George Kamel - Stupid “Infinite Money Glitches” People Thought Were Smart

Episode Date: May 3, 2024

💵 Sign up for EveryDollar today. Create a free budget!  I’m all about a good deal, but some people are willing to do some pretty sketchy stuff to hack the wealth-building system. In this episode, see some of the “secret money glitches” people think will make them rich. Next Steps  🤑 Get 5% on a high yield savings account ▶️ Watch: The Savings Strategy Most Americans Are Missing Out On 📗 Order George Kamel’s new book, Breaking Free From Broke.    Offers From Today's Sponsors  This episode is sponsored by DeleteMe. 🔒 Remove your personal information from the web at JoinDeleteMe.com/George and use code GEORGE for 20% off. 🙌    🎙️ The Ramsey Show    🍸 Smart Money Happy Hour  💡 The Rachel Cruze Show  💸 The Ramsey Show Highlights  🧠 The Dr. John Delony Show  💼 The Ken Coleman Show  📈 The EntreLeadership Podcast     Ramsey Solutions Privacy Policy  Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen, I love a good deal as much as the next person, arguably more. But even I know when parsimony pushes the limits. It was Webster's word of the day. Had to do it to him. Ooh, but ooh, look who knows so much, eh? However, some people have different, potentially illegal limits they're willing to push in the spirit of finding a shortcut to fortune. So today, we're looking at some viral videos of infinite money glitches that made people bank.

So stick around to find out if there really is some glitch in the matrix you need to be tapping into. And stay till the end, where I share it. some money glitches that aren't exactly glitches, but they are legal, safer ways to make some real money. This is gonna be good. But first, take a cue from our pal Neo and find out just how deep the rabbit hole goes by clicking those like and subscribe buttons. I promise it will open up a shiny new algorithmic world.

No power-hungry robots included. Let's get to these viral vids. First up is Danny Reyes, or Reyes, you decide. A few years ago, the US made a terrible decision of selling $1.00 coins for $1. did the government know that this would be the biggest mistake ever. The reason they wanted people to switch over to using coins more often than bills was because the dollar bills were getting so expensive to make. And switching to coins would save the government approximately $5 billion. However, the public seemed to hate this idea. Literally, no one wanted to carry around a bunch of coins,

as bills are much easier to store in a wallet and don't weigh as much. So the US Mint decided to allow people to order $1 coins for $1 each, but people quickly began capitalizing off of this and turning it into an infinite money glitch. By using a credit card to purchase these coins, began stacking up rewards points to which they could redeem for cash. Eventually, the government caught on and put a limit to how many coins a person could buy, but regardless, a lot of people became very rich without really trying. I don't know what kind of voice changer this guy has and where he found the spooky music, but it just, nothing about it made me feel good.

I'm just going to put that out there. I am so scared. So you think you're being smart with this glitch, but let's look at the situation for what it is. You're putting thousands of dollars on a credit card just for the 1% cashback reward, while being charged potentially upwards 20% APR. And even if you think you'll pay off the card perfectly every single month, data shows that 50% of people don't. And Danny, my boy, this is a classic example of stepping over warm, safe dollars

to pick up some cold bacteria-ridden pennies. 10 out of 10 would not recommend messing with this money glitch, which, truthfully, you can't even do anymore. They found a temporary loophole, and the government patched it right up. Ruining all of your fun. Government is inefficient and should be dissolved. Next up, a thrilling tale of dismal. deception, justice, and apparently Frosties.

Okay, so this is kind of smart, but also really messed up. A Wendy's manager in Louisiana created a fake employee and then just pocketed all of the wages that the employee made. She ended up making like $20,000 off the employee that didn't even exist. This woman, low-key, had an infinite money glitch, but I guess it got patched because she did end up getting caught. Nonetheless, not a bad idea. So many questions.

