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Maximizing Your Cash-Back Credit Card Rewards: A Financial Planner’s Guide

Maximizing Your Cash-Back Credit Card Rewards: A Financial Planner’s Guide

October 22, 2024 By Peter Leave a Comment

Every dollar counts when it comes to building wealth, and this includes your cash-back credit card rewards. Some of the best cash-back credit cards come with no annual fee while offering significant rewards. Whether you are looking to pay off high-interest debt or contribute to a retirement account, there are strategic ways to leverage your cash-back rewards to start building wealth.

Paying down high-interest debt

If you have credit card debt or other high-interest loans, using your cash-back rewards to pay them down can save you substantial amounts in interest. High-interest debt can hinder your ability to pursue other financial goals, making it crucial to reduce this burden to improve your overall financial health.

Contributing to a retirement plan

Directing your cash-back rewards into retirement accounts like a traditional IRA or Roth IRA can help you build wealth over time. Contributions to these accounts, especially when invested wisely, can grow significantly and provide financial stability in your retirement years. Additionally, making pre-tax contributions to a traditional IRA can lower your tax bill, offering a dual financial benefit.

Starting a business

Entrepreneurship can be a powerful tool for building wealth, but startup costs can be a barrier for many aspiring business owners. By using your cash-back rewards to fund some of these costs, you can take a step closer to turning your business dream into a reality. Qualifying startup costs may also be tax-deductible, providing an additional financial advantage to your new venture.

Investing in a brokerage account

Investing in a brokerage account can help grow your wealth over time, offering a wide range of investment options for potential returns. Unlike retirement accounts, funds in a brokerage account can be accessed before age 59½ without penalties. Consistent investments in diversified exchange-traded funds can help you benefit from market returns, outpace inflation, and support your long-term financial growth.

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By: insider@insider.com (Jovan Johnson)
Title: Maximizing Your Cash-Back Credit Card Rewards: A Financial Planner’s Guide
Sourced From: www.businessinsider.com/financial-planner-says-build-wealth-with-credit-card-2024-10
Published Date: Tue, 22 Oct 2024 11:22:01 +0000

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