BeatTheBush vs Cash Only

There is a certain finance show that centers around cash only. There are multiple arguments for this and I would like to propose some counter arguments for a handful of the most repeated ones. First, credit cards are not always bad if you are a responsible user, pays every single month and obtains hundreds of dollars of cash back every year. Using credit cards is not like playing with snakes as more than a few people earn great cash back every year. 62% of all household do not carry credit card debt and you can be sure a large percentage of that will never carry it at all. There are many arguments that had holes in it and I would like to address each an every one in this video.

Probably going to pretty business beat the bush today i’m going to talk about the cash-only mentality where yes it would benefit some people to go cash-only but for a lot of other people it would actually be more beneficial to use credit cards now all of this i’m talking about is really a counter-argument to a finance person that has their own show i’m not going

To name any names here but basically you can figure out who it is and i’m not even going to confirm it or not if you ask me in the comments i think this person has intentions in the right place because a lot of people do get into trouble using credit cards however i do think giving one recommendation for the whole general population is generally incorrect because

There are some people that are really responsible and there are others that cannot use credit cards at all that would benefit from cash only so this person basically thinks all credit cards are bad you should basically cut them all up and never look at them again multiple caller says basically the same thing where they actually do use credit cards they use it very

Very responsibly they’ve never paid interest on it they don’t carry a balance and also they get a lot of great cash back one of the studies quoted is an mit study where basically if you’re using actual cash it activates the pain centers of your brain so that you can feel like oh there’s pain not the conclusion drawn from the research at all it’s the conclusion drawn

From all of those put together that you should basically not use any credit cards at all is the thing that i have a problem with i do think that if i don’t use the actual cash i may be spending more if i’m using a credit card however i have a lot of self control over what i buy with the credit card to the point where frugal people myself can actually walk into a

Store have a credit card that has a lot of spending power and i won’t buy a thing another argument is that using credit card is kind of like playing with snakes you might be fine playing with credit cards getting a few percent cash back but the argument is that the longer you play with it eventually you are going to get bitten this is proven by a single instance

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Where you quote someone that smokes all their life and then at the end they die for actual causes now this is a single instance and maybe there are multiple people that also never died or anything never got cancer from smoking this type of argument you have to realize it’s not factual based but it’s kind of anecdotal base whenever you use an agate though to prove

Something yes it is true to you maybe you’ve seen it a couple times so you truly do believe in it but you have to be aware of proof by an example so let me offer you an anti proof to this argument about thirty-eight percent of all households actually hold credit card debt so right now in this instance we know that 62 percent of all households do not actually have

Credit card debt they’re like people like me i don’t have credit card debt and i’ve been using credit cards just fine i never pay interest and i’ve been reaping really reaping on all the cashback bonuses all the signup bonuses i do agree though if you actually do have credit card debt it’s best probably that you don’t have credit cards at all because you might be

Prone to getting credit card debt you might be the type that racks it up if you happen to own a credit card so the argument of owning a credit card or not really depends on the person and you can’t just massively tell everybody don’t use a credit card this just doesn’t make sense because some people should use a credit card and you can do it to great benefit to your

Finances so either if you have credit card debt or rating or if you have a net worth of less than zero then i think you have a good chance of benefiting from not using credit cards at all the next argument is to get ten thousand dollars in credit card cash back or bonuses you would have to spend a million dollars in order to get that ten thousand dollars i don’t

Agree with this at all because you’re only factoring a 1 percent cash back rate with me and a lot of people who use credit cards who are veterans to using the cash back system you get 2 percent 5 percent and right now i carry a credit card which is 10 percent so for me to earn a $10,000 cash back i only need to spend $100,000 this may sound like a lot but when


You combine it with the sign of bonuses you can drastically lower what you have to spend i can only get about $2,000 of signup bonuses and cash back every single year now at the same time i’m not actually spending extra in order to get $2,000 i am spending what i already am so this is not me actually having to pay money to get that $10,000 so at my rate of $2,000

A year it will only take me about five years to get that $10,000 and i’m not actually spending extra money i’m spending what i already am going to spend the other argument to this is that yeah okay you get $10,000 but how much time are you spending in getting that well if you get good at it and i’m pretty proficient in getting these cash back i would say maybe

I averaged maybe $200 an hour because if i signed up for a credit card i have to spend $500 maybe i get $150 $200 cash back you know all the thinking that goes into it signing up for the card maybe canceling it later on it may be like taking me 15 minutes another 15 minutes i mean we actually do the purchases might take me half an hour so all of this i consider

And you know maybe an hour i’ve calculated this group before it’s generally around there so at $200 an hour i spend about five hours to get that $2,000 over five years is 25 hours of work it’s a really good return i think another argument it’s also the anecdotal base which i also believe is probably true the argument goes i’ve never met a millionaire who earned

Their wealth through the credit card cash back programs if you think about this is going to be true because no one ever earns a million dollars off using credit cards this is kind of like saying saving electricity or any kind of activity that saves you some money or earns you a little bit of money never made that person into a millionaire due to that activity if

You think about it yes of course this is going to be true because it’s always going to be a small fraction of it but you can say these kind of activities help that person become a millionaire it might be 1% of their wealth it may be 10% of their wealth but you can see where i’m going with this if i earn $2,000 a year just based on credit card cash back let’s say

I do this consistently for 50 years then i made a hundred k in credit card cash back in sign of bonuses well that’s not a million dollars but it’s one tenth of a million dollars another argument against this is the banks make a lot of money off of everyone so you should not participate in the credit card thing because they’re going to make money off of you anyway

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But the idea is yes they make a lot of money off of most people but there’s going to be that sliver of people that the banks aren’t actually making any money off of such as the people who use their credit card very responsibly and also take advantage of all the credit card signup bonuses in fact if i tell you all the signup bonuses and cashback bonuses i ever got

Subtract all the interest all the fees i ever pay i’m likely still ahead now the credit cards don’t actually just make money from people paying interest they also make money from the transaction at the merchant level so these are all the arguments and i’ve seen a lot of these arguments in the comment section of a lot of my credit card videos saying things like

You can never make a lot of money on cash back programs that credit cards are evil you should only go cash only so this video is really tailored for those people who make those kind of comments on my credit card videos this video is really for those people who got these seven or eight arguments stuck in their head from watching this show they just kind of repeat

What they heard if you ever read a book that you really agree with and that’s really interesting you also might find yourself talking to other people and repeating the same concepts that’s in the book so this is the same idea it’s like you believe it there’s counter arguments for everything that i can say so this video is really the counter counter argument for

All those arguments that could be posted on the comments section so thanks for watching you know my intention for this channel is for everybody to make the best decision for themselves now some people it might actually be better to use cash only others it will be better to use credit card only like for myself don’t forget to give me a like on this video comment

Down below let me know what you think of all these counter-arguments i propose if you’re interested in supporting a channel you can check out my audible link down in the video description below we can actually get a free audiobook and if you cancel before the trial period and you can still keep the audiobook and you can still help benefit this channel other ways

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BeatTheBush vs Cash Only By BeatTheBush

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