A lot wealthy people not smart they just use debt

[The Sceptical Chymist]

OP....before I even comment on your topic, may I suggest you not create threads with enormous Great-Text-Wall-of-China posts?  Just scrolling through yours, I immediately don't want to read it as I'm 98% sure you're going to be using far more words than are necessary to get your point across.  Thank you in advance.

*10 minutes later*

And now that I have donned my forum muck boots and waded through the aforementioned wordspray wall, I'm having a damn hard time trying to find the importance of your concern, much less all of the writing you've dedicated to it.  Do you live in a first-world country?  This isn't an insult if you don't but if you do, your ability to do things ranging from buying a house to buying stocks on margin to getting a credit card depends on you having some history of debt repayment.  It's a bullshit system IMO, but that's the way it is. 

Wealthy people?  Oh hell yes they use debt.  If you're smart enough to find an investment that will pay you 15% a year for instance, it makes complete sense to borrow money at a much lower rate to finance the purchase of that investment.  That's smart use of debt--and it's why wealthy folks tend to remain wealthy if they've held onto money for any length of time.

The rest of the plebs?  The only way I can put this is that debt is like a loaded crack pipe that all of them seem to want to partake in a-smokin'.  Credit cards, student loans, car loans, mortgages on houses there's no chance in hell of paying off.  Et cetera, et cetera.  And OP?  Please go back to my first paragraph and read it again.

[moneystery]

i'm too complicated to read your long article, but i will say that the way rich people use debt is different because they use debt to make money, while poor people use debt to pay off debts or buy things that are not important.  rich people try their best to use their debt to make more money and prevent them from using too much cash for their needs.  indeed, it seems like a careless thing, but if you look at it from an economic perspective, it actually benefits them because from these debts they can use them for productive things and that can earn them more money.

[Yatsan]

If it works, then doesn't it make them smart? Being in debt is not a bad thing as long as you are able to pay it on time without missing any deadlines. Rich people are taking bank loans because they want their money to revolve on their other businesses.  It also depends on where would borrowed money will be used; if it is with things having no ROI in the long run then that would be the time it would be a wrong thing to do but going back to the context, rich people are using debt to create a new business and to lt the profit pay for the interest which is really smart. Risk will be there of course but they won't be rich for nothing even if inheritance would be a factor. That's on them whether to let things fall apart.

[Jawhead999]

There's no way wealthy people aren't smart, if you think you can grow your money from investing, you can be scammed and if you choose low risk investment like ETF, blue chip stock, etc will not make your wealth grow since the profit can surpass inflation rate.

Haven't you thought why wealthy people choose to use debt when they can just use their money? they know what they do and they have knowledge before choosing it, which mean they're smart.

[Alone055]

Creating wealth using debt is not as easy as one might think it is because it requires proper risk management and perfect financial management techniques to have a very high success rate with what you do. Those who take loans and invest the money in businesses have experience with these things and someone entering a market as a newbie can't take the same level of risk because they won't be able to manage it properly and that can make them fall instead of rising.

It is also important to understand that a loan taken must not exceed the profit the business you are about to start is going to make so that when the time comes to repay the loan, your business might not have generated enough revenue for you to make that happen and that can get you and your business in trouble because you wouldn't want to liquidate your business to repay the loan because that would make everything you have done so far useless.

[0t3p0t]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Everytime I here or read something like good and bad debt reminds me of Robert Kiyosaki that is part of his rich dad poor dad book I think. 😅 Based on his like how rich people use debt to make money withput even stressing out tax but that only works on good debt because bad debt is more on liability if I am not mistaken.

[harapan]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Debt has never been a bad thing it's just used wrongly by most common folks, have you ever wondered why bank gladly borrow money to business men even if they are owing?, that's because they make money of the little percent they take as interest.

If you take loan to invest in a business then you have made a good use of a loan and if you use it for personal needs like buying food or living luxury then you just created a mess for yourself to solve later.

Normally,debts is supposed to be used for common activities and to solve arising issues or unplanned transactions.Naturally,debt is a financial tool that has been used since ages amongst business individuals and financial experts.

Ordinarily,debt is supposed to work and solve certain issues but it seems to have been overused.Debt plays a significant role in the financial life and services of people and it either solves your problem,deters it or worsens the process depending on how you've applied the debt terms involved.

People get into debts to take care of unexpected life events,when there's a downturn in the current financial state and access opportunities that may seem to be out of reach.The debt method is so complicated and I wouldn't even consider it.

