that is IF she realized how dumb it was lol

[@JaySmith-pv2mw]

I actually don't know the interest rates on my credit cards because I pay them off each month. I don't pay interest.

[@DCGEMINI202]

Idc if my apr is 1828% It doesnt matter if u pay them back in full

[@bradk8590]

Been using credit cards for 99% of my purchases for the last eight years. In all that time I think I paid interest on a statement once when I setup autopay wrong.

[@DevHazy]

Same

[@alinatamashevich3354]

Weird, I have a debit card and don't have to worry about interest. Pay cash.

[@DCGEMINI202]

@@alinatamashevich3354 very dumb way of thinking. I have 24 credit cards and never worry about paying interest. Main difference between us is I gain rewards and security where u gain nothing and put ur self at a higher risk of fraud

[@robertl7239]

I've carried an Amex card for over 20 years and it's PAID IN FULL every month.

[@Gmac_Greg_M]

Same except I’ve had it for 12 years. AMEX paid for my recent remodel of my Condo.

[@_NoHandle_]

Same here - the 6% cash back I received for grocery purchases is nothing to sneeze at.

[@TheSnitzel96]

@@_NoHandle_u got 6% with Amex ???? In Italy we have like 3 bonuses 😂

[@tyshaw1732]

​@@_NoHandle_sounds like u got bcp

[@nemegl5]

Same have never paid interest on any credit card, never carried a balance going on 17 years

[@lotsaspaghetticodejr.6488]

I just paid off my first credit card last night. Had a balance of $3,500 at 28.99% I threw $350 a week at it for 10 weeks Now I have one more card with $7,500 Time to grind that one down next

[@cajbaf]

Good job. Good luck on the other.

[@Silverdragon517]

You can do it

[@victorblas3483]

You got this! don't use that first credit card anymore and keep the momentum going!

[@lotsaspaghetticodejr.6488]

Thanks everyone! What's been the most liberating part of this is that I realized if I can throw $350 a week away at credit card payments, once it's all said and done I can do the same thing toward investments! My mortgage is only a 3.75% rate so I would get a far better return, even at a CD. So for my particular situation it would make more sense to invest, and less sense to pay down my mortgage.

[@giggle1971]

That’s awesome! Good for you!

[@Patrick-pt2yd]

This is me... unable to pay off the credit card debt at the end of the month. But I'm learning and not charging anymore... focused on saving emergency fund and then paying off debt!!

[@jackiekjono]

There are a frighteningly large number of people who don't understand the basics of how money works. I once had a customer who paid with a check at one of our locations. Since we don't typically accept checks at our locations, the check had to be sent to our main office and went missing in transit. I was expecting the customer to be frustrated by this but, her level of upset was through the roof. And after listening to her rant for about 3 minutes, it finally dawned on me that she thought that just because she had written the check, that the money was already gone from her account. I had to calm her down enough to explain that the money is still in her account as long as no one cashes the check. I explained what a stop payment was and how she could request one if she felt it necessary and I offered to reimburse her for the stop payment charge at the bank. She had no idea how that worked.

[@Mari-lv1rd]

what you say is true. many people are not taught personal finance at home and they panic when a lost check occurs. My bank allows one stop payment free. I must say though that wrtiting a check gives me feeling of control and the ability to have an amount of secuity in hand.

[@Aren-Tibbs]

I am among the half of Americans who don't know what my credit card interest rate is. I pay in full every month to avoid paying interest. Knowing how much interest I'm not paying is a waste of brain cells.

[@EnufAlrdy909]

Yep.. They can raise my APR to 50% and set my late payment penalty to $500 and it wouldn't make any difference to me.

[@azgardenlover370]

I have 2 credit cards that I use for the cash rewards. I just deduct it from my check register as if it was a check. No surprises at the end of the month. Just reconcile the statement and schedule the payment. No interest due, and money back to me.

[@javaskull88]

Same.

[@potato1084]

Yeah same but British. I think it’s 27% but I’m still in the “no interest rate” phase. It doesn’t affect me though cause I pay in full every month.

[@belorama8]

Same. I have two and they are both paid in full every month. I know they have different interest rates because they are for very different purposes, but beyond knowing that one's is worse, I don't need to think about that. All the interest rates should do is scare you into paying on time and not charging when you won't be able to.

[@davidharvell3191]

I have a middle ground position on this TBH. I think you're right when it comes to the risk and people getting into bad situations to get rewards. At the same time, I use credit cards for everything. BUT I never make any purchase that I don't have the money for (not in the future, in the bank now) - I track everything. I never buy anything just to get points, but I happily collect points on things I would buy anyway. I don't think I'm getting rich off of points, but it does help me maximise the efficiency of my money. Now, I agree that if you are not prepared to be VERY disciplined, you're better off to cut them up.

[@ProbablyBased]

This is the correct position, and I wouldn't consider it a middle ground one. You're pro-responsible use of credit cards, which is what everyone who uses credit cards is also. I have never met someone who thinks they're getting rich off points. It's a strawman for the Ramsey personalities to use

[@TheBudgetWarrior]

It’s a tool for tracking spending and results in less spending for me. I track every transaction in a spreadsheet and know how much we are spending in various categories. It’s like a game….a card for amazon, a card for Walmart, a card for grocery stores, and a card for everything else.

[@bradk8590]

Ramsey's advice isn't a middle ground position, it's a blanket debt=bad stance that leads to some mathematically suboptimal advice and completely ignores reality in some cases like homebuying. It's not bad advice because a lot of people are dumb with money and the biggest consequences for being dumb happen with debt, but if you've got any good amount of discipline I would recommend The Money Guys instead. I like their analogy of debt being a chainsaw - useful but dangerous.

[@nobeliefisok9174]

You have the correct position, and the entire Dave Ramsey Family of shows has the wrong one.

[@ccastro416]

It’s so simple to follow this structure of discipline yet we are at all time high credit card debt.. the main issue I see is people are afraid to talk about money.

[@caseymyhro3769]

This is the one topic that I disagree with. The Ramsey Show crew act like EVERYONE is irresponsible with credit cards. If I have to pay for necessities like groceries, why would I use cash when I can get 3-5% cash back on a credit card? I pay off all of my credit cards every month and never carry a balance. I don't spend more just because I use a credit card. Not using a credit card on necessities is like throwing money away. Not everyone is irresponsible with credit cards.

