[quote=AN]flu, I totally agree. I too used credit card to “invest” in the past. around 2004-2006ish, I got about $30-50k in 0% balance transfer and stuff that in a 1 year CD that makes 6%ish at the time. So, after a year, I have $1800-3k to spend. When the balance transfer deal expire, I just return that money and keep the $1800-3k.[/quote]
But buying a GUARANTEED 6% one year CD is much different than putting this money into an investment account to actively trade stocks or currencies/commodities.
[quote=AN]
Do I think it’s a wise thing to do? No. Would I do it myself? No. But again, it’s their freedom to do whatever they want with the opportunity available. I don’t see them as any different than the millions who spend well beyond their means through credit.
I think you fail to see most don’t have the kind of pot you have. [/quote]
Ok..I’m glad that you don’t think it’s wise to do this. Sure, it’s their freedom to do it but that’s not what I’m talking about. I put the people that spend beyond their means through credit in the same ignorant category and in the same class as these ignorant people that are using their credit cards and sinking it into the stock/currency markets.
Also, you talk like somehow I always had this “pot”. That is totally false. My dad and mom came to this country with a few suitcases and were poor. It wasn’t through some magical “pot” that my parents put all my brothers and sisters through private school. It was through very hard work and very long hours, lots of overtime, limited vacations, sacrifice and making prudent and intelligent financial decisions.
I had no magical “pot” either. I graduated from college with six figure student loan debt. Neither my parents nor I ever resorted to using our credit cards to sink in the stock market.
[quote=flu]
Feel free to laugh until you make your first bad choice.[/quote]
Absolutely I think we all have made some mistakes and hiccups in life and investments. I’m not disputing that. Anyone that tries to deny they haven’t made any mistakes is absolutely lying. The key is to learn from those mistakes.
But still, if I was doing something stupid or ignorant, I’d sure appreciate someone pointing it out. Which is what I think I’m doing mentioning this whole credit cards in the stock/currency markets thingy.