[mindrust]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

That's absolutely true.

Middle class and minimum wage people are afraid of debt because they don't know what to do with the money. They'll probably buy the newest iphone or the best looking car they could afford with that debt money. Smart people make investments and grow their wealth with the borrowed money like you said.

That's where the interest rate on debt becomes important. If the interest rates are below or near the inflation, then it is a very good deal. Buy as much debt as you could and make investments. That's the fastest way of getting rich.

[philipma1957]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Robert Kiyosaki was a US citizen. I know he talked about how he used debt to become rich because he used his debts to purchase assets and not liabilities. The reason why I had to mention the country where this man comes from is because if he had come from another country, maybe an underdeveloped country, he probably would not have archived what he did archive with his debts. 

Bro, things work differently around the world. The traditions, laws, and opportunities in the east may not be the same in the west and the same in the north, etc.The principle of one man cannot work for everyone. Debt is not favorable for everyone. 

Debts (loaned money) are also used for other important stuffs, but apart from assets, there are other life issues that make people take out loans, which is very important stuff for them too. 

It's a fact that you can actually take a loan to make an investment or purchase an asset but still don't get the expected returns due to the circumstances of the bad investment. For example, people are advised not to take out loans and invest in Bitcoin.

I have used credit properly since 1986.

I have spent over 1,000,000 on credit cards I have paid under 100 or 200 usd in fees to do that. I have received over 25,000 in rebates.


I am not rich but proper use of credit has allowed me to live better for over 30 years.

[Freeesta]

Yes, I agree that rich people cannot be stupid. Unless these people won their money in the lottery or received an inheritance from relatives. For rich people, debts are resources from which they can make money. Money making new money. In order for a business to develop, an influx of capital is necessary, this can be done with the help of a loan, for example. Is a person smart enough to get more benefit from debt? Of course, only a smart person makes the right decision. I have not seen a single fool with large capital))

[Dr.Bitcoin_Strange]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Robert Kiyosaki was a US citizen. I know he talked about how he used debt to become rich because he used his debts to purchase assets and not liabilities. The reason why I had to mention the country where this man comes from is because if he had come from another country, maybe an underdeveloped country, he probably would not have archived what he did archive with his debts. 

Bro, things work differently around the world. The traditions, laws, and opportunities in the east may not be the same in the west and the same in the north, etc.The principle of one man cannot work for everyone. Debt is not favorable for everyone. 

Debts (loaned money) are also used for other important stuffs, but apart from assets, there are other life issues that make people take out loans, which is very important stuff for them too. 

It's a fact that you can actually take a loan to make an investment or purchase an asset but still don't get the expected returns due to the circumstances of the bad investment. For example, people are advised not to take out loans and invest in Bitcoin.

I have used credit properly since 1986.

I have spent over 1,000,000 on credit cards I have paid under 100 or 200 usd in fees to do that. I have received over 25,000 in rebates.


I am not rich but proper use of credit has allowed me to live better for over 30 years.

I must say that you are financially smart to have done that, sir. You actually did put a good use to the credit and archive a good living through it. If maybe there were about 10 people or more who did the same thing, I bet it might not really work out perfectly for all of them. 

Last year, I ran an absolute loss for a new business venture I tried out. After evaluating the risk that was involved, the risk was not really as much as it turned out to be. The worst part of what happened was that I took out a loan to engage in that business, and it turned out that the business was not profitable, and I couldn't even get back all my capital. Because of that incident, I had a tough time repaying my debt since things didn't go as planned. 

[_BlackStar]

OP....before I even comment on your topic, may I suggest you not create threads with enormous Great-Text-Wall-of-China posts?  Just scrolling through yours, I immediately don't want to read it as I'm 98% sure you're going to be using far more words than are necessary to get your point across.  Thank you in advance.

Damn - he hurt the eyes of many users, maybe that's why many users were only interested in the thread title rather than reading his entire wall of text.


A successful entrepreneur with experience and determination managed to achieve his goal within a few years after getting a loan from a bank. I found that many business people were very dependent on bank loans to start their businesses - but not all of these business people succeeded in repaying their loans, especially for those who failed to build them well.

Someone who is successful in business is sometimes not someone who has a college degree - but some of the most successful business people are those who did not finish college. In reality - not all business people are smart at first, but they have a good mentality and a strong desire to build their own success. Over time experience is gained - they become more successful than their friends who used to sit in the same class.

