this is how to use credit cards. do not carry a balance. maintain the grace period by paying off the balance within 21 day grace period and then feel free to add a new balance. if you carry a balance you lose this grace period, so don't.
I really like watching these because they are informative but I cant help but get depressed thinking about my financial situation and what the future holds for a shitty 9 to 5er like me.
Okay, so I watched the first couple of minutes and charged $50,000 on my credit card. Now I'm stuck at the part where I have to pay it back. How do I get the $50,000 to pay it back?
Really appreciate these kinds of videos rudy, i got kinda late to the party as my 20's i spent doing psychedelics and working at various adult paraphernalia outlets without putting much thought in a future financially. I definitely need to to find the motivation to seek a niche out and start working on a side hustle because i'm concerned that 9-5s in the future may not allow for the level of comfort i have in mind for myself and my fiance. Anyways these real talk money vids help to grow my interest in business and economics at large and hopefully i can put the decent bit of money ive managed to save the last couple years to good use alongside some patented evil investor hacks you showcase to get myself ahead. Much love, thanks for all the laughs
This model is the Liliana vess of credit manipulation. Borrow from one demon To pay off another demon . To pay off another demon. To pay back the first demon. And if you default they got you by the bolas
"I am not a financial adviser. Any advice given is for entertainment purposes only. You should be able to recognize this due to the very serious pink visor, even though my visor is very serious.
I have been a firm believer in that all people will need a side business/hustle . I am glad to hear that an idea that gets me weird looks is shared by a success person like Rudy.
I feel like if anyone thought about how a credit card worked, they would already understand this. The issue is that most people don't have the control to not spend the cash assets they have in-between cycles and can no longer afford to pay the full balance when it's due. They end up paying the minimum and increasing their debt. People need to remember cash is better than credit. You should spend on credit first if you can. Then use the cash to pay it later. Because cash is real. You can take it out. If you take out credit from an ATM you get charged interest.
Well, Rudy just gaves us the big picture, it's a bit more complicating than that. With 5 CC's you get 250k, you have 50 days to sell product at least 50K worth so you pay your 1st CC(-200k you owe), 2 days after you take those 50K again (or not) and have 5 days to get another 50k to pay your 2nd CC and so on. Now the tricky part is using your CC's to pay for your CC's. My CC's only let me make payments to stores, not using real money if you know what I mean, unless I pay fees but this is what we are trying to avoid. So I say that you must capitalize on those first 50 days to get as much as you can and have it on the side in case you don't get a cash in flow when the bill rings. If you do get that cash flow you use your CC's to pay for goods and use the incoming money to pay 50k each time. Remember, he said this only works for businesses for a reason: cash in flow.
Let’s say you make 40k a year and put 28.5k/year in your 401k+IRA+HSA. in 15 years at a 10% annual rate of return you will have 1 million dollars. Of course you would need to live in your moms basement and eat for cheap from dollar tree for those 15 years.
1. Get credit 2.Sell adult paraphernalia 3. 4. Profit! I spaced out on step 3 (Timmy here :) ) Gonna go borrow 300k now even though I only make 10k a year.
Two years early but rudy is again killing it with these white board vids. Crypto hedge funds should have been watching Timmy's emporium. At least people need adult paraphernalia! (Big crypto fan by the way but we are still one cycle away from mass adoption at least)
See I'm an accountant from Rochester, NY and only make ~$50k a year atm, I already know at this salary, I won't be able to retire until I die even though that salary for my area is a decent living. That is a key word, "decent", I wont be driving a new Tesla Roadster anytime, well, ever... I do have enough for some revised dual lands tho 🤔
Sure you can that is about what I make although I am married and my wife also makes 50k. We spent like a one income family and started buying rental properties that would give us 10-15% returns. Do that for a decade or two and you can really grow your money. 7 years later we went from almost nothing to about 800k so it can be done.
So Rudy I have a question. How is this credit card manipulation exactly? Isn't this what most people do, at least ones who can pay their bills in full? Pay off your bill and put all your purchases on it to delay it another month? It's just a smaller scale. Am I misunderstanding something?
This is literally my job for my company. More credit cards, I handle some other stuff too, but this is where I get my title of working in accounts payable.
True story. I knew this guy who maxed out his credit card to buy $5,000 worth of Vision boxes; his wife who literally just had a baby wasn't too happy about it. She told him to get the money back or it's immediate divorce, so he had to literally sold all those Vision cards and his collection to get the $5,000. This was back then when dual lands were still $15 and Moxes were $150 a pop.
Me: "But Rudy why do you keep floating zero percent cash back balance taco transfers across due dates to buy reserve list cards you already have?" Rudy: "I simply did not posses enough capital"
In all seriousness though I often have felt flabbergasted at how people get that jump up to climb out of one socioeconomic status to the next. This is the best hint I've heard so far as to the secrets of it all.
I noticed credit due date weirdness from getting ahead on payments and then not needing to pay until next month past the due date and have used it to pass off minor debts and hold credit when buying a house. I haven't had any ventures or need to get shady with it, but its good to know things get strange
@10:00 yes, I understand. But you still need the 50K on Jan 2nd, Feb 2nd, etc. So up untill this point of the video, you can't really spend it unless you make profit every time. So to me it has no purpose, (continiung the vid.)
