Leverage Credit Cards to Fund Your Next Big Idea | Kyle Cowans DSH #1328

It would be $389 and not understanding how interests work. All I just wanted was the car to get around.
Yeah. I looked and compared it.
I was like, I could have bought a Camry. I mean, I could have bought a BMW, you know, like 3 Series or something like that.
But instead, I'm driving a Toyota Camry. Nothing wrong with Toyota.
But just based on what I'm spending, it didn't make sense. All right, guys.
Got Kyle here. We're going to talk credit.
Super important topic, right? Yes, sir. Sure.
Very big topic. Especially these days with a potential recession looming, right? Yeah, it's probably never been more important.
Having access to capital, having access to low rates as far as borrowing. Even in emergency situations, people are going to need it.
So this is going to be very important.

How could someone watching this

get started with credit?

Like find out where they're at?

Well, they could just pull their report

from my favorite two sources

or myfreescore.com

or myfreescorenow.com

as well as annualcreditreport.com.

That one's really cool

because you get to see things

like your full payment history

in detail from all three bureaus

and you can get to pull it weekly.

So you don't have to worry

about waiting a month

Thank you. That one's really cool because you get to see things like your full payment history in detail from all three bureaus.
And you can get to pull it weekly. So you don't have to worry about waiting a month or a year or whatever the case may be.
So take advantage to see their credit report with those two resources. That's good to know.
And then from there, what should people do if they have a low score? It depends, right? So low scores can come from a couple of things. You can have negative items, but then you can also just have a weak profile with no history at all.
So I don't know if you remember when you turn 18 or when you were in like your early twenties, did you just readily get approved for things right off the bat? Like a car, right? That's a weak profile. They have to determine which one it is.
Negative items. Is it weak and not enough? Or is it a combination of both? If it's weak, you can just do some simple things like add some basic trade lines, like self.
If you're familiar with that, it's a credit builder account. You basically put some money to a side, you choose your terms, years, or whatever the case may be, whatever's affordable to you, and it reports to all three bureaus, and it records payment history, it's a new new trade line and it doesn't hurt your utilization, right? There are things like secure cards, discover it, that if you practice good behavior, what will happen as early as six months, they'll convert it to an unsecured guard and probably bump your limit up.
So there's all types of things people can do to add to their age or add to their credit profile to increase it. Now, let's say if it's negative, on the other hand, you got a couple options.

If you have negative things like late payments, collections, charge-offs, bankruptcies,

whatever the case may be, you give it one, wait till they naturally fall off for the statute of limitations, and you're talking seven to 10 years.

Damn.

Yeah.

For a late payment?

Seven years for late payments, certain bankruptcy, like a chapter seven, which is a liquidation, that's 10 years. Wow.
Right? If you don't, if you just let it sit naturally. The other thing you can do is if you require some payment and there's debt, you can talk about settling or making the full payment or whatever the case may be if you can afford that.
But another thing you could do

is try to go into repairing it,

whether it's yourself or choosing a reputable party.

That can be challenging doing it yourself,

but it's very possible.

I learned myself, so that's what I'm around.

We got to talk about some of these companies though,

because a lot of people fall prey to these scams, right?

Yeah, no, it's happening more and more

because like we talked about,

due to the economy and so many people falling into situations economically

and relying more and more on debt, now they're like a white knight.

All someone has to say is credit repair, guaranteed results overnight, 72 hours.

Here's $1,300.

Here's $1,100.

I can't tell you how many people came across our application

saying they worked with somebody, paid them $1,100 to $1,500. They haven't received one letter.
They've rarely talked to them. It's just ridiculous, man.
So they're not even helping them? No. I thought they were at least helping them.
Some people have told me, said, yeah, they told me they sent out a round. Maybe one item fell off, but I got 10 that I'm focused on.

I haven't heard anything back.

So when there's no transparency, it's like, what are y'all doing?

Right.

Right.

I'm contacting you.

You're reaching.

You're not contacting me back for weeks at a time.

What is exactly going on?

And there's some flags people can look for.

And I'll be glad to talk about them if you want.

