Hey, Smarter Vets®, CJ Burnett here again to give you the best way to pay off credit cards.
Now credit cards, just in general, I’ve found that whether a lot of people experience the same thing so if you don’t experience this—and that’s great, that’s fantastic—but a lot of people experience to a certain degree where credit they have credit cards in the business and they have a checking account, they have cash that sits in the business and usually they put a lot of their expenses on a credit card—whether it be in the business or personal—that credit card gets run up and then they pay it off every month. A month is a pretty long time to go when you’re incurring expenses regularly and sometimes that credit card can get sizable to the degree where you’re almost shocked it got that high.
And what I have found often times is that if people get used to paying off their credit cards every week that credit card balance won’t get too high, and their checking and their savings accounts won’t necessarily appear to be higher than it is.
A good example of this is: a lot of the times as that credit card is building, the people’s checking accounts are building in the business and then they turn back around and two weeks, three weeks later that credit card is way above what they thought it was going to be but their checking account may not be as high as what they thought it would be and then they have to strike this big check from the checking account to the credit cards and it’s you and if it’s sizable enough then it can give you heart palpitations right? It’s true.
It’s true what they say, “When the bank account’s down, blood pressure’s up.” So if we pay off credit cards every week, it often times gives you a better reflection of reality of how much cash you actually have in the business from day to day from week to week.
You won’t find yourself in a position where that credit card is way higher but your checking is way high, therefore giving you that false sense of security because there’s a lot of money in that checking account whenever you look at it because usually if you’re looking at your checking account your credit card statement isn’t right next to it on your computer screen. I hope this helps you. We’ll see you next time.
Video Summary:
Many business owners unknowingly let credit card balances snowball throughout the month, creating financial stress and a misleading picture of their available cash. In this article, CJ Burnett of Florida Veterinary Advisors reveals a simple but effective strategy to stay in control: paying off your credit cards weekly instead of monthly. This proactive approach helps align your credit card balance with your actual checking account, improving cash flow visibility and preventing surprise bills. Learn how this small change can lead to better financial habits, reduce stress, and keep your business finances on track.
This material is intended for general public use. By providing this content, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Tom is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors and The Next Step Planning Group are not an affiliate or subsidiary of PAS or Guardian. California Insurance License #0K80141. AR Insurance License #15823672. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. 7989827.1 Exp 5/27