24 MONTHS INTEREST FREE CREDIT CARDS

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Hey there Rahul Sah with wealthy Tiffany dot com and in today's article I want to share with you how to never pay interest on credit cards and before we dive in if you are ready for financial freedom comment freedom below in the comments and if you are serious about fast-tracking your financial freedom click the link below this article in the description and it can help you do that alright you guys let's talk about how to never pay interest on credit cards because it's ridiculous how much people pay an interest on credit cards and it's scary as well as ridiculous so

 let's address this and not paying any more interest on credit cards and I really like this quote I'm gonna butcher it a little bit but something about those who understand how compound interest works earn it and those who don't pay it so those who understand interest they're not paying interest they're receiving that interest and those who don't understand it they're the ones paying it let's not pay that interest any more and let's start earning it so I want to share with you guys five different things that have helped me to never pay interest on credit cards I got my first credit card I want to say it was the eighteen I'm not under percent sure but it was definitely when I was younger and either ride around high school or beginning of college and I had gone into the mall to go shopping for clothes like I used to do all the time and I went into maurices it's a woman's clothing store and they had said hey do you want to open a credit card and get I think it was 10% or 20% of your purchase today and I thought oh yeah I do let's do it so I opened one up and got approved and I think that was my first credit card and that was over 20 years ago so I've been using credit cards for over 20 years and have never paid interest on a single credit card and so I want to share these tips with you guys that so that they can hopefully help you to not pay interest on credit cards and I still have multiple credit cards today that I use because I really like earning the reward points that I get on those credit cards it's like free money to me and I get that not everyone is good at handling credit cards but for those of us that can work with credit cards and not pay the interest always pay our balance in full and it's a really great benefit because you can get those free rewards and a lot of people use the travel rewards or you can do just the cash back or you can buy gift cards if you're already going to be shopping at certain stores so

 it's a really nice perk let's dive in and talk about the five different things that helped me to never pay interest on a credit card for over 20 years of my using credit cards so the first thing is actually understanding how interest works and this is really important because I I've actually seen this so I had a roommate that didn't understand this concept she was just paying the minimum balance on her credit cards which was really scary to me I found out that she was doing this and I was like wait a minute do you do you understand what's happening here you're paying so much more for the items that you have purchased by just paying your minimum payment because you're paying so much an interest and you are going to have years and years worth of paying off these credit cards for these small purchases that you're making now so let me just go over how credit card interest works .

and I want to share an example with you so that you can kind of get an idea on how much you would actually be paying if you were just to pay the minimum payment on your credit card every month there is this website it's on bankrate.com and they have a credit card calculator so i just wanted to show you this example let's say you have ten thousand dollars on your credit card for whatever purchases you've been making and let's say it's it at a 20 percent interest because I had looked to see the average is actually nineteen point two four four credit cards right now so we're just going to round that up to 20 cent and let's say that's the APR the annual percentage rate that you're paying on your credit card your interest rate you're paying and let's say that you have a minimum payment of the interest that's on your credit card plus a one percent plus the one percent of your balance so one percent of that $10,000 plus

 the interest that you're paying so your minimum payment would be about two hundred sixty six dollars and if you were just to pay that minimum payment it's going to take you three hundred and forty six months which is over twenty eight years to pay that off and you would pay over sixteen thousand dollars in interest sixteen thousand dollars in interest on a ten thousand dollar balance you guys that's like more than one-and-a-half times of the original balance so this is super crazy that is the first thing that helped me not pay interest is actually understanding how interest works and just seeing how much you're actually paying for these small purchases that you're making is is crazy so that was the first step and then the second step is that I actually understood my own money situation I knew how much money was coming in how much money was going out I knew all of my expenses and I had the picture of my full money situation right I had I knew my expenses that I was paying every month like rent before I bought my property and how much I was paying and for my phone how much I was paying in utilities and even payments that I would make either semi-annually or annually .

so every six months or every year and like my insurance on my car and so there's all of these different expenses and I knew how much each of those cost so I knew how much I was spending each month and I knew how much was coming in I had a paycheck coming in I had a full-time job and so I kept track of that and one thing that I really like now is using personal capital and it's a free website you can hook all of your financial accounts to it so you can hook all of your credit cards and your checking and savings if you have a house your mortgage payment your retirement accounts all of the different money institutions that you use you can hook it to personal capital and you can see all of these things in one place which is so handy so you guys if you're looking just for a simple way if you're not really a spreadsheet kind of person and you just want a simple way to see a quick glance of all of your finances what's happening with your finances I really like personal capitals so I'm gonna leave a link below yes it's a referral link and if you sign up you'll get 20 bucks to Amazon if you hook one of your retirement accounts to it so feel free to do that if you don't want to no problem it's just something that I like to use personally so I had this picture of how much my expenses work and to kind of go along with this point number three is I knew I needed to have a savings I knew there would be emergencies that would come up and I knew I would need to have a chunk of money and my savings account for these emergencies for example after I had purchased my house a while after I had to buy a new fridge my friend died .

