My business is going well with the new thing to buy almost every hour. I buy a product with a credit card to make more profit.
Today, I'm talking to my friend about how we can use all the benefits that we get as a credit card holder. Handling a credit card with care isn't easy for some people. I just got the news that there are so many people in my country in debt to banks or lending platforms and they can't afford to pay them. It's kinda confusing for me tbh. As I say to my friend, "We supposedly use a credit card, not the other way around". What's the benefit of using a credit card?
- There are so many promos for using a credit card as payment.
It's better if we can get all the promos for our daily expenses. There should be a promo catalog that we can use. - You can calculate your expenses easily.
A credit card has a limit and we know how many incomes we get every month. It's a good way to track our expenses to buy something. - Sometimes a credit card becomes a guarantee to get you something exclusive.
The exclusive benefits depend on what credit card we are using. For me, It's reward points that can give me vouchers and a ticket to enter an executive lounge at the collaborated airport. For most of my friends, It's KrisFlyer Miles that can give them a free airline trip for Singapore Airlines or collaborated airlines. - You can get more profit before you need to pay.
The last benefit is special for businessmen like me. Buy a product with a credit card -> Sell it -> Use the money to make a profit until the time comes to pay for the product.
As my friends and I are talking about the news, we conclude there is a common mistake from credit card holders, especially the ones who are in the news: They are buying a product that they want (not need) and use a long installment. There is a rule that we use to buy a product:
- If the holder is a business owner with an unstable income, the holder must have the money before using it. Why? Because the purpose is to prolong it. No money, no work. How about installment? It's okay as long as the interest becomes the monthly expenses and you know that your income is already more than the interest. You shouldn't buy anything else except for business purposes before your income is more than the interest of that month.
- If the holder is a company worker with a stable income, It's easier to calculate. The formula is Monthly installment + Interest < 50% of your monthly wage. Why 50%? Daily necessities + Emergency money. How about installment? That's the emergency money is used for. It's even better if you hold more before using it as emergency money. We're hard to ensure that we're not getting laid off or something bad happened over a long period. Emergency money will be backup money to fill the job to pay before we can get another income source. Hopefully, it won't be used.
Back in the news case, there are 3 mistakes of them:
- They are using a credit card because they don't have any money left.
- They were hit by a covid case (getting laid off, stopping working, etc) and made covid as a source of problems.
- They lend to another platform just to pay the monthly installment and repeat that process.
I don't know why people can think like that. For the first mistake, maybe it's not their payday but... It's kinda weird to don't have any money 🤷♂️. Money management exists in the first place. The second mistake also hit me but I'm still standing today. I ever can't work because of covid but I have emergency money for my daily expenses and others. There are a lot of works out there, never depends on what you want to work only. The last mistake made by them is the most stupid thing I ever know. It's just combining the first month and the second month with more interest. What they are hoping for? They don't even have a source of income. Why don't they sell something to pay?
I hope readers won't become like the people in the news. If you have a credit card, use it in a good way.
The #LarryIsAlive contest
Friday, January 5, 2024
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