The new Apple credit card pays up to 3% cash back—what would happen if instead of spending your cash rewards, you saved and invested them?
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First, we convince ourselves that small amounts of money don't matter. What good is saving a few bucks a day when retirement requires a million dollars or more? Second, we convince ourselves that saving real money requires sacrifice. Both of these are lies. In truth, even small changes in our daily habits can go a long way to building wealth without sacrifice..
So with a little work, let’s imagine we can boost our cash back rewards from 2% to 2.5%. That generates $75 a month instead of $50. And in turn, that increases our nest egg from $150,000 to over $225,000. And if we can stretch the rewards to an average of 3%, or $100 a month, we grow our wealth by more than $300,000.we spend some time looking at the math behind retirement, including early retirement.
Beyond transaction level details, the app also organizes your purchases by category. I can see, for example, that I’ve spent $84.98 on entertainment in the month of August. The app then enables you to drill down on each category to see the underlying transactions. In my case, some of those transactions were for Apple services, which netted me 3% cash back.
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