Now, I'' m making this video due to the fact that as I'' ve. Let'' s say you put on ' t really desire to put. Any time you make a purchase you'' re getting. Now the next level up, let'' s state you '
re moderate. That'' s why I ' m stressing that.
https://www.youtube.com/embed/0C-IRKwIL70 This video is gon na be the most valuable YouTube
What'' s going on people? You can get your own down below this video. If you men follow me on Instagram, that'' s. @KevinJubbalMD, then you'' ll also understand I like traveling.
and all those flights were once again for free. I flew to Capetown before that for totally free, I.
went to Berlin totally free, I went to and from Seattle, to and from Northern and Southern.
California, all this free of charge. So essentially, credit card churning can use.
tremendous value. Now, at this moment you'' re probably thinking. “Dr. Jubbal is gone crazy!””, maybe however not because of credit card churning. Charge card churning actually makes a lot.
of financial sense. You probably think I have an awful credit.
rating, it'' s really over 800. I'' m gon na be discussing all the aspects that.
go into a credit rating in a future video because there'' s a lot false information, a lot of mistaken beliefs out there about it.You may be thinking this is a rip-off, there.
has to be some catch. There is sort of a catch, the catch is it.
takes a great deal of time to get up to speed to do this. Nobody'' s gon na spoon-feed you, I myself have.
put in over 100 hours over the last 6 years of which I'' ve been doing this. And'I ' m not stating you need to put it over.
100 hours of research study et cetera, I'' m gon na help you, but you ought to be putting in at.
least a couple hours weekly for a minimum of a couple of months to be competent and actually.
doing things properly. You may be thinking that you can lose cash.
which this is dangerous. If you are not, I would actually argue that.
foolish with cash, if you have some level of financial discipline and some financial.
fundamentals down, it'' s actually relatively safe.That being said, I am not your physician, I am.
not your financial adviser, this is for educational purposes just, continue at your own risk! Now, with that said, how I entered this,.
I was a third-year medical trainee and among my friends informed me about this pastime that.
might save us thousands of dollars throughout residency interviews. For residency, you need to fly to several.
various cities and remain in hotels and they don'' t spend for that, that ' s out of your
own. pocket. Now, I spent for my own college, my own medical.
Being in debt, I couldn'' t truly afford. That ' s where credit card churning actually.
saved me. Now, why would business do this? Well, here'' s the thing, charge card business
. make a lot of cash off of you and that'' s in two main methods; initially, anytime you make. a purchase with a credit card, let ' s say you go to medschoolinsiders.com, you purchase some.
individual statement editing, Med School Insiders requires to pay the credit card business a portion.
of that sale, for every single sale.That'' s one way they make a lot of money. Number 2 and more notably, they make.
a great deal of money off of your debt. For some reason, individuals acquire credit card.
debt, and the average American depending upon the state that you live has anywhere between.
4,000 and $ 8,000 of credit card financial obligation which financial obligation accumulates interest at someplace.
around 20%, which is ridiculous. But, if you'' re able to open up the brand-new credit.
cards, take advantage of that signup perk, not acquire like countless dollars of credit.
card financial obligation and do things effectively which I'' m gon na explain how, then you have a lot to.
gain and very little downside.Now, who should do this? Again, informational functions just, I am not.
saying whether you ought to or must refrain from doing this. I believe that a lot of premed and medical trainees.
have a lot to acquire particularly since they'' re gon na be doing other medical school or residency.
interviews where they to fly to a lot of various cities or if you much like taking a trip, and.
you like hotels, you like totally free things, then you have a lot to gain. Now, I'' m making this video because as I'' ve. discussed on the Med School Insiders channel, the one thing that bothers me a lot is when.
individuals provide bad advice.I keep in mind when I was a medical trainee, there.
was all these posts and even upperclassmen would tell me “” oh you understand, just stick with.
the same airline you'' ll get points and loyalty with them, stick to the same hotel””. That is such bad recommendations, do refrain from doing that. Some other YouTubers have actually also begun talking.
charge card churning and there is somethings that I don'' t necessarily agree with. That'' s why making these video, I wan na. offer you people with what I think is the most efficient, proper and efficient method of.
