The morning after the hurricane hit Florida, I got a text from my tenant.
My contractor quoted me around $9,500 to repair and update the whole apartment, and I was fortunate to have the necessary cash on hand. But he also noted the job could take months to complete, which gave me time to shop for deals on materials and figure out how to put some cash back in my pocket. That can be a powerful combination when an unexpected expense arises, according to Michael Berkhahn, a certified financial planner with Graham Capital in Tampa, Florida.
The project wrapped up for a total price of $10,100, including materials and labor. Those expenses earned me a total of $464 between the card’s bonus and ongoing cash back.A high-yield savings account This next step only works if you already have the cash you need to cover your expense. By simply making the card’s minimum monthly payment of $96 over the 18-month 0% APR period — and then paying off the remainder once that period is over — I will earn an estimated $693 in interest from that savings account.Note that interest rates on savings accounts can change as the federal funds rate changes. But that’s impossible to predict, so this calculation assumes a flat 4.8% APY for the entire 18-month period.What to keep in mind This strategy requires diligence.
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