Daniel, you are a good example of what a young 20+ person should be. Hard working, investing, and live simply.

@Daniel_Braun

4 ай бұрын

Thanks so much Yue! I'm incredibly happy doing all of that and living the way that I do so I'm glad that I get to share that here on KZread!

@lilspree5511

4 ай бұрын

Thats why I’m here my mentor past away. He taught me crypto now I’m learning credit from this. I’m 22

@dumstxr7552

3 ай бұрын

@@lilspree5511rip

It's funny to think that one of the most frugal things you can do (particularly when it comes to travel expenses) is use credit cards. Dave Ramsey would blow a gasket reading that 🤣 But this is all so true and exactly why I play the credit card game myself. Great stuff as always man! 👊🏼

@Daniel_Braun

4 ай бұрын

Oh man I have a feeling Dave would still highly disagree with us haha. Thanks Spencer!

@Cesar-Avila

4 ай бұрын

Which is interesting because Dave Ramsey would be contradictory of himself saying that it’s stupid and not wise for us to use them. Because he always preaches that every dollar has a specific role when getting paid. So if every dollar matters. Why not use credit cards when it could save us hundreds or thousands of dollars when we travel??

@newagain9964

4 ай бұрын

@@Cesar-AvilaI assure u and everyone else reading that Dave Ramsey and his businesses use credit cards.

@Cesar-Avila

4 ай бұрын

@@newagain9964 agreed

@MikeThePike316

4 ай бұрын

​@@newagain9964 If this were true, someone would've blown the whistle ages ago

Great level of transparency and thought process behind your budget methods. Good stuff!

As a frugal person as well, thanks for this video.

I really enjoyed this video from a conceptual basis to disarm negative connotations of having so many active cards.

Great tips, Daniel.

thank you Daniel, nice video. have a nice day :)

@Daniel_Braun

4 ай бұрын

Thanks so much Sebastian! Have a nice day as well 👍

Thanks for the video. For a young feller you seem to have all your ducks in a row. Treating a credit card like a debit card , thats the key.

Nice... Jamaica inbound in April for me.. I used my Chase Sapphire travel credit towards verbo with a cheap flight..

Solid video Daniel! Commenting for that young YT algo

@Daniel_Braun

4 ай бұрын

Thanks man, much appreciated for the algo!

Well done Sir. Hope you're well.

@Daniel_Braun

4 ай бұрын

Thanks Scott, much appreciated! Hope you're doing well too

I also started to budget with credit cards. Currently, I have a 400 USD daily driver that gives me 1% towards my retirement savings (equivalent to US 401k) for food, drink and restauraunt purchases and MC World Elite (that's how my bank advertises it, it's their top non-invite card) as my travel card for travel insurance and lounge access. So far, that is the amount of cards that I need and I'm pretty much sated. Eventually, once I'll buy a house, I'll get myself card from one of my scondary banks for refurbishments as they offer 1% cash back on a fixed category and home depo-esque shops are there. Things get a little... intense, when we get to my debit cards though. five banks and counting at seven cards... And then there is my tram card, which is a prepaid card issued by yet another bank... Basically, I bank with half the banks in my country :D

@Daniel_Braun

4 ай бұрын

Always good to try to match your credit card benefits with what fits your needs best! Sounds like you've got a good plan - thanks for sharing and watching the video!

Same deal about with myself. Roughly twenty cards from Amex Plat to Capitol One line up etc. Owe very very little. Helps immensely with budgeting.

Great video 📹 👍

I’m 100% like you with the shopping 😂. Gotta research to make sure I get the best deal. GF is not a fan lol

Great video, love the content! One quick question: do you need to make sure all 20 cards are used at least once a year to keep them from closing due to inactivity?

Great video! On a different topic, (maybe a topic for a future video?) saw that upcoming Freedom Flex categories include hotels (and restaurants and Amazon) . Any strategies to maximize benefits, as compared booking hotels via Chase Travel, for example?

Daniel, Great perspective! Would you say that as a content creator…It helps quite a bit with getting more points because of the referral(s) you receive through people getting cards through your links? I too am frugal, but often wonder how many points content creators generate by folks utilizing links. It seems as though it takes me forever to get points because I am so frugal.

I have a question. How are you able to have so many credit cards? Is there a time limit to hit minimum spend?

