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Below, learn whichmoney hacks of the wealthycan help you out as well.
Bank bonus harvesting mirrors how wealthy individuals maximize idle cash, he explained.
Moving $5,000 between banks offering new account bonuses can earn $1,000 to 2,000 annually.
Credit Card Reward Stacking
According to Salahi, credit card reward stacking copies wealthy families points maximization.
Strategic sign-up bonus timingadds another $1,000 to 1,500 annually.
One notable hack is tax-loss harvesting.
He said this involves selling underperforming investments at a loss to offset capital gains taxes.
Tax-loss harvesting isnt just for the rich, Salahi agreed.
This strategy can offset $3,000 in ordinary income yearly.
Property Tax Appeals
Property tax appealswork at all price points, Salahi explained.
Filing an appeal with comparable sales data can reduce assessments by 5-15%.
He advises clients, regardless of their wealth level, to fully leverage their retirement accounts.
As this not only secures their future but also providesimmediate tax benefits,Rawal added.
Zero-Based Budgeting
Zero-based budgeting helps maximize savings like wealthy families do, Salahi added.
Assigning every dollar a job and reviewing subscriptions monthly typically finds $200-400 in monthly savings, he said.
Salahi said this mirrors family office expense auditing at a smaller scale.
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