💥💥 SBA PPP Loan Update: Loan Funded💥💥

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Just a quick video to give a little update on the PPP loan status.

Today my bank deposited the funds from our Paycheck Protection Program Loan, more commonly referred to as the SBA PPP Loan. This is all part of the COVID-19 Stimulus package, CARES Act passed by the US Congress. This is different from the Economic Injury Disaster Loan (EIDL) and grant, I cover that in another video, link in the description below.

The loan package provides US-based small businesses, with less than 500 employees a much-needed cash infusion to offset the cost of payroll while most of the country is shuttered because of the coronavirus.

This loan provides for a fully forgivable grant to help you pay your payroll.

To calculate the amount of the loan, you take your total monthly payroll costs which can include actual payroll, health insurance, and retirement plan contributions and multiple that by 2.5.

So for example, let’s say you have 10 employees that each get paid $15/hour and they all work exactly 40 hours per week. You also give each employee a $250 monthly contribution to their retirement accounts, such as a 401k or SIMPLE IRA, and you spend $250 per month for each employee’s health insurance.

That is a cost of $2,900 per employee, per month. Sadly, you cannot include your payroll taxes in this calculation.

Let’s multiple this by 10 to cover your 10 employees and this gives us a monthly payroll overhead cost of $29,000.

The PPP is designed to give you 2 1/2 months of payroll assistance, so we need to take our $29,000 and multiply this by 2.5, giving us a final number of $72,500.

If a business uses at least 75% of their loan to cover payroll expenses, which appears to also include company contributions for retirement and employee healthcare, then, in this case, the loan is converted to a grant and is fully forgiven. You can also use up to 25% to cover some business-related expenses like rent, utilities, and a few others.

Using our example that means you need to spend at least $54,375 of your loan on payroll costs and you can spend the other $18,125 on approved business expenses like rent, mortgage interest, and utilities.

As long as you stick to these numbers your loan is forgiven.

Worse case if you use some of the money for other non-approved business expenses, you only have to pay back that amount used. So for example, if you used $55,000 for payroll, $7,500 for rent & utilities, and $10,000 for other business expenses. You only need to pay back the $10,000 to your bank, plus, of course, the interest. The other $62,500 is forgiven.

Originally the PPP loans were supposed to be available on Friday, April 3, but many of the large national banks were unable to get things ready on time. It appears that the only national bank that was ready to handle PPP loans on April 3, was Bank of America, the rest of the big banks were telling their clients “we will accept loan applications soon.”

For small business owners, “taking loan applications soon” is completely inexcusable as they need this money to pay their employees. Even a delay of two or three days maybe just enough to cause some small businesses to not be able to cover their employee’s payroll.

It looks like Wells Fargo started accepting applications over the weekend, but Chase wasn’t able to until Tuesday afternoon.

From what I have read and heard from other small business owners, pretty much all banks both locally owned and large national banks are accepting applications for loans now.

Most PPP loans are being approved the same day or within a day or two, depending on the bank.

While you wait to make sure you check out webull at the link in the description below and get two free stocks for opening and funding your brokerage account. It is super simple and a great way to get stocks at today’s low prices so you can ride the upswing.

Of course, I am still waiting on the EIDL loan approval and cash-advance grant that I covered in my other video. When that finally comes in I will make a quick update video to let you all know.

Thanks for watching, I really hope you enjoyed the video. Please make sure you like & subscribe. Don’t forget to check out the webull link and grab your two free stocks today!

PPP #Payroll #SBA

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In closing a quick statement: I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only” and you should seek counsel from competent and certified individuals if you have questions.

💥💥 Teens: Starting at age 16 – How to become a millionaire with only $16 a day. 💥💥

This video was recorded before COVID-19 Coronavirus downturn in the stock market. The information presented is STILL VALID as long as you invest for the long term!

💰💰2 Free Stocks valued up to $1,400 👉 https://www.stevencarlson.show/@WeBull

📔📔 America Hijacked: How Deep State Actors from LBJ to Obama Killed for Power and Money
👉 https://amzn.to/2BWQ97T

We all know that Social Security and pensions are not guaranteed to us when we retire, this means it is up to you to build the wealth you desire. 

No one wants to live out their final year’s poor, so in this video I will show you how to retire a millionaire with the money you need to live a comfortable life.

