Brandon Adcock dot com

Here is a list of 5 easy ways I have found that young professionals, others too, can make free money by continuing to do things they normally would. These might seem really easy and it is because they are. Here are 5 ways to make several hundred or thousand dollars extra in a year.

Use Your Credit Card
In this day in age, it doesn’t make sense to use anything other than a credit card to make purchases. Today, Credit Card companies are offering every type of reward under the sun to attract new customers. The best thing to do is to take advantage of these offerings and get rewards for purchases you would normally make. After graduating college, I did research into which type of credit card(s) I should apply for and here is what has worked for me — cash back cards. I think cash back cards are the way to go. I don’t fly enough to get use out of a flyer miles card, not to mention paying an annual fee for a card is usually not a good idea. Currently I carry 2 credit cards, an American Express Blue card and a Bank of America Financial Rewards Visa; both are cash back cards. In 2006, Kiplinger’s Personal Finance, rated the AMEX Blue the best personal credit card on the market. If that isn’t good enough, it looks pretty damn cool. With this card, you can get up to 5% cash back on gas, grocery, and pharmacy purchases. I get a 1% back flat rate on my BofA Visa. I try to stick to the AMEX wherever possible, then use the Visa if someone doesn’t accept AMEX. The best way to maximize credit card rewards is to stick to 1-2 credit cards, and use them as much as possible. The more cards you have, the less rewards you can accrue usually. Depending on your spending habits, you could receive as little as $50, or as much as several hundred dollars back in a given year.

Start an Online Savings Account
Online savings accounts have become a very popular model, particularly the ones from ING and HSBC. The great thing about online savings accounts are that they offer much higher interest rates than traditional accounts (comparable to money market rates, sometimes higher) and are FDIC insured (unlike money market accounts). Currently, HSBC offers a 5.05% online savings account and ING Direct offers a 4.5% online savings account. How much is your savings account making? Odds are that it is with your local bank and you are making MUCH less than this. I have recommended the HSBC account to several friends and it has worked out very well for them. At 5.05%, that is a lot off free money you could be receiving.

Contribute to a 401k
While contributing to a 401k alone will not give you free money, there are tax breaks however, most every company today offers a matching program. People should always pay themselves first, which is why everyone should force themselves to contribute to their 401k to the point that it receives the max contribution from the company. Assuming you can afford it, many would be surprised as to what they can cut out of their life in order to be able to participate in a 401k (alcohol would do it), everyone should be receiving this free money.

Refer a Friend to Your Bank
Most every bank is offering a reward for referring new customers. The rewards range anywhere from $25 to $50. How do you refer a friend? Try to find a friend that is moving and switching banks, or merely looking to switch banks, and then have them list you as a referrer when they sign up at your bank. Easy money.

Refer a New Hire at Your Company
Have a friend looking for a job? Refer them to your company. Most good companies offer employee referral bonuses. I know that at one of my jobs, my employer was offering anywhere from $1,000 to $5,000 for employee referrals, and in some cases much more for highly skilled employees. There was a rumor going around at this job that a girl, straight out of college, referred several friends from school and made enough to buy a new car. Not that I am advocating this, but many people use craigslist to find and refer employees.

You can pick and choose which of these you want or can implement, but these are 5 easy ways to make several hundred, or several thousands dollars extra a year. Let me know if any of these have or do work for you.