In response to:

Dave Says Don't Fake Being Poor

William4336 Wrote: Feb 20, 2013 10:48 AM
Dave, as a financial aid administrator I agree with you. $50,000 in assets will not make a significant, if any, difference in the amount of scholarship the students will receive. The much bigger issue is the parent's income, the size of the parent's household and the number of members of the household in college. Moving assets in an attempt to maximize eligibility for financial aid often costs parents much more then they receive in financial aid.

Dear Dave,

What do you think about the practice of credit card churning?

Ethan

Dear Ethan,

I think it’s a pretty dumb idea. The concept is to run up the balance on one card as high as you can, then flip the balance from card to card in order to get perks like airline miles. But if you want to go through all the trouble and hassle over such a small amount of money, be my guest.

I’ve met thousands of millionaires, and none of them have ever credited their success to credit card churning....