It is also a good tool for people that do a lot of investing(real estate, stocks, forex, etc etc) to not have to give up any of their cash at little penalty. Investors never really know when the next best buying opportunity is and you need to stockpile cash even if it comes at a premium it will end up worth it usually. I am almost positive this is why misteroman$$$ does what he does. Personally I dont think I would keep a balance on 7.9% but in all reality that is not hard to beat at all.
In the original post, which I’m still not sure was misteroman$$$ or a copy and paste of someone else’s post he found, the rate was 7.9% before it was raised.
If you can invest $25K in something with a 20% return and charge $25K to a CC that only has a 7% Interest rate…it’s a no brainer.
to guarantee yourself >7.9% (what you need to break even) is risky… anything that nets better than 5% is a nice return. but I’m speaking trading, if you’re buying retail items that you know you can shift that would be different.
yikes thats a lot of CC debt. good info though, for those people that are seriously buried.
Yea see my post above. I personally prob would pay down a balance at 7.9% but it is not hard to do 20%+ on very conservative types of investing. Im not saying this is why he is carrying the balance but just an idea. Ill let him speak for himself.
gaurantee? no…it’s always a risk, but can be well worth it.
I did it once before and in the middle of a similar investment strategy right now.
anybody who can get an average of 20% return needs to quit doing everything but trading…
what sort of returns do good fund managers get? I don’t think it’s anything close to a consistent 20%/year and these are meant to be the best of the best.
ill get you 21%/Year
My last 8 investments this past year generated the following returns (Profit, Non-annulazied)
69%
62%
39%
37%
148%
58%
93%
83%
Risk? yes
Gaurantee? no
Oh yeah, plus two recently that were a lower-risk “gaurantee” of 19% and 24%
that is all you should do in life assuming it’s repeatable forever. that’s pretty cool assuming you are factoring the cost of your labor into the profits.
Fund managers manage money in a much different manner then say a day trader and for the sake of risk and restrictions are not allowed to chase huge gains. They use the market as a means to invest as a trader will trade for gains and thats it. There are a world of reasons of why fund managers do not seek max potential gains but im not going to write a book for ya. But they do have plenty of 20%+ years. I personally made about 30% last year with the economy taking a dump and ill be the first to say im not the best. Comparing a fund managers gains to a daytrader is fucking stupid is what im saying lol. I will make 50%+ this year without breaking a sweat.
InB4 Someone retarded buries themselves with debt by thinking they can run up a huge bill and then get it turned into a non-revolving payment then fucks it up. :eekdance:
Meh this is America. It would happen either way. At least this person will have hope and a dream hahaha not just trying to get some spinners.
yeah, I did lead you into that conversation. I only know a couple people who day trade as their primary job. It never really appears to work out over the long term that they are able to pull 20%, 50% years forever and often end up back at a normal job. I don’t know why it is… I guess when the money at stake gets large enough and the deal goes the wrong way then it’s game over.
Dude, spinners have good resale value
Well its high stress, not consistent, high risk, takes lots of time to learn and get good at. These are some of the reasons I still plan to keep a normal career type job. I also like to work if I enjoy my job to be honest. Although daytrading from the patio of a beach front property does sound nice!!!
Maybe ill get another cc so I can rival misteroman$$$'s debt lol. Quick someone go find me another 0% card!
AND THEY SPIN!
Damn Josh, Nice returns.