6 Money Hacks the Super Rich Use That You Can Too
Written by
Cindy Lamothe
Edited by
Rebekah Evans
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Just because you don’t have access to millions of dollars doesn’t mean you can’t take advantage of the same money hacks the super rich implement. There are plenty of strategies out there that can work for you, even if you earn an average salary.
Below, learn which money hacks of the wealthy can help you out, as well.
Bank Bonus Harvesting
Abid Salahi, finance expert and co-founder of FinlyWealth, said working with clients across different wealth brackets has revealed accessible financial strategies.
“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. Major banks like Chase and Citi regularly offer $200 to 500 bonuses for new accounts with minimal holding periods.”
Credit Card Reward Stacking
According to Salahi, credit card reward stacking copies wealthy families’ points maximization.
“Combining a 2% cash-back card for regular spending with targeted 5% category cards can generate $1,200 or more yearly on $30,000 spend,” Salahi said. “Strategic sign-up bonus timing adds another $1,000 to 1,500 annually.”
Tax-Loss Harvesting
“As a certified public accountant, I’ve helped numerous high-net-worth individuals streamline their financial strategies,” said Nischay Rawal, certified public accountant (CPA) and founder of NR Tax & Consulting. “One notable hack is tax-loss harvesting.”
He said this involves selling underperforming investments at a loss to offset capital gains taxes.
“It’s a technique often used by the affluent, but anyone with a diversified portfolio can benefit from it, especially during volatile market periods.”
Tax-loss harvesting isn’t just for the rich, Salahi agreed.
“When index funds drop, selling and buying similar funds (like switching from S&P 500 to Total Market) locks in tax losses while maintaining market exposure,” Salahi said. “This strategy can offset $3,000 in ordinary income yearly.”
Property Tax Appeals
“Property tax appeals work at all price points,” Salahi explained. “Filing an appeal with comparable sales data can reduce assessments by 5-15%. On a $300,000 home with 2% tax rate, this saves $300-900 annually — the same technique wealthy homeowners use on luxury properties.”
Utilizing Retirement Accounts for Tax Efficiency
Another strategy, according to Rawal, is utilizing retirement accounts for tax efficiency.
“High earners often max out contributions to 401(k) plans and IRAs, taking advantage of any employer matching to build wealth while reducing taxable income,” he said.
He advises clients, regardless of their wealth level, to fully leverage their retirement accounts. “As this not only secures their future but also provides immediate 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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