[@V8Brah]

They have to stick to a script. Otherwise their message falls apart.

[@TanManFixes]

"Americans’ total credit card balance is $1.129 TRILLION in the fourth quarter of 2023". let that sink in. so yes....in fact most people don't know WTF they are doing, and owe way more money than what they can afford. and your "cash back" argument....let's say you spend $300 on groceries, that's 9 dollars. congrats on that. people need to focus on maxing out retirement. not "saving money from my credit cards" ...

[@dirtyblueshirt]

@@TanManFixes so the solution is to teach people how to use credit cards responsibly, not a simplistic condemnation of debt. $9 from groceries may not seem like much, but it's nine *free* dollars and it's every month. Plus there's the extra interest you earn while the money sits in your bank account rather than the grocery store's until the credit card bill comes due. Again, it's not a large amount on its own but it's free and it happens every month. Are there people who can't handle credit cards or other debt? Of course, just like there are people who can't handle alcohol. In both cases the solution is to deal with the people who actually have a problem rather than trying to nerf the world.

[@paulej]

@@dirtyblueshirt I agree with you on all points, except the interest benefit from having money sitting in a bank account. Let's say you spend $500/mo on groceries. During the month, you are putting money into the bank to cover that card balance. When it's time to pay the credit card bill, you pay it and have $0 remaining. Then you start buying groceries while you're replenishing the bank account. When the end of the month comes, you have $500 and you pay the card and again leaving $0. This cycle repeats, and so on average you have $250/mo earning interest. Now suppose you use a debit card. In that case, you would be spending it as you fill your account, so there may be no interest. However, if the paycheck goes in on Friday, but you don't spend the grocery money until the following Friday, you have money there 50% of the time. The net result is an average monthly balance of $250, and thus earning the same interest. Likewise, if you first save up the $250 and then each month use a debit card and simultaneously replenish the account with your income, the net result is the same (or perhaps even better): you would be earning interest on at least the $250 each month. The only scenario where the credit card appears to help you earn money is when you're flat broke and want to save money through the money to pay that $250. And that's not a financial place anyone wants to be.

[@Bagley2014]

​@@paulej the payment date for a credit card is about a month after the statement/closing date. So if you put $500 on a card one month, you won't need to pay that $500 until the following month. Which means that, rather than dropping from $500 to $0 when you pay the bill, you should be dropping from $1000 to $500. Because you don't pay the first $500 bill until shortly before you're given the second $500 bill. That's why people say you can earn interest. It's because the money you spend mid-March isn't taken from your account until early May, despite the fact that you get the bill mid-April. That's probably also one reason why unsuspecting consumers end up in credit card debt. Your bank account swells a bit at the start of use, making it seem like you have more money than you actually do.

[@kirkfriend5410]

I'm from the UK purchased "The total money makeover" by Dave about 4 years ago and lived by it ever since. I am 34 and would have paid off my house in 3 more years.

[@uah9]

Have you paid your student finance (or not have it)?

[@kirkfriend5410]

@@uah9 I did pay it but mine wasn't as much as I dropped out of uni.

[@uah9]

@@kirkfriend5410 fairs, that's the bit I'm a bit torn with. Doesn't make sense to pay £25k to them when I can spend that on a house and won't pay a penny back if I left work tomorrow

[@kirkfriend5410]

@@uah9 Yeah it's a lot of money but it does continue to eat into your income for years to come especially as you start moving through your career. I found this on the gov website on the interest rates: 6.25% if you’re on Plan 1 7.8% if you’re on Plan 2 6.25% if you’re on Plan 4 7.8% if you’re on Plan 5 7.8% if you’re on a Postgraduate Loan plan. You get a bigger return paying back your student loan than you would on paying down any mortgage. So in the long run you'd be better off paying it off sooner. However, if for some reason you need to buy a house sooner whether that's due to extremely high rent then I suppose that's a good move. You can always pay more off on your student loan once you have your mortgage.

[@kirkfriend5410]

Let's say your on £60,000 a year, Plan 1 now starts costing you £260 a month.

[@duanewolfe2321]

6:38 This conversation takes me back to the movie Dumb and dumber when Jim Carrey has the duffle bag full of IOU's including the one for the Lamborghini lol.

[@Krinbo]

George knows what we want: him reacting to idiots on the internet.

[@nobeliefisok9174]

To bad he made lots of over statements sensationalizing generalities as all-inclusive and that he was insulting to the Mother.

[@PassionPno]

Except the first person is not an idiot. George is the idiot here. He doesn’t know how business credit line works.

[@javaskull88]

TLDR: “I got no cash, so I don’t have a cash flow problem.” Yikes.

[@tcgtpl]

That $50k spend to get a $750 ticket for free example is using rookie numbers. Besides, that’s money I had to spend to live anyways, like utilities, gas, groceries, etc. which I can get better than 1 pt/mile per dollar spent anyways. If you’re saying people can’t be responsible with using credit cards then you also better be against using coupons & businesses having sales because people can’t control their spending with those either.

[@DerbyPy]

Yeah his second example sucked tbh. Like spending money you otherwise would have (important distinction) and getting cash back or points is great as long as you pay your balance off in full each month Credit cards aren’t for everyone the same way alcohol and gambling can be harmless to some and deadly for others

[@spencer34716]

This is where Caleb Hammer has it right: There ARE some people who are credit card people (i.e. using a credit card as a debit card and paying it off completely at least monthly). I haven't paid credit card interest in nearly a decade - since becoming single again - and I'm taking both of my adult children on bucket list vacation this year with airfare and hotel completely covered by points! I only use my card for necessities and planned purchases within my budget.

[@tyrecarmon20]

Same here! Wife and I budget every month and make sure CCs are paid off. Also we taking another trip in a few months lol

[@gibblespascack1418]

And that is how you properly use a Credit Card..... Just like cash...

[@Lumaga]

Absolutely. George's (and all of Ramsey's personalities') absolutist position on credit cards is willfully ignorant.

