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hey what's up guys welcome back to my channel my name is david hanlon aka the laptop legend and in today's video i'm gonna be talking about something a little bit different from what i normally discuss on this channel this video is not about stocks this video is about how i was able to cash out 20 000 just from my credit card and that is not an exaggeration this is two zero zero zero zero dollars in cold hard cash just because i know how to use my credit cards correctly and if you guys don't know how to use credit cards correctly if you don't understand the significance the importance of them how they can affect your future how you probably missing money then stay tuned because in this video i'm gonna explain all of those things and talk about exactly how you can start earning more money on your credit cards and probably most of you guys won't ever hit that 20 000 cash out in one transaction mark just because it's kind of a lot of money it really is but i can definitely help you guys increase that amount so maybe it goes from a couple dollars to hundreds of dollars or from hundreds of dollars to thousands of dollars so hopefully this video is helpful for you guys please remember to smash that like button down below subscribe if you have not already and turn on the post notifications because i am bringing that fire baby all right so the first thing i want to talk about is that there's a lot of misconceptions about credit cards a lot of people are trained by their parents to use them in the wrong way and in my opinion there's three main schools of thought the first one is and this is the worst one i guess if we're talking in levels this would be level one the absolute worst level of thought and you do not want to think this way these people think that credit cards are free money and that anything you put on a credit card swipe swipe swipe is it's basically free so if you have a ten thousand dollar credit limit oh that's ten thousand dollars i can use to go buy whatever i want this is a really really dangerous thought cycle because credit cards have a ridiculously high interest rate and if you put as much as you can on your credit cards which is called maxing them out when you don't have the money to pay for that you're going to get trapped in a cycle of debt where you're unable to pay them off because the interest rate is so high that you only have enough money to pay the interest not even the original balance of the card so never spend more on a credit card than you have in your bank account always treat it like it's a debit card in that regard and you'll you'll never have an issue with credit cards the second school of thought is where you're terrified of credit cards your parents might have told you credit cards are a terrible thing you need to avoid debt at all costs you're going to get yourself in big big trouble and while this is better than the first school of thought because you're going to avoid getting yourself into debt you're going to avoid having those issues where you get stuck paying ridiculous interest rates what you're not going to be able to take advantage of is the cash back is i guess all these other benefits from the credit cards and you'd be missing out on that because of your fear that was instilled in you from a young age so this is also not a way of thinking that you want to perpetuate if you can avoid it because you want to think in the third school of thought which is i know the danger of credit cards i'm aware of everything that could go wrong if i use them incorrectly but i also know that they're not scary if i use them correctly because there's a ton of benefits that i can get out of them and use them to my advantage and that's how i want to teach you guys to think because if you can think that way then you can be at least on the path towards cashing out twenty thousand dollars just from cash back on your credit card so now that that's out of the way i wanna explain how i was able to get so much money in cash back on my credit cards and the way i did it was i put a lot of money on my credit cards and then i paid it off and the typical person really doesn't have enough expenses that they can put on a credit card to get any type of significant point earnings if that makes sense depending on what credit cards you have you're going to get different percentages of cash back and you want to look for the highest percentages that you can get and figure out how you can spend as much as possible in those transactions without spending more than you would spend normally if that makes sense so that might be a little confusing at first but let me just elaborate a little bit about what i mean when i'm when i'm saying all that so the transactions that you want to look for again are those highest percentages so a lot of credit cards it might be say restaurants you might get three percent or you might get three percent back on gas or you might get five percent back on airline travel etc this is not going to ever earn you millions of points which equals tens of thousands of dollars it's just not gonna happen because you cannot spend money on those things to bring you back money and maybe i'm i'm missing something you know maybe maybe you guys have some business model that i've never thought of but the way that i was able to earn so many points is because i figured out a way where i can spend money to bring money back in and if i spend that money on my credit card and then bring that money back in then i can spend more on the credit card and bring more back in it's it's like the more you spend the more you make and what it i guess the explanation for how i did that is by starting a business this does not have to be the business that i started there are a ton of different businesses that you can start but what i personally did is shopify drop shipping and it's probably gotten a bad rep in recent times so definitely do your own research but basically the concept is you spend money on ads you send people to a website they buy from you and then you buy from the supplier and ship from the supplier directly to your customer so in that business model you spend a ton of money on advertising and at one point i was spending over ten thousand dollars a day on my credit card just on advertisements that's not including the cost of goods sold that's not including employee costs that's not including anything else that's literally just advertisements and if you get the right credit cards and you know what credit cards to put these expenses on you can get the maximum amount of rewards possible so i'm gonna put some recommendations definitely use the links that i'm putting down below but i was able to find a card the amex business gold card and this card gets four percent cash back on the first 150 000 ad spend per year which means that if you're spending 10 000 a day on ads technically speaking you're getting 400 a day just in cash back which is insane because if you can run a business break even spending 10 000 a day on ads you're still earning 400 a day from cash back but then it gets even better because when you have a card like this and this is the car that i recommend getting the american express charles schwab platinum card this allows you to transfer points at a one to one point two five ratio to cash them out into a schwab account which means that if you have a hundred dollars of cash back in amex you transfer this out and it becomes 125 dollars in schwab which might not sound like it's a big deal but once you get to ten thousand dollars that's an extra two thousand five hundred dollars that you get because of that so my biggest advice for you guys would be to find some type of business model where you're