Learning to use other people’s money is the key to building wealth. Setting goals where you strive to be debt-free will make your wealth journey long and difficult. It’s not about eliminating your obligations to other people; it is more about how you manage and use other people’s money.
August is Credit Awareness month. I will share with you a credit usage strategy about how to use credit to help build wealth.
I’m sure many of you have heard of cash reward programs that are offered by credit card companies. If you haven’t, I advise you to check into them. These reward programs will help you achieve two strategies: improve your credit and produce benefits to save you money. Now think about it, we are all going to spend money on essential goods and services. Why not get paid for using other people’s money for goods and services, with the personal commitment that you will immediately repay it within 30 days.
Here is an example of implementing this tip. Use your credit card that gives you cash rewards by purchasing things that you are already going to buy. For example, gasoline for your car, groceries, household goods, etc. This would typically include your trips to Walmart, Target, Sam’s, etc. Identify one credit card that you will use for these items and pay it off every 30 days. Never let a balance roll from month to month. Remember we are not really creating debt; we are using other people’s money to help us create wealth. Therefore, do not spend more than you are prepared to pay yourself right back or prepared to pay right back on that credit card.
You will find that when you do this, your credit card company will give you cash rewards that you can use for other things that will save you money in the long run. For example, as you spend money on your credit card and immediately pay it back, your rewards, with that credit card company, will start to build up. You can use those rewards for travel, clothing, office supplies, whatever you desire. It’s almost like earning free money for the money that you’re already planning to spend.
If you want to learn more about how to implement Credit Card Management with the rewards program, grab A copy of my book, “You Control Your Money – 30 Days Money” money affirmation journal. This book will be the guide to help you start to understand your money behavior and habits. Click the link below to get a copy today with free shipping.