GET RICH SLOW, FOR FREE!

GET RICH SLOW!

If you live in our modern world, you are going to spend money.  You might as well earn and save as much as you possibly can while doing so.  My goal is to maximize our (DW & my) use of rewards credit cards, cash-back shopping sites, and OCD-level price comparison shopping to earn as much as we can.

We began adding this income to what I have dubbed the “incremental fund” in October of 2011.  So far, we have almost $200!  While it does not sound like much, it gives my OCD an outlet and we are earning more as I get better at it.  I expect to make about $100/month when we get fully rolling.  I will endeavor to keep you updated as to how we do.

Here are the Rules of Incremental Earning that we currently live by:

RULE #1: STRENGTH, RESPECT, AND DISCIPLINE

My ideas are only good ideas if you conduct your personal finances, first, in the traditionally prudent way.  Don’t spend more than you earn, have an emergency fund, blah blah.  Also, don’t damn yourself to hell.

• Rule 1(a): Don’t Game The System.  Neither your personal self-worth nor eternal soul is worth $0.97 for buying something with a rewards credit card and returning it for cash.  Just play by the rules both in spirit and letter.
• Rule 1(b): Never Pay Credit Card Interest, EVER.  Don’t carry a balance!
• Rule 1(c): Never Pay More to Earn More.  Spending less is always better.  A lower price wins over higher rewards, all the time, every time.

RULE#2: OCD COMPARISON SHOP

Use the “InterWeb” as DW would say.  Amazon (PRIME) is a good place to start.  Then just GoogleIt.  Google Shopping will generally show you the price everywhere else.  Online auctions are also a very good place to look for very good deals.  Just as important is buying a product that is good quality for a good price.

• Rule 2(a): Do your homework.  Balance factors such as price, durability, quality, and what features you really and truly NEED.
• Rule 2(b): FREE SHIPPING.
• Rule 2(c): Buying at Brick&Mortar stores will add sales tax of 6-9%.  An equivalent online price is typically a better deal, particularly with FREE SHIPPING.
• Rule 2(d): If It’s Not a Gift, Consumable, or Underwear, You Don’t NEED it New.  I go by the rule of thumb that if I can get it 10% cheaper, I’ll get it used.

RULE 3: MAXIMIZE CREDIT CARD REWARDS EARNINGS.

With a little forethought, and a laminated card that DW keeps in her wallet, you can really earn a nice take from credit card rewards programs.

• Rule 3(a): Good Credit is a Powerful Tool.  Don’t Screw It Up.
• Rule 3(b): Use the Right Card at the Right Time at the Right Merchant to Maximize Rewards.
• Rule 3(c): Redeem Wisely.  Every Card is different, but most have redemption options that will get you less overall value (usually buying merchandise) than other options.
• Rule 3(d): Annual Fees are for Chumps.
• Rule 3(e): Know the Rules.  Not knowing the nitty-gritty of each particular program can cost you big. 

RULE 4: BUY DISCOUNT GIFT CARDS ONLINE

You can save 1-10%+ when you buy gift cards from reputable online gift card merchants.

• Rule 4(a): Find a few trustwroty websites and stick with them.
• Rule 4(b): Plan Ahead.  Spend $300 a month at Walmart?  Then order enough cards sufficiently in advance to maximize your savings/earnings.
• Rule 4(c): Do The Math.  Occasionally, your rewards cards will do you better at a particular merchant (category) than buying discount gift cards will.  Beware.

RULE 5: BETTER BANKING

It is time to abandon traditional banks that make money for them and not for you.  You can do better than that.

• Rule 5(a): Earn Maximum Interest on Every Balance, All the Time.
• Rule 5(b): Never Ever Never Ever Pay a Fee for Anything.

RULE 6: MERCHANT PROGRAMS PAY

There are merchant and web based programs that pay you to shop through a particular website or portal.  Wherever you find the lowest price, check to see if you can earn a bit more by shopping through and/or with one of these programs.

In the ensuing posts I will review rewards credit cards, banks, products I buy, gift card merchants, and other incremental programs.  I will also shamelessly promote those products I believe to be the best choice and relentlessly blast the worst.  If I stand to profit from your patronage of one of the products or services about which I write, you will know it.  Be assured I will only promote such personally profitable products if I truly believe they are worthwhile.  You may also see “Up Yours” and “Bully for” posts in which I verbally destroy or laud companies based on my experiences.  I will also continue to hate Matthew McConaughey.

Respectfully Submitted.

Quote of the Post:
     Homer: This is it Marge! Our financial future is secure!
     Marge: With cans of grease?
     Homer: No, from savings and wise investing. OF COURSE with cans of grease!