able to spend a lot of money on credit cards just to run the business because again i am not advising you guys to spend more money than you're earning spend more money than it makes sense if you spend extra money just to earn points that doesn't make sense because you get four percent cash back you're getting back four percent of whatever extra you spend so if you spend extra you're losing 96 but if you're going to spend that money anyway and you can get four percent back for it that's when it starts to really add up and there's other things that you can do obviously if you're not spending money on ads that is personally my favorite way to do it because you get the highest percentage cashback but i mean there's other credit cards where you can get one and a half percent uh on everything you know two percent on everything and i like to use that for cost of goods sold so say you run i don't know a plumbing business and you have to buy a lot of hardware stuff like that put all of that onto a credit card when you're buying it and then pay it off and now you've just earned 1.5 on all of that so if you have to spend ten thousand dollars on a project you just earned an extra 150 bucks which is pretty cool and that really adds up when you can scale up a business and that is why i like ecommerce so much because e-commerce is so incredibly scalable and you can spend ten thousand dollars a day on ads just as easily as you can spend a hundred dollars a day on ads there's really no difference you type two extra zeros in and you're there and the earnings amount that you get from your cashback goes through the roof exponentially so because of that i think e-commerce is a really really cool model if you want to get any e-commerce definitely check out some of those videos that i uploaded earlier on this channel back before i started doing stocks like daily because a lot of that stuff i talk about products that i sold over a hundred thousand dollars worth of and if you want to know how to get an e-commerce it's definitely gonna be helpful for you also feel free to check out my ecommerce academy in the description below has a lot of very in-depth information on how i set up stores how i run stores pretty much how i do everything in the process so if you feel overwhelmed with it that's a decent place to start uh so you have more direction now i want to take you guys into my computer and just show you exactly how i was able to use this card to cash out twenty thousand dollars worth of cash back to my swap account so let's go do that alright guys so i'm here at my computer and this right here is my credit score back when i was applying for this card and you can see over an 800 pretty darn good and this is because i do my absolute best to put every single expense that i have onto a credit card and then i pay it off as soon as possible and i make sure that i'm just i'm on top of every single aspect of the credit card so you can see here the credit card use i keep that zero percent derogatory marks none i always pay everything on time payment history 100 etc and if you do that over time your credit card score is just your credit score is just going to keep going up and that's going to allow you get better credit cards that give you better deals and it's it's honestly it's it's great it's the move so make sure you keep working on that because most of you guys underestimate how important it is to have your credit card have your credit score be hot because it's important in so many different things here you can see uh this is how many mx points this is within my amex account this is how many points that i had before i cashed out so i had 1.67 million amx points you can see here that's 122 000 payment and uh that's just an example of you know the types of payments that it takes to get points like this so you if you're if you're spending a lot on your cards you're gonna have to make a lot of big payments and again if you spend a lot and pay it all off that is how you are able to get points like this so here i have a screen recording of uh me cashing it out so once you have this card once it's on your account you can see the mx platinum schwab card up there you want to go to invest with rewards again it's a simple simple redemption process it starts at a thousand points you can redeem even if you only have a thousand points and uh it's pretty straightforward man so you gotta put in your card info you have to select the specific schwab account that you're transferring to but once you get to that point uh you're gonna see a screen that looks like this and you have a drop down menu and you can choose as many points as you want uh just based on what it is so in this case i ended up going and choosing six i believe of the bottom one yeah so i go choose six which is eighteen thousand seven hundred fifty dollars then i choose this one uh which is one thousand two hundred fifty dollars again that is one point six million points that i'm cashing out which is twenty thousand dollars which is incredible man and i'm so grateful that i was able to have an opportunity like this you can see uh this is just process yada yada hit redeem now and uh boom there it is so now at this point i go back you have to wait a couple of days and then you can see in your schwab account uh it just it instantly gets in there and i i mean by instantly i mean it takes a couple of days but once that that that waiting period is over it just pops in there and uh boom you just cashed out your points and now it's available and then from there literally all you do is you go to transfers and payments online transfers transfer out of this brokerage and uh transfer it to my bank account and at that point you know cash deposited my account and it's that simple now it's in my bank account and i effectively got 1.6 million credit card points and turned it into 20 000 and obviously you can use those dollars for anything you want if you have a schwab investing account you can just leave it in there and use it as a brokerage account um you know just just use it for trading stocks that's fine or you can take it out and put in something else it's completely up to you guys but the beauty of this is that it gives you the ability to maximize the amount of rewards that you get for spending that you're doing anyway and again the way that you want to do it is maximize the amount of spending that you can do anyways by starting some type of business and that is why i love ecommerce but again it could be anything man if you're mowing lawns maybe you have to buy lawn mowers or maybe you have to pay for a fertilizer or something like that put all of that on a credit card and then pay it off make sure it's the right credit card and uh you're gonna get the best cash back possible so again check out the links in the description below because i'll put my favorite credit cards down there uh i think they're referral links some of them might be referral links some might not have referral links if they are referral links i'll get something you'll get something if not it's just me making it your life easier uh and then yeah that's pretty much it so make sure you focus on credit cards because they are super important it's just another aspect of this digital world and uh making sure that you're gonna be able to be in the best financial situation possible wherever you are in the course of your life so hopefully this video is helpful if you found it helpful and you made it this far please smash that like button um ah god i gotta think of something better to say before i get to the end i'll do it next time i promise i'll have something interesting for you guys and uh yeah that's it for today i'll see you guys in the next one until then let's grow better together