digest
Short Summary
Main recommendation: Make more money through five practical, low-effort strategies: ask for a raise, switch companies, use promotional offers, claim unclaimed funds, and cut and renegotiate expenses. The speaker says saving money through reducing expenses has the biggest long-lasting impact on overall wealth, and that a dollar saved is worth roughly a dollar and a half earned depending on tax rate.
Key Points
- The five ways, as promised by the title: (1) Ask for a raise, (2) Switch companies, (3) Take advantage of promotional offers, (4) Check for unclaimed funds, (5) Negotiate current expenses and save the difference.
- Raises: know your value by comparing coworker and industry pay, document how much revenue you bring in, and ask for a 5–15% increase when you have data.
- Switching jobs: the speaker cites studies claiming people who switch every two to three years earn nearly 50% more than those who stay, with new companies often offering higher starting baselines.
- Promotional offers: credit card and bank sign-up bonuses can add up, with the speaker estimating $3,000–$5,000 a year from credit card churning.
- Expense savings: the speaker argues saving money often beats earning more; he says switching car insurance saved $40 a month, which he equates to about $80 in pre-tax earnings.
Details Worth Noting
- Concrete instructions:
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Raise: List what coworkers earn for the same task and what similar jobs pay elsewhere to set a baseline. Calculate your revenue contribution (e.g., print every transaction and total the money brought in). Ask for a specific raise, roughly 5–15%, not an unrealistic number. The speaker says he's read Friday is the best day to ask, but to judge by your boss's mood.
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Credit card churning: Open new cards for sign-up bonuses, meet the minimum spending requirement, collect points and travel rewards, then repeat. The speaker gives examples: Chase Sapphire Reserve (60,000 points, about $750 in travel) and Capital One Quicksilver ($150 cash back after $500 spent in three months). He notes that prepaying bills with a card can let you earn the bonus while saving money.
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Bank bonuses: Open accounts with promotional offers, deposit the required amount, hold it for the required period, and collect the bonus. The speaker says this does not affect your credit score. Examples: PNC (about $300) and Bank of America (about $100).
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Unclaimed funds: Search unclaimed.org or missingmoney.com by name, including relatives and parents, to find money owed to you.
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Expenses: Review all expenses, cancel what you don't need, and negotiate lower prices. Shop around for insurance, switch phone or internet plans, and bundle policies (e.g., car and home insurance) for savings.
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- The speaker says he refinanced his duplex mortgage from 4.5% to 3.75%, reducing his payment by about $50 a month and pulling out $85,000 in cash tax-free through the refinance.
- He says job hoppers are often seen as higher performers and more adaptable, while employees who stay too long, especially if underpaid, may be less motivated.
- The speaker cautions that promotional offers and churning take some effort and are not guaranteed; the free-stock values are random and depend on luck.
- The speaker describes these as his personal experiences and general strategies, not professional financial advice.
Bottom Line
Cutting and renegotiating expenses, combined with targeted raises, job changes, and promotions, offers the most practical path to more money, according to the speaker.