[@Jackthgun]

I’ve never paid credit card interest. I think it’s a fair criticism of the Ramsey group that they are too debt adversed when everything can be ok if managed right

[@robertgworek2497]

I agree with you, and I myself use my credit card carefully and I buy only staff that I need, but I also agree with Dave, that it's better to stay away from credit cads. Most people, even when they pay balance always on time, are susceptible to overspending. You have to not only pay the balance on time, but you also need to keep a nice spending list, so you not buying unnecessary things.

[@MrMoonDollar]

That first dude makes about as much sense as burning cash cause oil heating prices are high.

[@TopVillain]

It’s a business not a personal account businesses use credit even the most profitable company in the world takes out loans

[@scarling9367]

Makes perfect sense for a business. There's lag time between the start of a project and a return on billables.

[@MrMoonDollar]

​@TopVillain better if a war chest or rainy day fund could cover late client payments or unexpected issues like he said. If you need high interest debt, you probably shouldn't be using it.

[@justinkroeker1464]

It’s a business, if he had the cash in a bank I 100% agree with him. As long as he’s not paying interest

[@TopVillain]

@@MrMoonDollar it’s an American Express most likely he pays balance off in full every month if not interest is a write off

[@str8nashtygaming466]

I will never understand these "finance experts" saying that using your credit card for purchases you were already going to make (like gas, groceries, and some bills) is a bad thing. If you have the cash and paid the balance in full at the end of the month you're making money on the cash back. Im not talking about making additional purchases, but expenses that were planned and budgeted for. No interest paid.

[@LindseyHarvell-vc4ez]

And that’s why you’re always gonna be broke and unfortunately never accumulate wealth.

[@jhook479]

I think its a blanket statement that helps more people than it hurts. I think the temptation for a LOT of people is to overspend when they use CCs. I'm not one of those people. This advise is FOR those people.

[@hockeyhalod]

The Money Guy would say, "Don't get caught swimmin' Nekkid"

[@nobeliefisok9174]

The Money Guys don't support this animosity towards credit cards. They understand how credit cards are a very useful tool for some people, and quite bad for other people.

[@hockeyhalod]

@@nobeliefisok9174 While true, Don't get caught swimmin' nekkid.

[@ACMonster42]

Great reference!

[@PleaseEnlightenMe82]

If you are disciplined and spend only what you can afford you can get free flights without debt by paying off your card monthly. Where people get in trouble is not staying disciplined and overspending

[@potato1084]

Yes!! It’s not normal human behaviour to stay disciplined with a cc though. I always see myself as the odd one out for paying it off every month and never keeping a balance because it makes me uncomfortable.

[@L32C-yg9hm]

A free flight? So you're going to take a vacation and not spend any money. It actually increases your spending.

[@PleaseEnlightenMe82]

@@L32C-yg9hm i doesn’t increase your spending.. once again, if you are disciplined.

[@jeffreymartin2010]

It's like walking past the slot machines and table games at the casino to get to the free food. Some people can get the food without playing the game, but a lot of people can't.

[@DaveM-FFB]

I owned a business for 30 years. We never used credit card debt to finance operations. But we also didn't use our personal cash or savings. We used a business line of credit to manage cash flow and growth. The interest rate was much lower than bank credit cards, and the interest was a manageable business expense.

[@paulej]

Why not just put aside a certain amount of cash and never borrow at all? You knew what the monthly payroll would be and given the years you ran the business, I assume you had a good idea of the expected quarterly receipts would be.

[@DaveM-FFB]

@@paulej You could do that with a staff of one or two people, but larger companies rarely ever do that. Our customers would take 2 to 3 months to pay us after we submitted our invoices (if no costs were in dispute). Meanwhile our loyal staff got paid every 2 weeks without delay. Most of the time we needed a $200K - $300K credit line to manage the cash flow gap between payroll and receipt of customer payments. And we were just considered to be a small to mid sized company. We budgeted the finance cost in the price of our services. It wouldn't be prudent to use our personal cash in lieu of a line of credit, plus it would've limited our growth potential.

[@L32C-yg9hm]

Dave Ramsey wouldn't dare talk about people like you. His target demographic is not business owners. It's just workers.

[@rebeltheharem7028]

​@@paulej Doesn't actually work. In many cases, business is about timing, and its highly likely you won't be able to get enough capital to do a business (its like asking a person who wants to do business to save for 10 years so he can start it only using cash). This doesn't make sense, and its better to get a non-credit card revolving account. Being debt free does NOT work with business start ups unless the original owner was rich in the first place.

[@Ilovefall24]

I just paid my last credit card off. And had a cutting up party. No credit cards for me. Thank you!

[@stevenporter863]

Good for you - if you are part of the 49% who don't pay their card off monthly. Otherwise, just use the card as you would cash and pay it off at least monthly.

[@stolensilver5811]

Good job!

[@DCGEMINI202]

Now ur accounts will get closed and ur credit score will b in the 400’s for all these new closed accounts

[@stevenporter863]

@@DCGEMINI202 People closing their credit card account(s) generally don't care about credit score - actually they think having none is better. Personally it looks like they just gave up and were beat down by society.

[@nobeliefisok9174]

Would have been a lot better to keep the credit cards, but store them somewhere safe and not use them.

[@TheBudgetWarrior]

I love my cash back credit cards. Pay them off every month (for years) on time. I also log all receipts into one spread sheet and keep track of spending by category. If I or my spouse use cash it’s like throwing money into a black hole. Credit cards are a tool for me to track spending.

[@angeleyes4561]

You can do the same thing with a debit card.

[@TheBudgetWarrior]

@@angeleyes4561 True, but I am responsible with my credit card, get cash back, and have more consumer and fraud protection.

[@ZenoX41]

You are the exception! But I think when they says cash they mean debit.

[@ChefClap]

​@angeleyes4561 however Debit cards don't have these benefits 1. Credit stolen that money hasn't been taken from you. Debit card stolen good luck fighting the bank. 2. Cash back Those are just the basic benefits that apply to almost every CC. Mine has a free warranty for high value goods I buy on it. So my laptop I bought has a 2 year warranty for free (theft and damage). There is much more than that and I have literally earned over 10k on cards in the past 4 years. Which cost me a whopping zero in interest, fees, or charges. That 10k has all gone into my retirement account and has been growing.