[tsaroz]

It's the difference between normal mind and business mind. Most of these business minded people comes from business family and their business depends on managing money to have maximum profit. We normal people need to think several times before taking a loan while these people takes loan after loan just to cover the previous loan.
And no, you don't need to be intelligent or sharp to run a business, of course the sharp ones would a business mind would have more success but event he dumb ones with experience and idea about how it's being done can run a successful business at a limited scale. The bank too prefers to loan these traditional business than startups and the rates are lower with almost no matching collateral.

[DabsPoorVersion]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Robert Kiyosaki was a US citizen. I know he talked about how he used debt to become rich because he used his debts to purchase assets and not liabilities. The reason why I had to mention the country where this man comes from is because if he had come from another country, maybe an underdeveloped country, he probably would not have archived what he did archive with his debts. 

Bro, things work differently around the world. The traditions, laws, and opportunities in the east may not be the same in the west and the same in the north, etc.The principle of one man cannot work for everyone. Debt is not favorable for everyone. 

Debts (loaned money) are also used for other important stuffs, but apart from assets, there are other life issues that make people take out loans, which is very important stuff for them too. 

It's a fact that you can actually take a loan to make an investment or purchase an asset but still don't get the expected returns due to the circumstances of the bad investment. For example, people are advised not to take out loans and invest in Bitcoin.

I have used credit properly since 1986.

I have spent over 1,000,000 on credit cards I have paid under 100 or 200 usd in fees to do that. I have received over 25,000 in rebates.


I am not rich but proper use of credit has allowed me to live better for over 30 years.

This kind of statement made me realize since 2019 that what most people say about credit cards are not real. they say you will have a huge debt if ever you get a credit card, or using credit card will only make your life worse.

At first I think the same way as this was the information planted in my mind, until I start my own research and see a lot of positive statements from credit card users who knows how to maximize the benefits of their card just like yours.

Since then, I am using my credit card and make use of the benefits they have. I use it everywhere, in my daily life and paying no additional fees since then. For annual fees, I can at least manage to waive it and continue to have a good credit score since then.

[philipma1957]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Robert Kiyosaki was a US citizen. I know he talked about how he used debt to become rich because he used his debts to purchase assets and not liabilities. The reason why I had to mention the country where this man comes from is because if he had come from another country, maybe an underdeveloped country, he probably would not have archived what he did archive with his debts. 

Bro, things work differently around the world. The traditions, laws, and opportunities in the east may not be the same in the west and the same in the north, etc.The principle of one man cannot work for everyone. Debt is not favorable for everyone. 

Debts (loaned money) are also used for other important stuffs, but apart from assets, there are other life issues that make people take out loans, which is very important stuff for them too. 

It's a fact that you can actually take a loan to make an investment or purchase an asset but still don't get the expected returns due to the circumstances of the bad investment. For example, people are advised not to take out loans and invest in Bitcoin.

I have used credit properly since 1986.

I have spent over 1,000,000 on credit cards I have paid under 100 or 200 usd in fees to do that. I have received over 25,000 in rebates.


I am not rich but proper use of credit has allowed me to live better for over 30 years.

This kind of statement made me realize since 2019 that what most people say about credit cards are not real. they say you will have a huge debt if ever you get a credit card, or using credit card will only make your life worse.

At first I think the same way as this was the information planted in my mind, until I start my own research and see a lot of positive statements from credit card users who knows how to maximize the benefits of their card just like yours.

Since then, I am using my credit card and make use of the benefits they have. I use it everywhere, in my daily life and paying no additional fees since then. For annual fees, I can at least manage to waive it and continue to have a good credit score since then.

when I use a credit card i have the money to for it. I use the card to get say a 2% rebate.

So if I buy a refrigerator at best buy I get 5% rebate and an extra year of warranty at no cost if I use the best buy card.

so  $1000 refrigerator means a return of $50 . jut pay in about 40 days.

I let those rebates stack for a year or so then grab a gpu if gpu mining is hot.

I do this shit endlessly. Now that mining sucks I am selling off paid for older gear on ebay.

Its profit. I stack btc and some alts and some cash.


The key is do not get over extended on your credit.

