What the Credit Card Companies Don't Want You To Know
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Never been called stupid so many times and canât stop listening lol
I've been stupid so I have to just take it.
Lol. Same thought.
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I was just to type something like this đłđ€Łđđ€Łđ€Ș
Hahahahah right. I use a CC for cash as well. Iâm pretty cheap so I know I spent $59 on my gas fill up a week ago. lol
Just checking in for my daily dose of emotional abuse. Iâm so stupid.
Haha get over it lol
Timm Burr đđđ
đ itâs called coaching đđŒ I need it even though itâs painful sometimes
"....Those of you who view yourselves and intellectuals, those of you who view yourselves as sophisticated..." That is his disclaimer at the 22 second mark. His radio program is NOT intended for the people who are responsible enough to pay off their credit card (in full) each month and never pay interest. He already knows he will NEVER convince those people to "not play with snakes" because those people generally ARE responsible enough to handle snakes. The majority of people in this country are NOT that responsible. THAT is what his radio program is for and I'm sure, Dave would rather the responsible people NOT call him and give him grief for telling him that they never pay a penny of interest.
đđđđđ
I recently paid cash to go to an Orlando theme-park. Plunking down seven $20 bills just to enter really made me aware of how much the trip was costing me.
BUT AT THE LEAST YOU WON'T THE BILL IN THE MAIL SO REJOICEEEEE.
Theme parks are insane wastes of money
I worked at a grocery store for ten years in Mgmt, but all my life retail, everything he said is correct. Youâre walking into a well designed psychological trap every time u step into the grocery store. Cash will always be king, not all of us are after wealth and equity. Peace of mind beats keeping up with the status quo any day for me.
That's why I drink meal replacement, it is so much easier to manage groceries that way.
đŻđŻđŻ
I learned this being a fitness trainer. When you get certified they warn you of how the grocery stores are well aware of how they place product. And this is soo true
The quote that âyou think youâre going to beat the credit card companies that study your behavior more than YOU study your own behaviorâ is now permanently etched into my brain.
such a true statement it's insane.
I never pay HIGHER CASH PRICE...100% credit cards with rewards
You can easily outsmart credit card companies by being financially aware of your spending and never paying a cent on interest. How is this so hard for people?? There should be no difference in behavior when using a credit card. Treat it like a debit card and spend within your means and you will come out on top. Credit card companies depend on you to falter and accumulate debt. If that doesn't happen you result in the credit card companies paying you in 100's of dollars in reward points for spending money you would have spent anyways.
In aggergate, people will behave in an irresponsible way which will make them money. But some will behave well- it is just that it is a small enough minority the credit card companies don't care.
Sebastian Mitzinger i dont trust my impulsive self enought to be that dedicated for like $300 back a year.
This man changed my life. I paid off my home in 8 years. Thank you Dave.
OG Mike congratulations ~ nice!
Wow. I want to be like you when I grow up. Good job. Si proud of you my friend
Wow ... nice. How did you do it?
How much was your house?
I paid it in 3
I almost went to breakfast today, which is a pretty common activity, but I made it at home instead. Baby steps.
@@AnneewakeeChampions Nothing wrong with intentional spending. Ramsey is talking more about the unintentional variety.
I like having more, makes me feel free. Life is too short to be enslaved by debt.
@@BK-jb6iv if ya got the money to go to breakfast go for it
@@ZyanBeast I'd rather compound that money and have a hundred breakfasts a few years later.
That's why Walmart keeps rearranging the store aisles!
Never go to the grocery store hungry & Always Make a Grocery List.
I definitely do this.
And use cash
Yes, plus I usually buy healthier food that lasts longer when I go to the grocery food full. I think about how heavy the meal was..this is how I spend so little on groceries đ
Get rich people, so you donât worry about the little sh*t or strategy đ
Yes, otherwise I'll eat too much chocolate.
Paid my credit cards off back in January. What a great feeling. My loans will be paid off in December. I'll be 37 next February and will finally be able to work with a clean slate.
Well done.
How much debt were you in?
Congratulations!!
Good job
Why does Dave turn into Kermit the frog when acting like the credit card user.
Steve Garza Kermit is known to be a spender. Miss piggy got him by the balls. Smh
I literally lol when he did that voice!
How does one build a good credit report if your aren't using credit responsibly?
@@kathystewart6091 if you pay cash for everything you don't need a good credit report.
@@Preservestlandry I wish that was realty.
Rants like this keep me in line. Need the motivation all the time
2 paychecks away from paying off my card đđ can't wait
NICE!! Iâm assuming by now you have paid off those things. Great job!