[@kaleylynn6565]

This is exactly what my partner does... I have to ask for a receipt for even the smallest purchases and if the gas pump doesn't give me a receipt, I have to take a picture of it.... It gets frustrating tbh, but I love him...

[@mattgalindo2695]

There are too many benefits from CCs. Just a small amount of self control can earn you thousands in free money

[@greggpurviance7252]

Mess up once, to the toilet it goes

[@phenom568]

Not to mention security. If someone steals your CC you turn off auto pay and work with the company to clear the debt. If they steal your debt card...well enjoy the next several months of fighting with your bank to get your money back meanwhile you have no access to that account assuming you have any money left in it.

[@mattgalindo2695]

@@greggpurviance7252 it's pretty hard to mess up. Just set everything to auto pay and enjoy the free money

[@mattgalindo2695]

It's really easy not to mess up, just don't spend what you don't have and set everything up for auto pay. After that it's literally free money

[@greggpurviance7252]

@@mattgalindo2695 except #1 is not "easy" for a whole lot of people

[@rh-bd6wv]

For me, credit card purchases discourage spending more than spending cash. When a cash purchase is made, I have no record of the spending and it is like it never happened. A credit purchase is recorded on the account statement, forever reminding me where my money went.

[@Bamapride1985]

I am the exact same way...

[@TheBudgetWarrior]

Yes. I am the same way. It is a tool to track spending. Cash is a black hole. The cash back is just a bonus, not the reason for using credit.

[@greggpurviance7252]

The same thing happens with a debit card

[@pdxmusl1510]

​@@greggpurviance7252 Yep. But my debit card doesn't reduce my expenses by 7-10%. My credit card does.

[@user-ph6yh4hs9z]

When you pay in cash just get a receipt,like at the grocery store or walmart. Receipt says pmt method ,cash. Proof.

[@engfoinroblox5710]

Fun fact, in Sweden a Credit card is a debt in your Credit score, doesn't matter if you have 0 balance or that you pay in full or in time, it impacts you credit negatively. Credit is counted on income, payment record on normal invoices and subscriptions and overall debt.

[@reneekhan84]

Didn't Ramsey JUST CALL Mark a Communist on 4/15....

[@chuckiedavidson719]

His way of doing business is way more stressful than worrying about a customer not paying right away.

[@TigranGertz]

Did you miss the part where I paid the card in full and paid 0% interest 😂 You skipped the most important part of the video

[@alexpietsch7997]

Keep talking brokie

[@thehomeless_trucker]

​@alexpietsch7997 How does using a free payment method make someone broke?😅 It's literally just a form of payment.

[@thehomeless_trucker]

It's because half his commentary works have needed to be thrown out of the video as they would be false statements (like claiming you pay 22% on 300k) they needed to make it sound like you're paying interest to hold up their script. Lol

[@LiamRichie825]

Of course he did because it doesn’t go with the narrative

[@miwako1431]

My fear with not using credit cards at all is fraud. I never want to put my debit card online because if someone steals it, or the card is charged wrong, I dispute the charge and then don't pay. If my rent money is stolen, I have to try to claw back the stolen money from the bank, which is a lot harder, and probably won't happen before my rent is due, causing a whole new problem. I agree that chasing rewards is stupid though. For a lot of these things you have to work so hard chasing points to get anywhere close to what you paid to have the card in the first place.

[@krissimons1339]

I agree and so neither my wife nor I have any debit cards, just ATM cards. We don't want to fight with the bank to get our money back if the card gets compromised. I have had credit cards that got hacked (probably at a gas station) and it just took a call to the credit card company to reverse the charges and send out a new card, so no money out of my pocket not even temporarily.

[@amymorketter2954]

i am waiting now for the return of thousands of dollars stolen from my bank account because i used my debit card at the gas station- so yes- you are right!

[@charlessnyder9684]

Yep. NEVER use a debit card!

[@411sponge72]

I couldn't agree with you more! I had my debit card hacked a while back and had to wait a week to get another card and it was such a pain. Putting my regular bills on a credit card protects MY money from being stolen directly form my account. Everyone thinks that people who use credit cards are irresponsible when it comes to money. However, I still stick to a written budget and pay off my card each month so I pay zero interest. On top of that, I get cash rewards on all of my purchases. I've gotten thousands of dollars with my cash back rewards. Do I make purchases on my card because I get that cash back. Absolutely not! These purchases are my normal monthly bills and with that cash back, it's like icing on the cake!

[@annoyingpokemongaming9577]

Debit cards have the same protection as credit cards now.

[@nobeliefisok9174]

I do not know what the interest rate is on my credit cards. None of them. I have zero need to since I never carry a balance. All credit card balances are paid off every month, 100%. That has been true since I was in my early 20's and I am in my early 50's now. The interest rate only matters to people carrying balances, and in my opinion no one should carry a balance on a credit card. But thankyou to those who do because they subsidize the rewards I get. 😍

[@TanManFixes]

ur a clown for loving debt LOL

[@L32C-yg9hm]

What about the service charges you pay for using card

[@nobeliefisok9174]

@@L32C-yg9hm I had to think about what you mean. I am guessing that you are talking about a fee to have a credit card? I don't pay those. They are $0 per year for every card I have. Most credit cards with rewards that you might get are zero fee. Maybe you mean things like fees for taking out cash, or fees for paying late? I don't do either of those things. Zero fees for me.

[@mst-pierrem5729]

Omg a million in debt with 1 plastic card.... 😅 I'm overflowed with anxiety by proxy!!!

[@jonathanforbes3906]

I pay my card off every month, have for 13 years. You either can or you can't. I don't charge anything I don't already have the savings to pay for.

[@TigranGertz]

Exactly

[@reidsoliday210]

Are you poor ?

[@jonathanforbes3906]

​@reidsoliday210 I grew up very poor and now am not bad off but this is a habit I have always used no matter how much I have made.

[@Tsuter1978]

Exactly the right way to work it.

[@Ms.MD7]

Same; no balances at the end of the month is the way to go.

[@pranavkhanna1547]

I have followed Tom Lee all last year, and he was right thus far. With SPX above 5000 what assets/sectors will drive the next bull trend. I cashed out before the last dip, now I have less than a 200k to average down with. Any ideas? Should I get into short positions in the remaining Q1 or is it headed higher?

