i took all the energy i used to direct at "trying" to have a good credit score and re-directed it towards budgeting! my time is like my income and i only have a certain number, which i assign to go to 'work' for me....if i spend/waste my time obsessing over a good credit score im taking time away from something else, and it wasn't working that well for me anyhow. so now i religiously do a budget before month end, stick to it each month, and reconcile it at month end. indirectly that has bumped my score up, b/c like you said i am now making my payments on time...plus avoiding penalty fee's! for me, the key is the budget and i saw immediate results from it!
I'm just getting into your videos. I really enjoy the advice. My wife and I have made it a priority to pay off all debt by 2016. The travel hacking sounds great! Thanks for the advice and encouragement!
Great video's you two I hope you have a lot of success with the channel. My wife would probably like enjoy travel hacking video's. It's something we keep talking about but never get to. I like the financial advice video's personally. I don't check my credit score enough. Paying off debts and removing credit from my life is my priority right now. Once I don't need credit and I'm debt free I'll get some small recurring monthly debt to maintain the holy credit score number.
Your credit score can also affect your job prospects since many employers check credit history when choosing job applicants. If you have a low credit score, it could cost you a job offer.
I would definitely enjoy some travel hacking videos! Thankfully a lot of the advice you give in your videos already come natural to me, but your video about early retirement by saving a bigger portion of your paycheck really struck home! I have also been watching a lot of Jim Rohn who talks about it isn't the amount you save, but the plan to save. I am 24 and just starting my career as an engineer and I will be implementing his strategy of 70% for me, 10 for charity, 10 for active investments, and 10 for passive investments. I hope to get better about tracking spending like you two and cut that 70 down to 50!
I currently have no credit that I can think of and it has not stopped me from doing anything. However, I wouldn't mind getting a credit score. I feel as though getting a credit score through light use of a credit card would do the trick. So yes, I would be very interested in seeing a video about travel hacking.
+1 for travel hacking videos! And on the topic of travel....I would like to see a packing for Europe video. I think you guys went with just a backpack each,right? Any tips? My husband and I are researching backpacks for Europe travel. Do you recommend the backpack you used?
Ana Aguilar We had the Deuter Futura 28 and LOVED them. They are pretty small, which we think is a good thing. Lauren packed 2 short sleeves, 1 long sleeve, 1 jeans, 1 shorts, 1 sundress, 3 socks, 3 underwear, bathing suit, flip flops, and shoes. We bought everything wool (even socks) so we could do laundry in the sink every night and have it dry by the morning. That worked great for us, but if its not your style of travel a 34 liter might be better suited. Keep in mind though the 28 liter is the largest you'll get on RyanAir and EasyJet without checking a bag. Not to mention it's such a hassle to have big bags. Even if you don't get the 28 liter, Deuter quality has been amazing. Hope that helps!
travel hacking sounds great. Can a truck loan become a benefit if you are self employed and you can write off the interest and the depreciation which in turn keeps you from jumping a tax bracket?
Thai Lavallee-McLean Thanks! There are a couple of myths packed in your comment that are really common misconceptions. 1. Business write off: People say this all the time about business ownership. Yes it's true, but it doesn't make buying a nicer car or truck good advice. It's still your money that could be going into your pocket out of the business. By paying more for a nice truck, technically yes you're saving the self-employment tax, but you're spending 75 cents to save 25 cents. For example, let's say a $5000 dollar truck would do the job, but you finance a $50,000 one since it's a "business expense." That's $45,000 that could go into personal savings, but $13,000 or so would go to taxes. You're giving up $32,000 free and clear just to "save" $13,000. 2. Jumping tax brackets: Assuming you're in the US, you don't need to worry about "jumping brackets" unless there is a specific law or loophole you're trying to avoid (AGI). We have a "marginal" system which means ONLY the dollars that go over the threshold are taxed at the new rate. For example, if you make $37,451 dollars per year, $37,450 would be taxed at 15% and only $1 gets taxed at 25%. A loan is only a benefit to you as a business owner if it's producing more income for you than you're spending servicing it. In other words, you are leveraging other people's money to make more profit. That MIGHT be the case for a truck loan. But in my experience, small business owners are loosing much, much, more on their their truck loans than they are making. Hope that helps. Reminder though, I'm just a guy with no qualifications, degree, or credentials to be giving this advice. It's worth the $150 bucks to consult with an accountant if you're self employed to find out what's actually best in your scenario.
Joshua Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .
Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .
Contact him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .
This is an American issue for the most, typical consum-ore society. You may not believe it..... but in Europe people are not at all busy with credit cards all day. The only reason I have one is because of booking flights for business and actually only if I have to get a quick flight out when at the airport and there is no other way to pay for it. I don't like credit cards as the use of it is feeding the current money system and some poor folk have to guarantee the pay back and that poor folk are all of us....