My credit card was paid off after it had caused me stress, and sleepless nights. Hamit Toprak helped me out, I really donât know how he did it but he sure has IT skills and paid it off. I am so excited to have my debt paid off. Not Iâm debt free you too can be debt free. You can just reach him out on [+]16508353692 or đ§ h4meetrak[at]consultantâącom
FGFS let me help you pay it and you donât have to give me any money upfront, contact me on 9123356782 or Suecash1965, Iâll pay it up. I also have ways on increasing your Social credit score and increase your credit limit
John Lester yes
John Lester oh no I wonât take any money upfront
Exact opposite for me. I spend cash as if itâs nothing, but I think twice before lowering my account balance.
Absolutely. Maybe weâre in the minority
Same.
Add one more to that mix.
Me too but I think thatâs because we have also the account
Like imagine if you only had cash, and you had to use only cash
I think it would feel different
Cause right now cash just seems to me like bonus to what I own in my bank
Every time I think about buying something I watch one of these videos....a 5-10 minute video usually saves me $2-300!
My parents basically told me the same thing but in Spanish....
Same haha
Didnât listen when I was younger and I learned my lesson. Felt the hurt.
And with a chancleta
My grocery bill is how I judge the rate of inflation. It's the same list of stuff every other week.
how does it look now ?!
"Make it before you spend it."
starlitopensky1 amen preach it đđŒ
pure wisdom.
After listening to Dave, my pain centres are activated more when I use a credit card than cash
Good one.
it's funny but it's actually true haha.
1000% true ppl look at me crazy when I tell them Iâm going to close my card
I actually lose money using cash. By using a credit card to pay my regular bills, that I have to pay anyway, I get cash back. If I use cash I think about what money I am losing instead of the other way around. But according to Dave I am stupid. I will take his version of stupid all the time if I can make free money! Dave is not the God of finance he tries to make himself out to be when he wonât consider there is more than one way to manage money!
@@7961Jackson its a good way I closed mines so I can pay mines off and maybe reopened back up to work on my credit
"You are going to hand me a nickel while you take a $100 dollars out of my back pocket" this rings so true it hurts.
I love when Dave talks like Southern Kermit the Frog.
Hahahaha
D Mal đđđ
Lol
I couldnât stop laughing! Thatâs the first time I heard this impression đ
đ€Łđđđ đđ€Ł Love this comment section!
I just paid off my credit card! Woot woot!
Holley Johnson Congratulations! Nice feeling? Well done Holley
Now go cut it up
Edit: (the card... Cut it. After you cancled it)
In Germany it's a lot harder to get in debt with you credit card because the system is set up differently.
yey, almost paid with mine....
LoL good for you good for you
I got myself into 10k debt early. Between 18-24. Iâm 25 now and have started paying it off with the snowball method. Hoping to be completely paid off by February next year
Just spend money you wouldâve spent. Literally that simple.
đ€·đœââïž. Be smart . Thatâs it .
Dave, I went on a date to IHOP last week.....35.42.......used a debit card....still hurts lol
The heck you order to get $35.42? lol
@@thehouseofhoops it was a date lol
đđ
Look going on dates are fun and all but you gotta get serious 35.42 just went straight down the tubes. If the women is serious then before dinner you need to figure out a financial plan together. Once the plan is well thought out for the next year or so, go ahead ask her to marry you, my easy 1,2 marry steps. If she freaks out you know she's not the one. Going on dates is the biggest con out there. Do you think my millionaire friends got where they are going on dates together? Come on folks. Splitting the bill? Unless it's in writing don't trust it.
I paid cash 35 dollars for breakfast there. Ridiculous
CC companies are ok with giving rewards and no annual fee on the cards. They make tons of money because most people are bad and dumb with $.
And they charge the store to run ur card as well so they get there money
They make money on swipe fees.
Don't forget...the guys with the trucks and guns *DON'T* deliver or pickup cash for free
How do they make tons of money? Or people that dumb that go overboard?
He is so right about this. I get two stupid CC applications in the mail each day. There is a reason for it.
My paper shredder canât handle it.
Same!! Almost got one smh!!
0%, no fee credit card.. pay off each month and earn enough for plane tickets to take trips... Whereas a debit card gives you nothing... Discipline
Steve Kittel u may be, 99.999999999 percent will fall in to the trap, so everybody stay away
using their product for watevr reason makes u a part of the chain too
What is the name of this so called card?
19 Credit Cards later and absolutely 0 balance and not a penny of interest and I'm flying all around the world for free with my miles. So yeah credit cards are terrible đ smh
@@chrispaige5651 Not true at all. I spend cash as fast as I can, because I see no value in it. To me it's just paper. My generation doesn't associate cash as money, it's seen as paper I can trade for stuff, we are a mobile payment generation and spend less when we get an instant notification when we spend money, not cash where we forget how much we spent the next day. Do your research among Millennials and you'll see it's true.
