This is a guest post by Ryan Guina who writes about personal finance and career advice on his site, Cash Money Life and about military members and their finances on The Military Wallet.
Credit cards get a bad wrap. Too many people claim credit cards are evil, when nothing is further from the truth. Making such a broad statement is the same as saying that guns are evil.
Neither of these is evil, and when used correctly, they can be useful tools. The key is learning how to use them effectively.
How does that relate to becoming a millionaire? Glad you asked, and before we go much further, I’ll answer your the question I asked in the title: No, you can’t use credit cards to become a millionaire.
But you can use credit cards as part of a balanced financial plan, and depending on your financial habits, using credit cards can actually smooth your path to becoming a millionaire.
The path to millionaire status
Let’s take a look at two things: how to become a millionaire, and how to use credit cards effectively. Once we examine these two tenants of personal finance, we can investigate how using credit cards can help you on your path to becoming a millionaire.