+1 for travel hacking. I pretty much agree with you guys entirely on this. I paid an extra $1300 in interest on my first car loan to build my credit. I put about about 50% down on that car though. When I went to buy my first house with a 20% down payment I had a credit score of 799. This scored me a tax deductible interest rate of 3.3%. This wouldn't be advice though. I'm willing to bet that my one credit card I've had since I was 18 would have given me a 750 and the same rate. To anyone around 18 just open up a credit card with a $500 limit and pay it off every month. When they let you increase the limit do so up to a number you are comfortable with and never ever carry a balance. Over time good credit scores will still follow. When you no longer need good credit travel hacking is an option. Something I have been looking into.
proair Thanks for sharing those numbers, it helps to see real world examples. I agree with everything you said; get a card and pay it off every month. It's likely all you need for a good score.
proair Highly agree with the low limit card for a college student. A low limit card ($750) saved me from getting into worse trouble by revolving thousands, which I easily might have done had I been able to. The bank offered to raise my limit, and I said "no". Digging out from a $750 hole is far less scary than a $3000+ hole.
David Lamb `Your right a a $3000 dollar hole is much less scary than $750 or $500 but with a credit card you should never ever be in the hole. I only mention it because increasing your available credit has the potential to increase your credit score. Debt to available credit plays a factor but if you can't pay your credit card statement in full at the end of the month just don't do it. Personally I'm more worried about my card being stolen or unjustly used. Credit card companies are great at fighting for you but every now and then some people get stuck with false charges and end up paying for them. Personally I started with 500 and today I am at $4500. 2 years ago someone tried to buy 7100 dollars worth of flowers from a flower shop in NJ. My card was declined and I was called as the shop assumed it was ID theft. I called the credit card company and got a new card. No issues since.
proair Highly agree that you should never be in the hole, which is why I didn't let them raise my limit until I actually started living that way. Only after you do that and actually have your emergency savings built up does it make any sense to let them raise your limit, regardless of the debt-to-credit ratio. You shouldn't be applying for any additional debt (loans) for any reason until then anyway, so your ratio shouldn't matter.
Getting a credit card and paying off the balance every month doesn't necessarily build your credit. Unfortunately rules have changed in the last several years and what they want to see is actual balance that is paid off over time. I'm not recommending anyone carry unsecure debt (never a good idea) I'm just saying credit cards are not that effective of a tool to build credit.
Credit counselor, credit seminars and my personal experience with paying down $50k of credit card debt. I've been debt free for 5 years now and maintain a 820+ credit score.
Dan Ponjican I'm not trying to start something here. I'm genuinely interested if there is any hard evidence that this is the case. Everything I've researched has shown that the best credit utilization is between 1%-20%. Second best is 0%. By using your card and paying it in full every month you end up not carrying a balance, but showing 1-20% utilization when they pull your credit. If you have any links to the credit counselors or seminar documentation that shows otherwise I'd like to see where they are getting their information.
Mike and Lauren What you are saying has been my experience too. I don't carry a balance forward on a credit card, but rather pay it off each month. When we built our house this past year, my credit score was over 812. We have no other debt.
What are your thoughts on saving money up for a car and once you have the full amount the car and interest will cost, and then getting a car loan to boost you credit score and making larger than minimum payments to decrease what you are spending on interest.
Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .
Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .
so a guy who has gone bankrupt has a you tube channel about money and savings? LMAO... Dont feel bad,I went bankrupt at 18 also,7 years of deal...Now I have a credit score of 750-760 . How much for the Nitro pencil sharpener,since u have no credit maybe you need some spare cash ?
Bao Do Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. His fast and reliable .
i took all the energy i used to direct at "trying" to have a good credit score and re-directed it towards budgeting! my time is like my income and i only have a certain number, which i assign to go to 'work' for me....if i spend/waste my time obsessing over a good credit score im taking time away from something else, and it wasn't working that well for me anyhow. so now i religiously do a budget before month end, stick to it each month, and reconcile it at month end. indirectly that has bumped my score up, b/c like you said i am now making my payments on time...plus avoiding penalty fee's! for me, the key is the budget and i saw immediate results from it!
Travel hacking sounds like a great topic! I used to check my credit score a lot more often but not so much anymore.
Thanks for another great video. I really enjoyed the Mike Makes videos. I look forward to seeing some more projects in the future.
Mike Delamont Thanks! Project videos are every Sunday.
I don't know that I would actually "Travel Hack," but I would be interested to hear/see more about it.
Great video! im 18 and i love to hear any advice i can to help my future...Also the travel hacking idea does sound interesting!
Bring on the travel hacking! 😉
I'm just getting into your videos. I really enjoy the advice. My wife and I have made it a priority to pay off all debt by 2016. The travel hacking sounds great! Thanks for the advice and encouragement!