Doing this hobby. Now, who should not do this? And this is in fact much more essential than.
Of all, if you don'' t have financial. I was a medical student with financial obligation, I had actually a.
negative net worth, but if you don'' t understand like credit cards are not free moneyCash if you.
put on'' t comprehend … If you'' re dumb with cash, you ought to refrain from doing this. If you carry any statement on your credit.
cards, do refrain from doing this, if you see charge card as free cash that you for some reason forget.
that you require to repay, then do refrain from doing this. If you do not have discipline, do refrain from doing this and.
go and see my video on self-control on the Med School Insiders channel. Do not do if you are a spontaneous consumer.
this. In brief, if you are foolish with money, do.
not do this, please. For churning, there'' s a couple rules you need. to know; firstly, never ever invest money that you wouldn ' t usually invest. So, anytime you have a credit card reward,.
you will get you understand, 50,000, 100,000 points after you fulfill the minimum invest requirement.
or MSR. That'' s something like $4,000 over 3 months. Now, as a medical trainee, I definitely wasn'' t. spending over$ 1,000 every single month. The response is not to go purchase costly.
watches and things that you put on'' t requirement, that ' s idiotic. So, what I did is, my mommy who was living hundreds.
of miles away, I said “” hey, let me pay your energies, you pay me cash which method I.
can rack up some spend on this credit card””. There'' s likewise paying your rent with a credit.
card, you have to pay a small charge, around 2 to 3% and generally that makes good sense if you'' re. working towards a minimum invest requirement. Anyways, we'' ll go into more information about.
that in a future video. In fact, this is gon na be, once again, the most.
high yield succinct effective suggestions about credit card churning and benefits. If you wan na follow along, make sure you'' re. subscribed, and make sure you push that '' Like ' button due to the fact that it really helps this Youtube.
channel and follow together with our Credit Card Churning playlist which I will be upgrading.
in the future weeks. Now, going back to satisfying the MSR, You can.
Do manufacturing costs, that'' s where you basically buy cash orders or gift cards,.
pay yourself and after that utilize that to pay the balance.It'' s a bit advanced, it ' s a little. more dangerous, I wear ' t advise it for most individuals, however anyways, for efficiency sake, that'' s. there. Rule second; never bring a statement balance. If you do this, you are doing it so wrong,.
you need to never ever pay any interest. I put on'' t understand why people think that bring.
a balance is great for your credit rating, it'' s not. Pay off your balance, don'' t pay interest,.
basic! Number 3, wear'' t do this before you require.
to take out a large loan, whether that'' s a mortgage, or a vehicle loan or anything like that.
Due to the fact that opening up a lot of credit cards will momentarily dent your credit score even.
in the long term it has the possible to increase it.And rule number four, prevent canceling credit.
cards. Ideally, you wish to downgrade a credit card.
that you don'' t actually desire any longer. A lot of the credit cards'I ' ve opened, a lot. Of them are still open and I pay a yearly cost for those cards that are worth it.
a lot of them aren'' t. And for those you – I wan na prevent canceling,.
in some cases it'' s inescapable however you wan na downgrade when possible, after one year, wear'' t do it. prior to one year. Now, the final point is what sort of credit.
card lover or “” churner”” do you wish to be? So, first off, wear'' t be a champ. So again that implies paying your complete declaration.
balance every month. I do automatic payments. What I advise is really utilizing both Mint.
and Personal Capital and those track my expenditures due to the fact that if you have 25 charge card, it'' s. tough to inspect each one each and every single month, that'' s simply unreasonable, best? Personal Capital, what I like about them. is every early morning, they send me an email that has all of my charge card transactions.
throughout all my credit card accounts from the previous day.And I can then take a look at that to make certain there'' s. no fraudulent activity, no costs, no -no things like that. I also utilize Mint and that does a really comparable.
thing. So I utilize both Personal Capital is my favorite.
and you can register utilizing the link I have down in the description listed below. You likewise have to be extremely organized to do this.
properly, so you require to keep a spreadsheet. Now, I utilize Google Sheets, I have one that'' s. for my credit cards, I have one for bank accounts and savings account churning that I do. That'' s a topic for another video and in there,.