Please.

What are some of the flags?

So one of the first things you want to look for for a credit repair company that could be a red flag is the fact that they're promising results. Based on the Credit Repair Organization Act and FTC, that's illegal in itself.
So you got to think, Sean, if you're going to do business on somebody and they're just disregarding the law, is that a trustworthy person? No. If somebody said to be an attorney, but they didn't pass the bar, if you're seeing suits, no, you should not do business with them.
The next thing you want to look at, do they even have a contract? That's another thing I stress. If someone doesn't have a contract or some types of terms, I'm not doing business with them.
This is not any different. And those contracts should have specific things on them.
Another thing you might want to look out for is them taking the money up front for credit repair services. So if somebody says, hey, as soon as you pay this invoice of $1,100 for credit repair, that's against the law.
Now there's nothing wrong if you have a consultation bundle, you want to work things out, give them a strategy, that's fine. But the credit repair charge has to be something different.
You know what I'm saying? Another thing you want to look for, if you're not getting your letters, let's say if that debt collector or that reporting agency did something to break the law and you could have a potential case, the attorney is going to say, all right, where's your documentation that you sent stuff off? Oh, I don't have any letters. Well, we don't have a case.
You have no proof. It's your word against theirs.
With no paper trail, you can't do anything. You know what I'm saying? And then the last thing I'll say that's a huge red flag is the lack of communication.
If they're not communicating at least once every round of what they're doing, or they're not asking you to check for things like, hey, is there any mail? Is there any response from these creditors? Any response from these credit repair companies? Then they're probably not the ones you want to work with. And you should be able to ask these individuals this before you sign that dotted line and give over anything.
Yeah. A lot of people chase the highest score possible, but is it actually necessary to have like an 800 credit score? No, it's just a vanity metric.
And being that I have a banking background in private banking, I see a lot of things of what these banks look at in institutions in general. The thing you want to focus on is how your credit profile is built, right? So we're talking about the FICO score model.
It has five elements. You have your payment history, right? You want that to be a hundred percent, no ifs, ands, or buts about it.
You have your credit utilization. Now, although we're taught stay under 30%, that's fine.
But if you want to maximize your options and funding, you want to keep it less than 10% and just above 1%, you know? The next thing you want to look at is your average age of accounts. If you are a bank, would you trust someone who's only dealt with the debt and managed it for a year? Or would you rather give money to someone that's had four years, five years of debt? That's how they're looking at it.
You also want an account mix. And what that account mix means is you can handle multiple types of debt.
Do you have student loans? Do you have auto loans? Do you have credit cards? Do you have any personal loans? The more you can show institutions that you can manage debt, the more trustworthy you become. And then the last one is your hard inquiries.
That your hard inquiries, you want to keep those between zero to two. Some people may or three.
And the reason being is, if I see you with tons and tons of of inquiry, especially within a short window of time, you look like you're desperate to apply for credit or it could be fraud, like an identity theft.

Right.

So these are the five things people need to focus on, building those out.

And what will happen is that'll create your score.

Right.

Because I've seen people get approved at Navy Federal for $25,000 line of credit with a 686.

But then I had someone message me on Instagram saying, hey, my son has a 750, has a $3,500 Capital One card, and they're on an authorized user for their dad's credit card, but they can't get approved for anything because they don't have it built out right. And that's how that goes.
That's good to know because a lot of people will think the is everything. No, it's not by far.
It's not. There's actually other scores people probably should know about too, but we could talk about that if you want to.
So there's other reporting scores that we don't know about? Other reporting scores that affect the average person regularly. Prime example, your MyFICO auto score.
So yes, your three credit scores with the bureaus, TransUnion, Experian, Equifax, they're like, they mean a lot. However, if you're going to get a car, your MyFICO auto score, which goes from 250 to 900, that's something the auto lenders are going to pull.
And what they look at is your auto history, basically going back to the, Hey, if you're 18, 19, you never had a car before, we might not approve you or you might need to bring mom, dad or some sort of cosigner in.

That's why that happens.

Okay.

