When I first saw the title "FINANCIAL SUICIDE" I thought this was going to be a discussion on the POTUS and congress! LOL! But guess what, it really is. Why? Because the government feeds and thrives off the the stupidity of the citizens. The more broke we are, the more dependent we are, the more power they take from the people. And now, the Lee silver tip of the day...... Buy and hold!
Its way to easy nowadays to fall into the trap of cc debt,thankfuly I learned this lesson young,pay cash for everything and invest part of your income into tangible assets,emergency cash,and pay off any debt you have. Debt=slavery and freedom begins with your finances!!!! Good vid as always FF
I do kind of take the side of the woman at the start of your video. to me I guess it would depend on how much savings they have. she said they have 10k in cc debt but didn't say how much savings. if she had 10k in savings and 10k in cc debt i think it would be foolosh to use the whole thing. maybe 75% but you dont want to drain all your savings.what if they paid the whole cc off then the bank cancels the card. that happened to me in 2007. i had lots of cc's and about 3 of t hem they just closed for no reason. i guess they knew what was coming and figured they better close down peoples limits or not get paid back. but my point is that yes i agree that by carrying that balance they are losing money but you need to have some cash liqud on hand for emergiencies. and this whole thing about cc being for emerginecies i think is just stupid. that's a fantasy like the tooth fairy or santa claus. everyone starts out thining that way, "oh these cc's are just for emergiences" then before you know it they're 10k in cc debt and thinking "how did that happen". you can't use cc's wisely. there is no such thing. cc's are just like drugs. that's like saying you can use drugs wisely. there might be some people who can do drugs and don't get as fucked up as other people but everyone who uses drugs gets fucked. the same with cc's. even if you just use your cards for everyday bills and never carry a balance you are still paying more. studies have shown that you spend about 22% more when spending cc's than with cash. when you pay cash it hurts and you don't want to take it out as much. cc companies know this. that's why they give all these rewards, bonsues, etc out. i just got a cc from walmart and when i use it to buy gas i save 2 cents per gallon and for a while i was using it think i was saving money but i found out that i was driving more. all those bonuses and rewards are mind control games the cc companies use to get you to spend more. that's why they hang out at college campuses and give out cc's to college kids. get the kids hooked at a early age on that credit. just like a drug dealer. the wisest thing to do is cut those fuckers up and lose that thinking that cc's are for emergenices. that's what your 6 month emergency fund is for. i know lots of wealthy people and i've never heard any of them make the argument for cc's that the average broke person does. that's why they're broke.
i think the name of that song is, i'm a faggot who likes to suck dick by justin bieber
You may have back in your LSD days and listening Metallica.lol
Sad to hear that and for some they will never learn. They simply lack common sense. I learned the hard way about investments do your research before putting your money into it. This would have saved me thousands when I had to sell my metals.
Very true. 1 did to many drugs and the other took to many punches. They both are legends with Ali being the best ever.
YOU GOT ME WANTING TO HEAR ELECTRIC FUNERAL!
For sure Ed. Amazing Ozzy is still alive, the drugs caught up with him but didn't kill him. Sad to see him and Ali in the condition they are living.
That's the American way Buy everything you wish. Only the wise understand how to use CC debt in their favor.
PigeonSpeaks you are 100% incorrect and emotional over the decision. 1. You should have ALREADY had an emergency fund, 2. If you lose your job you get to use the CC because that IS the emergency. If you watched the entire video and do not understand this very simple concept, I feel bad for you. You will stay poor with that thinking your entire life.
good story
Forgot to mention the music, my favorite music rock and roll along with some metal and black sabbath is on top of the list.I grew up listening to them.
I miss the mid 2000's. I used to get 200K cash advance (using 3-4 cards)with zero interest for a year with 75-90 max fee. I would then put it it a one year CD paying 4-5%. Make alomost 12k for free for one year . I did that for 2 or 3 years. Those days are gone. Now you have to pay 3% to get the advance.
Well C.C. Debt is the root to our poverty and is the only thing from keep our economy from crashing! Debt creates money and money creates Growth along with wealth for the wealthiest. The elite knew this was the savior for the banks.
Easy Back Sabbath I think the Wizzard?
I think it's a little more complicated.
If you fear sudden unemployment at your job, then I'd be saving cash for a larger emergency fund and not dipping into that to pay off a 10% interest credit card. Most of my credit cards have lower cash advance limits and charge a much higher than normal interest rate if you need to borrow cash for rent money.
If the job seems stable and secure, then sure, pay off the debt.
Good video! As I've stated before I use my credit card for practically everything I buy so I can get the points. The difference is that I pay my balance off each and every month. People who can't control themselves really need to only use credit cards for emergencies and even then it should be a last resort.
We use credit cards for the convenience. I hardly ever carry any more cash than $500 at any one time. We also pay each card in full 98% of the time and if not usually pay up in a few months. My cc has an interest rate of 6% when I do carry a balance. I most likely will not finance anything if it is over 6%.
Another great video. Today I bought two more bottles of whiskey to add to the collection. Very liquid and keep up with inflation and here in Canada the taxes just get higher and higher on booze.