Posted September 6, 2012 at 1:34 am
by Brad Wajnman
These days, practicing fiscal responsibility is a big challenge for many people. I struggled with it myself in my mid-twenties after I launched my freelance career right out of college.
I was pretty naïve about almost everything related to money and investing back then, and after racking up a bunch of credit card debt to start my business, it wasn’t long before I learned just how powerful compound interest can be… that is, when it’s working against you!
It took me several years to dig out of that financial hole, but I came away from the experience realizing that some of us are naturally inclined to be self-disciplined and careful with how we manage our personal finances, while many others just need a little “incentive” to do the right things we know we should be doing (things like saving and paying off debt).
We all know there are plenty of credit card rewards programs available that encourage you to spend money in order to earn reward points in return. The points can then be accumulated and used towards prizes, gift certificates, discounts, or other types of products.
But how many of them actually reward you for saving money?
What if there was a program that would reward you, not for the amount of money that you spent (like most credit card rewards programs encourage you to do), but for the amount of money that you didn’t spend?
What if a program offered points for every dollar that you put into a savings vehicle… or for every dollar that you paid down on your mortgage?
What if you could earn points and win prizes for demonstrating that you’re financially responsible?
Well, I recently came across a free website that does just that. You can earn credits to enter drawings for cool prizes like gift cards, cash and vacations, travel and cars… there’s even a $2 million monthly jackpot.
The site also offers other opportunities to earn credits by watching educational videos, referring friends, or signing up for a “3-day no spending challenge”.
By providing education, positive reinforcement, and a small chance to win big prizes for demonstrating good financial behavior, this one-of-a-kind resource makes the otherwise boring and sometimes scary task of tracking your finances fun and interactive.
NOTE: The above is a preface of one of several key resources, vendors, or programs that Barry Goss and Brad Wajnman — respectively, the Wealth Vault Managing Editor and Research Director — revealed to our paid-up members on Friday, August 31st. To get the full review of this particular resource, either login, or become a member