So just how much money are we talking about?  How about starting with over $1.6 million dollars in your retirement funds with an initial investment of less than $20 per day.  Plus, if you stick through to the very end of the video, I will give you a bonus tip that can more than TRIPLE this.

But first, now that I have your attention, please hit the like & subscribe buttons. Doing so helps push the YouTube algorithm to show this video to more and more people. Also, we need to get the legal mumbo-jumbo out of the way: I am not a certified financial advisor, nor an accountant, nor a tax lawyer, and everything I say here is for “entertainment purposes only” so don’t sue me, ok?

For my calculations I am presuming you started at age 16 with your first part time job.  But honestly you can start this at any age and STILL MAKE A GREAT improvement in your retirement lifestyle.

(confused: math calculations video start)

So, let’s take $16 per day and allocate this to a Roth IRA, based upon historical averages of a 7% return, by time you are 59 ½ your investment of $264k total should be worth approximately $1.6 MILLION TAX FREE!

I am sure you are like “whoa, wait . . . what??”.

(bookend with train crash sequence after I say my line above)

Don’t worry I will explain all of this to you!

Throughout the years, of course, you paid your normal income taxes on the $264,000 you invested. 

All of your profit from your investments is tax free courtesy of Uncle Sam. 

Depending on your tax rate not only did you earn 1.3 million dollars through your investment, you saved over $900,000 of that in taxes! 

Using this simple Roth IRA strategy means you have $1.6 million dollars tax-free sitting in your account, not $700,000 after taxes.

What is an IRA?

Ok, so I keep saying “Roth IRA” in this video, what exactly am I talking about? 

First, an Individual Retirement Account (commonly referred to as an IRA) is specialized bank account with tax saving benefits when you invest for your retirement.  You have a lot of flexibility in what you “invest” in with your IRA, but for beginners a wide-ranging market cap fund would be best.  Check out my video how to invest in the stock market, link in the description box below.

Ok, now back to IRAs themselves.  Within the umbrella of IRA there are two primary types of IRAs that we will cover today:  Roth IRA and Traditional IRA.

At their core both of these IRAs function about the same.  Currently, if you are less than 50 years old, you can contribute a maximum of $6,000 per year to an IRA account. 

The key difference between a Traditional IRA and a Roth IRA is how you are taxed.

A Roth IRA is often referred to as a tax-advantaged retirement account. What I mean by this is the money you deposit, called contributions, to a Roth IRA are made after your payroll taxes are paid for that year. 

Then any profits you make from your investment grows tax-free. As long as you follow the rules for Roth IRA distributions, you’ll pay NO income tax when you take your money out in retirement.

Whereas a Traditional IRA is tax deferred.  What I mean by this is you do not pay any income taxes today on your contributions in a Traditional IRA, but when you withdraw money in your retirement years you PAY TAXES at that time.

As you can see from this chart, based upon our working example you can withdraw about $2,500/month from your IRA when you retire. 

You will notice that by using a Roth IRA vs a Traditional RIA you will save over half a million dollars in the long run based upon today’s tax rates.

You might be a little confused, and that is fine.  Let me give a very simple explanation, please note these numbers are not all inclusive.  Do not focus on the exact numbers here, I picked them for easy math so everyone can follow along.  The key is the concept behind Roth IRA that I want you to understand.

EX: If you made $10,000 at your job, depending on where you live in the country the tax man will take about 20% of that to pay both federal and state taxes.  This leave you with $8,000 left over, right? 

Now if you take all of that $8,000 and invest it into a tax advantaged account like a Roth IRA.  If you do NOTHING and leave that $8k in, you would have approximately $120k after 40 years. 

Ok, ok, I know a lot of numbers.  But stick with me because this is important. 

You have already paid your taxes 40-years ago when you invested your $8,000, remember you paid $2,000 to the tax man, right?  That’s all the taxes you pay.  All of your profit, the $120k is now tax free.

But, if instead of using a Roth IRA you invested in a Traditional IRA or a regular brokerage investment, again you would have the same $120k after 40 years, but here is the part that really sucks. 

Now you owe taxes on the full $120k, even if your tax bracket stayed the same that is $24,000 you owe to Uncle Sam.  Sucks, huh?

More important, today we are at historically low income-tax rates and no matter what your political view is, you can reasonably predict that in the future the tax rates will rise. 

