It's almost unimaginable today to not have a credit card, especially with all the cash backs and technological integration. Your phone can now be used in almost any kind of payments, even a cash wallet is getting obsolete right now. Paying for stuff is getting easier every day, and people spend more money every day. Although investing is also getting easier, it's surprising how not many people do it. From reading various books, I learned that investing early is crucial in building your wealth. It is sad to know that most young people chose to "go with the trend" and live a luxurious life (usually just for the show) over investing smartly in a well diversified portfolio.
With all those benefit, comes a couple of disadvantages that prevents you from achieving high net worth. Credit card is one of the biggest roadblocks to achieving financial freedom, the ability to live solely off passive income stream, which takes money to build. It does not make sense to invest heavily if our savings (which usually is nonexistent with large credit card debt) are not large enough to absorb emergencies. Hence why baby steps, as referred by Dave Ramsey, prioritized having enough savings first before investing heavily and snowball your wealth building. And on an even higher priority, pay off those high interest credit cards and get rid of them, FOREVER! Only after that investing can be done safely and comfortably.
1. Overspending
With purchase getting easier overtime, it's hard to resist spending more. Buying stuff is literally one single click on some online retailer. Paying for your food can be done over your phone with credit card. On top of that, buying stuff without having the money "today" is possible due to the rise of credit card. The catch though, is that you have to pay them back at a large premium, some as high as 30% annually. This is one of the reason why most of us can't build wealth like the top 1%. It is almost impossible to carry high credit card balance and build wealth at the same time. All the money is tied to paying them off instead of being put to work through investments such as stocks, bonds, and even real estate.
2. No savings
Overspending naturally relates to small amount of savings. With most of our income going to credit card bills, there are barely any left for investments and wealth building. Without savings, we won't be able to even start investing comfortably. If an expensive emergency happened during a recession without any access to enough savings, we would be forced to cash out portfolio at the lowest amount, which translates to lost wealth.
3. Reduced Wealth Potential
As we all heard, a dollar today is worth more than a dollar tomorrow. If money is tied to paying down credit card bills, investing activities would have to be delayed. Longer delays will result in exponentially higher penalty in terms of final net worth accumulated due to the magic of compound interest.
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About the Site 🌐
This site provides links to random videos hosted at YouTube, with the emphasis on random. 🎥
Origins of the Idea 🌱
The original idea for this site stemmed from the need to benchmark the popularity of a video against the general population of YouTube videos. 🧠
Challenges Faced 🤔
Obtaining a large sample of videos was crucial for accurate ranking, but YouTube lacks a direct method to gather random video IDs.
Even searching for random strings on YouTube doesn't yield truly random results, complicating the process further. 🔍
Creating Truly Random Links 🛠️
The YouTube API offers additional functions enabling the discovery of more random videos. Through inventive techniques and a touch of space-time manipulation, we've achieved a process yielding nearly 100% random links to YouTube videos.
About YouTube 📺
YouTube, an American video-sharing website based in San Bruno, California, offers a diverse range of user-generated and corporate media content. 🌟
Content and Users 🎵
Users can upload, view, rate, share, and comment on videos, with content spanning video clips, music videos, live streams, and more.
While most content is uploaded by individuals, media corporations like CBS and the BBC also contribute. Unregistered users can watch videos, while registered users enjoy additional privileges such as uploading unlimited videos and adding comments.
Monetization and Impact 🤑
YouTube and creators earn revenue through Google AdSense, with most videos free to view. Premium channels and subscription services like YouTube Music and YouTube Premium offer ad-free streaming.
As of February 2017, over 400 hours of content were uploaded to YouTube every minute, with the site ranking as the second-most popular globally. By May 2019, this figure exceeded 500 hours per minute. 📈
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