[GigaBit]

I spoken with my old friend he use to live in nyc around rich people he asked their business most of them said.
That it's debt they borrow money invest real estate buy to lease and sp500 and Even in crypto since many of them use llc options as company investors they not worry about
And they say markets always goes up
So many people just using the borrowed money nothing personal for them it's just game If they win they win If they lose then might be collapse but they are use to that after each crash wall street get bail out.
So a lot people are in high debt and they keep getting to make more debt a lot people using debt to invest.
The real estate prices not coming down so easy because there is a lot buy to lease deals.
And a lot gamblers are rich not smart just rich they. Was lucky because of good credit score.

Loans are a scheme to increase the amount of expenditure. However, how one views loan that will depend on the lending system of that particular country. However, in some cases, it has been seen that countries with high levels of corruption also have high levels of debt. Especially there the upper classes debt more to grow their businesses. Again there is a rise in loan defaults. A rich man is more in debt than a poor man. If the rich people did not take advantage of that loan then it could have been an opportunity for the poor. Due to corruption in those countries those who really need to get loans do not get it, on the other hand those who have loans get more loan benefits.

[Strongkored]

Isn't that their smartness? where by going into debt they build a business and the business produces money which makes their wealth increase, then they go into debt again to build another business and if they fail to pay then the government will protect these rich people from punishment and again they can go into debt 
Meanwhile, for poor people, they are in debt because they lack it, so debt will only make their life's burdens heavier, without debt, they already have difficulty meeting their living needs, especially if they owe any type of debt, including going into debt to own a house.

[sekalitas]

I spoken with my old friend he use to live in nyc around rich people he asked their business most of them said.
That it's debt they borrow money invest real estate buy to lease and sp500 and Even in crypto since many of them use llc options as company investors they not worry about
And they say markets always goes up
So many people just using the borrowed money nothing personal for them it's just game If they win they win If they lose then might be collapse but they are use to that after each crash wall street get bail out.
So a lot people are in high debt and they keep getting to make more debt a lot people using debt to invest.
The real estate prices not coming down so easy because there is a lot buy to lease deals.
And a lot gamblers are rich not smart just rich they. Was lucky because of good credit score.
A lot of markets are run by debt a lot investors using borrowed money not their own money
You guys tell that don't borrow to invest but that's not the case a lot people borrow money and invest and they not even worry about because they know markets will always bailed out and ATH after ATH always will be.
I mean the investors who are in debt are care Free they keep borrowing the funds and that's actually bullish and that's actually bring inflation
Also you in western financial world you don't have to pay fully your debt to increase your credit limit just keep paying few months and you could get more credit and you can invest more this money and If you are lucky you could make fast return pay back the loan and getting the bigger loan and more credit you really don't have to ask when banks see you play with money a lot they give phone call with offering credit to you more.
So until this huge borrowing and debt don't stop inflation not going down any time soon.
People who invest on markets they know more they borrow more higher the prices going the banks knows it too and when we look at the debt clock the debt growing bigger and bigger.
So a lot people are just recless they borrow care free and invest because a lot of them belive that markets going up always
All of this Will put the average worker Under bad situation when cant afford pay home rent neither mortgage and neither to own...because the bankers give a lot money really u don't have to pay even full amount you did borrow just pay some of it and you will receive phone call from the bankers ,hey we have good offer for you we can increase your credit limit
So you really don't have to be smart or genius just be brave and care Free and take the loan offers pay something and get more invest more borrow more and that's how a lot people do it a lot business is on debt huge debt If you Are in USA UK Europe au or Canada and you don't use that opportunity the easy credit then you miss good opportunity because those countries banking system is built the way to give you a lot easy credit even If you not paid complete funds you can get more and they really call you to take more credit.
So we live in the credit and debt economy and some people predict crash of this i don't think so because Banks not interested of collapse or value of money or lower inflation they don't care about they can keep doing this If inflation going too High well they do little rate hikes but they never stop it because they cant stop it anymore.
I think it's all clear now that in order to survive we have to keep borrowing to pay old loans from new loans
No political partie want to make that decision to let economy down and stop borrowing it will be hard decision not Biden not trump and not anyone others they will kick the can further on the road.
The all globe Will be in debt and i guess If it getting too much goverments just delete it and it all Will start again all over the new circle
There is clear message to people borrow reclessy and invest don't worry If it all get too much we delete your responsebility and start all over again.
No political leader will stop it they always borrow more and then they just give debt forgiveness so nothing valued it's all just the game those who borrow reclessly and gamble and invest will get rewarded for their actions of bad decions while the honest clear minded person hard working with good responseble mind will get punished by society so it all show's something to us nothing have no meaning just go and take get be greedy don't try act like you Are some person who try to live perfect way just go take it what you can don't worry too much because those who do this are rewarded by the society.
And Biden goverment is very good example of this nothing has no meaning and nothing has no value just take yours while you can nobody don't reward you If you act like normal person with hard working mind Biden goverment don't support this they support chaos just out of normal order living not just biden but UK Canada Europe moving to the same Direction.
Gone are those days when you get rewarded for your hard work and that you act with respondible mind and you do right things now our world moving to chaos of order when more miserble you are the better life you will have and those who don't gamble on the markets just working hard Will get less and less and they will be ones who pay high price of inflation.
That's why prices going up Banks borrow so much money that people can consume more than factories can produce If you as honest working person don't consume so much then someone who gamble with easy money Will consume 10 times more If you so that's why prices going up Because those who use easy money and line of credits they Will consume and buy things so much that demand is higher than supply.
When we had economy Crisis 2022 then there was report that Luxury cars had record sales offf course easy credit from the Banks
Banks don't care they can print the s..t out of the world