The next one is your MyFICO bank card score.

So when you're going around applying for cards, what happens is if you ever seen those pre-qualified notices and stuff like that, your main score is a factor, but the pre-qualification says, hey, what's your card history? How many payments have you been having? Which the limits you've been working with? How much utilization are you using? So before they send you pre-qual information, they're looking at that score. The third score is your insurance score.
So if you plan on buying a home or a car, there is an insurance score. Now, it's very hard to find this one, but there's two sources.
You can ask the insurance company you're with, hey, can you give me my insurance score? Or you can go to a company called Choice Point and pull up that profile that way. Your fourth score is your LexisNexis review or risk review score.
And what happens with that is, let's say if you have a thin profile, you're young and you're applying for an apartment. A lot of landlords and people who have tenants are going to look at that score, see how much of a risk you are as far as paying utilities and stuff like that.
And your fourth and final score is the one we all need to focus on if you plan to open up a bank account check systems. Now, a lot of people talk about this.
That score ranges from 100 to 899. It's a weird scale, but what they're looking for is how many banks have you opened in a certain amount of time? How many overdrafts do you have? How many of any bounce checks do you have? They keep track of all that.
We are governed by numbers. Damn.
And so many of them are hidden from us. And there are other ones, but they're not as important.
But those are five I think everybody should look into. Wow.
That's good to know. There's also business scores too, right? Yes.
There are business credit. There are business credit scores.
I mainly focus on my Paydex, my Experian, and my Equifax. The other ones, based on what I've been approved for, they're only vanity metrics.
They haven't affected anything. Like my experience is high.
My paydex is 80 plus. And once those are there and Equifax is up, I'm like, okay, I could approve for those.
So those are the only ones I really worry about. What do you think about those guys doing the 0% business funding cards? Have you seen those ads? What do you think about that? I think just like anything else, they can be a gift and a curse.
So they could be a gift if you have a genuine idea for a business, marketing plan, a strategy. If you're going to buy a business or an asset, if you have a one deck and you know who to go to, you have a plan of getting profits and income.
Whereas some people are in it for the lifestyle. They want to promote a lifestyle.
Let me get the zero interest business card. Let me run it up by taking flights, going to Dubai, going to Vegas.
I didn't do that. But like all these things in the hopes and to pull people in, but that's not the way to go.
And even if people don't, you know, aren't quote unquote scammers, just be very, very cognizant of what this means. Like you're on the line, have a goal for it.
But overall, if you know what you're doing, 0% business cards are clutch, especially if you can get like a 18 month, somewhere like 21 months. I say go for it if you have a plan.
Yeah. I got an 18 month one to help the pod out, to be honest, when I was first starting out.
I believe you. Yeah.
No interest. I mean, because regular credit cards, people don't even know this.
Some of them are like 20% interest, right?

20, 26% interest. That's

crazy. That's 2% a month.

It's ridiculous, man. They're making banking.

You would think

like, okay, let me manage this.

They should educate me, but think about it.

This bank is going to collect 26%

interest? Go ahead.