Back to our $16 a day investment example; “Biting the bullet” now and paying today’s tax rate should save you even more than $562k if income tax rates rise by time you retire on your $1.5 million-dollar Roth IRA account.

So now, not only are you a millionaire, you also saved over $500k in unnecessary taxes.

Bonus facts

As a thank you for staying through to the end of the video.  If your employer offers a SIMPLE IRA retirement plan with matching you would be a fool not to take it. 

While not tax-advantaged like a Roth IRA, a SIMPLE IRA is tax-deferred.  I know, I know, I just spent the first part of the video explaining why a Roth is the best option.  But stick with me as there is a reason for this. 

YOU CAN DO BOTH!

Basically, a SIMPLE IRA is a Traditional IRA that you contribute money and more importantly your employer matches your contributions each year.  So, if you put $5,000 in there, your employer could contribute another $5,000 as well.  Instantly doubling your money!

You can invest up to $13,500 per year into a SIMPLE IRA. 

Following the same investment strategy as you did with your Roth IRA, in 41 years the contributed $570k plus your profits could value this account at approx. $3.4 million.

Best of all, remember you only invested half of the SIMPLE IRA money, your employer gave the other half (approx. $285,000).

Add both of your accounts together and you get a combined that is $4.5 MILLION DOLLARS between your SIMPLE IRA and Roth IRA when you retire.  Not bad huh?

But, wait . . . what if my employer does not offer a SIMPLE IRA? 

Well, you could find a better job, or better yet, start your own company and have full control over your destiny. 

Want me to make a video on how to start your own business?  Comment below and let me know!

Obviously starting these investments as early as you can in your life and sticking to it will return the best financial results.  If you only invest for a few weeks, then “give up on it” you will barely have enough money to buy a few McDonalds BigMacs. 

Trust me and learn from my own foolish mistake.  When I was 16, my parents helped me setup an IRA, and like an idiot, a few years later I cashed it all out, loosing almost half of it to tax penalties, all because I wanted some new computer gear.  

It wouldn’t be until my 30s before I finally started an IRA up again and because of this I have lost nearly half a million dollars of potential earnings.  DO NOT BE STUPID, invest for the long term, and when you retire you will thank yourself for it.

Now that I showed you how to retire with $4.5 million, how about you smash the like button so hard you break the glass on your phone?

⚠️ ⚠️ ⚖️⚖️
In closing a quick statement: I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only” and you should seek counsel from competent and certified individuals if you have questions.

💥💥 About Steven Carlson 💥💥

💰💰2 Free Stocks valued up to $1,400 👉 https://www.stevencarlson.show/@WeBull
📔📔 America Hijacked: How Deep State Actors from LBJ to Obama Killed for Power and Money
👉 https://amzn.to/2BWQ97T

Sorry for the bad focus on the camera, but at least the plant is focused 🙂

After returning to civilian life from the US Navy, I moved back to my hometown of Tampa Bay, Florida, and I began working with a group of foreclosure flippers as an errand boy and notary. Over a 6-month period I learned all of the ins and outs of foreclosures, lis pendens, surplus collection, skip tracing, and more.

I will not name names, but these guys were most definitely not the most ethical businessmen in the world. In fact, they were down-right crooks and a few of them have since gone to prison.

One of their 2-bed/2-bath condo rentals had recently been discovered to have major structural issues to the entire building, affecting multiple units, and this would make it difficult for them to continue to rent it.

There was a pending lawsuit against the construction company that built all of the buildings. I also knew that the construction company was choosing to quickly settle instead of taking it to trial. With this knowledge, I knew the structural issues would be handled quickly and with little expense.

Armed with my savvy research, I kept the condo and after living in it for just over a year, I sold it for nearly $120k.

During the next three years, I acquired, repaired, and sold over 150 single-family residences. At the peak, I had a crew of 17 working for me fixing these homes and multiple investors behind me that bankrolled the deals.

I specialized in the more challenging to acquire properties and left the low-margin, low hanging fruit for the less experienced wannabe investors. Many of my deals required tracking down the heirs of estates, the estranged spouse of a homeowner, incarcerated individuals, etc. and I became very skilled in tracking people down when they did not want to be found.

Many of these deals I would acquire in lis pendens or “pre-foreclosure” status for $5-$10k cash that I would give to the homeowner. Add in $10-$15k in cleaning/fixing up the house and I would sell the house within 45-days. With most deals profiting me $15-20k.