American Express hates him
Literally lol when i read ur comment hahaa
Allll of the credit card đł companies HATE David đ€Łđ€Ł
SuperMarioThatWhore I hate American Express, so it's mutual.
Because they charge interst rate and customer pay this they make profit and customer wasting alot of money which is going on interest rate every month . That why they hate david
Hamza Shah not if pay it in full before the end of that statement period.
I have a budget on everything I spend on: Home & utilities, Groceries, Eating out, etc.
Every time I make a purchase using my credit card, I add it to an app on my phone which shows me my expenditures split up into categories and my current monthly balance. That way I can check if I'm overspending on a specific category and adjust accordingly.
I then take the cash back I earn at the end of the year and reinvest it. Not overspending one penny and definitely not paying them interest. I know I'm not the norm but you can't put everybody in the same bag and say NOBODY knows how to use a credit card.
Make a budget. Pay close attention to your spending habits. Don't acquire any debt of any kind. It's not rocket science.
Iâm 20, have 2 credit cards, have a 734 score, and havenât paid a penny in any form of interest to my cards. Itâs not hard at all as long as you have a brain lol.
@@kkcraven 19 years old, 6 credit cards, no interest paid ever to anyone, it's very easy, a large minority of people are like us.
What app
what app
What app
I'm glad I found your videos. I'm only 21 I wish I sought this advice before.
I assure you, better than finding him when you turned 50.
I watched a whole special on grocery store tactics that make people spend more money. For example, they started making the shopping carts in grocery stores bigger to subconsciously make shoppers want to fill them. TONS of psychological things we fall for and if you knew it all, you would feel so violated.
I never had a credit card because I donât like to owe anyone money lol. Everyone said I was crazy then I found Dave Ramsey.
I'm cutting it up on my last payment.
And yes, I've owned a credit card for one year. It was the worst decision ever. It's like I had a subscription at the bank and had to pay them every month.
Watch Gramham Stephan he'll explain how to use credit card to your advantage and not to be stupid with it.
For those who donât have a credit because theyâre to scared and listen to this man, then your really are dumb loll
How are you supposed to buy a house? And follow up question for when you say cash. Why would you spend $400k cash on a house in 10 years when you could have spent $300k with a 3.5% 30yr mortgage. You're actually leaving a lot of money on the table when you factor in everything like inflation and tax breaks from interest you pay.
I know exactly what I spend. I track it all as Iâm doing it. I manually enter in all my expenses in an app to make sure that I have budgeted money for what I want to purchase. Lack of personal responsibility is the issue. I get what Dave is saying, but I use a credit card and I still get the âshould I do thisâ feeling.
I love Dave. Honest and he's really trying to help as he has been "us" before. God bless you richly
I think 70% of Dave's teachings are amazing for everyone. The other 30% is for people who are really down in the dumps who need to cut every card and get their financial life together.
Best rant ever! I hear these arguments every day from co-workers; thank heaven I had a boss who modeled your principles and became a multi-millionaire in the years I worked for him (and was generous with his pay - on a total merit system - and his knowledge).
It doesn't hurt to use a credit card , but the pain starts when the bill comes at the end of the month,,,,,,, dont over spend
@Daniel Smith - you nailed it. This speaks exactly to Daveâs point. These knuckleheads who âpraiseâ credit cards as financial tools obviously donât watch the news. We have over 1 TRILLION dollars in cc debt as a nation. Why- because the vast majority of people use them in place of cash to buy stuff they really canât afford at the time. Are there people disciplined enough to use them ONLY for necessary expenses - Iâm sure there are. Are there a tiny percentage of people who truly âgame the system?â Again, Iâm sure there are. That does not validate the financial burden that put on 90% of people who use them.
Pain only once a month is not enough to form good habits. Feel the pain of spending every day and your life will change.
At the end of the month? When the bill comes??? How about pay it within days after spending, so when there would otherwise be a bill, there is NO bill :-)
Coronavirus: Exist
@@aeromedical6750 All of mine for for business and everything on them are purchases for business expenses so I get to use them as tax right offs at the end of the year, the refund goes to help pay the balance before anything else.
As a budgeting nerd Iâve already decided how much is getting spent on what. Cash or card budget comes first.
Mr. Ramsey, I just want to say God lead me to your channel! I am 39(today) and I have been stupid with money most of my adult life. I made ALL the stupid decisions when it comes to money. This stops now because of you! I am learning so much in my daily 4 hour class at Dave Ramsey University. So excited to learn even more. After baby step 1 I am buying your books. One at a time of course, according to that monthly budget.