I'' ll in fact leave a design template down in the description below so you can click it, make.
your own. It'' ll save you a long time but you'' re gon na. put in basically any credit cards you open, what the minimum spend requirement is, the.
date you opened it, the reward, the bank, all that stuff.And that simply helps you long term optimize.
the bonus offers and basically maximize your gains from this hobby. Okay, now, there'' s 3 levels of doing this;.
Primary, standard. So let'' s state you wear ' t really want to put. in 2 hours a week for several weeks, then the bare minimum, this is really low-risk, low.
benefit, is basically simply opening cards and optimizing their benefit spend.So each charge card has a various bonus,.
like the Citi Double Cash has 2% on everything, which is okay, it'' s decent. If you do Chase Freedom, there'' s a 5% turning. category, very same with Discover It. Any time you make a purchase you'' re getting. 5%'back. It ' s okay, a great deal of individuals get really excited.
about 5%. Again, in the grand plan of things in this.
It'' s much better than absolutely nothing, but it'' s basically. I wouldn'' t even call it'churning, it ' s like. Now the next level up, let'' s state you '
each and every single year and you'' re gon na be concentrating on striking the minimum spend requirement. So, it'' s less crucial now, the 1%, the 2%,.
the 3% because if you struck the minimum spend requirement, you spend $2,000 you get $60,000+.
points, you'' re getting an order of magnitude more on your spend.So, now you'' re not getting 5%, now you'' re. getting like 50% back basically on the spend that you'' ve done. This is much greater worth and requires.
once again, a little bit more work due to the fact that you gon na be constantly opening up new credit cards,.
you need to stay arranged, you need to continuously educate yourself about the brand-new offerings,.
the new rules, they'' re always altering, things like that. Now, advanced, so this is the last level,.
this is where I currently operate. You are opening up both individual and organisation.
charge card several every single year, in some cases a number of each and every single month. And now you really don'' t appreciate the portion.
points on each category due to the fact that at nearly any moment, you'' re working towards a minimum.
spend requirement.So you must always have a new charge card.
in your wallet that you'' re working towards and you just keep rotating, keep rotating. Now, at this level, you might likewise enter.
producing spend, again it'' s greater risk. I wear'' t encourage it for many people, I personally.
put on'' t do it. Anyhow, that'' s the principles of credit. card churning. Now, beyond charge card churning', and I ' ve. been discussing you understand, totally free flights, complimentary hotels things like that, there'' s so much. more value. You get extended guarantee if you make.
a purchase of let'' s say a laptop or a camera on the right charge card. Which can extend your guarantee by in some cases.
A couple of years? That'' s huge. If there'' s any deceptive activity on a credit.
card, you can reverse that and that'' s practically never an issue with any of these significant credit.
card companies. You can get lounge access if you take a trip a lot.
and that lounge access can give you free food and like respectable complimentary food and totally free alcohol.So there'' s a great deal of things beyond just the.
real hotels and flights however you get a lot worth from these free flights and hotels. That'' s why I ' m emphasizing that. Once again, if you found this video valuable,.
again, make certain you'' re subscribed. Please press that Like button since that.
assists us with the algorithm and stay tuned! I'' m gon na be upgrading this playlist in future.
parts on which charge card you ought to open, advanced theory, getting into savings account.
churning, all those things. So thank you again so much for enjoying and.
I will see you men because next one!. As found on YouTube – Creative Commons License.