UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: crazyfred Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311070  
Subject: Re: Be my own credit card company Date: 1/5/1998 7:25 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
As a reformed credit card addict (they will all be paid off this spring) I have been toying with the
idea of being my own credit card company. Here how it should work (you can help me flesh out the

I will be getting a profit from a land sale this year (allegedly) and will be putting half of it directly into
the foolish four. The other half, I would like to put into an investment that is relatively liquid so I can
use it as my credit card. This money would stay invested until I get the urge for a vacation, a new
computer, a chainsaw, or a new torque wrench. Then I would buy what I want with the funds and
pay them back systematically, like a credit card.

1. Do the numbers make sense? I would not be paying visa/mc 16%, but I also would not be
getting 16% from KO.>>

And you would not be watching your investment being cut in half in a market downdraft

<< 2. I know that the weak link in the plan is the repayment. I will have to be very determined.>>

Very big problem. It would be best to set up a scheduleing program of some sort to tell you to pay it off just like credit card debt.

<< 3. Does anyone know of a good investment that offers a debit card? Right now I have a checking
account that offers a visa debit card. This is great because any time I use my visa card, it just comes
out of my checking account. I still believe that credit card is the only way to buy mail-order.>>

A service offered by some brokers (none of the deep discounters, but some of the discounters) is a debit card secured by the brokerage account. It is deducted first from the cash in the account, then from a margin loan (if it's a margin account). I believe some of the mutual fund families also have such a deal.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.