Many times I wouldn’t even catch make the past-due payments on the mortgage current, as I knew the courts were so backed up in foreclosure cases, I had 2-3 months to sell the house before the courthouse auction. Of course, when I flipped the house, all past-due mortgages would be paid in full at closing.

During this time, I did very well financially, however, I was still a bit of a dumb 20 something dude and put a little too much time (and money) into nights out at the clubs with beautiful young ladies. I thought the real estate market would continue forever, and I missed the warning signs.

For the next few months, I lived on his mother’s unfished back-porch as we started our tech company stockNum Systems. The floors where bare plywood, the windows, and doors fully hung and allowed the bitter Virginia winter cold air to flow through the room at night. It was like camping, but with a real roof to at least keep the rain & snow off.

This was when I decided to get back into real estate, but this time I had the knowledge and experience to guide me. I would no longer buy, fix, and flip properties, no, this time, I was keeping my properties and renting them out.

The big issue with flips is you get all your money in one shot, and you must immediately go out and buy a new property, fix it up and sell it. There was no way to scale it. If you wanted to increase your income that month, you needed to do more deals and it was really hard to do more than 3 or 4 deals a month.

Of course, I do not wish to gloss over the fact there is on-going maintenance and carrying costs associated with keeping a property, but in the grand scheme of things, this is a far better model for long term financial success and growth.

Of course, I do have a few affiliate links in my videos that I hope you will use and maybe, one day, I might choose to monetize this channel in other ways. Either path I take, know that the goal is and always will be to give you guys the best advice possible.

⚠️ ⚠️ ⚖️⚖️
In closing a quick statement: I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only” and you should seek counsel from competent and certified individuals if you have questions.

In the words of another great Youtuber, @ MeetKevin, #DontSueMeBro

💥💥 How I made an extra $700/week in US Navy RTC Boot Camp 💥💥

💰💰2 Free Stocks valued up to $1,400 👉 https://www.stevencarlson.show/@WeBull

📔📔 America Hijacked: How Deep State Actors from LBJ to Obama Killed for Power and Money
👉 https://amzn.to/2BWQ97T

It was the summer of 2002 and I was in Navy RTC, from the moment I stepped my foot off the white buses into Camp Moffett, it was a huge cultural shock for me.

As I am sure you can guess bootcamp is very restrictive; you are told what to do, and when to do it and you are not allowed any candy, soda, cigarettes, etc.

I have always been an entrepreneur at heart, looking to make a buck and in bootcamp I found the perfect opportunity to make an extra $500 cash per week, adjusted for inflation 18 years later that is about $700 in 2020 dollars.

Very quickly I learned how things worked at bootcamp and found a little loophole in the security.

To make this very long story short, at the time, recruits wore one type of uniform referred to as utilities and graduated sailors wore their working whites.

I discovered if I put on my working whites uniform, the MAA which is the Navy’s version of Military Police, would let me walk right out the main gates of boot camp, and I could walk right into the gates of the main naval base down the street.

From there I could go to the Navy Exchange, purchase whatever items my fellow recruits wanted and smuggle it back into bootcamp. Selling each item at a hefty profit. Of course, getting caught would be very bad, in fact, I did get caught, and it is a very funny story how, while being honorable and accepting my punishment. I was able to use my wits to reduce the outcome of my punishment, but that is a story for another video.

Sound off in the comments below and tell me how brilliant or stupid my actions were, of course, I know I wasn’t the first to figure this out, and I sure as heck wasn’t the last.

For any of you that think you will be cute and do the same. I’ve heard the Navy has locked things down much more, so new recruits may not have the same abilities to wonder on and off the base as we did.

Now for those of you that have stayed, here are some tips to maximize your finances while in boot camp. This works for Navy, Air Force, Army, Coast Guard, and Marines.

Depending on your contract you will enter bootcamp at a paygrade of either E1 through to E3 and current 2020 military pay grades show you will earn between $1,600 and $2,000 per month. Of course, the military takes almost all of your first paycheck to cover “personal items” you are issued like shampoo, razors, tennis shoes, etc. Excluding this first paycheck, you are paid at least $50 per day for a 30 day month.

With this $50 a day I suggest you take at least $10 per day, preferable if you can take $16 per day and allocating this to a Roth IRA. At the end of your 6-year commitment to the US Military you will have invested $42,000 towards your retirement, even better, based upon historical averages of 7% growth per year you will actually have almost $52,000. That is $10,000 for free.

