How To Use Your Credit Cards Without Accumulating Debt

In the upcoming weeks, I will be answering viewer’s questions on Today.com, so make sure to watch out for my videos to see if I answer YOUR money question.

This week, I answered an email question from Danika. She wanted to know about the best way to use reward credit cards without getting into debt. Check out my tips for her and hopefully they will help you too!  

Question from Danika: I’m 31 years old and self-employed. Credit cards and debt scare me. I have the philosophy, if I don’t have the money I can’t do it. I would like to start using a credit card for my businesses to try and take advantage of rewards. Can you give me some advice on how to start using them without going into debt?

My advice to make sure she doesnt get into debt:
- Pay off credit card in full ever single month.
- Think about all your monthly purchases in advance.
- Give yourself a spending limit.

My Advice to find a GREAT rewards card:
- Shop around for the best rewards at creditcards.com.
- Get 50,000 points automatically.
- Look for cards based on the rewards you want.

Hope this helps you!

Live Rich,

David Bach

 

NBC’s Today Show – Money 911 – March 21, 2012

If you missed me this morning on NBC’s TODAY – Money 911, make sure to check out the segment now!  This week we started with a question about a woman who took out a reverse mortgage on her home, which essentially eliminated any inheritance that would have come her daughter’s way, and let me tell you, the daughter was NOT happy! After tackling this question, we moved on to help a viewer eliminate $30,000 in debt and another one find the right financial advisor.

Hope you all enjoy the segment!

Live Rich,

David Bach

NBC’s Today Show – Money 911 – March 14, 2012

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From trying to manage escalating mortgage costs, to bouncing checks, to what you need to know about those attractive specialty store credit card offers – we answered a lot of great questions today on Money 911. So make sue to watch the segment and let me know if it helped you!

Live Rich,

David Bach

 

NBC’s Today Show – Money 911 – February 29, 2012

If you missed me this morning on NBC’s Today Show – Money 911, make sure you take some time and watch the segment. This week we helped some people with some BIG problems. One viewer’s ex-husband was ruining her credit score, another was a consumer considering defaulting on her debt, and then was one was having trouble with the fine print on those tricky 0% balance transfer offers we’ve all seen in the mail. There’s tons of information in the segment and hopefully it can help you too!

Also, Danny Devito was at there this morning promoting his new movie The Lorax—which I can’t wait to see! I also got the chance to take a picture with the Lorax himself, so check out the picture below! Will you go and see The Lorax when it comes out? I know I will!

Live Rich,

David Bach

 
Me and the LORAX!
Me and the LORAX!

NBC’s Today Show – Money 911 – February 22, 2012

If you missed me this morning on NBC’s Today Show – Money 911, make sure to watch the segment above! Today we answered questions about financing options for furnishing your home, getting help with your credit score, healthcare savings plans and what to do with this year’s return.

PLUS, I shot a special video for you, where I speak in depth about Flex Spending Accounts and Health Savings Accounts, what they are, what they are not, and how they could be a great option for you to help pay for your health care expenses!

Let me know if this information helped you by commenting below!

Live Rich,

David Bach

healthsvaingsaccount

NBC’s Today Show – Money 911 – February 15, 2012

In case you missed me this morning on NBC’s Today Show – Money 911 – make sure to check it out now! We answered questions about getting your name off of a co-signed loan, tax deductions if you work at home, and what to do if you remarry someone that has debt when you have savings.

Let me know if this segment helped you by commenting below!

Live Rich,
David Bach

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NBC’s Today Show – Money 911 and Live Chat – February 8, 2012

Visit msnbc.com for breaking news, world news, and news about the economy

If you missed me on NBC’s Today Show – Money 911 make sure to watch the segment above! We answered questions about how a divorce and a name change can affect your credit score, how to carry over your 401k from a previous employer, and if child support can affect your assets. It was a great segment so be sure to check it out!

I also had the chance to chat LIVE and  answer your money questions on Today.com. Thank you to everyone that joined me, there were so many AMAZING questions today and I tried to type as fast as I could to answer as many as possible. If you missed the chat make sure to read the archive HERE to see if I answered a question that could help you.

