Dave, I Disagree With Your Thoughts On Credit Cards
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Ryan's with us in Sacramento hey Brian how are you hey how's it going better than I deserve what's up so I've been watching your show for a couple of days and I think you give really good advice but I do disagree with your thoughts on credit cards and that you know they're just bad overall the biggest is of course do we know the interest is that on it but you're on the premise that you'll spend more with a credit card than was past now that may be may be true but that's a general statement the general statistics and it doesn't apply to everyone there may be someone out there who can get a credit card and pay about the same price as if they would do with cash and then that would increase their credit score and you know such yeah my great grandmother died when she was 90 and she drank bourbon and smoked cigarettes every day and she used to say yeah these cigarettes won't kill me one of these days and cigarettes didn't kill her they didn't kill her she got away with it other stuff killed her when she was 90 anyone the Bourbon either okay does that make it okay for for me to say it sit here and say cigarettes are okay absolutely not ah so your logic flow doesn't even make sense how old are you 21 okay and well your logic flow is not what you're saying is it logical it's say it's like saying drunk drivers don't always kill someone so it's okay to drive drunk that's your logic flow and so it just it's not logical I doesn't work so here's the deal there's been multiple pieces of research done not just my opinion but multiple pieces of actual detailed in-depth research that shows that people spend more when there's a disconnect from the fact that they're spending money emotionally for instance when you spend cash there's one study that was done at MIP that says when you spend cash it activates the pain centers of the brain you feel it you have an ouch moment when you spend cash when you spend with a debit card it doesn't do it so much but does a little bit because you still connect that with the balance on your checking account emotionally they smell the credit card it doesn't activate it at all and consequently people spend more another example would be the basic friction on Amazon you bought stuff on Amazon I assume are you an Amazon Prime member yes ok and you realize you spend more because it's easier to spend right even spend that much on Amazon but when only time I would spend on it is if it's cheaper there than on a store yeah but you get the idea that the easier it is to buy something the more likely you are to spend over the course of your life now an individual transaction maybe maybe not ok I'm an Amazon Prime member actually my wife is I use her account but and so but so when I'm on there I do shop around like you're talking about I'm a fairly responsible guy with money I'm a multimillionaire the stuff I teach has worked for me and so but the bottom line is is that behavior in your in the way you handle payments does affect your spending patterns over the course of your life over the course of a year again an individual transaction maybe not and to your point some people are more disciplined than others but the concept is simply this the credit card is the cigarette of the financial world there's no upside to using it only downsides is it going to kill everyone no but it kills a bunch of people and financially speaking so why you know why handle snakes why you know rattlesnakes don't always kill you when you pick them up but most of them will or there's a good chance you know there's a better chance you're going to get bit if you fool with them then if you don't fool with them that kind of thing and so that's what it comes down to and really what it comes down to is not studying your feelings or your opinions it's say let's talk to wealthy people who have built wealth starting from nothing and ask them what they do with their payment structure and here's the stairs what we just finished the largest study of millionaires ever done and what we found in talking to the millionaires is they pay cash for everything some of them have a credit card and pay it off every month like you're talking about but none of them caring consumer debt of any kind ever they don't carry car debt they don't carry credit card debt I don't carry any debt of anything else and so I appreciate your opinion Brian but you're just wrong that's what it comes down to you're just wrong and the you know there's no possible way that we would ever tell anyone to use a credit card because it doesn't cause them to win it only has downside not upside I'm not gonna tell you to drive drunk you might get away with it but you might kill yourself or kill somebody else I'm not gonna tell you to smoke cigarettes you might be my great-grandmother and died of 90 of something else but it very likely will kill you it's a proven thing it's you know there's only downside there's no upside and so that's it I mean you know the downside is your breath stinks and when you smoke you smell like you lick the bottom of an ashtray and and everybody knows it you're something you're you know you smell your clothes smell like it anything else and credit card debt does the exact same thing to your financial world it stinks it up and you're just you're not gonna win screwing around with these things so again to your point can an individual from time to time do that yes a highly disciplined individual would be very unlikely to have major problems but there's no upside so why screw with the snakes they're cute you want to pet them I mean why screw with the snakes there's only one possibility screwing around the rattlesnakes get bet or not get bet I guess there's two possibilities maybe you're really good with snakes what does that prove nothing then proving anything at all so we stay away from them sir and I appreciate your call
It seems that every day we hear about one bank or another being either at the brink of failure or otherwise riddled with controversy. For years now, the ongoing topic of debate over the American economy has centered around the role of a few central banks with corporate management in the crosshairs of conspiracy theorists and legal analysts alike. But what are your alternatives? How do you avoid a traditional checking/savings account that could be subject to a wide range of fees? Here are some ideas.