If you can't pay it off, I'll just charge you off and take you to court. And they don't teach you about credit in school, right? No, they don't.
And to be honest with you, I don't think it will ever happen on a grand scale or fast enough. And there's a few reasons why.
You would have to go back in time, right? Now, we know education has been amongst us since humans could think. However, let's go back to Prussia, the Prussia model in Germany.
Initially school was designed to make you a worker and a military participant. That was it.
And you fast forward a bit to 1840 Horace Mann in the US. He said, you know, this is genius.
We can create people, put them on the farms. We can make them good workers.
If we want to put them in the military, we should do this and take it to the eighth grade. I think he was the father of some movement.
But what happens is schools, for one, the curriculum still follows on all models, right? Clock in, clock out each and lunch when we tell you to, take off if we tell you to, but you're not getting any real life day-to-day skills, budgeting, financing, credit. Curriciums are outdated.
Another issue is, and this is the big elephant in the room, the bureaucracy, government, and lending institutions that are involved. Going back to what I just said about 26% interest.
Banks benefit by hitting you up with that. I call it like a bank tax for that additional interest.
If you don't pay that balance off, they're smiling ear to ear, but also even corporations that have products and services that allows us to be consumers, right? If I educate you and teach you how to budget or teach you how to, you know, teach you about credit and to manage it, how likely are you going to spend more? That affects credit card companies, but that affects Amazon, that affects your travel agencies. Like, yo, we don't want you to get too smart.
We want you to spend to keep the economy going. And colleges.
And colleges, right? But that's that elephant in the room and that's a much deeper conversation. But then how about this? You have no one at home teaching.
Parents aren't necessarily having a conversation of this is how you manage credit. This is how you build your profile.
This is what you do if you're in trouble. All they're saying is what my dad told me, he said, hey, use it for emergencies, gas in your textbooks.
That's the gist of it. Or have it set up to where you can get an apartment, a car at a good rate and get your first home.
Other than that, we getting a full-blown education we need about credit. And then that leads to the lack of teachers.
Most teachers are struggling financially, right? That's true. Who is going to teach you about credit in the classroom? Who are you going to hire? That's the other issue that we have with it.
So schools won't teach it, in my opinion, because of those factors. There are more, but it's not cutting dry.
I don't see it happening at any time. Yep.
That's why a lot of people are using debit cards, you know? Yeah. Yeah.
They're scared of credit and they're using debit cards. And I think that's a trap.
I think debit cards are costing people money. Yeah.
Cause if someone steals your debit card and spends on it, you're not getting that money back. No.
On a credit card, you might. No.
Yeah. No, for sure.
And I actually have instances in where my credit card was, let's just say it protected me more than my debit card. Yeah.
I was at a bank and I'm not going to put anybody's spot, but I was at a bank that I was with since I was 16. I was a custodian, right? I'm 39 now.
I still have the account. I put cash $820 in the ATM.
And you know, the ATMs have those cameras. And the bank was open at the time.
For whatever reason, there was something that triggered an error. And it didn't register my deposit of 820.
No receipt or nothing. And I go in the branch.
I'm like, hey, I just deposited 820, but it's like it didn't happen. I checked my balance in my app.
It's not there. They were like, okay, well, we got to do an investigation seven to 10 days.
They mark down the ATM. Your card gives a little trail when you try to use it.
And I said, seven to 10 days, you have cameras right here. You could see me.
What's wrong? Can't you just credit the account? No, we can't do that. Meanwhile, American Express, I ordered something from, I'm not going to say the vendor's name, but I ordered it.
It was supposed to be dropped off. It never came.
I don't know if the driver took it or not. And we have cameras.
And I said, hey, I almost said it. I said, hey, company, you didn't deliver my package.
Yes, we did. The driver signed.
I said, no, there's nobody by that name that works here. It wasn't delivered.
I have video. Well, it is what it is.
They signed, hung up, called American Express. I said, I didn't get this package.
Here's the video. No problem, Mr.
Cowens. Five minutes later, the amount was credited back on my car.
Wow. And if you really think about protection security, that credit card is the bank's money.
Your debit card is your money. So even if somebody took it and swipe it, the debit card company could say they probably did swipe it.
So let's just do a seven to 10 day investigation. It probably was them.
That credit card bank is like, yeah, we got to protect our money and keep our customers satisfied. But what about the perks you're missing out on? Right.
When I came out here in Vegas, I didn't pay for the wifi. I didn't pay for baggage claim.
I got credits for my room. I'm eating for free, right? I have those perks, not to mention I get cash back rewards, travel miles and all those things like that.
I literally just bought a treadmill for $6 and 20 cents because I use points. That's nuts.
So it's just when people say, well, I would use my debit card because I'm not going to be in a debt. You need to add context to that because if you're not paying the balances off, yes, that debt is going to accumulate and the interest is going to stack up.
But if you are responsible, if you say, hey, this is how much cash I have.

I'm going to use it for groceries,

living expenses,

and so forth.

And I only use that.

Use your card instead

and just pay the balance

off of what you use

that you were going to use

with cash anyway.