Nick Kelsoe Congrats and good luck on the debt repayment! Don't give up!
Thank you for clearing up the..." Must have debt to increase your credit score" score myth!
Tanisha Whyte You're welcome! We hear it all the time, it's a shame so many people are misinformed.
Yes on the travel hacking videos. Keep up the great work!
Rothbardo Sounds good, thanks!
Great video's you two I hope you have a lot of success with the channel. My wife would probably like enjoy travel hacking video's. It's something we keep talking about but never get to. I like the financial advice video's personally.
I don't check my credit score enough. Paying off debts and removing credit from my life is my priority right now. Once I don't need credit and I'm debt free I'll get some small recurring monthly debt to maintain the holy credit score number.
I would like to see some travel hacking videos. I currently do this amongst play the overall Points game with credit cards.
Your credit score can also affect your job prospects since many employers check credit history when choosing job applicants. If you have a low credit score, it could cost you a job offer.
Yes, that's a good point!
Yes to travel hacking videos! Thank you for sharing your insights.
I would definitely enjoy some travel hacking videos! Thankfully a lot of the advice you give in your videos already come natural to me, but your video about early retirement by saving a bigger portion of your paycheck really struck home! I have also been watching a lot of Jim Rohn who talks about it isn't the amount you save, but the plan to save. I am 24 and just starting my career as an engineer and I will be implementing his strategy of 70% for me, 10 for charity, 10 for active investments, and 10 for passive investments. I hope to get better about tracking spending like you two and cut that 70 down to 50!
Alex Witte Thanks and congrats! It sounds like you've got an excellent plan in place.
I currently have no credit that I can think of and it has not stopped me from doing anything. However, I wouldn't mind getting a credit score. I feel as though getting a credit score through light use of a credit card would do the trick. So yes, I would be very interested in seeing a video about travel hacking.
100% on the travel hacking!
+1 for travel hacking videos! And on the topic of travel....I would like to see a packing for Europe video. I think you guys went with just a backpack each,right? Any tips? My husband and I are researching backpacks for Europe travel. Do you recommend the backpack you used?
Ana Aguilar We had the Deuter Futura 28 and LOVED them. They are pretty small, which we think is a good thing. Lauren packed 2 short sleeves, 1 long sleeve, 1 jeans, 1 shorts, 1 sundress, 3 socks, 3 underwear, bathing suit, flip flops, and shoes.
We bought everything wool (even socks) so we could do laundry in the sink every night and have it dry by the morning. That worked great for us, but if its not your style of travel a 34 liter might be better suited. Keep in mind though the 28 liter is the largest you'll get on RyanAir and EasyJet without checking a bag. Not to mention it's such a hassle to have big bags.
Even if you don't get the 28 liter, Deuter quality has been amazing. Hope that helps!
Mike and Lauren Cool! Thanks! good tip on buying everthing wool to have quicker drying time!
travel hacking video's sound cool
I check it just to see where it moves. So far it hasn't at all in 3 years lol.
travel hacking sounds great. Can a truck loan become a benefit if you are self employed and you can write off the interest and the depreciation which in turn keeps you from jumping a tax bracket?
Thai Lavallee-McLean Thanks! There are a couple of myths packed in your comment that are really common misconceptions.
1. Business write off: People say this all the time about business ownership. Yes it's true, but it doesn't make buying a nicer car or truck good advice. It's still your money that could be going into your pocket out of the business. By paying more for a nice truck, technically yes you're saving the self-employment tax, but you're spending 75 cents to save 25 cents.
For example, let's say a $5000 dollar truck would do the job, but you finance a $50,000 one since it's a "business expense." That's $45,000 that could go into personal savings, but $13,000 or so would go to taxes. You're giving up $32,000 free and clear just to "save" $13,000.
2. Jumping tax brackets: Assuming you're in the US, you don't need to worry about "jumping brackets" unless there is a specific law or loophole you're trying to avoid (AGI). We have a "marginal" system which means ONLY the dollars that go over the threshold are taxed at the new rate. For example, if you make $37,451 dollars per year, $37,450 would be taxed at 15% and only $1 gets taxed at 25%.
A loan is only a benefit to you as a business owner if it's producing more income for you than you're spending servicing it. In other words, you are leveraging other people's money to make more profit. That MIGHT be the case for a truck loan. But in my experience, small business owners are loosing much, much, more on their their truck loans than they are making.
Hope that helps. Reminder though, I'm just a guy with no qualifications, degree, or credentials to be giving this advice. It's worth the $150 bucks to consult with an accountant if you're self employed to find out what's actually best in your scenario.
focus on how bright the sun is, works for me :)
Joshua Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more..
His fast and reliable .
I really like your outtakes. It reminds us that you guys are human, too!! lol
Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more..
His fast and reliable .
most banks can give you great information to getting good credit at your bank
Contact him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more..