[@karenwilliams9653]

Don't be in a hurry to get back in. The market needs several days of strong performance to signal that the downturn might be over; It's a time to be largely, if not entirely, in cash

[@TonyRiley-qb7sw]

Holidays are over, there has been heavy spending for households. I hope the Santa Rally keeps going strong.

[@kendavies8351]

I feel that one. I just bought SOFI, TSLA NVDA, I also included MSFT and ServiceNow, as well as some energy plays like WFRD stock.

[@karenwilliams9653]

Its unclear which stocks and sectors will continue driving the uptrend. Stay away from readjusting if you do not have guidance from a plannner and investment strategist. My finances have been in order since I got a wealth planner like Monica with large following working for me.

[@TonyRiley-qb7sw]

Who is this Monica you speak about? I have been searching for an advisor who can direct us on where the economy is headed new year.

[@greggpurviance7252]

Know Ramsey hates AMEX but the regular amex card is a charge card, not a credit card, although they will gladly change charges to credit

[@joesanders7779]

Sire, thine Ad-read made mine mid quarters ache with laughter. I commend thee on thine glorious homage to Ben Franklin.

[@pete5691]

I have bills on a credit card that I’ve never paid a cent of interest on.

[@paulej]

Yeah, same for me. I also set my cards up to pay the full balance when it's due. That said, I always pay early. I don't like waiting until the last minute. Nonetheless, I have the autopay enabled just in case I forget.

[@Alexandra11090]

Agree. Utility bills, grocery bills, gas charges. These are easy auto charge credit card payments for me. I don’t worry about “overspending” these aren’t areas of my life that I overspend generally.

[@bvoyelr]

I live on a credit card -- everything that's *allowed* to be paid with credit, I pay with credit. HOWEVER. I also pay off my balances in full every month. I never pay interest. This means that the credit card is effectively same as cash (since nobody bothers doing the 3% discount for cash anymore -- payment processor fees are just built into the price nowadays). But since I use a cashback card, about once every 6 months or so, I just get to give myself like $600.

[@USMC6976]

You're responsible, but more people don't pay it off every month and that is why Ramsey is against that process. Their research shows most people also will over spend if they pay with credit.

[@tcgtpl]

This is the only way to deal with credit cards. I get thousands of extra dollars’ worth of purchasing power every year because of responsible credit card use. If someone cannot do that, then stay away!

[@eatpigsnot]

credit card companies do not give away $1200 yearly to anyone let alone millions of customers. they have an ulterior motive. and just because someone has not paid interest yet, does not mean they will not in the future

[@srl0003]

I do the exact same. Why not get free money (if you have a cash back card) when you buy the same things you’d need to buy with cash. Plus, I hate trying to keep track of cash.

[@ProbablyBased]

Same. I consider it a discount or rebate. Paying for the built-in 3% addition when using cash is choosing to pay more for groceries or gas. Where there is the 3% hike, I will use cash. Getting cash back makes sense if you have the discipline to not pay interest. And I don't believe the "less pain" thing. Maybe for some but not me. I promise I feel the same amount of pain I did using my debit card, and before that cash

[@mangoman9290]

16 years and not a single cent of interest on my credit card, no annual fee, no temptation of extra purchases and all the points I accumulate I spend buying gas for my car which I need to buy anyway. Sure, I am is the minority otherwise the credit card companies would be broke but it can be done.

[@alechorn1109]

You missed the best Franklin quote. “ There are only three things in life you can trust. An old dog, an old wife, and ready money. “

[@Lumaga]

You mean "Beer is proof that God loves us and wants us to be happy."

[@Techreux]

George, I was this guy once upon a time! In my business.. because of customers paying back being time lagged behind the actual expenditures to get the job done.. the temptation is to let the money "float".. so that [ideally] you can collect it from the customer BEFORE the payment is due.. BUT THE PROBLEM IS.. all you need is for a customer to be later than your account is due.. and you have a problem.. where does the money come from to make the full payment? Guys, all you need is one income stream to NOT come in on time.. and you are potentially in the situation of not making the full bill - and have to float a loan on the unreimbursed amount.. and THAT is what makes the credit card company rich!

[@fleurelise997]

No one: Literally, not a single person: Landscaper:: "If you're using cash all the time, you have a cashflow problem" That one fried my brain. Like how??? 😂😂😂😂😂

[@riftwalk2546]

The whole idea you present with credit cards is not the whole picture. Yes, you will get 1.5-2k if you spend credit 100k (need to pay the credit back. it's not free money). However, if you spent 100k cash, you get nothing. If you're going to give finance advice, please dont just say the bad things about X and ignore the good things.

[@oddballchic]

Most people can’t pay it back.

[@pdxmusl1510]

The issue is that by taking such hard line stances. They choose to purposefully give terrible advice to some people for the sake of their brand.

[@karoosten232]

The “pay it now” mom completely let her daughter down by not teaching her about how a credit card works BEFORE she had one!

[@scottstempmail9045]

@@oddballchic Oh really?

[@oddballchic]

@scottstempmail9045 Really.

[@cindyclinton2807]

The commercial was hilarious!

[@sasukesuite1]

At 6:06, when I saw the Stanley cup, I knew it was all downhill from there.

[@WorldsofAnne]

I told my 10yrs old I dont have money to get him his game, and he said “but you have credit cards” so I explained to him, the money in that card is not mine it belongs to bank, and if you borrow or use it you will have to pay it back..(and now he hates credit card, he prefers cash because it his and he can use it without have to worry paying back anyone😅)

[@TanManFixes]

thank you for being a smart human being. I'm teaching my kids slowly, they are barely 5 lolol

[@jl3303]

The trick is you treat your credit cards like cash. Never have more balance than you can pay in the moment. Using credit cards speeds up the growth of your business exponentially, you just have to be a big boy and be responsible. If you can’t even manage a budget then your business will fail no matter how you fund it.

[@ctcgregeurope22]

Norway is a near cashless society. Visited last month, and the only places that accept cash are the grocery stores and most tourist traps. Outside of that, if you don't have a credit card, you're SOL.