Number one, is this guy filming in a closet with like one little lightbulk? What's going on here? Also, you're opening with, this is kind of smart, but also, like, pretty messed up. In no way is this smart. Okay, this is just fraud that puts you in prison. So if that's what smart is to you,

maybe you're filming this from a tiny prison? I don't know. But holy parsimony, this is literally fraud. I don't understand why he's even telling us about this or how it worked. And truthfully, this woman got arrested, so it didn't turn out great for her. So apparently the fake employee's name was William Bright,

and you have to wonder what old Willie's job was. I like to think he was the genius behind Wendy on X. You seen these tweets? A&W restaurants. Do your worst Wendy's. They responded, but then our food would taste like yours. Boom, roasted. Valveda asked for roast. Wendy's responded, we're closer to being the first restaurant on Mars than you are being cheese. Hurdful but true. Head and shoulders said roast us. Wendy's response, Toilet bowl cleaner for your head. Whoever's behind that account is hilarious and also not doing well the same time. All right, enough with the jokes.

Before we get to the next glitch, you know what's not a joke? Other than apparently everything Wendy's has to say on X? Identity theft. I mean, I got my identity stolen years ago, and it took a lot of time and headache to get things right. And it all started with some data brokers selling my very personal and private information,

including my social security number. Rude. And that's why I now use our sponsor of today's episode, delete me. They remove your info from data broker websites all across the web. And they send you an easy-to-release. report explaining exactly what they did. And right now with my special code, you can Join Delete Me on a one-year plan for less than nine bucks a month. That is money well

spent to protect yourself from the perils of the interwebs. So go to join-deletme.com slash George to get the deal. That's join delete me.com slash George or click the link in the description. All right, here's our next infinite money glitch. One morning in seventh grade, this kid went to the vending machine to get himself a snack. That's when he realized the machine was glitching out. Every time he put a dime and vending machine coin slot. It would spit the dime out. But the thing is, it still counted the 10 cents as payment. So he just kept putting that same dime in over and over and over again. Well, he did this so many times that he basically was able to get every single thing on the

vending machine. And because the machine was glatching, he got all of this stuff for free. He then went to lunch and sold those items for much cheaper than the vending machine was selling. He made $255 that day. Best part is, that money is all profit. You've got to respect the hustle. And you know who that seventh grader grew up to be? Sam Bankman Freed, J.K., but probably very similar personality. Few reasons this bothers me. Number one, the rooster. Not a fan of that rooster crowing at the top of the video.

Number two, this is stealing. And number three, I don't like this Elliot guy's style. I mean, did he even source check the seventh grader? Where did he hear the story? And also, this is not really an infinite money glitch, considering it wasn't infinite. He got one vending machine, and next time the guy goes to re-fill it and realize there's no money in here,

he goes, well, something's wrong with this machine. And by the way, when you go, who's watching this crap? Well, 44,000 people hit the like button on this, let alone watched it. And what kind of message does that send to our youth? Okay, are they that desperate for vending machine snacks? I mean, just go to Costco and go ham for $200. You'd get plenty of vending machine goodies. Now, if you really think the answer to your money problems

is finding a broken vending machine and a cafeteria full of middle schoolers to sell to, there is no hope for you, my friend. I'm sorry. You need to stop going to middle schools. You're a grown man, Randy. Okay, this next infinite money glitch is a little more complex, and my team tells me everyone in their mom has made a video covering this idea. Let's check it out. This man created a free money glitch and made over $300,000 completely legally and tax-free.

Here's how he did it. Constantine Anakeef got an American Express card, which offered a 5% cashback on purchases made in certain grocery stores. He then used this credit card to buy gift cards, which he would then use to buy money orders, which he would then use to buy money orders, which he would then use to... to deposit back into his bank account to pay off the American Express card that he used to make the initial purchase. See, the trick was that the fees from the gift cards and the money orders ended up totaling less than what he made in cashback rewards. This allowed him to profit off of the difference.

He repeated this process over and over again, going through more than $6.4 million worth of gift cards. And the best part, credit card rewards are not considered income in the eyes of the IRS. So the profits were all tax-free. Unfortunately, the credit card companies found out about the glitch, and now gift cards are no longer eligible for cashback offers. Way to go, Constantine. Ruined buying gift cards for everyone. We hate that card.

