Debit card safety tip of the day:

Have multiple checking accounts when using debit cards.

  • Card #1 is for daily spending (eg food, gas, misc shopping)
  • Card #2 is for all your monthly bills, checks, etc.

The debit card for account 1 is what you carry on you and use at the pump, store, restaurants, etc., and card number 2 goes into a lockbox at home.

Remember, every time you go out to eat and the server walks away with your debit card, you're trusting all of your money in that account to your server who's probably not making much more than minimum wage. They could take a picture of your card and run up charges online and you'd never know it until it's too late. And this kind of low-grade identity theft happens to people every single day!

Lastly, NEVER set up overdraft protection on account #1 to draw from from account #2. Going from #2 to #1 is fine though. This way if someone ever gets ahold of your card from account #1 they can't drain your accounts, which is huge since getting money back from a debited account is MUCH more difficult, and time consuming, than reversing charges on a plain old credit card, not to mention you're limited to a loss of $50 with credit cards thanks to consumer protection laws.

If you want to learn more, please subscribe to my YouTube channel I'm in the process of launching for the community, and subscribe to the Red Pill Finance tribe over at TRP.RED.

And if you'd like to begin investing, not trading--trading is for chumps and gamblers like the autists over at WSB, then feel free to use my referrals below:

M1Finance
Robinhood

edit: Since many of you are bringing up credit cards, be sure you read the terms. It should be common sense, but not a day goes by people fall victim to predatory lending. I'll make a dedicated video/post on the subject of credit cards in the near future once I complete the financial toolbox series I'm currently working on.