Perfectson
Banned
This is dedicated to different financial strategies for the every day person. The point is to keep members thinking about how they can grow their wealth and improve savings through different opportunities (outside of jobs and major investment vehicles, which their are threads already for those).
This is an ode to The Official Coli Money Growth Thread which is probably not in the right forum due the lack of "messiness" and drama.
so a few of my just standard programs are:
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1. Maximize Credit Card rewards programs
my current rotations consists of
a) Discover card 5% rotating categories https://refer.discover.com/s/6a7ao (this is a referrel if interested)
b) Amex Blue Cash Preferred (6% on groceries, 3% on gas/department stores, and random offers that easily give me 5-20% back MGM Error Page
c) barclays travel card for 2% cash back most other places I've updated this to Chase Sapphire Reserve - while I don't do heavy traveling this gives me 3x on all travel (Plane, UBER, tolls) and dining. Plus an annual 300 travel credit. Thought he annual fee is 450, i more than mkae up for this between the annual travel credit, free global entry, and the 3x pints.
i do not use cash unless necessary and try to pay bills through credit cards, i use to "churn" or manufacture spend but became way to complex. Either way, these are simple "RETURNS" on purchase you would make anyway, so why not utilize credit vs cash. Just be discipline. I expect to be at least a couple grand on this, which is money I would not have. (I earned >$1000 in credit card perks , cashback, or travel rewads) in a year.
2. Maximize liquid cash. I now have a few bank accounts but the one I will focus on is Ally. I opened this last year but ignored it and probably loss a few hundred in interest points vs the acccount I had my liquid cash in. transfering is so easy, so it makes sense to get a savings/checking that offers you the highest interest rates and if necessary transfer cash to banks where your bill pay is set up. ally is offering 1% in interest compounded..that's pretty great and is 5x what alot of accounts are offering.
Savings Account Rates | DepositAccounts.com
Money Market Accounts | October 2017 | Compare Money Market Rates
3. Cash back portals:
Continue searching discover portals and MrRebates for cash back shopping. Similiar to the credit card, this is easy money for shopping through a portal. EAsily can make a few hundred by doing an extra click
Here's a referral link if interested, you just use the portal first before you shop and you can get 3-10% back cash back
Mr. Rebates - Cash Back Rebate Shopping at over 2000 Stores <<<click me
4. CD ladders
With interest rates soon to climb, i'm going to look into using Ally or Penfed to start doing some CD ladders with semi-liquid cash. Probably will do a 2 or 6 month to start and continue rolling them every month until i have year's worth of laddering. CD can get you 2-3% depending on maturity.
The above are simple and easy no frills ways to make money off money you're spending or not using (liquid cash). So doesn't make sense, NOT to do it.
Retirement accounts:
4. IRA - republicans are trying to change the rules of 401k and IRA's you should look to maximize as much as possib
5. 401K - max you can contribute is $18,000 and this is tax free . If you're single and have extra cash , why not put it into a retirement account and get the tax deduction?? It's a good way for newbie/novice investors to begin learning about the market as well , with the "safety" of mutual funds and direct contributions.
6. Fundrise - this is a way to diversify your portfolio witha sort of crowd sourced REIT. I did a lot of search and this is a good solid vehicle in my opinion. Do your DD on this
This is an ode to The Official Coli Money Growth Thread which is probably not in the right forum due the lack of "messiness" and drama.
so a few of my just standard programs are:
-------------------------------------
1. Maximize Credit Card rewards programs
my current rotations consists of
a) Discover card 5% rotating categories https://refer.discover.com/s/6a7ao (this is a referrel if interested)
b) Amex Blue Cash Preferred (6% on groceries, 3% on gas/department stores, and random offers that easily give me 5-20% back MGM Error Page
c) barclays travel card for 2% cash back most other places I've updated this to Chase Sapphire Reserve - while I don't do heavy traveling this gives me 3x on all travel (Plane, UBER, tolls) and dining. Plus an annual 300 travel credit. Thought he annual fee is 450, i more than mkae up for this between the annual travel credit, free global entry, and the 3x pints.
i do not use cash unless necessary and try to pay bills through credit cards, i use to "churn" or manufacture spend but became way to complex. Either way, these are simple "RETURNS" on purchase you would make anyway, so why not utilize credit vs cash. Just be discipline. I expect to be at least a couple grand on this, which is money I would not have. (I earned >$1000 in credit card perks , cashback, or travel rewads) in a year.
2. Maximize liquid cash. I now have a few bank accounts but the one I will focus on is Ally. I opened this last year but ignored it and probably loss a few hundred in interest points vs the acccount I had my liquid cash in. transfering is so easy, so it makes sense to get a savings/checking that offers you the highest interest rates and if necessary transfer cash to banks where your bill pay is set up. ally is offering 1% in interest compounded..that's pretty great and is 5x what alot of accounts are offering.
Savings Account Rates | DepositAccounts.com
Money Market Accounts | October 2017 | Compare Money Market Rates
3. Cash back portals:
Continue searching discover portals and MrRebates for cash back shopping. Similiar to the credit card, this is easy money for shopping through a portal. EAsily can make a few hundred by doing an extra click
Here's a referral link if interested, you just use the portal first before you shop and you can get 3-10% back cash back
Mr. Rebates - Cash Back Rebate Shopping at over 2000 Stores <<<click me
4. CD ladders
With interest rates soon to climb, i'm going to look into using Ally or Penfed to start doing some CD ladders with semi-liquid cash. Probably will do a 2 or 6 month to start and continue rolling them every month until i have year's worth of laddering. CD can get you 2-3% depending on maturity.
The above are simple and easy no frills ways to make money off money you're spending or not using (liquid cash). So doesn't make sense, NOT to do it.
Retirement accounts:
4. IRA - republicans are trying to change the rules of 401k and IRA's you should look to maximize as much as possib
5. 401K - max you can contribute is $18,000 and this is tax free . If you're single and have extra cash , why not put it into a retirement account and get the tax deduction?? It's a good way for newbie/novice investors to begin learning about the market as well , with the "safety" of mutual funds and direct contributions.
6. Fundrise - this is a way to diversify your portfolio witha sort of crowd sourced REIT. I did a lot of search and this is a good solid vehicle in my opinion. Do your DD on this
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