I was goig through YouTube and stumbled on a post by a famous FinFluencer who have millions of followers. He has mentioned about Financial Products That are Bad for people, in that he has mentioned about Credit Card, Cryptos and Trading among others. I think it's completely wrong and misleading millions of people.
PC: Google.com
Let's go through one by one, why the post is wrong. It's good to have multiple Credit Cards because it can really help you. For example, I have SBI Credit Card which has given me 10% discount in Amazon Sale, I have SBI Cashback Card which gives 5% cashback everytime I buy online as well as I have Rupay Credit card whixb gives 1.5% returns for almost all the category including Education and Insurance. So it's good to have multiple Credit cards if you can manage it well.
Cryptos, people who missed the bus in crypto always suggest people to not invest. You don't even have to invest in crypto, you can earn crypto just by writing blog, playing game and even sharing your opinion. I know some people have lost good amount of money in crypto, because of their greed. But of you keep your greed aside, you can earn really good in crypto.
Trading is not bad. Over trading or not knowing when to stop is bad. I do swing trading, earning decent amount even in the bear market. When the Nifty is giving negative returns from the last 1 year, the trading has given me around 8% returns which is quite good.
So it's not about financial products been bad. It's about how you are using it. If you are not using it correctly, it will be bad only. If you are using it nicely, it is good only. I know ULIPs are bad but again it's not bad for everyone. People who don't want to invest in Stock market, for them ULIP seems to be a good option to get 6 to 7% returns.