You can watch the entire live TLDR episode here:
thank you for watching liking commenting sharing and subscribing right now I still don't remember the day that I first set up a bank account savings account I opened it with $700 and I would say for maybe about five years or so all I did was deposit I didn't start withdrawing money until I was well into teenager II didn't really need to withdraw money I just deposited gifts from birthdays or holidays any kind of odd jobs that I might have done around the neighborhood selling you know old items which wasn't really easy to do back then we did not have the internet it was that long ago so we've crafted a post for all of you who have never had a bank account don't want a bank account but still want to do something with your money other than shoving it under the mattress five interesting alternatives to traditional bank accounts take a look at the link as I'm doing right now on lockeroom comm I'm gonna go ahead and scroll down about halfway and in the sidebar I'm gonna +1 the page tweet it out and also like it on Facebook hopefully you do the same for all the locker gnome articles so one place that you might consider that's not a bank is a credit union and if you had not considered a credit union the primary difference as we outlined here you know verbatim for one credit unions are owned by the customers and not for or not by a for-profit companies I'm reading it and I'm still messing it up hopefully you got that many credit unions offer the same range of services from standard checking to savings accounts to short and long term loans what makes them different to the user is that they typically have some added benefits to the user it's a little redundant in that sentence well go back and edit it I'm sure at some point today theoretically so there's you know some large differences if you want to feel like you own a part of this institution wherein you're placing your money a credit union may be a better way to go I have banked at a credit union before and I am not currently at a credit union and being fairly served I believe by other institutions that may change at some point when I need to open up other investments a cash management account is another alternative to savings or checking account PayPal is also a possible alternative PayPal is not a bank you got to be careful we've done a video on all the dangers of PayPal and you sure certainly be aware that it is not the end-all be-all for where you want to put your money in fact I would argue you know the money that you do put in PayPal should be money that you could live without but it's there as a matter of convenience since many people use PayPal as a you know transaction mechanism I certainly use it as a peameal profit PayPal it's not even a word a payment processing gateway when I have to take money or send money another thing you might consider believe it or not precious metals gold silver platinum just a few you know and they may accrue in value of course you never really know anyway you go you know this is it's an interesting world we live in but don't think that a bank and a traditional checking or savings are the only options for you where you might put your money and it looks like I'm just reading the comments here from the lie of TLDR episode the locker room daily report as we stream it live on YouTube every weekday at 3 yep only money to buy minimal says Phillippi Postigo and i bet that he's in that's in reference direct reference to the paypal assertion i made there restless AMW says what about the prepaid credit cards Chris are they good for buying things online or storing money I would say not for storing money because you're not going to you know generate any amount of interest from them but yes prepaid credit card may limit your exposure of potentially being ripped off by one company or an other having that number stolen the damages would be minimal you know that's certainly a smart way of going in terms of transactions that you might make not just online you know we think about security and again this is kind of apart from the article but we talked security and we worry about things that we do online but it's far more dangerous to hand your credit card over to a stranger at a restaurant that they walk away with it than it is to do a transaction online you could still get your credit card number stolen there in real in the real world it's funny people are ultimately the the I would say the biggest security hole in any particular process or any transaction so just something to keep in mind take a look at the article if you have any other suggestions on where we might want to put our money other than in traditional bank accounts well that's the reason why we titled it what we did take a look it's linked for you in the description share it if you like it
Get up to date with the latest money making techniques, brought to you by financial expert Sarah Willingham on This Morning.
