I am very glad you talked about insurance, it is something that a lot of people don't think about and even fewer understand. The one thing I would add about the gap insurance is before you purchase it from the dealership, check with your auto insurance company. Often times they will sell it for significantly less than the dealership. Not all auto insurance companies will offer it, but when they do, it will save you a ton of money.
My advice is to always pay off your debt ASAP. I bought a house at 7.25% and the stock performance is not doing so hot this year, so I have been actively paying more to my principal. So, if your mortgage rate > stock performance, then always pay more on your mortgage.
I have American Airlines $99 annual fee. I also have choice privilege and ihg credit cards, no annual fees. Chase freedom flex and citi custom cash. Great video ❤
You can transfer windham diamond status to Ceasars and go to the Bahamas for a 5 day free stay at the Atlantis resort there. Its a great perk and amazing value.
Let me start by saying, love your videos. You mentioned in your video Umbrella insurance covers you an additional million, it does not. If you already have one million liability on your home rental properties, then you maxed at that limit, umbrella coverage would not kick in. Umbrella coverage covers excess liability of your existing liability coverage, but no more than one million. So for example you have 500k in liability coverage for your auto, but are liable for lets say 750k, your auto will pay out 500k and your umbrella will pay the additional 250k. Now lets say same example but your liable for 1.25 million now, your auto will pay out 500k, and your umbrella will pay out the other 500k, the remaining 250k your still on the hook for. Umbrella only covers you max at 1million for all your liability polices per occurrence. If you want an additional million in coverage, you should consider 2-3mil umbrella policy. Hope this helps.
Thanks for the clarification, home and auto are $300k and rental is $1 million, so you are saying if someone has an accident at my rental and they sue and win for more than $1 million, then my umbrella wouldn’t count and they could go after my home? If that is the case then I am adjusting to $2m
Hi, so a little update, I phoned the insurance company and they said my policy is not like what you said. She gave the example of if my auto policy covers $300k liability, now I have $1.3 million, if my rental policy covers $1 million, now I have two million. Now since your username is something about insurance I do take what you said seriously, and sometimes phone reps don't know what they are talking about, so could you tell me the exact wording in the insurance contract that would indicate it is like your say, simply extending the coverage to $1 million? I looked at the contract and it looks to me like it is $1 million in addition to the first million in regular insurance (in the case of my rental).
@@TheCreditShifu I will try to look up the language with one of my carriers and send that over to you. Its entirely possible that in New York the laws are different, I am an insurance agent based in Illinois. Every state does have its own state government run department. In my 16 years of being a licensed insurance agent, I have always followed that rule by telling my clients they are maxed overall at the umbrella limit and would not receive anything additional in excess of their capped umbrella limit per occurrence.
Last week I used 3 Hilton free night certificates at the Waldorf Astoria Los Cabos Pedigral, the room would have been $1,800 per night, not including the upgrade. It was insane.
Ramsey is often wrong, so be careful what guru advice you follow. Don't let the emotions surrounding debt blind you to the correctness of the arithmetic. No bank is giving you money for real estate that they can't get back. Dave's advice is often directed to the ignorant (undereducated seems nicer, sorry, but it is true).
Well since I am still using credit cards, you can see I a not following him totally, its more the part about getting rid of as many monthly payments as you can so you can increase cashflow that I am in to
I love how throughly every videos you do. Keep up the good work. Btw I’m in NY too and have a Vietnamese restaurant in wappingers falls. We would love to invite you and your family to come by and enjoy the meals with us. Miss Sai Gon Pho in wappingers falls. Would be a honor to have you to come by.
1. Banks will 100% give you money you can’t pay back. If that ass the case there would be no bankruptcy or foreclosures. 2. There is nothing sadder than seeing someone with consumer debt talking about optimizing interest rates when they are paying an ass load of interest to the bank.
Doesn't the Wyndham Business Earner card pay 5x on utilities. I value Wyndham points at 1.1ccp, so that is 5.5% earn. I am surprised you don't use that for utilities.
Ben, I love this video. You started me on the credit card game 6+ years ago. Since then, I have also been listening to Dave Ramsey a lot. Though I don't follow his recommendations to the T (I love credit cards), debt is not a great thing and should be exclusive to purchasing a home. You rock for this video and all of the others you have made. I hope to rent your Airbnb in the upcoming years. Have an awesome evening.