Right.

And that's that.

Yeah.

I can't wait to spend

some of my points this year.

Yeah,

I logged into Amex this morning.

I had a good amount, man.

It's the best feeling.

You log in,

refresh,

you're like,

whoa.

Especially with,

there's point hacks too.

Yeah.

So you could transfer your points to like Hilton or Marriott when they have a thing going on, a promotion going on. Yeah.
And one of the, I accumulate so many points, to be honest. I don't do travel transfers.
I should. Yeah.
Because I get more. Yeah.
You get way more bang for your buck and that's

on me to do that. But one person said they were flying Emirates and it was like three X or

something based on the product they had as opposed to using it with just the original card company.

And I'm like, yeah, that's major. Yeah.
You get the 180 beds on that one. Oh my God.
Yeah. The

first class to Dubai. Yeah.
Yeah. I got to take a trip out there.
Yeah. Yeah.
I got to get out

there too, man. Um, I want to hear about your story buying the BMW Camry.
What happened there? So this is at the time where my credit was bad, right? I was at a low 600s at that time with Equifax, but I was desperate. I needed a car.
My other car broke down. I go into Toyota and I said, yeah, I like this Camry right here.
They were like, yeah, payment's going to be 389. And not understanding how interests work, all I just wanted was the car to get around.
I looked and compared it. I was like, I could have bought a Camry.
I mean, I could have bought a BMW, you know, like three series or something like that. But instead I'm driving Toyota Camry.
Nothing wrong with Toyota, but just based on what I'm spending, it didn't make sense. And I say that to say credit, poor credit or not having enough of it can cost you more than what you need.
And something I give my clients when we're doing their report enhancing their credit, I give them a breakdown. I give them like, Hey, here's what happens with a 620 score, subprime.
Here's what happens with a 680 score, which is fair. Here's what happened with a 720 score, which is good.
Now, on the scale, the amount of interest the 620 person pays on a $25,000 car, the same five-year note, is $13,000 in interest. You're buying a car and a half.
That's crazy. Whereas the person who has the 720 on the same car, same terms, they're paying 4,000 interest, right? That's a huge difference.
So you'll be buying a whole, you'll be buying a luxury car while driving the average of a day car. And that's cars.
Imagine houses. Oh my gosh.
Yeah. Some people, first of all, I think it's a crime to have improved people that have subprime credit because when you look at the interest rate, what happens is the interest ends up being more than the house.
Oh my gosh. That's insane.
To me, that's a crime. Yeah, that is insane.
But at the same time, is it like chicken and egg thing? Is it up to the banks to say, on let's not approve them we need to loan out money we can't just stop loans 47 million in america have subprime credit right and most of them are like gen z um given factors like employment what they go to school for whatever but or is it up to the person to educate themselves like you do have have to take responsibility. And in this day and age with technology, podcasts, so many different things, you'd be hard pressed not to find the information you need to do better.
How's the advice from AI on credit? Is it good advice on ChatGBT? It is. It is because I use it.
I use ChatGBT to help simplify some of my Metro 2 letters. And when I do checkups, because that's one thing I will say, you would check the source against it.
And it's all been right so far. It's all been phenomenal so far.
And I love the way how it simplifies things. And it's been getting results.
I literally created a debt collector's letter and it wasn't even a dispute letter. It was just four questions I told ChadGBT to ask and just structured a certain way.
We mailed it for our client on March 7th. The client got a letter back from the debt collector saying, hey, we got your notice.
We're closing this file. We're ceasing all collections.
I'm like, oh, this is it. That's not.
AI is the truth as far as helping this, as long as you understand the inputs, as long as you still know what you're doing, as long as you're still a pro consultant. Yeah, I used it.
I got a strike on YouTube. I used it to draft a letter to YouTube.
Got the strike removed within five minutes. Congratulations.
Dude, it was nuts. What did they strike me for? Lily Phillips.
Yeah, she came on the pod. I'll do it, man.
No need to say anything else. I get it.
Yeah, but no, AI is the future. I know there's these AI credit repairs.
I don't know how those work, but. They, I have a love hate with them because I have my own software.
I have my own Metro 2 software. Yeah.
But I think the dark side of AI is just like with anything else. Humans forget to progress with their education.
I was just in the car. My driver came here.
He's like, yeah, I'm working on my credit. I have this collection.
I'm using AI. It's been six months.
And I explained to him, I said, yes, AI is phenomenal when you do things like Metro too. However, you still need to understand what your rights are.
You still need to understand tactics that these creditors and these reporting agencies will do, or these debt collectors will do. You still need to understand their responses.
You still need to understand timelines. You can ask AI all of that, but if you don't continue to educate yourself, how are you even going to know what to ask in the first place and what to input? So while it helps us be more efficient and can add effectiveness, it also takes away that want for educating people more, educating yourselves more.
I can see that. How much does your score matter if you're not actively using it? I think your score should matter all the time, but obviously if you're not using it, it's not going to hurt you.
The problem is people tend to not pay attention to their score until they need it for purchase. And I get this all the time, Sean, people apply.
Hey, I'm trying to buy a car in two months. Okay, what's your score looking like? And you're like 489.
I said, I don't walk on water, chief. I want to help you, but you might have to set that timeline back just in case, right? So your score should always be under a watchful eye.
Get a credit monitoring service, like my free score now. That's what I use.
That's what all my clients use. Check it every 30 days because here's another thing.
Even if you're not using it, well, isn't there such thing as identity theft? Yeah. Right? Even not a stranger.
I had someone who wanted to be a client. He lived in Connecticut.
They said there were student loans on their account, but they weren't theirs. They were somebody they knew that co-signed for the loan.
So if you had credit monitoring service and kept an eye on your credit, at least once a month, that would not have happened. Or if it did, you would be able to get to it sooner.
You know what I'm saying? So always keep an eye on it. It's always important.
don't worry about just using it to make large purchases. Yeah, absolutely.