shanell savings week so it's probably the right time for this Tara Willingham is here now with her top three savings tips so what so let's start with those I started with the first one I thought premium bonds you know there's so many people out there that spend two or three pounds a week on the national lottery well actually why not spend that money in a year buying premium bonds they're safe and at the end of the day somebody could come and knock on your door and you could win it win a million places you can catch them in whenever you want to yes exactly then it but while they're there they keep you never know I never know it's a fun way of saving because because they are safe and yet you never know you might get really advanced and every so often she'll open up should get serb units a25 eight or 50 yes we always give God children premium bonds right blessings just the amount of money you win or the amount of people who win change depending on interest rates and things like that no it's and it's all tax-free as well when you win it so you can win up to between five pounds or a million pounds which is great another thing that another thing that we used to do piggy bank savings what we used to do at home will have a massive big glass bowl in the living room all the spare change went into it once a year is to empty it all out all over the carpet and the kids used to count it all in decide row we're going to go once a year nice way of saving doesn't have to be for the special day out could also be for the washer breaking or whatever well you said that if you if you buy a coffee every morning on your way to work and you stop doing it and put your two powers into a jar around 250 working days per year you save about 500 quid exactly cash Isis I know everybody thinks that cash eyes is boring but when we start talking about things like that this is the place to put your money five thousand three hundred forty pounds a year you can put it it is tax-free you should be looking out for around three percent then if you're taxed at source how does it I don't understand how it then saves tax-free in that account you're allowed to put three that's up to five thousand three hundred forty pounds into a cash icer every year and you don't get taxed at all on the interest okay so no matter so if you're a 40% tax earner for example you're saving 40% so more you're self-employed then that regardless your that that is everybody whether you're a 20% 20% 25% 40% tax payer you're allowed to put that amount into a cash you say you should make sure you look for one that's giving you about 3% there's loads of rubbish should be honest there are loads of rubbish ones out there under 1% it's not worth the effort frankly yeah look for the look for the around 3% okay eBay yes this is my make up a name this is the principle of to sell it before you buy my friend Sarah needs to buy some new things for her holiday so I'm gonna help her find some items in the house that she can sell so that she can afford to do it Oh whose are these so once you've got all your unwanted items you can start selling there are many online sites where you can sell your unwanted items I'm gonna use eBay we're gonna start by setting up an account so most sites gonna charge you between 5 or 10 percent commission but make sure you check out the fees before you start so once you've set up your account I'd recommend you set up a PayPal account this is the most secure way of sending and receiving money so you'll need to link your online account with your PayPal account so the first thing you'll be asked to do is put in a title and this is so important this is the bit that the buyers actually see so sell your item brand-new in box pop-up they're brand new in box so when you're filling out your form you must be really honest about the condition of your item if it's got flaws take photographs of those flaws most people want to see what they're buying a photos free to upload so use it and take a good one the secondhand items on average you can get up to about 50 percent of today's selling price if the item was new so start the bidding at 99 Pete then it's free to list after that for a valuable item make sure that you set a reserve price how big is your parcel it's a packet it's 40 grams it's going to the UK get estimate see how easy that was now all we've got to do is wait and see how much money Sarah makes and we have that amount now here's how much she made three hundred and thirty two it's not amazing in two hours well everybody freaks out when you start talking about selling stuff on the internet because they think it's so complicated I mean look you know eBay have done some research the reckon everybody has got around 450 pounds yeah so you – I bet you've got a lot more than that what I will say is that these scams you get in your junk mail that are constantly getting these hoaxes and things if you do sign up for this and then you get and it will probably be completely unrelated as someone saying your PayPal account has been compromised please give us your details on this yeah yeah yeah it'd be really really careful because it's no don't what I don't want people to think about scams when they thinking about trying to making some money from syrup from a site like eBay this is not difficult open the Wardrobe you will fly so just give it go my mum put one item on at this weekend yeah there are loads of other ways to tell as well if you are scared of the Internet yes loot magazine for example that's a that's a free newspaper local adverts still in your local post office your local supermarket car boot sales ok cool a bit standard a car boot sale stands somewhere in the middle don't stand near the loos and don't stand near the exit and take lots of change with you and check the weather basically ok I'm a space guys lots of the ways gets paid for your space you can rent a room in your house look at spare room co uk free of charge to rent free of charge to join you can rent your garden camp in my garden brilliant earn up to 25 pounds a night renting out your survey you idea of like a festival exactly rent out your drive my parking space or park at my house again if you live near an airport or sporting venue you can rent out your parking space and your front drive fantastic and rent out your home as a film set that's always a good one you never know really thanks to it sorry I'm just think about the pocket if you live near a train station I think like that every day and that's a regular income it's fantastic I feel home for film sets you do have to live in a castle you don't have to live in a castle they need very normal places exactly if you wanted to be for example a film extra exactly the same they're not necessarily looking for 6-foot tall gorgeous models they're looking for normal people all this information is on the website which is on how to make money from your opinion in the last version swell interesting everybody uses lots of brands out there these big businesses want to know what you think of them so register on loads of these sites you can get paid from 40 to 150 pounds just for telling people what you think of using your shampoo it's fantastic all the details are on the website that's brilliant very good indeed thank you and also we're gonna work we're gonna tell you how how you can get paid for your talents as well that's online so you don't have to be academic for that one no you don't cupcakes flower arranging whatever everyone's got some kind of skill get out there use it sell yourself all those details on our website Icom /this for you and we've got loads more money making tips and some special money-saving vouchers online as well and sarah's heading to the hub now for a web chat so get in touch if you want more money-saving advice still to come today berries are on the menu with phil Vickery's duck and blackberry sauce we've got joanna lumley it des O'Connor and a performance on the other and the woman who can't get fat Carol French on a condition that makes her life a nightmare will meet earth
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