My2024 Credit Card and Financial Strategy for HUGE Rewards

My2024 Credit Card and Financial Strategy for HUGE Rewards

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2023 was kind of a weird year for me it Was the first full year where I ran this YouTube channel as my only business in The past I was a partner in generation Tech hey guys Ben here from generation Tech if you've seen the force awakens You may have wondered why C3PO now has a Red arm and I ran the credit shiu as a Side Channel Hey guys credit shiu here This is a video about how to climb the Credit card ladder I was also distracted For most of the Year building my Airbnb Cabin here in the cat skills mountains North of New York City and that took a Lot out of me and was actually a huge Expense while bringing in no income Whatsoever during construction you would Get out of the blue heart stopping bills For like $70,000 and the Builder wanted Them paid before the bank had actually Release the funds so it was a lot of Stress the distraction also meant that I Earned less from YouTube Just because I Didn't do as many videos I did have a Brief rest going to Hawaii at the end of The year which was much appreciated but Then right at the beginning of 2024 both My cars got destroyed within the space Of a month which is one of the weirdest Things that's ever happened to me first One was hit by a massive tree that fell Down in a storm and the second one was Hit by a driver running a stop sign both Were total losses but we are now in

Quarter 2 of 2024 the cabin is rented Out and bringing in monthly income the Insurance covered everything to do with The cars and I bought a new car and I'm Able to go back to focus on YouTube Again and also on what my credit and Financial strategy will be for the year Ahead so in this video I'm going to go Through all of those things what cards I'm using this year for maximum rewards What card I'm using to pay my taxes this Year to earn benefits worth at least $500 if not $11,000 how I'm paying down Debt to accelerate wealth building and How I am protecting my assets and this Video is brought to you by rocket money But more on that later Part One credit Card Strategy so here is my credit card Strategy for quarter 2 of 2024 and some Of this will extend to the rest of the Year too so my biggest personal expenses Right now and I should say the expenses That can be put on a credit card because Obviously some things like school fees For my kids mortgage payments those Can't be but my biggest personal Expenses are restaurants gas and Groceries although I spend way less on Groceries than I used to since I moved To a local YouTube networks building Where I actually have lunch and dinner Provided as part of my deal with them we Then also have a load of non-category

Stuff that I'll be looking to probably Get new cards for but for restaurants I Am taking advantage of Chase freedoms Quarter two categories one of which is Restaurants now I have two Freedom cards One is an old Freedom that I'm Grand Farther into and that one will earn five Points per dollar at restaurants this Quarter but then I recently product Changed the other one the other old Freedom I had to the freedom Flex Because the flex earns three points per Dollar on restaurants and when you add The Five Points category which actually Only adds Four Points since you normally Get one point from base spend and then They add four to make five but in this Case we have one point from Bas spend Two points from the regular restaurants Bonus category and then we are adding Four with the 5% you know quarterly Category thing so it's a total of seven Points per dollar so on a recent meal at The wonderful Ean Korean restaurant in Middltown New York and if you guys are Ever in town actually you should check That one out by the way but on a $145 Meal I earned over 1,000 chase points if I max out the freedom Flex before the End of the quarter I may even product Change the other Freedom 2 if I max out Both at 7x that will be 21,000 chase Points that I will earn for the quarter Just on my restaurant spent with a

Minimum value after transferring to the Ink preferred 1.25 cents per point of $262 and that value goes up to Potentially over $400 if I transfer them Out to Airlines and book premium cabins Gas is another big expense for me I do a Lot of driving up to my cabin and I use The Windom rewards earn a business card For gas since it earns eight wind points Per dollar but I use it through the Walmart Plus app at mobile gas stations To get an extra 10 cents off per gallon Walmart plus is a benefit that I get From the AMX Platinum there's a Mobile Gas station up near my cabin that sets Its prices really low since it's in the Middle of nowhere I guess they're trying To attract people to come and I can Sometimes get gas even under $3 per Gallon when the Walmart plus discount is Applied you may also be wondering since It's a business expense yes I am Tracking my miles driven for business I Use an app called driver's note to do That so I can get a tax deduction for Driving expenses at the end of the year So far I have 82,000 Windom points which I'm not totally sure what I'm going to Do with I know they do own some All-inclusive resorts and I am a diamond Member from having the card so it could Be a pretty good experience some people Have recommend recomended a resort in Clear Water Florida I also thought of

Maybe transferring the points to Caesars And going to Las Vegas I'm not sure yet But if anyone can recommend a good use For Winden points do leave your comments Down below then for the small amount of Groceries that I do buy I still use the AMX gold for four AMX points per dollar You can see here on my rocket money app That I spent just $111 on grocery this month so way under My $500 grocery budget for the month and Yes side note you may be wondering why I Spent $220,000 in April so far which is Obviously way over my budget and that's Because I paid my taxes in April which We will be talking about next rocket Money does have a way though that you Can set it to ignore big one-off Purchases that are outside your normal Budgets so I set that 7,000 or so to be Ignored and then there's another state Tax payment of nearly 4,000 that I paid Through plastic we'll ignore that too And look we're now within our budget and Since I've already started talking about Rocket money the sponsor of today's Video I might as well keep going so Rocket money is an app that I started Using last year when I was spending Ridiculous amounts of money building my Cabin and I needed to keep on top of my Expenses so I used it to set a budget And know where every cent of my money Was going and I found it to be a game

