How to Make a Credit Card Debt Pay Itself Off AND Increase Your Retirement Account

Dec 11, 2020

Is it possible to make your credit card debt pay for itself and at the same time INCREASE your retirement fund?

Well, the answer is YES.

In this video together with Chris, I’ll explain how a certain strategy can eliminate his credit card debt on its own and make his interest rate zero or negative. And by negative, I mean the credit card debt pays itself off!

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In my last video, I showed you how to make great returns out of just a little bit of money in your retirement account by creating win-win relationships between you and your friend who might have a credit card issue. Now, what if you had credit card debt? Would you be interested in hearing how to make that credit card debt pay for itself?

You heard me right.

By using that same strategy I showed you and expanding upon it, you can have the credit card debt pay for itself and increase your retirement accounts profits at the same time. Now watch as I teach Captain Chris how to use this strategy to eliminate his credit card debt on its own.

Make your interest rate zero or negative. And negative meaning, and I’ll show you, your credit card debt pays itself off. All right, hold on. Let’s see. So this is me, Solo 401k. This is Chris who had a credit card, but no longer does. And you also, as we talked about, you have a Solo 401k because you took advantage of the CARES Act.

All right. So we did this, right? So that was $20,000 here and then you were paying me back, or my Solo 401k back, at 9%, right?

Chris: Mm-hmm (affirmative).

Michael: Well, Chris, how do we make this zero? Do you have another friend with credit card debt? What if they have the Amazon card that has 30% interest? So now we’ve got this other guy over here and I don’t know, we’ll call him Bob. And he has his credit card and his credit card is, let’s say the same, $20,000, 30% interest. You see where I’m going with this?

Chris: Yep. Yeah.

Michael: Now you do that to Bob, right? So now from your IRA, you’re paying off Bob’s credit card debt and you negotiate. So you, Bob, I’ll do half the interest. So I’m substantially lowering your payment. Look here. Now, 15%. This difference is paying Chris’s principle on the credit card debt. So you do that over five years, your debt pays itself out.

Chris: Yeah, I see it.

Michael: And Bob’s super happy because now he went from 30% to 15%. And the same thing, because you’re working with Bob, the collateral you set with him could be a lien on the house, the car, whatever. So if things go really bad guess what? Your $20,000 saved $200,000. You pay Mike’s 401k off and you just made $180,000.

But this right here, well, that’s a difference of 6%. So that means your credit card is paying itself back at 6% interest. And you don’t put a dime in.

Chris: Wow.

Michael: Isn’t that insane?

Chris: This is how they do it, huh?

Michael: Yeah.

Chris: Wow man.

Michael: So yeah. If anybody has credit card debt problems do this. Especially with the CARES act, now is the chance to get this Solo 401k.

Chris: Yeah. Yeah. I’m going for them, yeah.

Michael: Bob doesn’t necessarily need it unless, but if he does, he can add the change to somebody else over here if he wanted to. And now everybody pays each other’s debt off.

Chris: Yeah.

Michael: It’s powerful.

Chris: Yeah. It can be a chain. I see it.

Michael: Yeah. You can just continue the chain if you wanted. Now people will think, oh, this sounds comp … It’s not complicated. In fact, if you call up any attorney and you say, “Hey, I’ve got my money in my self-directed IRA, Solo 401k, I’m going to pay Bob off. And Bob comes in, we write a contract. Contract says, I’m paying you $20,000. You pay me 15% and this is your collateral. That’s it.

Chris: That’s it.

Michael: So what are we doing? We’re being the bank. And this is how the banks make so much fricking money. But because your money is now in a self-directed retirement account, you can be the bank if you could do that.

And in fact, if you want an example, I was telling you about that Zoom meeting, the Tampa Bay market on Thursday, this is what these guys do on Zoom. Boom, boom, boom. It’s insane. So you’re sitting back and your credit card debt is paying itself off.


Chris: So you can assign a loan to anybody via your Solo 401k. You can put a name or a company or anything to that loan and just make a contract and loan it out.


Michael: Yep. Yep. You could do that with cash in your savings account. But the beauty of the retirement system is if you do self-directed like you put it in the Advanta IRA was telling you about, you now have control of that like it was cash.


Chris: And the profits are tax-efficient. I mean.


Michael: That’s right.

Chris: They’re not completely tax-free, but they are.

Michael: If it’s a Roth account, it’s tax-free. If it’s a traditional account, it’s tax-deferred. So you only pay the taxes when you’re taking it out during retirement.

Chris: Gotcha. Yeah, no, I see it. I see it. Yeah.

Michael: So here everybody wins. Everybody’s retirement goes up and the credit card debt pays itself. And what I’m trying to tell everyone too, this is the power of networking. If you teach people this and let them understand it, and then you go out there, you network with like-minded people like Chris, like Bob, this is possible. It’s insane. It’s super simple.

Chris: This is how to do it.

Michael: Okay. Now to summarize, let’s look at the positives. First, the pros. If everyone in this situation pays, Mike’s 401k goes from $20,000 to $24,909 in five years. Roughly $1,000 per year in interest.

So that’s an increase after five years of 24 1/2% of his 401k. It’s incredible.

Now let’s look at Chris. Chris’ pros are one, his credit card gets paid off instantly. Now his credit score goes up. Number two. Now his 401k goes from $20,000 a year to $23,638 in five years.

Now let’s look at Bob. Bob’s credit card interest rate went from 30% to 15% saving him $172 per month. Now, let’s say one person in the trio has to miss a payment, financial difficulties. We’re all friends. We can renegotiate the deal very easily. For example, if Chris or Bob can’t pay for the next month, we all renegotiate to push the system out one month.

So now instead of let’s say a five-year contract will be a five year one month contract. We can restructure, renegotiate any way we want to make sure everybody continues to benefit.

Now let’s say the absolute worst scenario. Let’s say Chris or Bob in this example, they leave the country. They refuse to negotiate and they don’t perform. Now, this situation is going to be fairly rare because these are friends. Mike, Chris, and Bob are all friends and they all see that it’s a win-win for everybody. So why would they? But let’s just say, because if we invest in the stock market, our investments go up and then they go down and when they go down, they’re gone. But when we invest smartly, we can add safety nets.

So let’s say, the worst that can happen is Mike can now foreclose on Chris’s house. If Chris’s house is worth $200,000 and he has that much inequity, he can foreclose and potentially profit $180,000. Now let’s look at Chris. In the worst-case scenario, Chris can foreclose on Bob’s house also worth $200,000, pay off Mike, and now Chris just profited $175,000.

So as you can see, when we structure deals with our friends, we can create win-win situations. And if things fall through, Mike and Chris just made even more money. For example, when things fell through Mike foreclosed and made 900% profit on his $20,000. Incredible. So as you could see, both the pros and cons make all three profit, and this is the power of using a self-directed retirement plan. Amazing. Right?

This is what like-minded people do all the time. I know as pilots, we want proof, right? All right. Send me an email at And I’ll send you a link to a weekly Zoom meeting where people with self-directed retirement accounts create win-win deals like this all the time, helping their friends, and also increasing the profits of their retirement account.

Now, keep in mind when you join these Zoom meetings, you don’t even need to participate, just shut the video off and mute yourself. And you can watch first-hand the power of thinking outside the box. And of course, if you’re interested in setting up win-win deals like this, schedule a free call with me at