I think it's better to be proactive than reactive, right? Exactly. Yeah.
Because you never know when you'll need it. Yeah.
And then you have 20 hard inquiries. Probably takes six months, 12 months to get rid of those.
Oh my gosh, that's a nightmare. I didn't know you should only have zero to two though.
I got to work on mine then. Yeah.
I think I have like 10. In your case, I mean, do you plan on going for more business funding or anything? Well, I just got a house plus I got a new business.
Congratulations. So I opened up some credit cards and so.
Congratulations. Thanks.
You're doing a thing. Well, but at least you're using it for a specific reason.
Yeah. You're not just screwing off on your credit.
No. How long have they been on there? The house, five months.
Because we were playing for mortgages and stuff. So I think that was two or three.
Yeah, you got two years. But like I said, are any of them attached to unopened accounts? Are they all linked to something that's active? That's a good question.
Probably not all of them, to be honest. Yeah.
If there was an art link to something that's open, you can attack those. You can dispute them.
Yeah. Let's get to know.
What about late payments? Late payments, even though they seem difficult, there is a way to do it as long as you know what you're doing. I've updated late payments constantly.
And it typically stems from a whole case law. Yeah.
It's called Fleet or it's called Richardson versus Fleet Bank. In that case, and I'm gonna just summarize it, and this is not legal advice, by the way, all right? I'm just gonna summarize it.
It states that the mere providing of a statement or a record or indicating that you're late is not enough to suffice as proof of a late payment. In that case, it states that the creditor who's reporting allegedly late has to provide you internal records, account notes, documentation, account feeds.
That's a lot. And the thing about it is they may not give it to you if you ask, but let's say I say, hey, in this agreement, if there's any dispute, especially with credit reporting, you give me the right to arbitrate.
If I go arbitrate and they make you provide that information, now you run into a breach in all types of class action suits. So now, do you want to update these late payments as my simple request? Or should I arbitrate where you have to pay all these fees, thousand for this, 2,800 a day for this.
And then you got to give me that information anyway, you know?

So, and that's one way to get them done. And like I said, each account type has its own strategy,

but as far as late payments, that's something I love attacking.