How did university go
How is your progress ?
@@mariorta5017 I'm debt-free now.
God bless!!
People just need to be adults and have a plan. Have a list, walk in with the grocery list and money for nothing else. Use an app that lets you see the price for each item and the total. Use some willpower people
Brant Fuller I always use out of milk app because I can enter the price, know the total before I'm even at the register. I can add items as I go or remove them too
Kai - it's so necessary. Know what you're getting before to go in there and stick to that. I have my grocery list already made for this weekend and know what my spend is already and the price of everything
Sometimes those 'least expensive brands' have more filler. Check the sides of the boxes before immediately beelining for the cheapest.
Robobin yap save on the shelf and pay for at the doctor office. Yes normally find I save more if I buy cleaner foods at a slightly higher price.
fit jetergirl. No one knows what they intend to buy. Just buy gift cards for all of the places you intend to shop. Put the rest of your money into savings.
Lol. Love the âI get my milesâ voice. Lol. Love this show. Love the advice.
Chad Baxter lol I love it. I call it his Cleveland show voice.
I'm surprised Matt Stone and Trey Parker haven't asked Dave to provide the voices for their South Park characters.
Lol i loved it too, it made me bust out laughing.
At around late last year, I reached out to zeushackers01atoutlookdotcom to help raise my credit scores and clear my debts. My debt consisted of $9k in credit card debt, and an additional $27,000 in student loan debt that was a combination of my masterâs degree and my childâs undergraduate degree. It felt like a crushing burden that filled me with dread, worry, anxiety and fear until my cousin then told to about them and they asked few questions about my credit and gave me financial freedom within few days. I was so happy and my life changed for better.
âBut that ain't none of my business.â
Edit: *sips tea*
You are absolutely right.
I also prefer cash over credit. But this country has a troubled system of CC, where if we dont use CC we don't have a credit history.
Here for my every 6 month viewing of this one.
I have been watching Daveâs videos for a while, but I have not understood the âno credit cardsâ part of Daveâs advice until this video. Thank u Dave: this has made a big difference for me.
Iâm 22, have no debt and LOVE my credit cards. Iâm currently getting 10% back on groceries with my discover and have 3% on a category of my choice with my BOA card. I scan my receipts on two apps, use multiple cash rewards apps....Iâm making hundreds in cash back.
Marie Masarova thatâs great, as long as you pay them off at the end of the month, unfortunately most Americans arenât as smart and wise are you, thatâs why he says donât get a card because people will be dumb with it
no one cares
Miss one payment, or they claim you did, and see where this hundreds in cash back go. It's a business that makes billions. If you think you're winning this game then casinos must like you.
What apps? đ§ I needa know
One of the best rants Iâve heard
Benjamin Franklin's coffin! đ€Ł Good one, soooo accurate!!!
Thatâs Uncle Ben to you đ
Look, I think Dave Ramsey's show is a net positive for the world's personal finance, but he ends this clip with a lecture about how much you don't know and that when you think you're getting away with something, there's money in it for someone else. Then it fades the video out to a link to buy his book. It's poetic. I couldn't have thought of a better end to this video than for him to prove himself right so swiftly.
Meanwhile, I use a credit card alongside a rigorous budget to squeeze every drop of value from reward points. It is possible to do, Dave, but maybe not for the vast majority of your usual viewers.
gamelord12 he does tend to speak to the average masses which is why he makes blanket statements about peoplesâ behavior. I also am rigorous about how I use credit cards and I havenât paid an extra dime to a credit card company. If you can play the game and win, do so. Just know youâre not the average person.
Also people tend to switch off when they're being insulted and talked down to. The way to change attitudes and behaviour is to show them a better way without making your audience annoyed with you.
I don't want a credit card because my life is too complicated already.
If you're using a credit card and only for things explicitly budgeted, then you are in a very small minority. 60% of people with credit cards are carrying a balance. I'd suspect a great deal of the other 40% (guilty!), are using them on impulse purchases.
I like how you keep it real by understanding emotions, but also how to use money management.
I was talking to this woman who said she works in finance and she was smiling about how she has 8 credit cards.... on purpose..I laughed so hard. Iâm tryna get rid of mine.
Hey Dave, I am two swipes away from paying off my Debit card.
When I was in college making $800 per month the credit card points were awesome. I used the credit card for stuff I had no choice but to buy for school, then paid the entire balance the day I got my statement. I used the points to buy bread and canned peaches at the dollar store. It helped save on my very meager grcocery budget. Came out of school with no debt at all- no credit card or student loans. And the good credit history gives me a great credit score at only age 22. Do what works for you and dont feel guilty about it if it actually works for you
I use my card at the pump and I know I pay $35.42 for a fill up.