😂 like the financial version of going on a diet. Totally accurate

Hi. Could you explain how you collect money for some purchases? For example, I collect money for a trip, a new computer, gifts for friends, and 6 more categories. In my country, I could open these little categories inside my account and distribute the money as I needed, withdraw and deposit money there at any time by phone app. How do you do this in the USA? Or you need to withdraw cash and put it in envelopes and store it under your pillow. or open a separate checking account in different banks for each goal? Sorry if there is already a video on this topic, I couldn’t find it

I really enjoyed your videos looking at trifectas. Would you consider updating those videos now that Wells Fargo is entering the points sphere?

@Daniel_Braun

4 ай бұрын

Thanks! I'll definitely at least make a video about the Wells Fargo Trifecta so that I can include that in that series of videos. And if there's any significant changes to the other Trifectas then I'll update those as well. I'll probably at least make a new comparison video that compares the Trifectas while considering Wells Fargo now

@newagain9964

4 ай бұрын

WF has one good card. Journey. Duo if ur a bilt user.

Hey Daniel - I’m curious if you have a system for remembering which cards to use for specific purchases? That’s the main thing I worry about as I add new cards to the rotation. Would love to hear any tips if you have ‘em!

@Daniel_Braun

4 ай бұрын

For me personally it's just memorized because I talk about this stuff so much and it's been a part of my life for years - but I also really love using and recommending the app CardPointers which is a game-changer for organizing and figuring out which cards to use and where. Here's a link to it: danielbraun.me/CardPointers I'm also beginning to use a organization spreadsheet and will share that in a future video for free as well! 👍

Hey Daniel can you stay three months without using a credit card and will that affect your credit score?

Applying for all these cards must be rough hard inquiries. How do you manage to recover from that? I heard it only really impact your score 3-6 months but that inquiry stays for two years, no? Don't banks feel you are a risk?

Do you have a link for the template

With 12 cards myself, I concur. I average 4 percent cash back and churn some cars for a nice profit.

Honest question: With (1)number of credit checks and (2) average age of accounts impacting your credit score, how do you maintain a good score with 20 credit cards? Or do these two factors have minimal impact on your overall score?

@newagain9964

4 ай бұрын

His parent prob had him as AU on couple cards since he was kid. Cause he’s not old enough to have a strong credit file and AAOA with 20 cc.

All I see is 20 different accounts I got to try to monitor from Identity thieves 😂

@VAOdin

4 ай бұрын

They are 20 credit card accounts not debit cards. Credit cards, at least good ones, add a layer of protection against identity theft.

@keithmorgan4883

4 ай бұрын

@@VAOdinlol... I can read the title and you're still responsible for the money spent from those accounts

@anthonywilliams9415

4 ай бұрын

I used your spreadsheet. Thanks for making it free. I was confused by the spreadsheet, to be honest.

@stinkinlincoln926

4 ай бұрын

​​@@VAOdinbut it doesn't make you impervious. Protections for fraudulent charges mainly and not being out of money. But once your information is out there, it does not matter credit or debit.

@RossLemon

4 ай бұрын

​@@keithmorgan4883If your card is stolen, then no you aren't responsible. You clearly have no clue what you're talking about.

Any thoughts on this new robinhood cc?

As for your 8 business cards, how many annual fees are you paying? Also, do you deduct those fees on your tax return?

@marbelrivera8042

4 ай бұрын

Fees must be high. I have the same question. Hopefully someone can answer. 👌🏽

Other reasons to have “too many cards”: unused cards due to hard nerfs (Barclay’s Uber and Apple) or switching teams cash back travel (in either direction).

Why not just track expenses by credit card, instead of painstakingly tracking by category? CC typically equate to categories already (doesn't matter if CC's rotate in and out). Using CC will allow you to then just copy over current balance for each CC to track expenses rather than painstakingly tracking your categories every month, track rough CC cash back easily per month/year (use avg cash back for CC with multiple cash back percentages), and due date, right next to each CC for easy tracking of all your expenses. You could then just add non-cc expenses (like rent/mortgage, car payments, etc), and savings goals (vacation, stock, new motorcycle, etc) as well to it too. So you in sum have an expense list of all your credit cards, non-cc expenses, and saving goals, all in 1 expenses list. From there you can track Profit, and Profit After Savings.

@Daniel_Braun

4 ай бұрын

Everyone can budget different for what works for them - but for me I like to have oversight over my spending and tracking that manually helps a lot. I also like to break it down by category so that I know where I can make adjustments the following month if I see that I'm overspending or my spending habits are changing. There's some apps that can automate this, but I also believe that automation partially take away from giving me the best insight into how I'm spending. I want to see each transaction so I can reflect on whether that was a worthwhile transaction. But again everyone is different so if you've got a better way to do it then definitely stick to that! 👍 Just sharing how I do it personally and it's worked really well from the past few years of doing this

Where is the template?