[@deadboltheart]

Another great video, thanks! I think the market is over-heated. And I am concerned that people are focusing less on fundamentals and just chanting the mantra of dollar cost averaging and driving the market higher without considering fundamentals. It is a catch-22 for me. I mean I like stock prices going higher but I also hate buying over-priced stocks and ETFs. Personally, I have stopped buying growth ETFs- they are ridiculously over-valued. Dividend stocks and ETFs are a little better but they are still over-valued. There is some hope with small and mid caps. I am not sure they are undervalued but at least they are less over-valued..This pattern offers a valuable insight for strategic planning. Despite these trends, i have delve deeply into active trading and managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Tobias Hawke, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[@DaDrUnKenGaMeR]

Exploring new investment opportunities demonstrates your proactive stance towards financial growth during these volatile times. Diversifying your portfolio can play a crucial role in effectiveIy mitigating risks..

[@SCH0OLP0KER]

Tobias gave me the autonomy I need to learn at my own pace and ask questions when I need to he’s so accommodating.

[@nofearnone11]

When it comes to investing, we want our money to grow with the highest rates of return, and the lowest risk possible. While there are no shortcuts to getting rich, but there are smart ways to go about it.

[@501blackhawk]

Tobias Hawke’s understanding of market indicators is impressive. He knows exactly when to enter and exit trades for maximum profit. His siignals are top notch.

[@RuyVictorio]

I was big on gold and silver but a few months ago I discovered Bitcoin and Ethereum. Listening to lots of stuff from Tobias Hawke has been really helpful in my journey..

[@DenzelNapoleonRodriguez]

I have no problem getting all my free rewards and points because I have discipline. I think discipline is key I always the have cash to pay my bills and I just choose to use my credit card to pay the bills first and then pay the card off In full each month

[@nobeliefisok9174]

Its is not "hoping to get 2%" it is actually getting 2%. Ramsey, and apparently you are delusional about reward credit cards. If you stuck with a story that they are a net negative for most users, I would have nothing to say about it. Maybe its most, maybe not but I dont know. But when you claim that I dont get 2% return, in cold hard cash every year. And that somehow using a credit card forces me to spend more on my groceries, house payment, and gasoline. You are just wrong, some people (I am one) gain 2% of my everyday normal cost of living at the expense of everyone else. Ramsey is wrong, and you are wrong. You can fix that by chaning your anti-reward card comments to "many people" and Ill even let slide "most people". But its not me, so its not 100%.

[@RyChOr2005]

My cash back from my credit card goes directly in my long term ETF portfolio each month automatically. You just need to budget to help live below your means and credit cards can really pay dividends (literally)

[@Sylvelourie]

"Half of all cardholders don't know what the interest rate is on their cards"... I don't know the interest rate on mine, because I always pay it off in full every month and I've never even had to look or consider what it may be because that number doesn't impact me at all. 😳

[@user-strength10]

congrat's on the 200k sub's george, been following since your second vid on this channel

[@user-vx1zc3te4u]

Hmmm…. Going to have to call BS on this. My wife and I both signed up for the AMEX Platinum Business. Both got 250,000 sign on bonuses (500k points) to spend $15k within 3 month. Both of us did that within the first month. We also get $400 each in merchandise from Dell each year for free, free TSA precheck, free Clear Plus, $200 per year in flight vouchers, free access to 2k plus airport lounges, and other benefits. The annual fee is $800. Our family of four are flying to Paris business class with our free bonus points and have enough left over for a couple more international economy flights. $800 annual basically pays for it self and with the bonus points, totally worth it. If we flew all economy, the free bonus points would pay for like 4-6 international flights for a family of four if flying economy. And we pay our monthly bills in full every month, so no interest.

[@SS-fs3wo]

I guess the idea is you don't buy anything you can't get in cash but if you close an old credit card your credit gets hit. I have a few cards that I just don't use. I pay off my balance every month also so no interest is being added to what I spend.

[@jdredman]

If you purchase things in cash, what do you need credit for?

[@dronetestdaegan]

shoul always use old credit cards. Use it for a small purchase every 3-4 months just to keep that account open.

[@shannoncraig509]

We use a credit card with 1% to 5% back (depending on purchase) to pay for bills and items we would purchase anyway if there is not a convenience fee or better cash price. We pay it off every month with no problems. I can see where there would be a temptation to buy more for someone, but the key to not overspending is to set aside the money to pay for the credit card purchase when you buy the item and then use that money to pay it off. It takes self-control, but the benefit to us is that we are slightly lowering our cost of living.

[@srl0003]

Receiving free money back for buying the things you’d normally buy in cash. Love it! I do the same.

[@nathanyoder9511]

That’s how we use a credit card, it works perfectly. If folks are overspending because it goes on a card, in Dr Deloney’s words, they have bigger problems.

[@srl0003]

@@nathanyoder9511agree 100%!

[@TrickyMickTrucking]

Just look at the trucking industry to see how bad it is running a business on debt. All these companies hopped into the business during covid with massive profits buying trucks that cost twice what they were actually worth and are now going bankrupt because they can't afford the payments, maintenance, and the low rates some are experiencing.

[@SiCVoltage]

You know what I find funny is that the Ramsey solutions never state that if you pay off the credit cards every month you don’t pay interest on the bill. But when someone ask why if the pay their bill off every month Ramsey never has a good answer or reason why you should not use credit cards. If you’re responsible then use a credit card to build your rewards and grow healthy credit score.

[@robertm8380]

Credit cards are better you get your money back if you purchase things online if you use debit its more difficult to get the money back

[@meej6452]

I was in the Army, 20 years old and got my first 2 credit cards, ended up being $11,000 in debt because at first it's easy... Till it isn't. Small interest became big interest, small balance became maxed out CC. Now im debt free. No more CC.

[@gokeymasterflex]

Points are amazing if you use a credit card as a debit card set up auto full pay

[@DaveM-FFB]

I use credit cards for travel, restaurants, groceries, and online purchases. I always pay them a bit early and in full every month. I adhere to a tight monthly budget. If I hit the budget threshold a few days before the monthly cycle ends, the cards go in the drawer for a "time out".

[@ShasLaMontyr]

I don't understand how someone can get a Credit card without understand how they work.

[@josephcler3299]

I'd said this before, but my wife and I have used a credit card for years and have paid it off every single month without ever paying a penny an interest. To us its for the convenience.