Right, I agree with that, personally I am following the part he says about paying down debt and paying off mortgages and car loans early. But I am not doing it absolutely, like I am still using credit cards for the rewards, and I am not paying off all debt before I invest, I am still putting money into investments at the same time.
Your honesty about your finances is really appreciated. But the fact that you needed to learn very basic concepts about debt from whackjob Dave, scares the crap out of me. No wonder you have so many points, you are in debt to your eyelids!! That's a ton of spending in restaurants; cook more meals at home. You'll be able to pay for many flights with the savings!
Hi, my debt is not on credit cards, it is in mortgages and that personal loan I showed which are at much lower interest rates than credit cards. But even though that is the case, I got inspired to not give that money to banks and pay these things down faster, Dave style! However I do not take all of Ramsey's advice, he teaches broad ideas that benefit the masses, including people who are not financially educated.
$25k amex loan!? 😵 Yikes! Kinda negates the value of all those Amex points you've been collecting! (*unless it was some crazy low interest loan) Good for you paying that off!
5%, was a quick fix at the time, I was going to pay it off in like a few months at first and pay like no interest, but building my cabin went way over budget, so now its finished and bringing in money I am aggressively paying it.
Insurance is definitely an interesting piece. I have a meeting with my broker in a couple weeks to review ours. Do you have Life as well? Ever considered Disability? So many different ways to insure yourself out there
Anyone know any workarounds to maximize the restaurant bonus this quarter on CFF? I don't eat out much, but I'd really love to maximize the insane 7x rewards.
No one "has to" pay quarterly taxes, but the IRS prefers you do, and many find it convenient. Paying all at once at tax time can incur a penalty for not paying as you go, but it's very small. Many small businesses have irregular earnings and cash flow, so paying quarterly may not work for them.
@@jimohare3133 , people do, in fact, "have to" pay quarterly taxes or be subject to penalties under certain circumstances. Especially business owners. Look it up.
I haven't been in this situation but I wouldn't think so. A CLI may result in a hard inquiry, but 5/24 looks at newly opened accounts. Since you'd just be increasing the limit on a card you already had I wouldn't think that would add to your 5/24 status.
They are different, max rewards is just for cards and has all features associated with cc rewards. Rocket money is for your entire finances. It doesnt have the cc rewards features but it still tracks spending on all your cc’s and bank accounts for budgeting and net worth
@@TheCreditShifu thanks for replying so fast. I currently have a Chase Sapphire preffered card and 2 from us bank, do you recommend me getting the chase freedom unlimited since they have up to 4.5 pts for dinning or the flex but I believe that’s only for 1 year on the freedom . I had the freedom unlimited for 7 years and just canceled 1 week ago so I can reapply and get the bonus.
I dont Understand how wanting to make The Country your apart of great again is considered embarrassing? I think it'd be cool if all countries strive to be better.
I appreciate you showing us your financial life behind the curtain. This is very humanizing and makes your channel more genuine!
I am very glad you talked about insurance, it is something that a lot of people don't think about and even fewer understand. The one thing I would add about the gap insurance is before you purchase it from the dealership, check with your auto insurance company. Often times they will sell it for significantly less than the dealership. Not all auto insurance companies will offer it, but when they do, it will save you a ton of money.
great advice
My advice is to always pay off your debt ASAP. I bought a house at 7.25% and the stock performance is not doing so hot this year, so I have been actively paying more to my principal. So, if your mortgage rate > stock performance, then always pay more on your mortgage.
Yes, always the best option. Lots of people do not understand this. The unfortunate thing is most people can not do this because of their income :/
Great that you are so open about the good and the bad. I think this is rare on TH-cam. We have a $1M umbrella policy too. Good advice
That's a lot of restaurant spending.
I prefer the money guys financial order of operations.
2:21 Can we hear more about this TH-camr building?
I have American Airlines $99 annual fee. I also have choice privilege and ihg credit cards, no annual fees. Chase freedom flex and citi custom cash. Great video ❤
Perhaps the US Bank cash + card for 5% on utilities
I also got umbrella insurance recently.
New flex card would give you 5% groceries and gas for a year plus quarterly stuff.
You can transfer windham diamond status to Ceasars and go to the Bahamas for a 5 day free stay at the Atlantis resort there. Its a great perk and amazing value.
I’ve been trying for a year. Ceasers won’t accept it any more
I have Caesars Diamond, the online transfer still works
@@TheCreditShifu it won’t work for me. Idk y
Status match still works only with the business card
@@fulim226 i thought it went based off having diamond status, not a business card?
