7 Personal Finance Myths Preventing You From Being Rich

Myth #5: “Keeping Multiple Credit Cards is Unwise”

While you certainly should be cautious while using your credit card, having multiple credit cards is not a terrible idea in itself. In fact, if you are smart, you can use it to your advantage. One of the factors that determine your credit score is the credit utilization ratio — the amount of credit you use divided by the total amount of your available credit. The lower your credit utilization ratio, the better it is for your credit score. If you have three credit cards with $5,000, $10,000, and $15,000 limit respectively, and spend $1,500 on average each month, your credit utilization ratio is 5%, which is excellent. As long as you keep a tab on your spending and pay off the outstanding balance in full every month, having multiple cards could actually work to your benefit.

Small-cap winners galore

The big stock market winners share one common attribute: Near the beginning of the ascent of their shares, the companies offer revolutionary products or services, are market leaders in their respective industries, or both. Some big stock market winners that possessed the attributes outlined above are Netflix (NFLX), which we recommended to investors in October 2002; Intuitive Surgical (ISRG), which we bought and recommended in July 2004; Baidu.com (BIDU), which we bought and recommended in August 2006; and MercadoLibre (MELI), which we recommended to investors in October 2010. Get up-to-date small-cap stock picks from David Frazier, editor of Small-Cap Profit Confidential.
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Smarter cryptocurrency investments

The stock market crash of 2008 was the catalyst for his journey into alternatives. And interestingly, it was the impetus behind the creation of Bitcoin and the blockchain technology behind it. Keene Little wasn’t ready to risk his money yet but he was very curious, so he began charting Bitcoin’s technical patterns. What finally convinced him to dip a toe into digital currencies was seeing that they followed familiar price patterns that could be analyzed and successfully acted on. Now he shares those insights with subscribers to the Crypto Wealth Protocol.
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