So, here's the summary. He used his credit card to buy a gift card, used the gift card to buy a money order, uses the money order to pay off the credit card, in which he earns cash back. And you do that enough times, apparently for a full-time job, and the cashback can pile up. Now, like you said in the video, a lot of these companies have caught on to this, and they've put a stop to it. there's still loopholes around it and people still can accomplish it. And it's called manufactured spending. And this can get you into big trouble with the scary folks at the IRS. Not to mention get you blacklisted for life from the companies you stole from. So here are just a few of the risks involved. Number one, account closure. Number two, you could end up in debt because you've got to

spend a ton of money to get the sign up bonuses and get the cash back, which often involves significant purchases within a short time frame. Number three, potential legal issues. Number four, decimation to your credit score. And number five, opportunity cost. I mean, this guy committed his life to this. I mean, if he bought $6.4 million worth of gift cards, that means he would have to buy like 64,000 tiny plastic cards, which you can't exactly get done on your lunch break. So basically, Constantine spent all of his time, his energy, and potential, chasing credit card rewards, all for a pretty measly sum here. Because he didn't get the full 5% cash back. He still had to pay the fees for the money order, the fees for each gift card. And so you're not really getting

the return you think. This all sounds less like someone relishing in a magical money glitch, and more like someone enslaved to the toxic system, if you ask me. So do not be fooled, this money glitch is absurd and illegal. So my main takeaway from these so-called infinite money glitches is that people are willing to spend a lot of effort doing dumb things that aren't going to get them what they hope for, which truthfully also sounds like the sad fate of most reality TV contestants. Listen, if you're always looking for a shortcut to get rich, you're going to miss out on actually getting rich. You see, building wealth is like a reverse Reese's Cup. There is, in fact, a wrong way to do it. Lots of wrong ways. And that includes things like fraud, should be obvious. Chasing credit

card rewards, again, should be obvious. And scamming an entire middle school. Need I say a third time, obvious. I am shocked. Shocked! Well, not that shocked. Kids, there's no free lunch, especially if you attend the aforementioned middle school. But there are some things you can do that are easy and legal that will actually earn you free money. For starters, you should be using a high-eastern savings account or an HYSA. This is an online savings account that offers way better interest rates than traditional savings accounts. With a high-ield savings account, you can get a 5% return right now, while traditional savings accounts might get you something like 0.4%. So the HYSA is as much as 10 times higher. And these are great places to keep something like an emergency fund or money

you're saving up for a car or even a down payment. And if you're wondering where to get 5% on a great savings account, that's FDIC insured, I'll drop a link to the one I trust below. So these high-yield savings accounts are great for short-term goals. But for long-term wealth building, you want to invest into retirement and into the stock market, where you can get a 10 to 12% return. If my calculations are correct, that's a heck of a lot more than five. So when you invest in something like a mutual fund, eventually the money your money makes will be making money, thanks to the power of compound growth. But you'll need to leave your funds alone to see the effects of this. And that's why we see investing as a long-term play. We're talking five-plus years.

Now, the last thing I'll recommend to scratch your free money itch is investing in appreciating assets, a.k.a. an asset that's value goes up over time without you having to do a thing. These are things like your home, a rental property, or 100 acres of virgin soil on the outskirts of Boise. And there's a lot of prerequisites I give for buying something as big as a house or land, like being debt-free, having an emergency fund, and making sure the mortgage on your primary home is 25% of your take-home pay or less. So keep that in mind before you head out to the Midwest to haggle over some forgotten Corbyield with some I-O-N named Rip.

Now, it's too much to get into, plus it's time for my snack break, but there's one more legal money glitch that can make a huge difference in your financial future. And the crazy part is, most Americans aren't even taking advantage of it. So be sure to watch the next video to find out how to tap into money you're probably missing out on. Or if you just want another reason to hate me, there's some aggressive acronym usage in there that will help you with that. If you like this video, be sure to share it with a friend, and let me know in the

comments which infinite money glitch you think is the most absurd. Thanks for watching. We'll see you next time.