During a year when stock market investments haven’t met expectations and barriers to entry into local real estate have exceeded my threshold, there have been a few bright spots as I look to give back and move towards the F.I.R.E. (Financial Independence, Retire Early) sector:
· I created a non-profit: The JH (Robby) Robinson Education Foundation, Inc., which provides $500 scholarships to working college students. Me and the Treasurer, the only two board members, are both working for free. We have a scholarship committee dedicated to ensuring a non-biased approach in awarding assistance and we are already receiving donations and posting and giving out scholarships. All donations are tax-deductible as we are a 501(c)(3) organization. Check out our website when you have time.
· Earlier this year I shared that I was trialing a cashback rewards credit card. To date, this has been quite rewarding, as my wife and I have cashed out more than $800 since July. While a large chunk of this was the $500 cashback we received for putting $4,000 on the card within 3 months, we are averaging earnings of at least $50 per month while not paying a dime of interest. However, please do not use credit cards for cashback rewards if you are not going to pay them off every month, as this is what credit card companies are banking on and which will cost you far more than you will receive.
· After getting tired of seeing 0.25%-0.65% annual return rates for my savings and money market accounts, I moved over 80% of my cash reserves into an online high interest savings account paying a 2.05% annual return rate. This account also affords me the option of moving money into other high yield monetary vehicles (current best offer is a 14-month CD at 2.8%) which is a nice offset when the market isn’t performing optimally.
While my approach is, for the most part, working for me, please remember that this information is only for educational and entertainment purposes and to always consult a financial advisor like my man Tyrone before making decisions about your own financial assets.