*$33.65 NET COST WITH 5% CASH BACK CREDIT CARDS*
Im guessing your car has got a small tank...lol
@ When it is winter and it snows...under 1/2 tank is dangerous...I pay over $30 for 1/2 a tank...then I get a discount from that cost with my *CREDIT CARDS*
@ i pay only $12
I just use my card for gas as well, pay if off when i get home
It's not about taking on the credit card companies, it's about being subsidized by the people who are not wise in their usage of credits card. The companies don't need to make money off every single user, just as a whole.
Keep telling yourself that
I work for a credit card call center and will tell you this is true. Every day i have people calling me to ask what they spend on their own credit card. They can't remember. It's so annoying.
Are u able to make deals like settlement if they offer?Curios what average one takes?
We have departments like collections and hardship. They deal with people who are struggling.
His metaphors are legendary! đđđ
I use a calculator as Iâm doing my groceries so I know how much Iâm spending so I donât go over budget
You can scan items as you go in our supermarket, and pay cash at the end if you want. All good. And no queuing bonus.
abbylayla2000 My credit card debts was paid off
Same as my line of credit which was giving me a lot of stress and the banks wouldnât stop calling me
Didnât give him any money upfront and yet now I spend the money on my cards anyhow. I donât know how he does and I am So exited, contact him on 9123356782 or suecash1965 on IG
Einstein
That's a GREAT idea!
The surprise bill at the register always get me.
Your right on the food, but for some reason I always remember my gas prices
With Dave on everything other than this: the pain associated with cash vs debit card. When I spend cash I feel nothing when I spend on a debit card I get a notification on my phone instantly and can see the number in my bank account GO DOWN. Iâm debt free and on a budget but Dave needs to update this for a younger generation.
I agree. Plus - cash is on its way out. It's inevitable. Most younger people don't pay cash.
I think thereâs a reason heâs a millionaire and your not?
I agree. I always carry cash, but see that as already "spent". Using a card, I'm spending money, cash is already spent. Even if it's in my wallet. I've had $25 in there for a month. I keep forgetting I have it
@@zooldoo and the (reprobate) powers that be want cash-only people (usually old farts) to get off the planet, and out of the way. Even insurance companies are nagging their customers to pay on-line. i prefer to write a check, and send it snail-mail.
Unfortunately most people learn cc use the hard way.
Iâm self employed, and as a business owner I have to purchase supplies in order to keep the business running. Also, I have to pay my health insurance completely out of pocket, $1000 a month. Iâll take the 2% back on the credit card. I got back 2k in one year, not from impulse, but necessity. Wonât make me a millionaire, but every dollar counts. Dave is a great advisor, Iâm with him on 98% of what he says, but I part ways with him on this subject. Iâm debt free other than my house, btw.
E Mansini Exactly! :-)
The company you are purchasing from has to pay 3-4% in credit card fees. What if instead of getting cash back you negotiated a better deal on what you are buying but in return payed by check elimanting fees for your vendor.
What makes you think he only gets his products from manufactures, and distributors? And you think the phone, internet, electricity, supply companies will come to an agreement with him for not using his CC? The CC is great for a small business if used correctly.
The larger the company, the lesser chance they'll accept a cash offer. Companies like Comcast, Kaiser Permanente and my advertisers are not going to negotiate a deal with me based on a cash payment. Most companies, including mine, are charged 2-2.5% in credit card processing fees. The margin is so slim that it doesn't make much of a difference either way. However, there are times that a cash offer can be advantageous. My dentist offers a 5% discount on those who pay by cash or check instead of debit and credit. I tried the same with my auto mechanic last week, but they declined the offer. In a nutshell, it never hurts to ask for a cash payment discount, but it seldom works.
+Chris Baker, actually many CC process fees are about 1%, know the facts before you repeat the BS an lies Dave propagates Here is what I pay in CC fees:
*VISA/MASTER 1.15%
*Discover would charge me 4.2% which is why I dont take them
*Amex was going to charge us 5%, but came down to 2.5% when we refused to take them.
Debit on the other hand: is $0.35 per transaction +1.2% when that can be more. So many transactions DEBT costs almost any biz MORE.
That's it. I'm paying off all of my credit cards and being done with it. Thanks to this episode.
Me too sister
This guy is ABSOLUTELY RIGHT about what he says in this video. I actually have known a lot of what he says for years, and yet I openly admit, I probably spend more when I use cards. Haven't paid a lick of interest ever, have no annual interest cards only so I don't feel pressured to spend to "get my moneys worth". I only do simple cash back cards so I don't have to jump through hoops to actually monetize those "rewards".