Here’s just one of the MANY great questions from the chat today!

Guest asked: “Hi – I am contributing 15% to my 401K but my company only matches 50% up to 6%. Should I be doing something else with my 9%?”

I replied:“Dear Guest! You should leave it alone…you are brilliant and doing everything right. You will look back later in life and be sooooooooooooo GLAD you put 15% in your 401k plan. You friends will wonder how you go to retire ten years before them and it will be because you saved three times more than they did! Well done, stay the course.”

Live Rich,
David Bach

 

LiveChat - 2-8-12

NBC’s Today Show – Money 911 and Live Chat – February 1, 2012

Visit msnbc.com for breaking news, world news, and news about the economy

If you missed me on NBC’s Today Show – Money 911 make sure to watch the segment above! We answered questions about what to do if you’re marrying someone with a poor credit score, how to contribute to your 401k when your employer offers a match, and when it’s appropriate to use your spouse’s Social Security benefits.

Plus, I had the chance to stick around after Money 911 to do a Live Web Chat on Today.com. Thank you to everyone that joined me, there were so many AMAZING questions today.  If you missed the chat make sure to read the archive HERE  to see if I answered a question that could help you.

Here’s one of the questions from the Live Chat this morning. (Click HERE for the Full Q&A!)

Jennifer asked:

“My husband and I are 30 and because we were in graduate school most of our 20s, we are just starting to save money. At what point in life does it make sense to get a financial planner? How much should a financial planner cost?”

David replied:

“I think the sooner you get a financial planner the better. With that said, you should read up on investing before your hire one so you know what questions to ask and you are prepared better to screen a good advisor from a bad advisor. Read Smart Couples Finish Rich, before you hire a financial advisor. In this book I also layout how to hire and how to pay a financial advisor. The cost to do a basic financial plan is around $500 to $5,000 depending on how detailed it is. Then there are costs to work with the financial advisor. Most advisors today charge a flat fee on assets of around 1%. You can also hire financial advisors by the hour. Hope that helps you get started! Lastly before you hire a financial advisor check out their background online by visiting the NASD website and make sure there are not any complaints or legal issues with the advisor.”

Hope this helped!

Live Rich,
David Bach

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Welcome to My Kitchen

Ok, I did a special video in my kitchen about losing weight.

No, I’m not switching fields, in fact your money and your solid financial future are more important to me now than ever.  And in a later video I’ll share with you how me losing weight, and how I did it, has a common thread on how to protect and grow your finances.

January 1st I shared that one of my New Year’s resolution was to lose 15 pounds.  I’m not there yet, but as I type this I have lost 13 pounds in 27 days! 

I’m pretty psyched, as I really needed after the holidays to lose this weight.  Maybe you can relate? 

Most importantly I feel so much better.  My energy is up, I’m sleeping better than I have in years, and my pants aren’t tight.  And vainly, my face looks thinner on the Today Show!

So check out the video, and see what I have been making at home in my kitchen to lose this weight.  And there is nothing to buy here. 

I’m truly just sharing a 21 day cleanse called The Clean Program  that just worked amazingly for me.

You’ll see that I am clearly not the next “Martha Stewart”.  It was however really fun to shoot this video, and I hope you enjoy it.   

Live Rich,

David Bach

 

welcome to david bach's kitchen

NBC’s Today Show – Money 911 – January 25, 2012

If you missed me today on NBC’s Today Show – Money 911, make sure to check it out now! It was an amazing morning we answered questions about how an adult can go back to school and receive financial aid, what to do with your credit cards once you have paid them off, and the best way to get rid of timeshares you’re no longer using.  

I ALSO had the pleasure of meeting Henry Winkler. Some of you may know him as Arthur ‘Fonz’ Fonzarelli. This was such a coincidence because I literally just introduced my son Jack to Happy Days and MacGyver (he was an executive producer for the show.)

He was on the Today Show, promoting his new children’s book series called “Ghost Buddy”  for middle school aged kids where the characters in the story deal with bullying and a blended family. Watch his interview above and check out our together picture below!

Live Rich,
David Bach

The Fonz