Great video, i relate so much to this yet so many people think I'm insane for my similar financial processes. And honestly I don't personally recommend to anyone to do it like this because it takes self control and if you don't have it then 20 credit cards would be a major liability to most.

@Daniel_Braun

4 ай бұрын

Thanks Brooks! Yeah I agree it's not for everyone to have 20 cards - but for people like us who keep things organized, I think credit cards can be a great tool!

I use a debit card with a card control app that alerts me for every charge and will limit/restrict purchases by location and transaction amounts. Moreover, I typically use a digital wallet. Therefore, I don't think a credit card is safer by virtue of being a credit card. Plus, zero liability for both credit and debit.

I’m trying to get a good setup and get about 2 cards a year and get value from SUBs, but my average age of credit is always poor and brings down my credit when everything else is perfect.

@Daniel_Braun

4 ай бұрын

Just stay patient and the age will slowly start to increase over time. Don't get too many cards too quickly - that's why I like to aim for a new card only every 3-6 months or so, sometimes less

🌟

4x for the gold amex? I thought it was 2x. Good info, thank you!

@SleepcozyAsmr

3 ай бұрын

Do you worry about bad credit when you close cards? Or if your wallet got stolen?

I’m guessing you accounted for all the annual fees into your budget?

@LK_EBM

4 ай бұрын

You definitely should. I'm spending over $2,000 a year on annual fee, so I definitely need to budget that

@Daniel_Braun

4 ай бұрын

Yeah I should have clarified more in this video, but I've mentioned this in other videos. The annual fees that I pay are only worth paying because the value of the credits and benefits on those cards exceeds the cost of the fees. Perfect example is the Amex Platinum card - $695 annual fee but the credits that it has more than offset that fee within my normal spending habits on stuff that I buy anyway throughout the year. So for now the annual fee is offset with the value that I get back, but if that ever changes then I would consider cancelling the card. Basically I'm reevaluating my cards every year when the annual fee comes up. Many time (outside of Amex charge cards) there's also downgrade paths to no annual fee cards which is another great option when annual fee cards no longer give me positive value

Knee's weak, statement ready. expired sign up bonus on his table already, Brauns regrettin!

Do you think he pays over $1000 a year just in annual fees?

@Tristin471

4 ай бұрын

Maybe, but depending on how he uses the cards, it could be worth it for him. I don’t do much traveling, so I could never justify hundreds of dollars in annual fees, but there’s many that would disagree.

@jameltanderson

4 ай бұрын

Probably but they get so many referral points it doesn’t matter

@falf9003

4 ай бұрын

Daniel, how much are your annual fees?

@newagain9964

4 ай бұрын

Mos def. Only takes 2 cards to hit that mark. And he has numerous premium cards.

Hi Daniel, I have 14!

What do you like to splurge your money on? You work hard for your money, how do you treat yourself?

@Daniel_Braun

4 ай бұрын

That's actually gonna be a good idea for a future video! Sort of like the opposite of my "10 Things I Stopped Wasting Money On" video haha. I would say that travel and doing fun things while traveling is definitely one of them. Also recently it's been upgrading to a nicer gym because I value that very highly by going there every day. I'm going to have to think about more stuff that I treat myself with because I don't buy much lol

@LK_EBM

4 ай бұрын

@@Daniel_Braun I enjoy watching another YT Financial Tortoise. He's done a few topics on this topic, but he's in a later stage of life (married w/ kids). So it'd be cool to hear your perspective. What's the point in earning $ and saving 80% of your income, if not for a goal and to enjoy life?

@Daniel_Braun

4 ай бұрын

@@LK_EBM He's a great channel and I watch his content as well! I definitely wanna cover some topics like that because there's so many interesting directions to go with topics like that where I wanna share my thoughts

@newagain9964

4 ай бұрын

I’m frugal. But When I’m traveling i won’t count the pennies as much vs at home. Certainly if ur in a touristy place you’ll go crazy because to hard to value/budget shop…u have to do it b4 hand!

Video idea for you Daniel - Post a video for international students who come to the US on a visa and have no SSN but want to get a credit card. You will unlock a whole new audience with this. Thank me later😄

👍🏻

What do you think of the AAA travel card?