Damn dude, I’ve watched your stuff before an always liked your strange humor and magic related stuff, but this real talk video was great. Super appreciate what you’re doin & def a subscriber to the channel now
I've taken 250k on all the credit cards and bought all italian PSA alpha Black Loti i could get my hands on. Now the word on the street is there was no italian Alpha set. My question is: when Timmy's Bank is at my door, should i play Gangsta's Paradise or Everyday im Husslin'? Rudy please help they are here. Thanks.
really awesome balance between a great financial trick, and solid life advice. This is WAY beyond magic based content (as you obviously know). I love watching the magic content, and this is a HUGE bonus! please keep it up! it makes you channel the CRISPIEST taco around.
Rudy that ending hit hard. It's so true you have to do your own thing to really be successful. Yes there are outlyers that work a 9-5 and make tons of money but that isn't realistic for a large portion of the population. I make an ok wage of $17 an hour in my rural state but I know I will need to get ahead to be secure later in life so I don't have to work everyday of my life till I die. I have enough savings to be secure for a couple of years but money deprecates over time and in another 50 years might only last me a year on retirement.
I think it's important to mention that 401k, bonds, stocks, mutual funds are all better than a savings account, nothing worse than dead money in today's economic climate.
I call it economic natural selection when someone just sits in a median wage job with a median life and doesn't do anything exceptional to earn a better life. Its fair tho, you have to work more than 40 hours of average skill labor a work to be above average
No. This tactic is only for moving large capital in an attempt to make you even more money. For example, buying a ton of lucrative magic sets to corner the market. You can now take the money you earned and pay the charge off, while continuing to charge a ton more while making more profit and increasing your payment window. It's a tactic to get ahead in terms of business and financial growth.
Rudy! I hope the holidays are good to you! When will we hear your thoughts on diablo 4?? And path of diablo???. Very curious! Also thanks for the credit card advice! Noted *
Little did we know, Rudy absolutely nails the state of most peoples financial situations 4 years into the future. “This will only get more dramatic and crazier” “It will become very difficult to keep up with inflation” Prescient words, Rudy. Little did we know how true this would become.
I Don't Listen To The Patrick David's or Robert Kiyosaki's Of The World, But Rudy - You Truely Are A Grand Master. In Case You Don't Hear This Enough - You Are Appreciated. 🤙✌🔥🔥
Agree $20-40K isn’t enough for becoming g a millionaire. But If you can’t achieve goals making $20-40K per year, increase your income. The US in 2019 has record employment. Wealth distribution does not effect me improving myself, skilling up, commanding higher wages.
Ninja mortgages were bad Rudy. A teenager working at McDonalds, getting a Mortgage.".here's a house" .. The flip flop credit card flex is good.. usually one of the cards has a higher interest rate when someone 1st starts that idea , for 1st time.I was once a head hunter for senior financial analysts .. CMA, CGA, CFO.. CA candidates.. you woulda cleaned up at interviews..getting offer sheets ..lol..tough it out 3 months.. Payed on contingency 28% on the 1st year anticipated salary means 3 month Guarantee .I placed a cost accountant once..was an injection moulding operation..pricing and building million dollar machines.. these guys got 20 years of Education..PENG/ Mechanical Engineer..then CA/chartered accountant.big leagues..these guys were getting 250k salary annual..that's without the bonus.
Alright... I'm not going to go look this up, but a child became a millionaire investing after 2009-2011... doing what you talked about, invest a $1000, and doubling it with each investment... it pissed me off at the time, pisses me off more now that my Mom's finances weren't forced out of her control... she had all Cisco and then 1999 happened and her mom died and she sold it and never went back into the stock market... you just don't sell in the downturns kids... also; medicare spend down is nothing you want to do... just remember that, you need your family to take care of you, don't believe the nursing home or inhome care stuff; GE is arguing their manslaughter fraud was not fraud and reasonable long term care business as usual; shit will crash sector by sector this time; but, you go hard into GE right now; you may catch a broom stick up the bum, ya know? I'd horde money for a crazy crash, then chase sectors like this child did for 2 years.. This kid was like in nyc public schools... so again, probably a crime using a child, as usual
Here is my understanding of how compounding interest works. You take your APR (15%) and divide it by 365 days in a year and you get a number = 0.041. That is the interest that applies to your balance daily. So if we we do what Rudy did in his example, clear our January balance and then add more money the day after. Does interest begin accruing on February 1st because our current due date is in February?
Rudy, I follow you through the first 10 minutes of the video, but WHERE are you getting the 50k to pay of December? I assume another credit card, but then I don't understand how paying one credit card with another is any different from a balance transfer. Please advise.
I did this in the early 2000s buying nose candy. I made a ton of money using roughly 7 to 9 cards. I did it for about 3 years with no issues. By year 4 it fell apart because I got sloppy. Filed for bankruptcy at 24. Now at 40 I'm balls deep in Wall Street. It works if you stay focused, just stay away from nose candy.
Anyone that has 4 or 5 credit cards with a $50K limit on each one didn't get there by listening to people like Rudy for advice. Anybody that did that is out busting their ass, and doesn't have time to watch fantasy videos. But hey, the Timmys just lap this stuff up, while sitting in mom's basement, living off of their overdraft on their Visa debit card and sipping a $6.99 venti frappe mochachino from Starbucks. That's the real reality here.
Doesn't work for Canadians with US citizenship. Under FATCA all income is dual taxed, meaning the more you make, the more you owe. Its literally the worst thing to do to make it appear that you are making lots of money and paying off lots. Boris Johnson was a dual citizen of the USA, they dinged him for a six digit tax sum for making too much money.
Traditional Public Schools: Doesn’t teach much of anything to do with finance and how to obtain wealth and benefit yourself and turn a profit Rudy the magic guy: Constantly out here helping many people understand investing credit cards etc We now must make Rudy the new Bill Nye the Science guy and play him in every Econ class.
