Erie, PA · Member since 2018 · 413 posts · 348 votes
Thought it would be a cool idea to share how you earn or save extra money, no matter how large or small....to help make our pockets bigger. I think finances is an area one can always improve on....might as well learn from each other.
I called xm radio and got my bill reduced about 8 dollars a month.
Also started using chase credit card. 1.5% cash back and bonuses on purchases I already make, I'll have about an extra 700 a year.
What are some hacks or extra income streams you have, real estate or otherwise?
My goal is to save $60k /yr. Rather save 60 than make 90. The net is the same after taxes.
I focus on big stuff. Saved $47k buying the LLC vs the commercial building, self-close buys, sell my houses by owner, draft my own finance docs, do my own taxes, swap my own water heaters, etc.
Of course I brown bag my lunch, have OTA antenna tv only and borrow seasons of shows and movies from the library. Also get audio books there.
Bought my last sports car way below value with the commission savings of my FSBOs last year. Could drive it a couple years and sell for what I paid. Invested the difference in stocks at key support levels, now can buy something else. Multiply your $.
I buy stuff like counter and cabinet resurface kits & ceilings fans on clearance at 70-90% off, then do the project. Bought $20k worth of windows for $1500 at the dump. Never spent more than $9-$10 on a $40+ gallon of mistint paint. Will buy $170 5gal buckets for $35, then mix my own and have a house painted or save a trip to the store picking and matching. That kind of stuff, while I'm there anyway.
I won't drive across town to save $.03 on gas or cancel my newspaper or gym membership, but will save on the fatties. Good discussion!
I flip cars: I buy hail damage cars and replace the hood and trunk. Sometimes a window or lights. I never repair the roof because it's to labor intensive. I have flipped 150 cars. Texas allows you to sell 4 cars a year without a dealers license. My wife flips 4 a year also. In June I sold 2 of my Ferrari's. I made a profit of $90k on one and $60k on the other one.
Maximize my purchase power at Lowe's and Home Depot. I use my GM card (I have the old one with 5% back on all purchases). Plus 10% military discount. On most sell items they still allow my military discount which is awesome. Getting 15% off on top of sell price has been a fantastic hack.
Maximize GM card on my Corvette purchases. Couple times a year my GM card sends a kicker. When I bought my last Corvette it was $2500 plus $3000 from my rewards.
MSRP: $65,000
Dealer discount: $7000
GM incentives: $7000
GM card rewards: $3000
GM card kicker: $2500
Military discount: $500
Sub total: $45000
Tax @ 6.25 % $2812.50
Cash paid: $47,812.50
Took car straight to Car Max from dealership: Car Max offer: $59,250
So many great ideas on this thread! Travel hacking or "credit churning" is definitely a powerful tool as long as you aren't spending more just to earn the rewards. If you are organized, pay off your credit card in full every month and just pay your ordinary expenses with it you can easily earn and extra $2-3k/year per person (you and significant other) for doing nothing other than rotating out cards. Each person has a limit of 5 cards every 24 month period and then you can repeat the same cards every 2 years.
But if you gather together your bank and credit card statements first, preferably the last three months' worth. Between them it should list all standing orders, direct debits and give you an accurate idea of what you spend. I think you need to keep track of all transactions and accounts, even ordinary budget planner https://onplanners.com/templates/budget-planner helps you track of your finances and where your money is allocated, and you do not have access to the Internet, or do not have a laptop.