His fast and reliable .
Hack them CC and stick it to the Man.
This is an American issue for the most, typical consum-ore society. You may not believe it..... but in Europe people are not at all busy with credit cards all day. The only reason I have one is because of booking flights for business and actually only if I have to get a quick flight out when at the airport and there is no other way to pay for it. I don't like credit cards as the use of it is feeding the current money system and some poor folk have to guarantee the pay back and that poor folk are all of us....
+1 for travel hacking. I pretty much agree with you guys entirely on this. I paid an extra $1300 in interest on my first car loan to build my credit. I put about about 50% down on that car though. When I went to buy my first house with a 20% down payment I had a credit score of 799. This scored me a tax deductible interest rate of 3.3%. This wouldn't be advice though. I'm willing to bet that my one credit card I've had since I was 18 would have given me a 750 and the same rate. To anyone around 18 just open up a credit card with a $500 limit and pay it off every month. When they let you increase the limit do so up to a number you are comfortable with and never ever carry a balance. Over time good credit scores will still follow. When you no longer need good credit travel hacking is an option. Something I have been looking into.
proair Thanks for sharing those numbers, it helps to see real world examples. I agree with everything you said; get a card and pay it off every month. It's likely all you need for a good score.
proair Highly agree with the low limit card for a college student. A low limit card ($750) saved me from getting into worse trouble by revolving thousands, which I easily might have done had I been able to. The bank offered to raise my limit, and I said "no". Digging out from a $750 hole is far less scary than a $3000+ hole.
David Lamb `Your right a a $3000 dollar hole is much less scary than $750 or $500 but with a credit card you should never ever be in the hole. I only mention it because increasing your available credit has the potential to increase your credit score. Debt to available credit plays a factor but if you can't pay your credit card statement in full at the end of the month just don't do it. Personally I'm more worried about my card being stolen or unjustly used. Credit card companies are great at fighting for you but every now and then some people get stuck with false charges and end up paying for them. Personally I started with 500 and today I am at $4500. 2 years ago someone tried to buy 7100 dollars worth of flowers from a flower shop in NJ. My card was declined and I was called as the shop assumed it was ID theft. I called the credit card company and got a new card. No issues since.
proair Highly agree that you should never be in the hole, which is why I didn't let them raise my limit until I actually started living that way. Only after you do that and actually have your emergency savings built up does it make any sense to let them raise your limit, regardless of the debt-to-credit ratio. You shouldn't be applying for any additional debt (loans) for any reason until then anyway, so your ratio shouldn't matter.
Travel hacking videos!!! travel hacking videos!!! :D please tell me this also works in Europe
Getting a credit card and paying off the balance every month doesn't necessarily build your credit. Unfortunately rules have changed in the last several years and what they want to see is actual balance that is paid off over time. I'm not recommending anyone carry unsecure debt (never a good idea) I'm just saying credit cards are not that effective of a tool to build credit.
Dan Ponjican Any sources to back that up? FICO's own website seems to say the exact opposite is true.
Credit counselor, credit seminars and my personal experience with paying down $50k of credit card debt. I've been debt free for 5 years now and maintain a 820+ credit score.
Dan Ponjican I'm not trying to start something here. I'm genuinely interested if there is any hard evidence that this is the case. Everything I've researched has shown that the best credit utilization is between 1%-20%. Second best is 0%. By using your card and paying it in full every month you end up not carrying a balance, but showing 1-20% utilization when they pull your credit. If you have any links to the credit counselors or seminar documentation that shows otherwise I'd like to see where they are getting their information.
(I don't think you're trying to start anything :-) It's more about ratios than balances (i.e. debt to income, available credit to total credit, etc.).
Mike and Lauren What you are saying has been my experience too. I don't carry a balance forward on a credit card, but rather pay it off each month. When we built our house this past year, my credit score was over 812. We have no other debt.
Travel hacking would be good info.
What are your thoughts on saving money up for a car and once you have the full amount the car and interest will cost, and then getting a car loan to boost you credit score and making larger than minimum payments to decrease what you are spending on interest.
Travel hacking videos would be wonderful
Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more..
His fast and reliable .
Travel hacking sounds like a good idea.
Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more..
His fast and reliable .
so a guy who has gone bankrupt has a you tube channel about money and savings? LMAO... Dont feel bad,I went bankrupt at 18 also,7 years of deal...Now I have a credit score of 750-760 . How much for the Nitro pencil sharpener,since u have no credit maybe you need some spare cash ?
Are you guys going to have kids ever?
Bao Do Eventually. Video coming soon-ish.
Bao Do Contact him on moore_hack on instagram or mail him on martinezraber@gmail.com or +12013507159 on WhatsApp (he does not take upfront payment) if you need help about forex trading , Bitcoin hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more..
His fast and reliable .