Changer from a budgeting perspective I Can see what I'm spending in every Category of spend because all my cards And my bank accounts are linked to the App it'll give me alerts if I go over Budget in any one category or overall You can also find waste in your budget Like subscriptions that you forgot that You were paying for and you can often Cancel them with a couple of clicks Right inside the app Rocket money have Cancelled over $500 million worth of Unwanted subscriptions for their users Another thing I really like is tracking My net worth with rocket money I can see My assets like properties and stock Checking and savings account balances And also look at my assets minus debt And liabilities which is true n worth For properties you can see how much the Mortgage has been paid off so you can See how your Equity is growing and for Those of you who used to use mint.com Before it was bought by credit kmer and Shut down and found the substitute that Credit kmer offered was not that good Rocket money is well worth considering For both budgeting and tracking your net Worth so take control of your finances Today go to Rocket money.com sben and Get started for free all right we Mentioned taxes so in a moment let's Take a look at how I am paying with a Credit card this year to earn a load of

Rewards but just lastly for things like Utilities that I spend quite a lot on Now running a short-term rental business I use the chase Incan limited for 1.5 Chase points per dollar on everything That is the card I use for most of my Business spending apart from gas but This year I will probably be looking to Get some new business cards perhaps with Specific categories like utilities or Just something like the MX Blue business Plus that earns two AMX points per Dollar on your first $50,000 in spend Per year I like to keep my business card Set up simple so I don't have to think About it too much all right let's move On part two my tax Strategy all right let's now talk about How I used my tax payments this year to Earn a bonus last year I owed $221,000 In federal taxes and about $99,000 in New York state taxes and I use those Payments to get the bonus on the Business platinum and the chase income Limited this year I didn't actually Apply for a new card I wasn't in the Mood I just wanted to simplify my Financial life after such a complex and Draining situation last year so I'm Focusing on cards that I currently have I actually used the MX Hilton on a Surpass card to pay my taxes this year I Ended up owing $7,150 in federal taxes a lot less than

Last year because 2023 just wasn't a Good year in terms of income although it Is a little bit deceiving since tax on My first $48,000 worth of income is Taken out automatically with the salary I pay myself each month then I have Noticed that the amount of tax you pay Starts to go up really rapidly once you Get higher an income and I also have two Kids which get me $2,000 tax credit each Kid and I'm married filing jointly which Raises my standard deduction and also Raises all the tax brackets and it's Also self-employment income which I get An extra 20% deduction for and we're Also an ES Corp which gets you out of The social security part of it on all Your income above your monthly salary There's a lot of things going on all Right so although I'm paying about 60% Less in tax less year I would actually Say I only earned about 30% Less in 2023 Than I earned in 2022 so anyway I paid Over 7,000 in taxes to the IRS using the AMX Hilton honor surpass card through Pay1040.com which is one of the irs's Three official payment processes and That was for a fee of just under 2% or $134 I earned 21,000 points on the tax Payment since the card earns three Points per dollar on non-category spend That almost completely wipes out the fee Then I paid my state taxes on just under $4,000 through plastic because I had a

Load of fee-free dollars to use up you May wonder why I didn't send my federal Taxes through plastic and that's because In 2020 when I did that the check never Arrived at the IR RS I had to get a Refund and do it another way so I've Been kind of wary of plastic for federal Taxes ever since but anyway that payment Gets me 11,373 points which is worth $67 in Value but the real point of making these Purchases on the Hilton honor surpass Card is because if you spend over $115,000 a year on the card you get a Hilton free night award and these are Some of the best hotel free nights out There since you can use them at any Hilton even the really high end once so When I go to DC this summer which I Probably do cuz I tend to go there at Least once every summer I may stay at The Waldorf atoria you know the one that Used to be the Trump Hotel or the Conrad Which I've stayed at before and I really Liked both can be booked with the Hilton Free night certificate as long as you Can find a standard room award which is Currently showing up on the site and Both would cost between $400 to $500 per Night I've also had $700 in value per Night before out of the certificate Staying at the oceanana Santa Monica and The $111,000 worth of tax payments gets Me much closer to that free night you

Can see those charges have already been Added to my total that counts towards The free night and I only have $2,000 Left to go to get that free night Certificate for a couple of days I was a Little bit worried that AMX wouldn't Count it for some reason I even chatted With a rep online who said that the tax Payments probably wouldn't count but Just so you know AMX reps are pretty in The dark they really just have access to The same set of terms and conditions That you can just view on the site Publicly so to be honest they really Don't know what they're talking about But there is always a little bit of risk In doing this each year but it seems a Lot of the rumors about tax payments not Counting for points welcome bonuses or Free nights are not true and most of the People who had issues in the past got Their points in the end so I'm glad that For another year it hasn't been an issue And I will get my Hilton free night the Points I earned from my two tax payments Completely cover the IRS fee and so the Free night is well free all right let's Now move on to the next section of the Video part three paying down debt now 2024 is the year that I discovered Dave Ramsey and that was because of how Financially stretched I was in 2023 it Made me realize that I have to be Careful about getting overleveraged for