I try to think consciously about every purchase I make, but I know there is no pain feeling when I pay with card. Not for a second though, do I think I can outsmart these companies, its just that they are convenient...I don't like to carry cash. I feel like it is safer, and more convenient to carry cards. You don't have to go inside at the gas station, you don't have to deal with coins, and believe me there is dopamine when I feel like I am getting 5% cash back when buying groceries by using the correct card. In addition, there is fraud protections and stuff like that, and it is the only way to buy things online really and some things are much easier to buy online than in person. Add on to that COVID19 and not wanting to touch things.
The man is ABSOLUTELY RIGHT I'll say it again. I just hope I'm understanding the cards well enough and still choosing to use them. In other words, I'm paying a fee for the convenience and protections they offer.
I have 2 very smart friends, and it is just unbelievable to me how they think they are getting value and that the Chase Sapphire Rewards (a now $550 annual fee card) is a great card. One of them claims he hasn't paid for a flight in years, but VERY CLEARLY HE IS - $550 A YEAR!! They are also incredibly quick to correct me that this is a $250 annual fee card in reality because the $300 travel credit is incredibly easy to earn back. No. If it was a $250 annual fee card, you would pay $250 annually for it. It is a $550 annual fee card. Its incredible to me how defensive they get. If they are so sure, why do they feel the need to defend themselves. I feel like somewhere deep down, they know I am right...I will add one point that one of them makes that seems legitimate though: He used to work for a big company and travel a lot, and he would pay for the flights and hotels on his card (earning him "points") and the company would reimburse him. I guess in this case, the large traveling business trip fees earn you points with no spend to you...but...you are still paying that annual fee.
Make no mistake creditcards are given to you because it makes the companies money. These corporations are not giving you these cards from the kindness of their hearts, they give them to you because it makes them money. Ever notice how they push their supposedly more 'premium' cards harder to you and are often easier to get? Because annual fee cards make them more money...I have a friend that did a pre-qualify for Amex and only got offered annual fee cards...funny isn't it, I thought those cards were the 'better' cards? Me and my higher credit score got approved for the 0 annual fee card. THAT is the better card, the one that makes Amex less money, is the better card for the consumer.
Went on a tangent there, but the point is the same. Creditcards cost us money. Its just indirect and invisible and hidden by these "rewards". I've never seen people flinch over 50 cents as much as I have when people try to earn an extra percent on a $50 purchase. They have got us bickering over 1-3% with all of their marketing.
If you are not hyper disciplined, you will be better financially off spending ca$h. Study after study agrees.
Credits cards arenât bad, itâs the people using them that get themselves into trouble. Be smart and never, ever spend more than you can pay off. Itâs great to build credit, reward points and provide a buffer between yourself and the merchant (if you ever need to reverse the charges).
Exactly
Came looking for this comment
This channel is epic!! Raw advice, I love it!
"Dadgum, I just bought dinner!" Where can I get that as a ringtone?
Dave has a great Kermit the Frog impression 6:45
When he said âbehavior affects your ability to build wealth more than all of your little math tricks that you think you see all of the variables on.â This resonated with me profoundly. As a math major I have spent most of my adult life analyzing things from a statistical and quantitative perspective, but sometimes this limits our perspective. I recently learned many of the different ways that credit card companies still profit off of you even if you always pay your balance off at the end of the month and I will just say this. âThe borrower is slave to the lenderâ PERIOD, FULL STOP.
I pay before the statement date . Not at closing date .
Plus sometimes weekly after it is done pending.
Though I donât even use my own money either .
I get a loan against my own savings 5% interest on it
Loan is for 3%
I still get 2%
Win -win .
Got to play the game . I retired at 45 after reading rich dad poor dad . And other books .
an employee is also slave to the employer, it is pretty dumb thing to say tbh, it appies to many things but does Dave tell you not to get a job? see the issue yet?
I JUST PAID OFF 3 CREDIT CARDS TODAY WHOOO HOOO!!!!!!!! I feel this weight lifted off my shoulders I am excited for Aprilâs budget!!!!!!
I pay off 3 credit cards every month... how do I get this excitement you're feeling?
:P
ALL of my CREDIT CARDS get paid off every single month
Very powerful presentation. Thanks, Dave.
Wow, Love It! The speech is amazing
I've had the same cc for 30 yrs. I have always paid balance in full every month. I retired 6/01/2020 an am currently saving 1000-1500 per month. My life savings as of 4/1/2021 is 764300 and I will be 76 in May. I agree and disagree with your opinion as to folks that spend more than they can afford. When I buy something I would be spending that amount whether cash or card. I have accumulated a little over 10000 and no intention of using it in the near future,
Gas $50.47. Hurt.