That is only the beginning. If you continue this until age 60 you will have invested just under $250,000, but and here is the great part . . . your investment will be worth approximately $1.4 MILLION.

This isn’t even the best part of the advice. Throughout the years you paid your normal income taxes on the $250,000 each year, the remainder of your $1.4 million is tax-free courtesy of uncle sam.

For more details on exactly how a Roth IRA works, check out my video on IRAs. The link is in the description box.

Now back to how to make this work for boot camp recruits. Prior to leaving for boot camp I highly recommend you get a checking account and IRA setup. You can use any bank you wish, but I do recommend USAA or US Navy Federal Credit Union as they are able to offer additional benefits to military personnel.

Whichever you choose make sure you bring your account numbers and routing information for both checking and your IRA with you to bootcamp.

There are VERY FEW personal items you can keep with you, but they will let you keep your banking info on a small piece of paper.

Then on one of the first few days of boot camp, they will sit down with you to get that information so your paychecks are direct deposited correctly.

Once you setup your direct deposit, it will be automatic and you do not need to worry about it. Get back to focusing on training and finishing Boot Camp.

⚠️ ⚠️ ⚖️⚖️
In closing a quick statement: I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only” and you should seek counsel from competent and certified individuals if you have questions.

💥💥 How I made $1,200 in 1-hour 💥💥

💰💰2 Free Stocks valued up to $1,400 👉 https://www.stevencarlson.show/@WeBull

💰💰 Chase Link https://www.stevencarlson.show/@ChaseChecking

📔📔 America Hijacked: How Deep State Actors from LBJ to Obama Killed for Power and Money
👉 https://amzn.to/2BWQ97T

My first step was to go to Chase Bank’s website (https://www.stevencarlson.show/@ChaseChecking) and request a promotional code, a link is in the description below.

Sadly, this part only works if you are not an existing Chase Bank customer, if you already have a banking relationship with them you are not able to take advantage of this program, but do not worry, stay to the end of the video as I still have additional tips that work for you.

Additionally, many other banks offer very similar programs, like TD Bank, etc. Check with your local bank as they might be able to match or even beat this promotion from Chase.

Once you have your Chase promotional coupon code, you have two options. You can go to your local Chase bank branch location or open your account completely online.

Chase offers you $200 to open a new Chase Total Checking as long as you set up a direct deposit from your employer.

After you open your account make sure you follow ALL OF THE RULES to get your bonus and to avoid monthly service fees. If you go in person they will give you a printout showing you exactly what rules you need to follow. Make sure you read this carefully as they may have changed the rules after I made this video.

For me, the rules were simple. I must make at least $500 in total payroll direct deposits each month during the first three months. After three months they will automatically deposit your $200 into your checking account in about 2-weeks.

It is also important that you avoid their monthly service fees. You can do this by either #1 maintaining your direct deposits of at least $500 per month, or #2 keep a daily balance of at least $1,500 in your checking.

There is also technically a third option, if you are current or prior US Military they waive the monthly service fee. NOTE: the military waiver does not wave the direct deposit requirements to get your $200 bonus, only the requirements to keep the account service fee-free.

For me, it took about 20 minutes to get my personal accounts setup, so now you either have made $200 or $350. Not bad, but we still have more money to make.

Chase also offers a $500 bonus for opening a business checking account. This is very similar to the personal account process. You need a coupon code (link below in the description), but here you need to make a deposit of $2,500 and maintain that for 90-days, plus you need to make at least 5 “qualifying transactions” – these can be using your debit card, using the mobile app to scan deposit checks, etc.

You will need to bring your business formation documents, usually an Articles of Incorporation or an Operating Agreement for an LLC, and your Federal Tax EIN number.

But what if you do not have a business? Well, you should, but no worries, it is a pretty easy process.

Should I make a video showing you how to start your own business in less than an hour? If so, comment below and I will.

Back to the Chase promo. They also offer a bonus for opening a business Ink credit card as well. This is an additional $500 bonus.

Collectively opening all of my Chase accounts took about 45 minutes, most of the time the Personal Banker was typing away at his computer. While I sat there I did one last thing to make another $15 and this is a bonus tip that works even if you do not want to open Chase accounts.

