Hey You!
Welcome to the first ever Cense Personal Finance publication! Join me on this journey to learn personal finance and maximize wellbeing!
Learn
You work hard. Whether you’re a student, professional, or just living life, it’s safe to say you put in the hours.
So why doesn’t your money work as hard as you?
It certainly can! Here are three ways your money can work (even when you don’t).
1. Save when you earn
When you receive a paycheck, you can set aside part of your income pre-tax to go into investment and other tax advantaged accounts
These accounts include
401(k)s
Flexible Spending Accounts
Health Savings Accounts
and more!
This reduces the amount of your income that is taxed, thereby saving money when you earn!
2. Grow money sitting idle
If you store your money in the right place, it can grow by 4, 5, or even 10% year over year
This can be done through investing, or by keeping your money in high yield savings accounts (HYSAs)
This way the money you earn will grow when it sits
3. Receive when you spend
Credit cards enable you to receive money when you spend money
Companies like Capital One, JP Morgan Chase, and American Express (among others) provide incredible cash back multipliers on spending categories such as…
Groceries
Dining
Travel
And more!
Then you can redeem the cash back you get for free hotel stays, airline tickets, gift cards, or just as regular cash!
Launch!
So make sure your money works as hard as you!
Your task this week is to find a way to make money doing one of your regular financial habits. Whether thats investing part of your paycheck, saving your money somewhere, or spending on something, find a way to make an extra dime, for no added effort.
It’s easier than you realize ;)
—Ben Brosnahan
