THIS IS Why I NEVER Use A Debit Card! | Minority Mindset

Cash, debit cards, credit cards - there's a lot of ways to pay. But what's the best way for your wallet? Here's why I never use a debit card

Recommended:

Why I NEVER Use A Debt Card
0:10 - There’s no need to carry around cash any more
0:40 - I only used a debit card or cash for many years and now I never use a debit card
1:21 - Why I didn’t apply for a credit card
2:03 - Why I finally got a credit card
2:58 - Trying to reverse a transaction with a debit card company
3:49 - I always knew I could control my spending
4:09 - I believed that a credit card would force me to overspend
4:35 - My first credit card
5:16 - Misconception that credit cards would give me bad financial habits
6:00 - Why I only use a credit card now
6:39 - The type of credit cards I use
7:13 - What to do if you can’t control your spending

What Is The Minority Mindset?
The Minority Mindset has nothing to do with the way you look or what kind of family you're from. It's a mindset.

Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000.

Think from the mindset of a consumer and be the provider, that's the Minority Mindset. Don't be the majority. #MIH #ThinkMinority

Twitter: @M2JaspreetSingh
Personal Instagram: @M2JaspreetSingh

Video host: Jaspreet Singh

[nathangoode]

As a Private Investigator, I have worked a lot of online fraud and theft cases. We find the fraudsters and give those who had their money stolen, all the information on the person that committed the fraud. But, using a credit card is the only way to go. The fraud protection. Built in is well worth it. Excellent video.

[rhondac.]

I agree with everything he says. I am disciplined so I buy everything credit card and pay it off immediately

[sponge]

Back when I was married, someone stole my wife's credit card. I didn't report it stolen because the thief was charging less than my ex wife.

[johnnyn]

I use my credit card for monthly purchases to get the points. Zero balance the card every month. After about 6 months of use, I usually end up with enough points for a $500 gift card to Lowe's. Which I use for improvements around the home that I recently purchased. So now I get new appliances, small fixes and renovation matieral twice a year for free!

[ShiftyKen]

I use my credit card for bills. I put my bills on autopay, which makes sure they're always paid on time, and simply pay off my card at the end of the month. I get 1.5% cash back for things I already have to pay for anyway. Same with all the rest of my purchases.

[norsefalconer]

These are the exact reasons I use a credit card almost exclusively. But, it does take discipline. Every time I go to make a purchase the words of Robert Kiyosaki ring in my ears, "Rich people buy assets, poor people buy liabilities."

[JDizz]

Dave Ramsey is punching the air so hard right now lmao

[AdityaMahat]

You changed my view completely. What stuck the most was" It's not the credit card that is bad, it's your bad financial habit with accumulating credit more than you can pay".
I was using Debit so far. Will apply for the credit card coming week.

[AKAKiddo]

I love listening to you Jaspreet, it's like you have a Sikh sense.

[fishyhobby]

I'm old fashioned too, I carry a leather billfold filled with cash, and a gun.

[ProudMoney]

Ha, just did a video on this the other day about when my credit card got used in Brazil (I've never been to Brazil) and how easy it was to get the charges erased by my credit card company. A debit card would've been way harder and I would've been out the money until I could get it straightened out.

[thadoc]

Don’t mix personal and business spending. What’s good for your business finance may not be good for personal finance.

[plumreid]

Thank you! I love Dave Ramsey, but I put most of my experiences on my credit card and get cash back. One of my goals in life is to NEVER pay the bank. I've been getting free money for years!

[flow]

I can control myself but my wife can not, so make sure you get the right person to be with.

[AFJ]

I was just explaining to my mom why she should leave her debit card at home and use her credit card instead for purchase protection purposes and then I pulled up YouTube on my phone and this video popped up. I’m going to share this with her now. Thanks Jaspreet! Love your content. Keep up the good work!

[jeanalexandre]

This is what I do I use my credit card to make purchases when the bill comes I put money on my debit card to pay off the credit card. Also some credit card offer reward points for making purchases. Credit cards are good but treat them like a loaded gun.

[XxShadowArtsxX]

Good tip that I use is I have 2 open credit cards with $1500 credit limit each. I pay my auto insurance bill $145/month on 1 card. And my cell phone bill $110/month on the other card. Linked my bank account and turned on auto pay on both credit cards. Wash, rinse, repeat. Both cards have activity each month. And with auto pay I dont have to worry about paying on time or missing any payments. My credit score skyrocketed! 👍

[suneilkumar]

I grew up in an Indian household. I know "cheap" 😂😂

[razak]

1st Rule of Finance - Don’t spend money that you don’t have.
2nd Rule of Finance - Don’t buy things that you don’t need.
3rd Rule of Finance - Don’t forget Rules 1 and 2.

[empathyisonlyhuman]

I've watched a couple of your videos now. I think what you're sharing here are smart, common sense, ways to be a better steward of the income you have. Thanks for doing this.


One of the big problems I see people having, in terms of not being disciplined about spending, is that their income is really insufficient to meet their needs. Or at least what they think are their needs. Starbucks, as sweet as they are, is not a need. I think the biggest contributor to this common problem is that here in the U.S. needs versus wants education is virtually nonexistent in compulsory school years(k-12). Money management should be stressed just as much as reading, writing, and arithmetic. But alas, with the possible aside of high school elective home economics, this just isn't done.


The honest truth is, there are a ton of people out there who don't even realize that they are in financial trouble. "Well, Okay... so how do I know if I'm in financial trouble if so many people can't figure this out for themselves?" As it turns out there is an easy way to do this. But it will take a tiny bit of effort on your part. Starting at the first of the month, just record every penny you spend. You can do this in a simple paper notebook, on your tablet, or smartphone. You really don't need to itemize every item, but do record the total spent at each shop, or bill you pay during the month. Next add up all of your income. It doesn't matter the source just make sure to record it. If after the month is over and your total spending is less than your total income then good. You are at least not hemorrhaging money every month.


If however your spending more than your making... well I'm sorry to break it to you but your already in financial trouble. So what to do? First off like the man said. "I grew up in an indian household. I know cheap!" Great line by the way. If your in financial trouble already then the first priority is to honestly assess what your needs versus what your wants are in terms of what your spending. For instance, your address. It can feel wonderful to lease a home in a nice safe neighborhood with great schools and wonderful neighbors you love. But if you can't also pay your bills without incurring more debt then perhaps it's time to consider what your can do to lower this expense. Cable television, the latest IPhone, 1 Gigabit internet, are examples of wants. We don't need these things. Needs are stuff like nourishing food, a basic wardrobe for a week, clean water to drink. Basically a need is anything that allows you to stay alive(food/water), stay healthy(medical care/sleep/etc), and have a little bit of fun. Stuff beyond this are strictly speaking luxuries. If you find yourself saying "Oh, I couldn't life without that!" Feel free to say it. But understand that when you do, are you being literal, such as clean water, or is it just hyperbole?


Anyways Minority Mindset, thanks again for doing this channel. We need more of this kind of content distributed world wide. And sorry for the wall of text. Sometimes I get going and just don't know when to stop. A lot like those credit card binges! Ciao for now brother.