Went from semi-NEET earning $10k a year to $920k this year from cashing out crypto

this is not the case literally anywhere outside turd world america

It's literally impossible for me to not benefit from it. I'm not a poorfag planning to spend more than I have.

It's like the ending monologue from the movie "Casino"

youtu.be/rN32RTMJaJI?t=43s

In the "old days" banking used to be about long-term relationships. Now it's about filling out the forms and running the info through the computer.

You're right to develop your credit. And, as long as you pay the balance off each month, it doesn't cost you a penny to use it.

And they give you cash back rewards or airline miles and stuff.

Oh. I had the impression before that they just gave them out like candy.

True, though the airline miles is almost always bullshit.

But you CAN go with the points plan, and have it automatically translated each month to a cash credit in your amazon account.

The building credit meme is for poor people. Don't be poor.

>Why?

Because you failed their risk assessment.

Trading crypto is an insanely high risk category. To prove that point how much have you paid in taxes on your gains?

How much taxes are you going to pay?

They used to. I don't know if they still do, but back in "my day" on the first day orientation at college, they would have the "get a free hat if you sign up for a credit card" events.

The idea was to suck in the kids, have them max out the cards, and then put the screws on them to have mommy and daddy pay the balance.

I think that probably slowed down once they figured out that the average mom and dad is just as much of a deadbeat as their child.

Not always. For example, if you plan on working, some jobs won't hire you unless you have a good credit score.

(for example, jobs handling large amounts of cash).

And sometimes credit cards are just more convenient.

There's poor people that abuse credit because they're completely financially illerate, then there's like the Dave Ramsey, Millionaire next door tier "rich" people that disavow the use of any credit and just believe in working hard and being frugal for decades. Then when you get to the actually rich people then you start running into people who LOVE using other people's money again.

It's all about the sign up bonuses then paying off the account leaving it open and on to the next one. Your available credit vs your debt affects your credit score positively. I made over 3 grand last year just using the right credit cards at the right time.

your a fucking idiot if you think that

I have 150,000 chase points and 130,000 southwest points with a companion pass that I got for just putting my expenses on my credit cards and paying the balance off in full

prob 6-7 grand in free money and I wasn't even agressive with it

signup for credit karma and use their suggestions

A fuckton.

In the worst case if I'm forced to use FIFO about 400k for 2017 crypto to crypto trades and then a 200k loss for 2018 that I can only deduct 3000 of from my other taxes every year.

If I can use LIFO / specific identification ( and I found an accountant willing to do this) it's more like 100k for 2017 and 100k for 2018 because then a lot more of the capital gain becomes long term.

just take a debit card and constantly do transactions even if they are withdrawing $5000 on thursday, making a deposit of said $5000 next tuesday, buy some inexpensive shit like groceries with your debit, withdraw some money, deposit said money 4 days later, rinse and repeat for 6 months and the bank will beg you to accept a credit card

I applied for the card online. I think maybe they thought I was larping about the 920k because if they check my previous income it's around 10k a year or maybe their system just threw it out. I'll try going in the bank in person.

college tends to be where they try to pull you in,
yeah it could be to milk the parents and start the debt cycle early, but's it's also a known fact that people with college degrees earn more than those without a college degree, and so have more income, and are more likely to pay their debt/spend more.
there are plenty of incentives to get the college kids in. I got a credit card at the start of college, already had a debt card and had almost 10k in the bank and I had a $300 credit limit for a year, then they offered me $700 for another year, and now, three years later, I have a 1k limit.
funny enough, I was down to about 3k last summer before i got into crypto due to unforeseen circumstances and big spending on camping gear for a big backpacking trip.
just never max your card out, or overdraw, and don't accumulate debt unless you are in a very stable position and you can basically guarantee that you'll do better with what you do with the money even with the debt

Do you own a car user? Buy one outright in cash, credit card company will use that asset as collateral if you cant repay the kikes.