[@scoutandscooter]

I'm still a credit card user. Figure our last trip home to NYC - Annual credit card fees $100, Uber $16, train $5, flight $22 processing, taxi LGA to UES $65, apartment for two weeks for cat sitting $0.00. Taxi UES to LGA $65, train $5, Uber $16. Of Course there was the other $5,000 for living VERY well in Manhattan for two weeks. All paid by auto pay next billing cycle. BTW, I have no idea where the $1,500 in cash went, but I can see every CC charge.

[@nobeliefisok9174]

Some people spend more money when using credits cards. I do not. I have stayed within my budget, and added more to my savings than expected in every year for more than 30 years. And that is with being an over-saver for retirement. I also have used cash on average less than once a year for decades. Credit cards are a perfect fit me. And they are probably a negative for most people.

[@pdxmusl1510]

I'm a similar way. I use envelope budgeting. It's just done virtually. I hate spending money. There's no method of spending that would make me spend more. The whole reason I started envelope budgeting was because I was so against spending money it was to my detriment. 😂. If I spend more it's because of envelope budgeting. It's definitely not the card.

[@Luv2camp316]

The teenager lack of understanding of credit and the idea that cash is “free money” is all too common today. I’m not sure where the educational foundation of simple consumer mathematics has gone wrong, but it’s bad and getting worse. Is it possible the lack of cash handling is becoming a part of the problem?

[@Era515]

I think it may be. When you don't physically part with cash at the point of purchase a disconnection happens to some extent. However, the education system also has really failed in teaching people about money, spending and interest etc. And most parents can't teach what they themselves don't understand.

[@myfinancialjourney1]

The only reason I don't know what the APR is on my credit cards is because I've never paid a penny in interest on a credit card my whole life. So the rate is essentially useless.

[@tonymers]

Until something happens in life and you can't pay it in full.

[@myfinancialjourney1]

@tonymers many things in life have happened in my 40 years and I'm yet to have that problem. Never paying interest also indicates other good financial habits like having emergency funds socked away for such occasions you mention.

[@kevinreichert3254]

Travel for work, put expenses on credit card, get reimbursed the following week, build interest on the reimbursement, get points and miles and pay at the card end of the month. I used to only use debit cards, then got stuck in another state with no money when the card had a fraudulent charge. Now all travel is on credit and debit is for my personal purchases. If I do buy something personal when on the road, it’s on credit and I immediately go in and pay the charge with my debit.

[@NutTheft]

I get the thought of why you'd give this as general advice, but frankly, Credit Cards can be really useful. I have mine on autopay, I only pay stuff with it that I would get anyway and it has no annual charge or something. It also gives me bonus points that I can use and some benefits I can have require a Credit Card to use, too. Like, when I want to get a meal delivered, I get a 6 % discount just by a roundabout way of using my CC. Furthermore, the money I have as a balance on my CC is money I keep in the bank to collect interest. If you are truly responsible and you use a Credit Card correctly, you only have benefits and no downsides. If you're more inclined to spend money because it's not hitting your bank account directly or something like that, you should never consider it.

[@Silverdragon517]

I paid mine off and it was the best decision I made. I feel so relaxed now and not scared to lose my house if I lose my job. The “ no mortgage” peace is invaluable

[@erlenewilliams3920]

No mom is understood she was speechless to learn that she allowed her to use a card when she doesn’t even understand how it works.

[@gjchawks17]

I get what you're saying about the miles and the math of dollars to miles back to dollars, however if I get a free flight to fly home to see my family every year and a half just because I spent money on that card I'll do it. They haven't collected a dime of interest off me for 6 years, I don't see the issue here.

[@daveassanowicz186]

Understand this is how we develop places in America. Build now pay later based on the false promises. That's why we can "afford" to build new infrastructure while the existing infrastructure rots before our eyes

[@anniealexander9616]

I'm working on $200 bonus rewards now. $0 annual fee. Ive never paid a penny in interest. I get paid every week and pay the card every week. The majority of the chargers were 6 months of car insurance. I get a discount for paying in advance. I use it to fill my gas tank, buy groceries etc. I use credit cards and I'm very frugal. I haven't even turned on AC yet. Last night i made a burger at home with raw vegetables and ranch on the side. Ingles had the meat reduced for quick sale $2.14lb. I made patties and froze them. The veggie mix was $2.99 for 2lbs. My meal was less than $1 including my diet soda i found at Aldi $3 for a 12pk. My dessert was a couple of vanilla wafers. $1.24 for a huge box at Walmart because it was slightly crushed on one corner. I'm cheap as hell but i put a $10k roof on a 0% card for one of my rental homes. I worked 330am till 4pm Monday thru Friday and 6 hours on Saturday. I paid it off in 4 months even though I had 0% for 15 months.

[@noeevazquez5956]

The truth is that if you’re wanting to do a 9-5 for your entire life, the Ramsey plan is for you. Businesses you need to have credit. Not saying get out 100k to start a business but atleast 5-10k.

[@Red-in-Green]

I have about $300 dollars in debt right now and owe $0 on my next payment date. I use my credit card so I can build up a credit history, because there are things, like a house, that I will never have without real debt. But for now, while I’m young, I carry nothing. The rewards points are just a bonus for spending money I very much do have.

[@b7Hn4eX8yv4m]

The first one was an Amex ad. Second was a parody. The third one, the kid just doesn't understand what a credit card is and it's a great opportunity to teach her what credit is.

[@muddlemann]

After more than two decades of digging myself out of credit card debt multiple times I said NO MORE! If, and that's a BIG IF, you can control yourself and pay your card off each month etc., etc., then maybeeeeeeeeee a credit card is for you. For the other 99.9% of just say NO folks. Been credit card and credit card debt free for years and I ain't goin' back!!

[@MegaBabygal1]

You're funny guy, funny as funny funny! And thank you for helping me with these videos! I bought your book too! You're funny!

