Believe it. I was almost going through withdrawal symptoms while your channel was closed. Checking it every day for a new video, or update in the comments on the situation. You are addictive! I watch a lot of stuff, but most of those are just background noise. You I actually listen to, even if the stuff you talk about (like the cashback thing) doesn't apply to me.
it teaches real things and your RULE #1 "If you don't have the money that you can afford to consider lost this advice is NOT FOR YOU" the realest shit ever that everyone is in denial of while they cry about an initial hit on MM17 reprinted singles and panic sells their foil zendikar fetches for half the actual value and people like you and I pick em up knowing the RoI will payoff within 36 months (my current 0 interest timer on my 60k$ limit)
Holy Shiz! You have nothing to do with MTG. You just broke down rich dad poor dad for all these teenage nerds at home. You are passing on knowledge which is far more valuable than a black lotus. Way to break it down for anyone to understand, nice moves.
Been a long time since I watched these videos from 3+ years ago. Crazy to think how much things have changed in that time. How much I've changed. Many of these types of videos but this video in particular changed my entire perspective on credit cards and debt and really helped to change my life and how I handle my finances. Still my favorite video on this channel. I send this (and the IRS Form 8880 video) to any of my friends whenever we're talking about life and money and making decisions for the future. It's valuable stuff.
so basically: - get credit cards - buy things with tangible value with said credit card - pay off entire balance monthly as to not pay interest - earn cashback on purchase - down the line sell the item for a profit on top of the cash back you already earned - do this in as many parallel chains as possible to increase cash flow - use 0% interest offers to make large purchases and pay them off because larger purchase means better profit margin Once I laid it out, it seemed like common sense but here I am, not doing it. I buy and sell cameras but I am doing it with liquid funds. Had I been doing it with a credit card and just paying off the credit card with those same liquid funds I would have a bunch of cash back AND would have more credit. I guess I will call my credit union tomorrow and get a card through them.
@@knavenformed9436 honestly forgot I had made this comment. I started using a credit card through my credit union for most normal expenses (food and gas), a 0% interest line of credit for buying items online that I intend to flip, and a third line of credit to cover large expenses like dentist visits, car repairs, etc. Score went up and is still steadily rising, but more importantly I have great credit diversity and more lines of running credit which makes me more attractive to lend money to. I am going to be buying a house soon so this will be a great boon to me. My score was already good before I started doing this, but I improved from the high 700s into the low 800s.
This is probably my favorite channel on RU-vid. What I love about your channel is that while you talk a lot about MTG, the stuff you say can apply to so many other investment opportunities. It's an awesome combination of legitimate hobby interests and ways to better oneself in life. I find every video to be interesting, entertaining, and inspiring! Keep it up man!
Dude, thank you. Seriously. I dont get how, but I love how much, in a 20 minute video, you were able to open my flippin eyes. Honestly. And I'm really happy I'll be getting a signed land from you every month! Thank you for your past and future videos.
This is why I wanted to blow my brains out after I finished business school. Getting A's & understanding something is one thing... I wish I never knew what I learned; ignorance is bliss.
Being a product manager for credit cards at a major bank in Australia, Rudy is 100% correct. I advise this to my family and friends all the time, the only thing you sometimes can't escape is the annual fee and please god don't use cash. Also cash back is non-existence in Australia otherwise the banks wouldn't make their millions. I think also the real challenge is understanding what product you want to invest into, jumping in with a large investment and not knowing if you will make your return is risky. Think about how much cash flow you have and the capital required, you don't want to invest $20k and having to pay it off in full within the month unless you can liquidate your product and make profit or break even, if your investment will take longer overtime to grow try going finding a balance transfer as the banks are throwing them all over the place to get new customers...my current goal is trying to find a product to sell to start a small business that I understand and Rudy channel is a great example of a small business doing it right with a commodity.
I bought my first house using a credit card. I now have 3 rental properties and a commercial property as my HQ and partially rent out. CC are good when used properly. Excellent video Rudy.
Going to send this video to all my Non-Magic friends. I have done this my entire credit card life... never once paid interest! I am now ignoring credit limit increases since I don't ever want to be in a place where I can't pay it off. GREAT VIDEO, everyone, not just Magic players need to see this.
I've only ever owned 1 credit card ($1000 limit) and I agree. Credit cards are best for people with a LOT of self control who don't trust other people & NEVER date a high maintenance GF or BF. Huge waste of money for a convenience.
I'll admit it, i really fucked up so toss me 15 Timmy t-shirts. Thanks for inspiring me to push forward and seize the opportunities out there. I don't wanna be a Timmy any more, I wanna be a Rudy.
