Brett opens up by defining what credit cards are, then he gets into the pros and cons of credit cards. The main pros are travel insurance, consumer protection, and rewards. The main con is the high interest rate and propensity for people to spend money they don’t have, the “poison” of personal finance, if you will. Both Brett and Lauren are using 0% credit cards right now to carry balances, but they arenusing these responsibly and will pay them off before the interest hits. Credit cards are like fireworks. If you play with them responsibly, you’ll get a beautiful show. If not, they’ll blow up in your face. How do you know which cards are best? It depends on what you’re looking for: cash rewards or travel ones. Lauren asked about annual fees, and Brett point out that you can get more value than the annual fee in most cases. Then, Brett casually drops into the conversation that he has had over 100 credit cards since he was 18, 13 years ago. Right now, he’s using his Chase Sapphire for everything, including a rental car recently in Denver. When a hailstorm rolled through, the damage was covered by the credit card! How does having so many cards affect your credit? It turns out it’s not too serious of an impact, usually 5-7 points. Lauren then asks about how credit card limits work. Interestingly, Brett points out that you can transfer credit lines to different cards with the same provider. Lauren asks Brett to explain how credit card companies make money if they’re able to give Brett all these rewards! They make money on interest, late fees, and processing fees as well. Lauren then shares a consumer protection win of her own. Brett closes by reminding people that they’re using their credit card every day. They should analyze whether they’re actually using the right one.

About Brett:

Brett Holzhauer is a self-proclaimed personal finance nerd. He currently works at Biz2Credit wherehe is a Senior Writer. Before that, he was a personal finance reporter at CNBC and Forbes. Along the way, he has been on his own financial journey. Hesuccessfully paid off $80,000 in student loan debt, while buying his first home in South Florida in 2022, bought his first investment property in 2023, and is currently under contract for his second investment property. When he isn't money nerd-ing, he is watching college football or getting tan at the beach.

Connect with Brett:

Twitter @brettholzhauer

Biz2Credit.com

Upgraded Points

Connect with Lauren:

https://www.realadultingiseasy.com/⁠⁠⁠

https://twitter.com/AdultingIsEasy

https://www.instagram.com/adultingiseasyreal/

Lauren kicks off by asking who should even buy a home. Homeownership is not necessarily always better than renting. You should consider your lifestyle and how long you want to live there. Dale believes your primary residence is an asset AND ALSO THAT YOU SHOULD PAY OFF YOUR HOUSE AS SOON AS POSSIBLE. It’s an emotional investment then, not a financial one. Lauren asks what Dale’s thoughts are about investment properties. They both agree that “primary hacking,” buying a home, living in it for a short time, then buying and moving into a new home, then renting the first one out is a good way to get started. The lowest interest rate loans are those on primary residences. Your risk tolerance is a huge factor here. The two then transition to discussing timing the real estate market. Some people just aren’t wired to build wealth. Or maybe they’re just not in the right circles. Networking with the right people is important, and also reading the right books can help with mindset. Then, they go back to discussing buying a home, and how much home you should buy. Perhaps you should look at it through the eye of primary hacking. Buy houses that would make good rentals. If buying in an HOA, make sure you’re permitted to rent the property out per the bylaws. Lastly, they talk about avoiding buyer’s remorse and taking action. Dale recommends you THINK BIGGER.

If you liked this episode, you’ll also like episode 149: Personal Finance is Personal, and so it investing.

About Dale:

Dale Wills is an experienced real estate developer who has been involved in the industry for more than 25 years. He is the owner and founder of Centra Companies, and since 2011, he has overseen the development of more than 1,500 homes. He recently established Centra Capital Partners, a real estate syndication company partnering with accredited investors to build wealth through the ground-up single-family home developments in the Midwest.

Connect with Dale:

https://centracapitalpartners.com/

https://www.facebook.com/CentraCompanies

https://www.instagram.com/centracompanies/

https://x.com/dalerwills

https://www.youtube.com/channel/UCkXyXiIUnUEFvX4mVJ4F98A

https://www.linkedin.com/in/dalerwills/

Connect with Lauren:

https://www.realadultingiseasy.com/⁠⁠⁠

https://twitter.com/AdultingIsEasy

https://www.instagram.com/adultingiseasyreal/

Estate planning is probably the least sexy topic in personal finance, but we need to talk about it. Death comes for all of us. David opens by telling us about the estate issues after his parents passed away, which made him passionate about this topic. Estate planning involves more than just wills, and it’s not just for rich people. The goal is to leave a legacy, not a mess. Professionals you need in your corner: accountant, lawyer, and financial planner. The professionals are there to help the executor settle your estate. Then, the conversation transitions from general ideas to Lauren’s situation specifically. It’s embarrassing, but she doesn’t have a will. Luckily, Lauren has encouraged her parents to get one, which they’ve just done, and she will have hers done by the end of 2024. Something else to consider: your digital footprint, like emails and passwords! David suggests having an envelope with everything your executor and beneficiaries need in it. Also, communication is key. An interesting trend is children fighting over estates before the parents pass away. Remember, that if you don’t have a plan, the government has one for you. Lauren shares a tough conversation her grandmother had about her estate going to her uncle instead of her mother. David continues the story he kicked off with, about fighting over his parents’ estate with his siblings. Even if you don’t want to go to a lawyer, do it online! Just do something.

If you liked this episode, you’ll also like episode 33: 5 talks you should have with your parents (one is about estate planning) and episode 159: what to do when you inherit a property or bequeath one.

About David:

David Edey is a Certified Executor Advisor with over 35 years of experience in the financial planning industry, specializing in estate and legacy planning. He is the author of the bestselling book, "Executor Help: How to Settle an Estate, Pick an Executor, and Avoid Family Fights," and hosts the Executor Help Podcast, guiding individuals to secure their legacies and maintain family harmony.

Connect with David:

www.davidedey.com X: https://x.com/DavidEEdey

Facebook: https://www.facebook.com/prepareyourexecutorprotectyourfamily

Linkedin: https://www.linkedin.com/in/david-edey-cea-b524342/

YouTube: https://www.youtube.com/channel/UCSpPucTHVEVN1AjXrSAl5Fg

Connect with Lauren:

https://www.realadultingiseasy.com/ ⁠⁠⁠https://twitter.com/AdultingIsEasy

https://www.instagram.com/adultingiseasyreal/⁠⁠