Food store $29.32. Hurt but not as bad.
All paid for by debit.
I use credit card for everything possible and it always hurts. I even pay my electric bill with it, and we still use as little of electricity as possible because then it has to go onto my card and then I have to pay for it with the money I earn.
Cash is better
I love you Sir. You are a gift to my life. God bless you richly for giving back. Wow!
Schools should include Financial management as part of basic education especially Saving and Investing money.
Byron Yadao they will never do that. Then they will be setting future captives free.
Ha! That's like teaching slaves Locksmithing 101.
If you're calling for credit or banking issues, it's pretty guaranteed the victim doesnt have alot of money. Most hackers do it for the thrill, or because they can. Seeing myself at exactly the time I needed that particular lesson to remind me thatâs not where I should be. A months rent for me to boost credit score? Easy decision. 20 clients for 300 each or 2 clients for 1500. Which do you think will happen first? Anyone who needs help can reach him directly hackerrobert001atgmaildotcom make your points clear, he has extensive experience in terms of computer hacking and he will provide the best options. You can as well text/whatsapp +19083490631
After listening to Dave Ramsey show, I cut all of my credit cards. Thank you, sir
you can use it if yours have the reward...
Made $600 last year from Visa cashback. Free money, Iâve never paid one cent of interest. Daveâs message here doesnât make sense for the financially restrained person.
My Kohlâs card made me around $400 last year
My Lowes card made me close to $800 last year.
I made/saved $1,800 because I use these cards to my advantage. I wish Dave would admit that instead of treating everyone like they are the child who needs reprimanding.
Iâll take the free money.
Nothing is free in this planet. And definitely not money. Your buying info was tracked throughout and sold to numerous vendors, which is how they make money back - info that is extremely valuable for specific companies who want to be able to target their customers in the most accurate way possible.
The guy below is right - there is no free. I'm sure there is something they get/got for your behavior. Did you just spend the amount they gave you back or did you spend more and that free money was just a "discount"?
he's probably speaking about the general person. since the general person nowdays is a moron.
I use my credit card only for groceries, because I get 2% back.
and that way i avoid the transaction limit for the debit card.
He's a conservative financial adviser. He's trying to give good enough advice for the many out there that fall into the high interest trap. Also, Ramseys later said in this video he knows conservative spenders he respects that use CCs.
That's good you're smart and dang Lowe's paid you 800 bucks when you spent X bucks with their card. I wonder what that X number was. Besides CCs being a trap for the less disciplined in general they complicate your life. How much cash do I have in my checking? How much money did I swipe my CC? You know what I'll tie my checking account with my CC account with this financial app on my phone ... dang it how do I use this app again... where's that account... oh I need to click this?... oh there it is ***breathe** what's that extra 100 dollar charge... oh that's right that's right, false alarm.
If you think you're getting the upper hand on banks and financial institutions, you need to look again. They are smarter than you. Be aware. They wouldn't offer you something that they get nothing out of.
I never have issues with my credit card and pay it off every month. I use it for things I would normally use my debit card or cash on. It offers more protection and flexibility than a debit card and cash back is a nice bonus. Yes, you can beat the system if you are responsible...not that hard. If you can`t handle the temptation, than get out of the frying pan.
Yeah, I don't get the fire and brimstone in this video at all. Credit cards are a great tool for anyone with fiscal discipline. If you can avoid temptation (and many people can), the benefits are many and obvious. I save and invest 70% of my paycheck, I'm more than frugal enough to handle a credit card or two.
@@somegoddamnguy where is the value being created?
@@owlblocksdavid4955 cash back, travel insurance, increased buyer protection, letting some dumb bank bear the cost for the rent free period while your own money create interest for you, there are no negatives as long as you have fiscal discipline
I started listening to you a few weeks ago and because I dont like the feeling of stupid; I started paying my debt. I had savings and realized I was just hoarding the money and not using it. Started with my son's braces which they got me almost half off since I paid at once. Now I'm tackling a jetski and I predict in a year or less I'll be able to buy a house.
I didn't hear a single thing that the credit card companies don't want me to know, talk about stupid.
My credit card debts was paid off
Same as my line of credit which was giving me a lot of stress and the banks wouldnât stop calling me
Didnât give him any money upfront and yet now I spend the money on my cards anyhow. I donât know how he does and I am So exited, contact him on 9123356782 or suecash1965 on IG
i like when he does the Kermit the Frog voice
There is a reason they can afford to give those card perks....
Bork Wood pennies on the dollar
and I profit off the dummies that can't get their spending in check.
LOL me too
They pay the perks on transaction fees and interest that other people pay.