And what happens if you are carrying 35k or credit debt, and the next 2008 happens and what you have is now only worth 15k yet you still have those bills coming due at a future interest rate of 20%. Guys, you have effectively described the bubble that creating the housing boom then crash of 2008. Borrow everything you can, buy homes that appreciate, sell them for a profit and go borrow more money. THIS FALLS APART when markets pull back and YOU are stuck with the bills. This kind of stuff works until it doesn't, then it destroys you. It also destroys you if you are un-organized and you miss payments. Most people I know are not organized and aware enough to make this work. It all relies on your ability to 1. Keep up with the system/payments/required time investment. 2. Actually make purchases that do in fact gain in value. Nothing always gains money and markets drop. If a market drop happens you cannot sell that investment unless you take a loss. Then while sitting there holding the investment... waiting for a recovery... the credit card starts to chew you away at 25% interest... Know the risk people. Don't assume there is no risk in this plan.
I would be happy to see a credit card with an interest rate as low as 20%. Usually credit card interest rates are over 30% in my country and the 0% interest period is about 20-30 days at most. There is no cash back of any shape or form. For example my Citibank Mastercard has a limit of 10k USD and it has an interest rate of 34% with a 20 day 0% interest period so that I have to pay back everything within a few weeks. I have 3 other cards at other banks offering almost identical conditions. I rarely use credit cards because they've been always too expensive over here in Hungary. A lot of people use them though and no wonder they get screwed really quickly.
Edwin Tracy the point people tend to miss is that you shouldn't spend money you need, and you shouldn't spend money you don't have. it's not about carrying a balance. Rudy said multiple times, pay it off each month. if you have a few thousand dollars of disposable income, meaning your bills are paid this month and you've already invested in your retirement accounts or whatever, and you're going to buy a piece of power 9 already, there's two options: exchange that cash for the goods with the vendor, or use your credit card with the vendor, gain your rewards, then immediately give that cash to pay off the card. the first route gets you the goods you want only, the second route gets you the goods you want plus the rewards. Rudy's said multiple times since and maybe even before this video that you shouldn't be investing in magic until you have can manage cash flow and have other investments giving you returns. people want to skip that step because they come here already knowing magic cards and they don't want to learn about bonds and stocks and mutual funds and stuff. so you're right, if you skip the investing 101 and 102 classes and don't have a positive cash flow and start racking up credit card debt, yeah you're going to get yourself into trouble. watching Rudy's videos, I understand he's targeting people who already have their financial life sorted, not the people who think magic cards are going to pay off their mortgage, car loan, 8 credit cards , and student loans. if that's where you're at (where I'm currently at), watch and learn, but don't act on this until you become financially responsible. anybody who needs help, check out reddit.com/r/personalfinance one of the better parts of reddit.
......you are essentially saying "this won't work if you are stupid and by shit without return and/or improperly manage payments" which is EXACTLY what rudy was fucking saying.
I had too get back into Magic the Gathering after fifteen years in my thirties too learn about simple wealth generation through my bank and credit from you Rudy. The big event hitting the last few years was actually a good thing for business in my own instance, money was being generated but I squandered it and then true tragedy struck as it eventually does, a fire for myself. I should have been maintaining minimum chequing balances too waive fees, investing in a saving account accruing interest and utilizing money saving measures like a cash back credit card instead of sitting on and spending money doing nothing but depreciating in value in my hand. Isn't it sad when your only taught how to get by because growing up you might not have had much. Thanks from a Timmy.
thank you for coming back! I love this shit! It puts a smile on my face and i love the Timmy stereotyping. This video was great and keep up more creepy Ruddy. Keep it up this is legit the best magic vlog. Have you ever thought of doing a podcast to? thanks
Rudy, this video is something I will share with friends. It contains a life changing message. I see comments below that poke fun at , or even worse, misinterpret and then criticize the message. You are so accurate in your video when you explain not just how to spend into increased limits, but WHAT to buy, or stay away from. Credit is misunderstood, and people fear and ridicule what they don't understand. Looking forward to your next video!
I might not always agree with the approach, but I have to agree: you have a natural leader/speaker style. Dig "the spark". Quite unique, fun & engaging.
This is so spot on. People are so down on credit cards and cash back programs. Make them work for you! I have been paying off my cards in full for years and it is the only way to go. I watch for special offers and pick certain cards for certain purchases to maximize the cash back. Purchase online using extra cash back programs when you can, single and half percents add up, half pennies add up think superman 3. Thanks for the video.
God...Rudy and this channel just got better and better everyday...what a journey....i want this Rudy to know about the 2020/2022 dumpsterfire and 30th anniversary....can you imagine? Thanks Rudy and much love thru all these years together!
Rudy, you hit it on the head with this! I was lucky enough to work for a credit card company just out of high school for a couple of years. I ended up in the credit approval department eventually. I got to learn a lot of the ropes early on with what you broke down hear before I could make the mistakes. The biggest Timmy move was seeing young adults get their first credit card through their university. I've seen countless people get their first $500 card and blow it the first week on the dorm room party and be paying 25%+ interest for years on that crap.
one of the best Finance videos I've ever seen. My parents always told me to avoid credit cards just as you were saying some people do. I now see the light. Thank you for the needed inspiration!