The previous 3 years I basically had no Financial worries but with the economy Not doing so well now and the prices of Things inflated there's certainly more Financial Risk around YouTube Revenue Directly from Google so not the extra Ads we do but the revenue directly from YouTube from the ads that play before a Video has come down quite a lot it's Down about 30% on my channel the biggest Lesson I have taken from Dave is to pay Down your debts so that you can increase Your monthly cash flow because you're Not paying off debt so it frees up more Money and that can then be used to Invest and if you need the money one Month to cover an emergency you could Take a break from investing for a month Or two now I recently made a video on Whether you should pay your mortgage off Early or not and although the math says No you make more money investing that Money and paying your mortgage as normal Financial Security says you should the Whole idea is to have as little in the Way of monthly payments as possible now For me losing two cars reduced my Monthly payments by $1,500 and I decided to just buy one car At $600 per month so I've now freed up An extra $900 $100 in cash flow you Could say it was a blessing in disguise After feeling that increase in monthly Cash it inspired me to Target other

Debts so the next one I started looking At is an American Express personal loan That was originally for $25,000 and it's costing me $750 a month In payments I took out this loan when I Started to build my cabin because I'd Used up all my available cash and I Didn't want to sell stocks to fund the Down payment on the build and I was About $25,000 short I had about $111,000 Left on the loan balance a couple of Weeks ago but after getting brainwashed By Dave Ramsey brainwashed in a good way I started throwing money at it outside Of the normal payments first I paid a Normal Payment Plus $1,000 extra so $1,760 and then a few days ago I threw Another $1,000 at it and it's now down To $8,200 I'm now looking at trying to get The whole thing paid off in 2 to 3 Months which combined with the $900 I Saved on just having one car it will be $1,660 in extra monthly cash flow freed Up which I could use to invest in stocks Or index funds or pay down my mortgage Early which is what Dave Ramsey Recommends in reality I will probably do Both paying a few hundred in extra Principle per month on my mortgage to Hopefully pay it off in 20 years instead Of 30 and then using the rest of the Money to invest in stocks and enlarge my Emergency fund which got a bit depleted

When I built the cabin then there is one Financial move that I made this year and That Is part four protecting my Assets having both cars destroyed in Accidents certainly highlighted the need For insurance for the Jeep Wrangler the Insurance paid out $48,000 then we had gap insurance on top Of that which covered the difference or The gap between the value of the car Which had depreciated since we bought it Brand new and the amount that we Actually owed on it which was around $60,000 or so we were super lucky to Have that so always get gap insurance if You're buying a brand new car with the Other car another driver was responsible So their insurance paid the full value And the car was actually worth more than We owed on it so I ended up getting a Check for around $2,000 after the bank Was paid off it made me feel like I'd Escaped something that could have been Really bad leaving me owing over $10,000 Had I not had the right insurance Coverage it made me take a look at my Insurance situation across all my assets I obviously have home and car insurance And then I have insurance on my rental Property that covers me for the full Value of the house plus $70,000 in Lost Income should it get burned down or Destroyed and then $1 million worth of

Liability insurance should someone sue Me for a slip and fall for example but I Decided to go the extra mile and buy an Umbrella insurance Policy to give me another million dollar Worth of liability to cover me so that People cannot attack my other assets When I've exhausted my coverage on one Of them for example someone who slips And falls at my rental property sues me For more than my rental property Insurance covers under normal Circumstances they can then come after Other assets like my main house or my Car but now there is another million Dollars worth of coverage that would pay Out before they could come after my House or if I cause an accident in my Car like a massive pile up on the Highway and the damage was more than my Car insurance covered then there is now Another million dollars worth of Coverage standing in the way before they Could go after my rental property or my Primary Residence now of course the ideal way is To have your rental properties owned by An LLC with each rental property in its Own LLC but if you used a personal Mortgage to buy the house to get lower Interest rate then it's hard to move That into an LLC so umbrella coverage is Is the way that works for me although Once the loan on the rental property is

Completely paid off I will move it into An LLC now my umbrella coverage costs me About $40 per month and it's generally Pretty cheap since it's only used when Other insurance is completely used up Which is an extreme worst case scenario With all these Financial plans in place The credit card rewards strategy my Hilton free night through paying taxes Paying down debt and really going Hardcore on insurance coverage I have a Really good feeling about 20 24 2023 was A year of stretching myself to build a Business whereas 2024 for me at least is The year of maximizing cash flow paying Down debts and investing let me know What your financial or credit card plan Is for 2024 I'd love to hear it you can Leave a comment down below if you live In the New York tri-state area and want To stay at the cabin I'll put a link to It in the description say you're a Credit warer and you get a 10% discount And a big thank you to Rocket money the Sponsor of today's video it's an app That is key to the way I monitor my Finances at the moment and many of you In the audience would potentially Benefit from using it too check it out In the links down below please subscribe If you're new and we'll see you in the Next video bye-bye

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