Other people pay interest so the credit card know that if they get 1000 people a certain percentage are going to be paying some interest. Based on the numbers they can give out benefits to everyone and still make a profit. The bigger the benefits are the more customers they get. So the smart ones get paid basically by the dummies
âYou are just stupid.â *Crosses arms* repeated x10. In the name of helping people.
Well I am happy to say I know exactly how much I spend every month on groceries. I make sure to make my list and a monthly menu. It makes a big difference.
Just got into these videos. Gonna start tackling my debt next week !!
Soooo I'm guessing Dave isn't a big fan of the new Amazon grocery store
Whilst I agree with Dave on most things I personally spend less when I pay with a debit card. If a cashier gives me change, the chances are Iâll buy some candy, chips or a soft drink within a day or two as the coins are in my pockets annoying me.
Same. If spend 20 cash and get back a few bucks, the next time I get gas I def go in and grab a hot dog or something lol
I must be weird. I use a debit card to get gas and I still remember what it costs. When I get groceries, I make a list of what I need and get only what's on the list. I rarely impulse buy anything. If I go out to eat, I could tell you every time how much it costs. I don't understand Dave's logic here
I am grateful for that grocery consumer psychology lesson.
Literally you dont know what the world is until you look further into food marketing for grocery shopping. Lots of lies and tricks lay in these shelfs.
Some people track every transaction with a spreadsheet or financial program. You know exactly how much youâre spending with a credit card.
True that, I used to use a financial program. Then just started using google docs. Start easy, look up how formulas work. Teach yourself, or search engine it on how to do different tricks. I now have all my finances laid out for the year, with two little boxes for all my gains and losses. Super convenient and easy to manage once I set it up.
Also... who doesn't look at the machine or receipt to make sure they're not being overcharged at a store or gas pump!? xD
Quicken
I have not had credit cards for years. I do have a debit card but I like to pay cash. On payday I withdraw our weekly allowance from the bank and pay for everything in cash. What is left at the end of the week goes into an envelope as a slush fund which often gets used at Birthdays or Christmas. It is nice to know there is that little amount sitting there in case there is an emergency. Money in the bank is for paying bills and savings. The debit card is simply because the bank issues it as my transaction card.
Thank you Dave for spreading wisdom. You are always right. All truth nothing but all truth,
Ever Dollar app is a lifesaver! Thanks Dave.
Dave, you're not only a financial expert but also a good voice actor! lol Great show!
I've been using credit cards for 10 yrs and have never been late on a payment .
Do you pay in full every month
He addresses this at 6:25 into the clip. It isn't a matter of paying on time or paying it off fully or anything like that. I used to think that it was silly but he is right - you FEEL it when you spend cash which makes you pay attention to what you are spending.
You probably spend more than you would have with cash.
But when you have credit cards when you get paid your hard earned money has to go to the payments,
My wife and I In Dec 2015 bought a manufactured home in a 55+ MHC $ 70,000.00 ... We put $7000 down with a loan balance of 63,000 left to pay for 15 years @ 8%. After 2 years of payments we refinanced with B.E.C.U. @ 4.5%. A year later in Nov of 2019 we paid the entire amount off but before that we were forced to buy another car-- our other blew the head gasket and was unrepairable. Knowing that buying new car is bad a investment we bought a 2 year old car in May 2018.. We just paid off our 25,000 2016 CRV LX less than 18 months.. We are now investing and saving at the same time. I used the PAY YOURSELF FIRST method in to create savings for us
We may not be doing the baby steps program in the proper proggresive form but Daves' passionate stance on debtlessness and advise is what motivate me and my wife to remove debt from our lives.. It is the premise and motivation of paying off debt that helps you to achieve.. We are now in our 60's and I feel it is not a good thing to be in debt with a mortgage
in your retired years.
The time is now to be debt free and save. Putting off means never starting.
START TODAY!!!!.....
Credit card is evil, yet MLM is okay with Dave? I wish he preach consistently.
âDamit I just bought dinnerâ
Hahaha I love you Dave but you're just nuts. I've been using a credit card for 15+ years never ONCE paid interest on it and every year get out over 1k of free money from it. I guess that makes me anomaly? Somehow I don't think so. I also remember all purchases vividly because I pay them off within minutes of making them.
Kris Mier me too ! I enjoy taking the credit card companies money.
Me too. I have my credit card's full payment automatically taken out my bank account. Haven't paid interest since I got my credit card. Dave's advice certainly works for most people, who can't control themselves with their money and spending habits
You're clearly not Dave's audience
Lol yes husband is doing this too for yrs . Works great nd love taking money from đł
This is good! This is very good. Thank you Dave for the "In your face" advise. Good health and blessings!