God damn, how do you keep track of all that? In Canada, they'd never give you 15 cards, unless they were like $1,000 limit each. They look at total credit potential. So if you have 15 cards with 10k limit, then you can potentially do some serious damage by draining all the cards at once.
"I have my entire retirement and savings invested in Bitcoin"
- Thread starter Hurr-Durr
- Start date
God damn, how do you keep track of all that? In Canada, they'd never give you 15 cards, unless they were like $1,000 limit each. They look at total credit potential. So if you have 15 cards with 10k limit, then you can potentially do some serious damage by draining all the cards at once.
Very easily, I only have one that has a balance that I'm paying off. I use one for daily transactions, one for business transactions only and one I opened up recently for travel, I'll get to check in a bag for free. The rest have a zero balance and are kept in a safe. If I drained them all u could do some serious damage but I had a credit cards for the last 13 years, I always make a payment and always more than just the minimum monthly required. I have a decent job and a side business so my income is there. As long as you have a good history and a income card companies will give you credit here.
Just use your card more, and they'll eventually increase it. If you don't already have one, open up a business bank account with the bank that issued your card, and that'll probably help out.
Bank used to call me, and ask if I wanted more money. Then when I said no, they'd use a line like, "well you see sir, if we raise your limit a bit, I'll be able to replace your card with this kickass Platinum Avian card that will give you amazing travel points and stuff", and sure enough by the end of the convo, I have a new card being sent to me.
Or sometimes they'd raise the limit without even telling me. I'd find out via online banking while looking at the credit card transactions.
I guess it makes for interesting reading over at Reddit, where those kids think $500K is is a lot of money.
A lot of money for a business? No. For a house? No. For a blind bet funded by credit card debt that increases by 197% per year? Yes.
Definitely - if I were him I'd be selling off 10% chunks each month as the price increased and investing them elsewhere to diversify a bit. At least that way if something does happen, you're not facing a near-zero networth.
Question at the moment is how high will it go before the price returns to the mean.
Am I the only one NOT supporting this?
- Takes out $30k loan, drops it all into ultra high-risk investment with the foresight to simply file for bankruptcy if it goes belly up, because he has no assets or savings anyway so he doesn't give a shit.
- Sits on a few hundred thousand and acts like he's big ballin and ready to retire into some beach house mansion. Since when is a total net worth of let's say 400k considered "rich" or "successful"? I know guys on this forum who make that in a year and still aren't satisfied with it.
- Makes success story post about it that will clearly cause many of the sheep reading it to take out loans of their own and engage in highly ridiculous and irresponsible investing.
can anyone say inb4 he convinces his parents to cash out their entire 401k to invest in a combo of bitcoin and cocaine, and then when his investment fails go back to reddit and start blaming "the corporations" and "the system" for allowing him to do that in the first place
- Takes out $30k loan, drops it all into ultra high-risk investment with the foresight to simply file for bankruptcy if it goes belly up, because he has no assets or savings anyway so he doesn't give a shit.
- Sits on a few hundred thousand and acts like he's big ballin and ready to retire into some beach house mansion. Since when is a total net worth of let's say 400k considered "rich" or "successful"? I know guys on this forum who make that in a year and still aren't satisfied with it.
- Makes success story post about it that will clearly cause many of the sheep reading it to take out loans of their own and engage in highly ridiculous and irresponsible investing.
can anyone say inb4 he convinces his parents to cash out their entire 401k to invest in a combo of bitcoin and cocaine, and then when his investment fails go back to reddit and start blaming "the corporations" and "the system" for allowing him to do that in the first place
If you read the thread, he cashed out some time ago when it was at $200 something. Not bad, but I bet he's kicking himself for not waiting a bit longer.