I had to get a new furnace a new air conditioner these were larger expense items so I knew I needed to have some sort of savings I knew I needed to have an emergency fund so that's really important you really want to make sure you have some money on hand to take care of these emergencies and it doesn't have to be a lot of money I actually did another article on this about how much you should be keeping in your emergency fund and I know a lot of people like to say okay have six months worth for your expenses or a year but I feel like it's really personal and so you really want to decide what's going to work for you you want to be able to sleep at night but you don't want to have too much of your money in savings you want to and be investing your money so you can make it work for you but if you're just getting started make sure you have some sort of an emergency fund that you feel comfortable with that can cover emergency's if you do have a card like there's going to be may need to buy new tires or something could go wrong with it or

 you may need to pay your deductible on that so take those kind of you know emergency items into consideration and figure out a good amount that would work for you to have in an emergency fund so that's the third thing I did I had money in my savings and that I could use right away and so I felt really comfortable with that and then number four I knew my priorities and you know it's kind of funny I have different priorities now of course things change over time right I think it changed over the years and so you know I had different priorities back then but I knew what they were and I knew funding my emergency fund was number one and I knew that I never wanted to go into debt for things that I didn't need I've only gotten into debt for a car and four homes so for my home for rental properties and and that's it like that's that's all I'll go into debt for I'm not going to I don't know be spending money on a vacation that I can't afford to take there was yeah just to give you an example I wanted to go to Israel and Jordan and Egypt which is a very expensive trip and one of my girlfriends and I wanted to to take this trip and I sat down and made sure that I would have enough money for all of the expenses on the trip like we did it with a tour part of it with the tour group and so they had you know an upfront cost and that we had to pay so there was that that would cover our transportation and our hotel but I also knew we would need to pay extra for food and any souvenirs that I wanted or anything extra that we wanted to do so I made sure I had a buffer for for that and and I felt comfortable being able to afford that I had money in my savings so.

 I wanted to make sure that I would still have Sun left for an emergency but that I could take that money out of savings and feel really comfortable paying for the entire trip in full without paying any interest I didn't want to put on a credit card and not be able to pay that balance off in full so you know I know my priorities so really focus on what your priorities are what you're willing to spend your money on and what you're not willing to spend your money on and I know I have friends that will take vacations and go into debt for that they'll put it on their credit card and pay it off over time but as you've seen as I showed them that example you're paying so much more that it is not worth it to do that just wait until you have saved up the money to go on that trip like I don't know I can't besides us enough like .

it has to be a priority for you and I get that maybe you know when you think it's a once-in-a-lifetime chance to do this and and maybe it is and maybe that is a priority for you but start working toward that get an extra job start making extra and cons start selling some things so you can pay for that without having to pay any credit card interest because you'll pay so much more for it and you'll probably regret that later anyway ok so that's what I did I knew my priorities and I wasn't going to overspend to to you know take vacations or whatever it is that I wanted to do and that's not how I wanted to have my money be spent you know not not being able to afford it and having to pay it off over time because it's going to cost way more than it would be worth to me and then number 5 is knowing your due date for your credit card and using that grace period so a lot of credit cards might give you like 21 days or 28 days somewhere around there to pay off your credit card and full and not have to pay any interest so I knew when that due date was and I would pay off my credit card info every single time the only exception to this is when I had a 0% interest rate on my credit card so there yeah there was a time when I wanted to finish my basement at my at my place and I ended up putting half of that on my credit card because they had offered me a 0% interest rate so I could pay that off over time and I knew I would pay it off in full the for that 0% interest rate that intro rate that they were giving me was going to end like I planned that out so I would not be paying any interest and it would all be paid off when that introductory 0% rate was gone because right after that's gone it's going to go up to the 19 point to 4% or 

whatever it is and that normal rate on your credit card interest rate on your credit card and you don't want to have any sort of balance when that comes into play so if you are not going to be able to pay off something in full if they are giving you a 0% interest for a certain amount of time then don't do it like don't take that risk so that was the fifth thing that I did I used that grace period I knew when the due date was when I paid it off in full and by the due date and and that also helps your credit score because you're not utilizing so much of your credit limit you're keeping those balances low and which pushes your credit score higher so that's another benefit and just not you know not to mention there's no worry of having to pay these credit cards off over time and having that debt hanging over your head that's not there when you are not paying interest on your credit cards so you guys hopefully you found this video helpful and please like it please like hit the like button and share it with someone else who would like to hear this information and please hit the subscribe button to subscribe to 

my youtube channel that will really help me out and if you guys have other ideas about content you want me to create please post that in the comments below and let me know what you have experienced with credit cards maybe you used to pay a credit card debt or credit card interest and but you don't anymore and you know share with us what the switchover was what helped you change I love to hear that in the comments and if you are serious about fast-tracking or financial freedom make sure and click the link below this video so that I can help you do that and I will see you guys in the next one thanks