Dude makes $10K a month but probably spends a shit load on expenses. That’s why I never take someone making $100K for face value. Someone making $100K a year but having $80K go towards expenses and other stuff is making less money than someone who makes $60K with $30K towards expenses and other expenditures
Some people get lifestyle creep and feel like when their income increases, they must also increase their expenses only to fail to realize that they were basically in the same boat as before, living paycheck to paycheck.
I saw people out jogging. This is a tell tell sign of being around upper class. I think people with money generally handle debt more responsibly. If you go into an area where people are struggling financially (smaller shovels) you are more likely to find what you are looking for
Credit Cards only suck if you are greedy and spend more than you can pay back! Credit Cards can award you for paying your bills every month before the due date, increase your credit scores and have financial security when paying for things online. You can benefit from credit cards as long as you don't view it as free money but know you will have the right amount to pay back that month.
Came here to write exactly this. I use my credit card as if it is debit card. For many years i was skeptical about getting a credit card thinking i will end up in debt but then I got one for two main reasons 1. Security (after reading about all the online scams and thefts, i was really worried about swiping my debit card anywhere) 2. The amazing reward points, every month my phone bills and subscriptions practically pay themselves. So yeah, if one is wise with their financial management, credit cards are amazing tools
Additionally, credit cards are the easiest way to build credit when managed properly. The last guy, "you don't need credit if you pay for everything in cash." I don't have 300k to drop on a house nor the decade or 3 to save for one while paying for my current place so a mortgage is pretty fucking necessary
Which 95% of Americans lack the ability to do. Work in finance so see what's charged and most treat it like it's a lottery windfall then sink into massive debt for lack of responsibility.
Been debt free since I was 36. Never had a need to borrow money or even have a credit score. I'm 60 still debt free and own my home. My credit score shows N/A. Since I haven't used credit for over 23+ years. I been living with in my means and loving it. I feel free and cleanse. Paid cash for everything, even for all my used cars since I was 16.
I appriciate your idea that you giving people books. Its much better than those RU-vidrs who just give away money to do shit stuff. Keep helping people man. Cheers
Your credit score is not for you; they are for lenders. People erroneously believe they are there to indicate how financially responsible or credit-worthy they are. However, credit scores are there to measure how profitable you are to a lender. That is why they tend to drop when you do the financially responsible thing by paying off debt. From the lender's standpoint, the new lower score directly reflects how unprofitable you have recently become, even though you meant well by paying off what you owed.
I kind of agree with you, it is for lenders and banks to measure how much risk you are as an investment. Yes the borrowers are considered investments to lenders. They wont lend someone $200K+ for a home loan with a history of late payments on cards and other loans you are showing on your score. Would you lend $100 to a friend you know jever pays anyone back? As far as profitable, credit card companies love financially irresponable people. They make the lowest possible payments on credit card debts, dragging out repayments. By the time the debt is paid off, if any, the credit card companies made back almost double their money.
A good friend of mine did that. She bought a little house.. got a 30 year loan because she didn’t qualify for a 15 year loan. She found a part time job on the weekend and put ALL that money on extra principle payments and her house was paid off in 7 years 👍🏻😊
This is a very niche demographic 😆 Most americans have massive mortgages, big property and income taxes, bad divorces with divorce and family court lawyer bills, child support and alimony, car payments, medical bills and are drowning in debt... losing your job and living off crippling credit is just another trap many of them get lured into. Divorce and homeless rates have never been higher.
How can someone make $120k a year AND have 20k in cc debt but think that’s totally okay & paying minimums is “keeping up” buddy you’re paying hundreds of dollars in interest who gives a tf about the score
Not if you start off smart. Don’t buy a $30,000 car or a $300,000 house. Rent with friends, buy a $3,000 beater of a car. I have never made over $50,000 a year and yet r west ores at age 44 because I was frugal. 😊
Then you should spend something that within your salary limit.having cc is a big mistake, since you can overspending it.i have no cc at all.and I'm zero debt
@@lia-sn6co Buddy apparently you have never went through difficult times, or have a lot of money. Cause if you had you would know what I am saying is correct
Pay all the debt ASAP is way much better. The bank only need to rope people with interest rate for longer periode. Credit score and bonus is the trick that keep these people stuck on never ending payment. The problem happens when you suddenly lose your income, and cant pay all the debt. Most of people dont calculate, how are they going to pay the debt in case of something bad happen.
My credit card debt is like $250 with my monthly income around $1300. (I don’t live in the US, with people’s average income here where I live at $450-500)
"Credit is Debt" Em no it is not! If you pay every thing off before the monthly due date, you won't pay interest, interest is the debt! Just avoid interest. If you are going to buy $200 of groceries and you have $1000 in savings anyway then put it on credit and pay it back before the due debt and you will never be in debt but you will have fraud security and a good credit score. True debt is paying something above your net worth, if you have 1000 net worth and pay for groceries $200 then your net worth becomes $800, if you pay that off straight away before you have to pay interest, YOU ARE NOT IN DEBT! You are paying for what you can already afford without a credit card. On the other hand if your net worth is $1000 and you pay for a $2000 iPhone then you are spending $1000 more than you can pay back and you will be charged interest of you can't pay that back before the Interest rate then you are in Debt! That's why banks take into account how much money you have in the bank when getting loans and why they charge billionaires low interest rates on loans only worth thousands of dollars. This guy is so clueless, it's unbelievable! 🤦 Credit Cards are only debt if you allow it to be debt.
Lol they sound like my friend group. I'm 28 and earn $10k/month. Only use the CC for fraud, security, and credit score. No debt here. Within a year i actually got $1.2k in travel credit.
This video shows just how brainwashed people are, focusing so much time money and energy to get the FICO score up. If only they put that much effort to get their net worth up they'd be in a WHOLE lot better place financially
Actually, both the credit score and your networth is taken into account when getting a loan, Banks just want to know you are low risk so they will look at numerous variables, you ability to pay back repayments, your ability to report hardships, your assets and net worth! Credit Score is only one part of the picture, it is wise to have multiple ways to prove you are a low risk lender, it also reduces your interest rates.
Fun fact: you can build your credit really easy if you have a credit card, have it pay for a subscription, and have it autopay. Literally never have to think about it. Zero effort. Not everyone is interested in some "hustle" bullshit that will lead you to being broke if you aren't lucky or financially backed