I opened a Webull stock trading account on my iPhone. Once my account was set up and funded they gave me two free stocks.

In my case, my two free stocks were 1-share of Investors Bancorp a bank located in New Jersey, this stock is up almost 1% already. The second stock was Groupon, sadly in this case the stock is down about 2% this week, but that is all part of the stock market game. Either way, both stocks were totally free!

The stocks they give you are randomly selected and value between $2 – $1,400 each. Maybe someone with more luck than me will get more than $15.

⚠️ ⚠️ ⚖️⚖️
In closing a quick statement: I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only” and you should seek counsel from competent and certified individuals if you have questions.

💥💥 Top 5 Credit Cards for College Students in 2020 💥💥

💰🆓2 Free Stocks valued up to $1,400 👉 https://www.stevencarlson.show/@WeBull

📔📔 America Hijacked: How Deep State Actors from LBJ to Obama Killed for Power and Money
👉 https://amzn.to/2BWQ97T

In this video, we are going to go over the top 5 credit cards for college students in 2020.

Some of the cards I will go over today give between 1-10% cashback on eligible purchases, but that is completely useless if you keep a balance on the cards and pay 15 to 25% or more in interest.

As long as you pay the full amount before the due date, you will pay no interest, and you still get to take advantage of all of the rewards programs credit cards offer.

You also get the added benefit of building your creditworthiness, which will help you when you go to purchase your first house, lower your car insurance premium, and so much more.

It may even improve your odds of getting a more lucrative job, yes, that is right. Some industries will run a credit check on you during the interview phase, and if you have bad credit this could be a disqualifying factor in hiring you.

So now that we have cleared that up, as a first-time credit card holder, what should you look for?

Most important in your first few cards is no annual fee, remember part of your overall credit score is calculated on how long your credit history is.

So it is best to keep your credit cards open for years or decades if possible. Cards with high annual fees are hard to justify keeping for 10-15 years. A card that has no annual fee is easy for you to keep open even after you “out-grow” it for your daily use.

Before we get to the list, please hit the like & subscribe buttons. Doing so helps so much with the YouTube algorithm to show this video to more and more people. Thanks, and now to the list.

✅ #5 State Farm Bank Student Visa Credit Card

✅ #4 Citi Rewards+ Student Card

✅#3 Journey Student Rewards from Capital One

✅ #2 & #1 Discover it Student Cash Back Card and the Discover it Student Chrome Card.

These cards are by far my favorite cards for those just starting to build credit.

The Cash Back card offers 5% cashback on everyday purchases in a rotating category each quarter like grocery stores, restaurants, gas stations, select rideshares, and online shopping. The only downside is they limit your 5% to a specific category like “dining” or “fuel,” which may limit your reward protentional. Then all other purchases get outside that bonus category gets 1% cashback automatically.

So if you spend most of your money in one specific category, then the 5% may be best for you.

If you do not want to be limited to a specific category, you may be better off with the Student Chrome card. You will lose the “5% bonus”, but what you lose there you gain by doubling all other purchases to 2% instead of 1%. All without keeping track of categories.

Whichever card you choose, Discover will DOUBLE your cashback rewards for the first year.

Plus, if you are a good student and keep your GPA above 3.0, they will give you $20 statement credit each year for a maximum of 5 years.

Like all other cards on this list, there are no annual fees. Unlike some of the others, they give you a one-time forgivingness on the first late payment. But we know you will NEVER be late on your card payment, right! Right?

You can even monitor your FICO score free of charge with this card via their online portal.

Then to top all this off you get 0% APR for your first six months, then a variable APR starting at 19.49% Of course, because you are never leaving a balance on the card you SHOULD NEVER PAY INTEREST ANYWAYS.

The only downside is fewer merchants accept Discover than VISA or Mastercard, but aside from that, you cannot go wrong with this card.

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No matter which card you choose as your first credit card, make sure you follow the requirements to maximize your reward points. Some cards require you to charge $3,000 in the first three months; others do not. Just pay attention to the rules.

Of course, as I said at the beginning of this video, only charge purchases that you can afford to pay off at the end of each month and DO NO CARY A BALANCE.

Use your card responsibly and after three months, request a credit limit increase on your first card and then apply for a second with another bank. Repeat this process every 4-6 months and watch your credit score build quickly to 750+

If you found this information useful please like this video and subscribe to my channel, it really helps with the YouTube algorithm.