@newagain9964

4 ай бұрын

👍

I’ll never understand how all these annual fees are worth it after you have used the signup bonus.

@Daniel_Braun

4 ай бұрын

It's going to be different for everyone - but for me I only get cards where the value of the credits/benefits each year is going to exceed the cost of the annual fee (without changing my spending habits). Perfect example is the Amex Platinum - $695 annual fee but there's a ton of credits on things that I already spend on throughout the year so it's a breakeven card. Then I can just enjoy other benefits like airport lounge access at no additional cost. But I'm constantly reevaluating annual fees every year and will cancel or downgrade to a no annual fee card when the value is no longer there. It takes organization and time, but to me it's become very easy

😊

You were one of my inspirations to get business cards during Covid. I was flying weekly, constantly got upgraded, and I have opened a new business card every 2 months since 2021.

Did he post the link for budgeting?

@Daniel_Braun

4 ай бұрын

Yeah it was linked with the video at the end that walks through it: Budgeting For Beginners | How I Save 80% of My Income kzread.info/dash/bejne/kX522rKYn92Ym7Q.html

Has anyone heard of Credit Card Trading?🤔😎

can you share the template for budget sheet?

@Daniel_Braun

4 ай бұрын

Sure thing! It’s here in this video where I walk through how it works: Budgeting For Beginners | How I Save 80% of My Income kzread.info/dash/bejne/kX522rKYn92Ym7Q.html

Bro is basically “ask sebby of our generation” learning a lot. Understand how we young folks run things 😅

@newagain9964

4 ай бұрын

It’s not wise to already have 20 cards before you’re 25, even 30. For several reasons.

If you’re “easily hitting the minimum spend for sign up bonuses” which in your example was spending $4,000 in 3 months, I’m going to state the obvious and say you probably aren’t a frugal person. You may not be overspending, it you didn’t sound very frugal at all from this video.

@Daniel_Braun

4 ай бұрын

$4,000 divided by 3 months is $1,333 per month of spending which is very easy to do to pay for the living expenses of 2 people with me and my fiancée.

@HeartDrivenFinance

4 ай бұрын

​@@Daniel_Braun Which wouldn't include rent. I wouldn't necessarily call that living "frugally". I guess it's all relative though.

@Daniel_Braun

4 ай бұрын

@@HeartDrivenFinance Yeah doesn't include rent, but still $1,333 for 2 people or $667 per person in spend per month over the course of 3 months to hit a sign up bonus is very doable for most people - even while living frugally. But I definitely agree with that last part that it's all relative as well. There's no exact number to say that someone is "living frugally" because it's relative to income and lifestyle. To me it really all comes to to eliminating excess and spending on what brings true value - all while saving most of your income. I appreciate your comments though because for some people I do agree that hitting $4,000 of spend in 3 months might not fit their definition of a frugal lifestyle, so I do want to clarify that here 👍

@airplaneass

4 ай бұрын

@@HeartDrivenFinanceyeah check the math, 667 a month per person isn’t much.

@newagain9964

4 ай бұрын

@@airplaneass not including rent (or even student loans and car notes), $1,333/monthly (even for 2 ppl) is def NOT frugal living. That’s over $400 week and $200 person!

This one was worth listening to twice! High Value content from a High Value man!

@Daniel_Braun

4 ай бұрын

Thank you Bob, much appreciated! Always trying to share as much value as I can 😃

Comment 20 credit card no wonder american so much in debt

First?

@micahgreene4573

4 ай бұрын

You just missed it.

@SOXGATORS

4 ай бұрын

I know the rules 😉 only be first if your channel.

@ItsMeCJ

4 ай бұрын

@@SOXGATORS yes! The rules have saved me 🙌🏾 🙌🏾

@ItsMeCJ

4 ай бұрын

@@micahgreene4573 nah, I’m always first even when it doesn’t appear that I am. It’s written on the rule book 👀

@micahgreene4573

4 ай бұрын

@@ItsMeCJ I see!!

being "frugal" and having 20 credit cards is definitely an oxymoron ~~~~~

@Daniel_Braun

4 ай бұрын

Haha that's what I realized as well which is why I wanted to make a video like this! I think it definitely is not something that most people would expect

@newagain9964

4 ай бұрын

Well. Depends. If say 17 have no AF all good. And u don’t carry balances. Frugal is how u spend ur $$ (And typically Regardless of income).

People have to use cash to an extent because the controllers i trying to go cashless and that means the can have even more control over your life..