That's good to know. I'm going to hit you up for that.
I got one. I thought I had auto pay set up

on a card and I didn't.

That's how I typically had, especially where people have a lot going on.

Dude, it was like 20 bucks, but it's still on my record. Well, let me ask you, how long have you been with that account? How long have you had it? Long time, dude.
That's Amex, so years. You know what you should do, Sean? If you've had a long-standing relationship, just say, hey, I messed up auto pay.
Is there any chance that I can just... And you think they'd actually remove it? Dude, give it a shot.
Okay. I've seen it done and I've also seen people say, no, we're not going to do it, but you've been in with how long? 10 years.
10 years relationship. Spent millions with them.
Oh, dude, it's worth it. Yeah.
Forgiveness. Just do that.
If they say, no, we're not doing that, you can talk to me. Yeah.
Hit me up, Amex. I'm trying to get you guys to sponsor me, man.
I want that black card. Yeah, yeah.
I want to be in the Amex lounge with that card. I was in the Centurion lounge, and there was seat reserved just for the Centurion card.
Yeah, I see that. I was sitting there like, man, I want to be there.
Bro, and no one's ever there. Yeah, no.
Like, that's a baller move. I saw one guy, and I think it was his daughter, unless it was a sugar baby, but I saw one guy sitting there yesterday.
Really? While I was at the Philadelphia airport, old school dude, you know what I mean? Slick back hair, blazer on, white pants. I'm like, he's just sitting there, table reserved.
Bro. My God.
You got to be spending 500K a month, I heard. Oh my God.
Something crazy. Yeah.
It's crazy amount that's required. Yeah.
Or be a celebrity. Yeah, that too.
That's an easier option.

Well, you almost there, aren't you?

Almost, yeah. I'm like a C-list, I think.

Climbing my way up.

But I don't even want that A-list status.

There's too many negatives with that.

Yeah, no.

I like being a podcaster, man.

That's solid.

You're doing a phenomenal job, too.

Yeah, you too, man.

You're providing a lot of value to people.

Appreciate you, man.

You know, it's something that needs to be taught

because the credit changed my life. That's how I started all my businesses, you know, got my house, got my cars for good deals.
And that's, I think you're hitting on something. Credit changed your life when you use it.
Right. And one thing I didn't mention earlier is we're taught to just use credit to get the house or the car, which is fine because you don't need to do that unless you're making like hundreds of thousands of thousands a year.
But the thing about it is what I've noticed the difference between people who are really dominant and getting control of assets, they're thinking buy cash flow first, then get the house with the cash flow in the cars and stuff like that. I think one thing we seriously need is to understand the purpose of credit and flipping and say, hey, how can I start this business?

Or hey, how can I buy this existing company?

Right.

Blue collar jobs are coming back.

Right.

They're coming back strong.

So the value of like these landscaping, commercial cleaning, window washers, roofing, they were

already recession and pandemic proof businesses.

But now the value is up even more.

Because people can't do them. Our generation's not doing them.
They can't. They want to be on TikTok and stuff like that.
And my dad even said, he's a welder. He said, you should always learn to trade.
And that's one thing I've regret never doing. Because now in this day, oh my gosh, welders, carpenters, plumbers.
Somebody charged someone I know, a peer of mine, just to come in, check the plumbing,

450 bucks.

Just to check it?

For a 10-minute consultation.

Damn.

450 in 10 minutes.

It's printing money.

And yet you would think people would highlight plumbing and blue-collar trees, but it's not.

It's not sexy on social media.

It's not.

But the money, I mean, dude, I just paid 10K for security camera installation.

Roofing, I've paid tens of thousands.

Yeah, plumbing, thousands.

There's a whole saying,

most of your millionaires drive a truck

and wear work boots.

Hmm.

Yeah.

It's slow and steady, but it works.

Overtime, it works.

Especially if you combine that with internet marketing.

Yeah, for sure.