On point Rudester of Rude Street, preach it! For those of us saying if only someone had said that back when, it's never too late there is always opportunity. Start slow, start fast, start small, start big but whatever you do, start!
as a 16 almost 17 year old I don't fully understand this yet but I REALLY appreciate you teaching me and everyone else about this I'd like to see more like this. I don't say this everyday but I enjoy learning through you and you are a great role model in my eyes. thank you for being great. :-)
boat's already sailed on Magic for the most part, the chances of most of the big power cards going up too much more then they already are are very slim, but there's a bigger chance they will fall, it's a very risky investment because if you buy a Black Lotus today at it's very high price, a recession might hit next year, plummet the price, and you just wasted $8000 on a black lotus you may only be able to get $3000 for next year.
One of the very few videos I shared. This shoud be required watching for everyone before they graduate high school. it's silly and offbeat, but what you're saying is so very important.
I do the same thing at a very small scale. 2 cards. Use them as debit cards and pay them every month. earn miles for travel and cash back. Thanks for spreading the good word Rudy.
I learned the crux of this lesson from my mom, but there are way too many people who don't properly understand credit cards and how they actually work.
he's actually right for once. about buying collectibles with credit cards....if they become worthless, you ruin your credit, but you wont have to pay for them. if they become super valuable, you can pay em off easy
Really smart video. I work on people's debts and credits for a living. There is nothing wrong with taking out a massive amount of credit cards. In fact one of your credit score factors is how much of your available credit you use a month. The minimal negative impacts of hard credit inquiries and lack of credit age will fade compared to the amount of credit you have available. Maybe plan accordingly and don't do it right before you're applying for financing for a car or house, but it's very smart.
Your financial advice is like music to my ears. I might not be interested getting into wholesale magic, but the fundamental financial values you discuss here are solid. I had a feeling that was true about credit, so Ive been building mine up, and after watching this I realized that it is imperative to get the highest limits possible, of course keep the balance low until you make a purchase of something huge that will make you a very hefty profit.
The problem is... if everybody did this the whole system would collapse. As you said "Use the money of other people" But you need millions of little peoples shoulders on which you can do these shenanigans. We need bartenders, plumbers, car mechanics, carpenters etc. You could not buy a single magic card if there weren't any workers building the facilities that print magic cards or repair the printing machines when they break. Same goes for pretty much every other aspect of our everyday life. We tend to forget that our comfortable lives are only possible because there are people who work until they're 80 and get depressed because they struggle their whole life. I don't blame you though. If you get the chance to get out of the 9 to 5 job system, you take it, it's what everybody would do. Most people, like myself, aren't smart enough though.
Undeniably my favorite RU-vid channel. This guy is my hero. I'd drop everything right now to be his finance protege. Please, make more videos on investing. It doesn't always have to pertain to MtG. Or let us know what your favorite resources are?
The Timmy in me says that I wish that I had realized things earlier in life. The Rudy in me says that I realize this now and that I still have a few years left in life and I can change today and use tools to make my life better.
You speak wisdom Rudy. Using credit to make money is the way to wealth in this world. Real estate comes into mind here, i currently get 30% return on invested capital in one appartment with leverage. Only problem is to get the bank to loan you the money. After that it is more or less a safe income. Plan to reinvest the money i make, maybe buy an appartment every 3 years for the next 10 years. Then it should accelerate to another every 1-2 year. I can retire when im 50 years old and live with still like 80.000 USD a year in income.
Thank the Timmies you're back! Thanks for the awesome video. I have a relative that is the ultimate Timmy with credit cards. Fortunately I use mine similarly to the way you use yours.
I am 33 and just recently learned how to utilize a credit card. I have been focused on building credit and your videos have helped me more and more expand my financial horizon. I am seeing these type of videos of yours for the first time and feel like they were exposed to me at this point of my life for a reason. I sincerely thank you for putting these out. And making me laugh my ass off. I sit with my mom on occasion a d she listens to these with me and loves them! She is 60 years old 😁 seriously Thank you @alphainvestments
Dude, so spot on. Got my first credit card at 16. Waaaay back in the day when eBay first launched and they did an eBay MasterCard and handed them out like candy. Bought comic books off eBay with it and paid it off in full every month. Still have awesome credit ever since
i see you ma, i see that spark in the way you talk about things. you've got a real good heart and a real good eye. keep it up (y) ill defiantly keep an eye out for that info that the drones just miss ;)
I defaulted on my credit card/line of credit debt a few years ago. I'm Timmy lol. You're a stud Ruddy. I was too busy partying to bother paying my balance :(
