Here are some financial tips and pieces of advice that have saved/made me a lot of money over the last few months so I thought I would share.
- Get a CPA, don't be cheap. You get what you pay for and a good one will pay for it's self very quickly.
- Stop using a debit card immediately. Get a good credit card, I use the Amex Plum that has 2% cash back. After a little history with them you can usually charge about 200-250k before they make you pay it down. This gives me a lot of float and protection you don't get with a debit card. When you start doing bigger numbers, the cash back with this card can be more than enough to live off of each month.
- I have stopped using a regular checking account and moved to brokerage account for all my banking. I use Schwab, but others are good too. I do all my banking straight out of my tax free municipal bonds sweep account. I earn interest on my savings not to mention since i am doing all my checking from this, I earn money off my weekly wires until it is time to pay off the credit card. Many credit cards end up having a float period of 35-60 days. That can be alot of tax free interest money
- Stop paying wire fees at your bank. Schwab has no wires and most banks don't either if you keep enough cash in the bank. bank of america doesn't charge wire fees on their preferred business checking with only requires a avg balance of 25k. Wire fees can add up, stop paying for them.
- Negotiate your media buys. Almost any rate can be negotiated. I've gotten as much as 50% rates by prepaying or signing a larger IO. Say you'll do 100k if they give you break. Get a 48hr out clause, if the traffic sucks, bail. If it doesnt, you got a cheap rate.
- Ask Google for credits. I can usually get refunds of $500/m by submitting click fraud info too Google and they will almost always credit me. They do click adjustments, but it doesn't always catch everything. Audit your traffic and email their quality people if you find lots hits from multiple ips or a small block of IPs
- Find short terms investment options. There are some short term bonds, cd's, etc... that you can put cash in before you need to pay your credit card. Lets say you have a card that the billing cycle is 30 days and they give you 30 days to pay, that sa 60 day float. You could invest some or most of your advertising costs into a short term CD before you need to pay off your credit card.
- Don't try and be a baller, save your money. Bank hard now, save, and then live the rest of your life off the interest your savings earns. This means that you should try and live below your means.
Just a few things that might help you save or make more with the money you have.
- Get a CPA, don't be cheap. You get what you pay for and a good one will pay for it's self very quickly.
- Stop using a debit card immediately. Get a good credit card, I use the Amex Plum that has 2% cash back. After a little history with them you can usually charge about 200-250k before they make you pay it down. This gives me a lot of float and protection you don't get with a debit card. When you start doing bigger numbers, the cash back with this card can be more than enough to live off of each month.
- I have stopped using a regular checking account and moved to brokerage account for all my banking. I use Schwab, but others are good too. I do all my banking straight out of my tax free municipal bonds sweep account. I earn interest on my savings not to mention since i am doing all my checking from this, I earn money off my weekly wires until it is time to pay off the credit card. Many credit cards end up having a float period of 35-60 days. That can be alot of tax free interest money
- Stop paying wire fees at your bank. Schwab has no wires and most banks don't either if you keep enough cash in the bank. bank of america doesn't charge wire fees on their preferred business checking with only requires a avg balance of 25k. Wire fees can add up, stop paying for them.
- Negotiate your media buys. Almost any rate can be negotiated. I've gotten as much as 50% rates by prepaying or signing a larger IO. Say you'll do 100k if they give you break. Get a 48hr out clause, if the traffic sucks, bail. If it doesnt, you got a cheap rate.
- Ask Google for credits. I can usually get refunds of $500/m by submitting click fraud info too Google and they will almost always credit me. They do click adjustments, but it doesn't always catch everything. Audit your traffic and email their quality people if you find lots hits from multiple ips or a small block of IPs
- Find short terms investment options. There are some short term bonds, cd's, etc... that you can put cash in before you need to pay your credit card. Lets say you have a card that the billing cycle is 30 days and they give you 30 days to pay, that sa 60 day float. You could invest some or most of your advertising costs into a short term CD before you need to pay off your credit card.
- Don't try and be a baller, save your money. Bank hard now, save, and then live the rest of your life off the interest your savings earns. This means that you should try and live below your means.
Just a few things that might help you save or make more with the money you have.