[@Strategies2010]

> child does something their parent never taught them > parent who didn’t teach them the thing: “😮😮😮😮😮😮 WHAT IS WRONG WITH THIS GENERATION”

[@nobeliefisok9174]

I am making my post here pointing to myself as an example of someone who has a material benefit in their life from credit cards. I can not think of a single point that is a negative for me and my circumstance. Both Dave Ramsey and Mark Cuban are wrong. I really despise when someone is trying to support their unfounded claims by calling someone "a smart person" who supports their claim. Are you trying to be insulting to others? People whom disagree with your argument are not smart? All you and Ramsey and the others need to do is say many people or most people are misusing credit cards. Quit saying its everyone because clearly that is incorrect. It makes you look dumb, not smart. And it makes people watching your video think that watching more is a waste of time if that is how you present arguments.

[@KadenBera]

Currently reading his new book, it makes sense, but he make so many references to what he said in the book haha. Edit: Loving the book btw!

[@ShabamWins]

I'll say that the premium credit cards with the membership fee can 100% be worth it if you travel a lot for work. Mine gives me 10x points back on rental cars and hotels booked through the travel portal and 5x points back on flights. My company pays my expense reports within a week and ive never caried a balance. Not trying to say his point is wrong, but there are definitely situations where the value justifies the fee.

[@leahwolber7082]

We put our monthly automatic expenses and groceries on the credit card. Everything except mortgage goes on the credit card. We haven’t paid a cent in interest and last year spent $60k on the credit card. Pays for flights for family vacations!

[@tonycrabtree3416]

LMAO! 😂😂😂

[@Radbrad869]

Yup! I got my first Amex 1 yr ago and I have not paid for a flight or hotel since. I know have 3 Amex’s, 2 Chase, a Capital One, I pay $0 in interest and have 2 more domestic and 1 more international trip coming up this yr all paid for with points

[@greggpurviance7252]

If you can do it, go for it. Most people can't. Ramsey helps "most people" PS. It only takes one boo boo & your "free stuff" is no longer free

[@DCGEMINI202]

Exactly. I ONLY use credit cards, its the smartest way to go if your responsible and pay back ur debt in full

[@TheBudgetWarrior]

@@greggpurviance7252 Put the cards on autopay of the statement balance.

[@SmellyBeanCheese]

I'm addicted to points in a min/maxing kinda way, not a "gotta make number bigger" kinda way.

[@andrewsails1371]

George’s Hair strategy for 2024. “The taller my hair gets the closer to God I am” Bruh!!

[@ludwigvonsowell5347]

I hate it when people they advertise points. Just tell me the cash back %. Points are non existent.

[@DCGEMINI202]

Cashback is pretty bad. Unless its a 5% cashback category. Points and miles are the better route

[@ludwigvonsowell5347]

@@DCGEMINI202 which of course is literally a nightmare to try and tie to any $ amount. But they’ll throw 5x 2x 3x points on who knows what. Never simple and it’s designed that way.

[@nobeliefisok9174]

@@DCGEMINI202 cashback are points and points are cashback. Except some credit card reward systems have removed the direct-to-cash option. And your assumption something is better is based on the utility of that which you receive for your points. If a person does not travel by air, then receiving an airline flight is worthless. Cash, on the other hand, is always useful.

[@user-pp3dl8id7r]

Congratulations on 200k!

[@paulstandaert5709]

A good way to look at it is that any time you spend money while in debt, you are paying a tax on that purchase which is equal to what you pay on the interest.

[@gunning4tech]

An old saying my step dad used to say was, "A fool and his money are soon parted."

[@jacksonbilly9979]

What Dave says about credit cards is a good example of putting the light on one certain part and ignoring everything else to make your own point. Yes you have to spend 100,000 to get $1000 back in point. But if that is money your are going to use anyways, like gas, bills, and food, your actually gaining a very small portion back. And yes 97% of millionaire says staying out of debt and not taking loans is a good track to being a millionaire, but 99% of millionaires actually do have a credit card and use them regularly.

[@DCGEMINI202]

If you spend 100k and only get 1k in cashback then your using the wrong card. You should have a minimum of 5k

[@StoicJohny]

This audience actually believe every single person in the world that uses a credit card goes out and and like mindless drooling zombies just swipe away with the single solitary purpose of getting points, they don't know there is another world out there where people act like adults and don't just swipe away like they are in special ed class, I had to stop listening to these people because evertime they touched the credit card subject it made me want to throw my phone out the window 🤦🏻‍♂️

[@bryansmethers8936]

I'll trust the data from someone who did a multi year reasearch on the topic and published findings and books (Ramsey team) over random internet strangers throwing out numbers like 99% and 97%

[@thisisachannel12]

His advice is for people who are either unintelligent, have horrible spending habits, or both. If you are up to your eyeballs in debt, following his advice is probably your best bet. Otherwise, if you are smart and have minimal debt, you don’t have to take his word as gospel.

[@asoggyburger479]

Where’s the link to the resource of that stat?

[@joeydrivesfar2246]

The first guy isn’t paying 22% interest on 300k… that AMEX card is a charge card. Meaning the card needs to be paid off every month.. that’s why his minimum payment was like 100 something k

[@misslinda772]

In a nutshell: Nothing is free! Credit card charges are a loan and you have to pay them back with interest. Thus, your cash money is now worth less. Don’t do it. ❤

[@thehomeless_trucker]

My cards are set up on automatic payments for the balance every month. You're wrong about paying interest as you don't pay interest of you pay your bill in full on time.... do you have trouble paying your bills on time every month? I don't.

[@scottstempmail9045]

You know we pay those off every month, right? There are no charges, but there are the accumulations of point, miles and cash.

[@RobVI]

I have never held a balance. As soon as a make a purchase, I pay the balance before the transaction even posts. Enjoying my 2% cash back.

[@StolenJoker84]

I use my credit card monthly. I also pay it off monthly. I actually got it because I needed money, but have always used it in a manner that allowed me to pay it off, 100%, every month. I’m now in a much better financial situation than I was when I originally got my card, and now I just use it to pay for subscriptions (like Netflix, for example) - mainly because I’ve already got it set up this way, and if I’m spending the money on things like that, I might as well get a few points out of it.

[@gthree0239]

I have to say I work for a company that gives bonuses each quarter of airline miles. We use those to fly for free and we don’t have to spend thousands on a credit card to do so. This might be the one exception to the rule.

[@EllaisSwift11]

I love how you put in you play stupid games you win stupid prizes.

[@sbeers88]

We need more financial education in schools and less other bullshit.