Debt can be a powerful tool if used wisely and with a high risk tolerance.  Many people leverage debt for business ventures because seizing opportunities often requires quick action, and waiting to save enough money might mean missing out.

However, borrowing to invest in highly volatile assets like cryptocurrency comes with significant risks. While some individuals understand the loan system and have risk mitigation strategies in place, this isn't the case for most people.

For the majority of us, loan is typically used for personal needs rather than investments with the potential to generate income. This makes using loan for investments a particularly risky strategy.

[Kakmakr]

There are merit to using debt, if you can leverage it to make some very good profits.

Example : You get some good information that property prices will go up significantly in the near future in a specific area, because a developer told you about some huge project that will be done in the area and that it will create a shortage of housing in the area. So you want to buy properties in the area, before that happens.

Rich people move in circles with people that can share that kind of knowledge, so they get those opportunities a lot and they need debt to fund those bargain opportunities.

[aoluain]

Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the bad debts.

Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.

As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.

Robert Kiyosaki was a US citizen. I know he talked about how he used debt to become rich because he used his debts to purchase assets and not liabilities. The reason why I had to mention the country where this man comes from is because if he had come from another country, maybe an underdeveloped country, he probably would not have archived what he did archive with his debts. 

Bro, things work differently around the world. The traditions, laws, and opportunities in the east may not be the same in the west and the same in the north, etc.The principle of one man cannot work for everyone. Debt is not favorable for everyone. 

Debts (loaned money) are also used for other important stuffs, but apart from assets, there are other life issues that make people take out loans, which is very important stuff for them too. 

It's a fact that you can actually take a loan to make an investment or purchase an asset but still don't get the expected returns due to the circumstances of the bad investment. For example, people are advised not to take out loans and invest in Bitcoin.

I have used credit properly since 1986.

I have spent over 1,000,000 on credit cards I have paid under 100 or 200 usd in fees to do that. I have received over 25,000 in rebates.


I am not rich but proper use of credit has allowed me to live better for over 30 years.

This kind of statement made me realize since 2019 that what most people say about credit cards are not real. they say you will have a huge debt if ever you get a credit card, or using credit card will only make your life worse.

At first I think the same way as this was the information planted in my mind, until I start my own research and see a lot of positive statements from credit card users who knows how to maximize the benefits of their card just like yours.

Since then, I am using my credit card and make use of the benefits they have. I use it everywhere, in my daily life and paying no additional fees since then. For annual fees, I can at least manage to waive it and continue to have a good credit score since then.

when I use a credit card i have the money to for it. I use the card to get say a 2% rebate.

So if I buy a refrigerator at best buy I get 5% rebate and an extra year of warranty at no cost if I use the best buy card.

so  $1000 refrigerator means a return of $50 . jut pay in about 40 days.

I let those rebates stack for a year or so then grab a gpu if gpu mining is hot.

I do this shit endlessly. Now that mining sucks I am selling off paid for older gear on ebay.

Its profit. I stack btc and some alts and some cash.


The key is do not get over extended on your credit.

But unfortunately ordinary people over extend themselves to buy liabilities and items
which lose value, particularly cars in my country.

The difference with business people end successful entrepreneurs is they borrow
money and use other peoples money to make profits. Whatever they buy with the
borrowed money it is expected that it will perform solely to make more money.

Common people use credit to buy stuff they want purely because it appeals to them
and it looks good. Often before that credit is paid off they get further in debt because
the shine has worn off that item and they replace it with the newer model.