Loved this vid!
Let me start by saying, love your videos. You mentioned in your video Umbrella insurance covers you an additional million, it does not. If you already have one million liability on your home rental properties, then you maxed at that limit, umbrella coverage would not kick in. Umbrella coverage covers excess liability of your existing liability coverage, but no more than one million. So for example you have 500k in liability coverage for your auto, but are liable for lets say 750k, your auto will pay out 500k and your umbrella will pay the additional 250k. Now lets say same example but your liable for 1.25 million now, your auto will pay out 500k, and your umbrella will pay out the other 500k, the remaining 250k your still on the hook for. Umbrella only covers you max at 1million for all your liability polices per occurrence. If you want an additional million in coverage, you should consider 2-3mil umbrella policy. Hope this helps.
Thanks for the clarification, home and auto are $300k and rental is $1 million, so you are saying if someone has an accident at my rental and they sue and win for more than $1 million, then my umbrella wouldn’t count and they could go after my home? If that is the case then I am adjusting to $2m
Hi, so a little update, I phoned the insurance company and they said my policy is not like what you said. She gave the example of if my auto policy covers $300k liability, now I have $1.3 million, if my rental policy covers $1 million, now I have two million. Now since your username is something about insurance I do take what you said seriously, and sometimes phone reps don't know what they are talking about, so could you tell me the exact wording in the insurance contract that would indicate it is like your say, simply extending the coverage to $1 million? I looked at the contract and it looks to me like it is $1 million in addition to the first million in regular insurance (in the case of my rental).
@@TheCreditShifu I will try to look up the language with one of my carriers and send that over to you. Its entirely possible that in New York the laws are different, I am an insurance agent based in Illinois. Every state does have its own state government run department. In my 16 years of being a licensed insurance agent, I have always followed that rule by telling my clients they are maxed overall at the umbrella limit and would not receive anything additional in excess of their capped umbrella limit per occurrence.
Thanks
😮😮😮 nice umbrella ☂️
Last week I used 3 Hilton free night certificates at the Waldorf Astoria Los Cabos Pedigral, the room would have been $1,800 per night, not including the upgrade. It was insane.
17:25 That looks like a hell of a lot more than a 2 million dollar lawsuit. Let's hope if you cause a pileup, it's not that massive 😅
🔥video
I stopped the video the moment you said you still followed Dave Ramsey 😂😂😂
Ramsey is often wrong, so be careful what guru advice you follow. Don't let the emotions surrounding debt blind you to the correctness of the arithmetic. No bank is giving you money for real estate that they can't get back. Dave's advice is often directed to the ignorant (undereducated seems nicer, sorry, but it is true).
Well since I am still using credit cards, you can see I a not following him totally, its more the part about getting rid of as many monthly payments as you can so you can increase cashflow that I am in to
I love how throughly every videos you do. Keep up the good work. Btw I’m in NY too and have a Vietnamese restaurant in wappingers falls. We would love to invite you and your family to come by and enjoy the meals with us. Miss Sai Gon Pho in wappingers falls. Would be a honor to have you to come by.
@@thienlong710 hey send me a message on Instagram, sounds cool. Maybe this summer if we are out that way
1. Banks will 100% give you money you can’t pay back. If that ass the case there would be no bankruptcy or foreclosures.
2. There is nothing sadder than seeing someone with consumer debt talking about optimizing interest rates when they are paying an ass load of interest to the bank.
That's cool, but did you get to answer David Packman's questions?
I left him a comment, maybe he’ll get back to me, we’ll see, I’d love to debate him on camera
Doesn't the Wyndham Business Earner card pay 5x on utilities. I value Wyndham points at 1.1ccp, so that is 5.5% earn. I am surprised you don't use that for utilities.
I should switch
Ben, I love this video. You started me on the credit card game 6+ years ago. Since then, I have also been listening to Dave Ramsey a lot. Though I don't follow his recommendations to the T (I love credit cards), debt is not a great thing and should be exclusive to purchasing a home. You rock for this video and all of the others you have made. I hope to rent your Airbnb in the upcoming years. Have an awesome evening.
Right, I agree with that, personally I am following the part he says about paying down debt and paying off mortgages and car loans early. But I am not doing it absolutely, like I am still using credit cards for the rewards, and I am not paying off all debt before I invest, I am still putting money into investments at the same time.
Many have a love hate relationship with Ramsey.
