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Mind of a Millionaire: How Many Credit Cards Is Too Many?

| January 16, 2019
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This week Zak offers his insight to some listener questions. Thank you to everyone who has sent in their questions, and please, if you have any other questions, reach out on Facebook, email us, message us on Twitter, or give us a call – we would be happy to answer your questions.

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  1. “How many credit cards are too many?” [0:38]

One checking account, one savings account, and one credit card. [2:18]

  • Keep your finances simple!

 

  1. “I would like to begin planning a vacation for my family – how much of our budget should be allocated to this, and is it OK to budget for a vacation even though we still haven’t paid off all of our consumer debt?” [4:15]

If you can’t drive there, don’t go on vacation. [4:40]

How much is reasonable to spend on a vacation? [5:53]

 

  1. “With the Fed increasing interest rates, what can we expect from the market in 2019? How will the increase in inflation rates impact the market?” [7:30]

No one has any clue what the stock market will return. [7:49]

  • It’s impossible to predict the stock market.

What can we control? [8:24]

There have only been four instances since 1929 that the S&P 500 has declined two or more consecutive years (article). [9:54]

 

  1. “I graduated from college in August, I just landed a good job, and I am living with my parents. How much should I save before I can afford to move out of my parent’s house? Do I absolutely have to save for a conventional home loan or is an FHA loan OK?” [10:47]

The downside of using an FHA loan [12:16]

“The more money you can put down on a house, the better.” [13:04]

 

Thank you for tuning in to another episode of Mind of a Millionaire. We hope you are enjoying, and we hope you can continue to learn and implement new habits into your financial lives.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

No strategy assures success or protects against loss.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

The registered representatives are with and offer securities through LPL Financial. Member FINRA/SIPC. Investment advice offered through Providence Capital Partners, Inc. d/b/a Denver Wealth Management, a registered investment advisor. Denver Wealth Management and Providence Capital Partners, Inc. are separate entities from LPL Financial. Providence Capital Partners, Inc. and Denver Wealth Management have common control and ownership. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents in the following states: AK, AR, AZ, CA, CO, FL, GA, HI, ID, IL, KS, KY, LA, MD, MI, MN, MO, MT, NE, NV, NJ, NM, NY, NC, ND, OH, OK, OR, PA, SC, SD, TX, UT, VA, WA, WI, WY.

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