If you combine those two,

you understand content,

you understand going viral and the story formula, and you have that trait, forget about it. Absolutely.
Last question for you. Can you get cash off credit cards without fees, paying fees? You can.
Hopefully all the banks aren't watching, but yes, you can. Right.
And there's a couple of ways to do that. You've probably heard people going to buying groups.
And what a buying group is, is you

have a select group of merchants. They might be Amazon dropshippers, FBA, all that stuff.

And they say, hey, listen, we can only buy but so much before we're flagged. How about we give

you the items to buy? You drop them off or ship them to us. We'll pay you back.
Plus we'll give

you some commission depending on the product, time of year and stuff like that. That's one way to do

it. It's a purchase.
So there's no cash advance cash advance there's no daily interest you get the points too you get the points too wow yeah i need to start doing that and then guess what else the more you start doing it they raise your limits because it shows more activity i was doing like ten thousand dollars a month yeah when i was really going to the buying groups and that's why people were asking me how did you go to cancun for $79 and only pay taxes? Or you just decided to go to DR and you said you didn't pay anything or you got paid. But another way, and this is a way, and I'm gonna just keep it, I just established a partnership.
There are bank firms that own a charter, that have a charter and do their own underwriting. They will do your transactions as a purchase.
And what that is, they'll deposit the money into your account. Now, this is not for small amounts either.
Like when they do these credit conversions to cash, you're not doing 2,000, 3,000. No, they're like, hey, bring us a hundred thousand, bring us 50,000, bring us 25,000.
We'll convert it for you. Give us, you know, up to 14 days.
There are some expedited options. Like if you want to close our apartment complex, I think a guy needed 750, 750 K off his business card, close our apartment complex.
It was done in 10 days. Holy shit.
Now he has an apartment complex. I'm going to hit you up for that.
Yeah. Listen, I've been trying to tell people who really have it.
You know what I mean? Because if somebody comes to me, I want to get 5,000 off to get it. I'm like, no, no, I'm going to do a hundred.
No, if you want a hundred and you're like, yo, dude, I need equipment for my podcast.

I need to do this renovation for my new company.

Oh yeah.

Here you go.

Come on over to the side.

And there's no cash advance fees because it's triggered as a purchase.

That's a no brainer.

And you know what else happens?

Exactly.

You know what else happens is, but people don't understand what cash advance fees.

There's no more 8%.

There's no intro.

Your cash advance interest is daily.

And it's upwards of 20 to 26%.

Holy.

26.99.

Are you serious?

And you're just like, well, why would I do cash advance?

And then on top of that, if you go to a bank or ATM, draw out cash, and you need that much,

you're at risk.

Because if somebody's watching you, you have cash on you. knock on wood,

but, you know,

they like,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

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give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me,

give me, give me, give me, give me your money and it's over, right? Yeah, in the wrong neighborhood. Wrong neighborhood, right? In Philly maybe.
Yeah, no, for sure. I never go to the ATMs in Philly and I love the city, but yeah, man, there's ways you can do it.
People can find me, hit me up, especially if they have business going on, They want to buy equipment, you know, 25,000 and up. Yeah.
Or they just don't do any more than like, you know, a million. Okay.
I mean, that's reasonable. That's pushing.
It's like, oh, what could be going on? Cause you imagine you get the wrong hands laundering. What are you going to buy for a million? Yeah.
What are you buying for a million? Right. So yeah.
Hell yeah. I'll hit you up for that.
Where else can people get in contact with you, man? They can reach me on Instagram, that underscore money hacker. And I'm there daily.
I'm always posting my stories. I'm always documenting my journey.
I'm always giving tips, posting consistently, making connections. And I do respond to people.
Like, people see my followers, which is nothing like yours. But, like, I respond eventually, especially if it makes sense.
No, for you it's different.

It's a niche following, you know.

It's more like quality leads.

Right.

Yeah, I'm attracting anyone

you can think of.

12 year olds, 80 year olds

watch my stuff.

I don't sell them anything so.

Yeah.

Well, dude, we'll link your stuff below.

Thanks for coming on.

Appreciate you.

Yeah, that was fine for me.

Check them out guys.

Shoot them a message.

See you next time.