Your honesty about your finances is really appreciated. But the fact that you needed to learn very basic concepts about debt from whackjob Dave, scares the crap out of me. No wonder you have so many points, you are in debt to your eyelids!!
That's a ton of spending in restaurants; cook more meals at home. You'll be able to pay for many flights with the savings!
Hi, my debt is not on credit cards, it is in mortgages and that personal loan I showed which are at much lower interest rates than credit cards. But even though that is the case, I got inspired to not give that money to banks and pay these things down faster, Dave style! However I do not take all of Ramsey's advice, he teaches broad ideas that benefit the masses, including people who are not financially educated.
Use your Wyndham points for Vegas man. I’d love to see a Vegas themed episode
LOL!! Credit shifu learning from Dave Ramsey. You do realize that Ramsey considers Credit cards to be Satan's financing.
$25k amex loan!? 😵 Yikes! Kinda negates the value of all those Amex points you've been collecting! (*unless it was some crazy low interest loan) Good for you paying that off!
5%, was a quick fix at the time, I was going to pay it off in like a few months at first and pay like no interest, but building my cabin went way over budget, so now its finished and bringing in money I am aggressively paying it.
I hope you didn't buy another Jeep 🤦🏽♂️
Of course I did, Grand Cherokee Trailhawk. She’s a beauty.
Is your cabin a long-term rental or a crappy short-term Airbnb rental?
Great plan Ben let's go!
Great video man
Would you be able to make a beginners strategy card build for the UK
好强 ，学到好多 师傅
Insurance is definitely an interesting piece. I have a meeting with my broker in a couple weeks to review ours. Do you have Life as well? Ever considered Disability? So many different ways to insure yourself out there
Anyone know any workarounds to maximize the restaurant bonus this quarter on CFF? I don't eat out much, but I'd really love to maximize the insane 7x rewards.
You don't have to pay quarterly taxes?
No one "has to" pay quarterly taxes, but the IRS prefers you do, and many find it convenient. Paying all at once at tax time can incur a penalty for not paying as you go, but it's very small. Many small businesses have irregular earnings and cash flow, so paying quarterly may not work for them.
@@jimohare3133 , people do, in fact, "have to" pay quarterly taxes or be subject to penalties under certain circumstances. Especially business owners. Look it up.
@@jimohare3133, some people, especially self employed and business owners, are required to pay quarterly taxes or they pay significant penalties.
@@jimohare3133, some people, especially business owners and self employed people, are required to pay quarterly taxes. Or pay penalties
@@jimohare3133 , that's just wrong
Good video
How's life in a TH-cam network building?
2024 strategy: Prepare for 1970s hyperinflation, buying gold, bitcoin, and energy stocks. Expand back into real estate by 2027, mainly land.
Hi Ben are you Andrew Garfield’s older brother?
I’m his stunt double
Hey Ben is it still true that if I ask for a credit limit increase to any bank that it counts as a chase 5/24 slot?
I haven't been in this situation but I wouldn't think so. A CLI may result in a hard inquiry, but 5/24 looks at newly opened accounts. Since you'd just be increasing the limit on a card you already had I wouldn't think that would add to your 5/24 status.
@@ThePerfectElement555 thanks
Is rocket money better than max rewards ??
They are different, max rewards is just for cards and has all features associated with cc rewards. Rocket money is for your entire finances. It doesnt have the cc rewards features but it still tracks spending on all your cc’s and bank accounts for budgeting and net worth
@@TheCreditShifu thanks for replying so fast. I currently have a Chase Sapphire preffered card and 2 from us bank, do you recommend me getting the chase freedom unlimited since they have up to 4.5 pts for dinning or the flex but I believe that’s only for 1 year on the freedom . I had the freedom unlimited for 7 years and just canceled 1 week ago so I can reapply and get the bonus.
@@carloshidalgo3298 I have always preferred the freedom flex to the unlimited, I think I earn more points on it, but everyone is different
@@TheCreditShifu thank you very much, I will go with the flex. You gained a new subscriber!
Great video Ben. Love your 2024 plan!
Look into Church of Scientology and Clearwater and decided how you please.0
English & MAGA? Proper embarrassing m8. How does that happen?
I'm American
I dont Understand how wanting to make The Country your apart of great again is considered embarrassing? I think it'd be cool if all countries strive to be better.
Also in nyc and would love to meetup talk finance credit gym etc if you are interested! I am a normal guy not a TH-camr etc. !