nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle SPITTTTINN ๐ฏ https://v.nostr.build/Rl0n.mp4 nostr:note1cz8dflk45cr2ljzzra9f95lyqfxmhullhdrwh0s9lkpyky38xkasgf789a
Discussion
Credit is bad for your health
It's worse than fiat
no itโs nut
holding fiat is worse than using credit wen u need it n paying it back asap
u need sum more sleep b4 u talk u sleepy mfer
Interest rates.
Paying it back immediately still means that you're paying extra for everything.
The only thing it does is boost your credit score, if you pay it back on time.
It also usually implies you're living beyond your means, which isn't sustainable unless you know that your income will continue to increase and you can manage to keep your spending the same. That's rarely the case.
The credit system is designed to enable bankers to keep increasing their profits and everyone else just throwing money away.
It's a scam.
ur using it wrong
pay the full balance each month before due date to avoid interest
how tf do u not know this
Poor financial education is commonplace sleepy.
Iโm not gonna argue that lol
Interesting....
Bonds. I know maxis don't want to hear it... but bonds only increase in value.
The โminimumโ payment you highlighted is exactly how they โscamโ ignorant people into paying tons of interest over the long term.
Sleepy and I both described PAYING YOUR BALANCE IN FULL.
If you pay the minimum, that means youโre NOT paying your balance in full, and leaving a balance on the card to accrue interest.
This also means that every purchase you make from there on out starts to accrue interest daily, from the day you made the purchase, until your card balance has been paid in full.
Ok.. i might be wrong. I don't use credit cards. There's also transaction fees. I don't see the banks taking a loss or the benefits of buying things with money I don't have.
You donโt pay interest on credit card debt for 30 days if itโs paid to 0 each billing cycle.
It doesnโt imply youโre living beyond your means unless you donโt have the cash flow to service the debt to 0 each billing cycle.
The credit system is designed to enable individuals to spend more money then they currently have. If you live within your means and avoid that trap, the bankers actually lose money.
Which cards?
Usually it's 0% for x amount of months, then it goes up to 1.3% to nearly 7%... depending on the company.
The only way to avoid it is to not get into some type of contract and cancel them before the rates hit.
Unless things have changed. Which I doubt. No one professionally loans money without a kickback. They just don't.
With every card, if you pay your balance IN FULL, within 30 days of the end of the billing cycle, you do not pay interests on the purchases.
They only start accruing interest once youโve carried a balance over to a following pay period, at which point theyโll accrue interest DAILY, on all purchases.
You MUST pay your balance in full, EACH BILLING CYCLE, and continue to do so, in order to avoid interest accruing.
If you maintain your cash flow, and pay your bills in full each month, you can use credit cards, accrue points, and not pay interest.
Only the financially literate and responsible can achieve the high status of fucking the bankers with their own tools.
So when card issuers don't make money through credit card interest, if you pay your balance in full (each month), they still make money through anual card fees, transaction fees, foreign exchange fees, over limit fees, and other miscellaneous charges. The networks also charge merchants interchange fees for every purchase you make... according to the internet.
What Jack isnโt saying here that lots of people wonโt realize and could cause them to lose sats- he has incredibly stable cash flow.
Cash flow is required to sustain his revolving credit.
And while he may choose to be โpaid in bitcoinโ his cash flow is not denominated in bitcoin, but rather fiat.
Therefor, as the volatility of bitcoin moves up and down, his cash flow can cover his credit card payments. even if bitcoin makes a substantial move to the downside, because his cash flow and salary is denominated in fiat he can continue to service his debt if he does so in short order.
Without stable cash flow, this doesnโt always work to the bitcoiners favor.
โJack, right, Jackโฆ youโve totally eviscerated the existing monetary system and given people a first hand example of a superior method of navigation within that system using bitcoin and fiat creditโฆโฆ.. but we have 5 seconds can you give the smooth brain viewers of this program your number prediction pleaseโ
Financial media is BRFR. By retards, for retards.
Fire.
bruh kinda catfished folks on the whole, I live on Bitcoin only thing. he doesn't live on bitcoin, he lives on borrowed dollars. And Saylor taught everybody that that's pretty much what the rich do, they live off credit. The overall messaging is great, but don't say you don't use dollars when you definitely do use friggin dollars.
He says he doesnโt own any dollars, never said he doesnโt use em. Dont let hate cloud ur judgement, listen first.
nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle teaching and preaching.
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Every BTC transaction is a taxable event. Itโs very complicated keeping track for tax purposes if I live on sats.