Tentmaking Tips

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When to Cancel Your Credit Card

travel hacking Jan 12, 2024

I’ve written quite a bit about how to apply for credit cards, but not as much about when to cancel them. And canceling them at the right time is very important.

Many of the premium credit cards I recommend have annual fees ranging from $65-$200 per year.

These annual fees are totally worth paying in the first year because the welcome bonus on these cards is often worth thousands of dollars.

But what about in the second year, and third year, and so on?

It really just depends on the card.

I’d say, as a general rule, I cancel most of my credit cards at the one year mark from when I was approved for them.

A few weeks ago, I had 3 annual fees hit various cards since these cards are beginning their second year.

This is usually my reminder to decide whether I want to keep the card or cancel it.

The good news is that, for most cards, when the annual fee hits, you have about 30 days to cancel the card & get a refund of the annual fee. It’s very common for me to see an...

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Is Tentmaking a Distraction?

general tentmaking Dec 08, 2023

Many of us grew up in a church context where the pastor was paid full-time.

Some of us even grew up in churches were many of the staff were paid full-time.

It’s easy for us to assume that our experience is the norm.

But it may surprise you to learn that many churches, perhaps most churches globally, don’t operate this way.

There just aren’t the funds available to pay a pastor full-time.

Most of us live in a context of great wealth. But most of the world doesn’t live in that context.

And the early church certainly didn’t live in that context.

Tentmaking is the norm. Funding pastors full-time is the exception.

It may not have been the norm in the church you grew up in, and that’s ok.

But, even in a Western context, there are thousands of bi-vocational pastors. They serve in churches where they get very limited pay, if any at all.

So, the first way I’d answer the question, “Is tentmaking a distraction?” is to say:

Far from being a...

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Why You Should Never Get a Credit Card

travel hacking Dec 01, 2023

You probably did a double-take when you read the title of this newsletter.

How can the guy teaching us about travel hacking using credit cards tell us to never get a credit card?

Haha - great question!

Here’s the reason.

A great case can be made for never getting a credit card.

In fact, if you get a credit card or multiple credit cards, you should know you’re taking a risk.

Period. End of story.

Having credit cards is like playing with fire. Generally speaking, it’s a bad idea, but some people, through years of financial wisdom, have learned to “play” with fire in a way where the likelihood of getting burned is very low. They may choose to take the risk with significant guardrails in place to keep them from getting hurt.

They are the exceptions to the rule.

Perhaps that’s you and me.

I don’t think the “rule” is that people should have credit cards. I think it’s the exception to the rule.

I think the best general wisdom is...

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Starting an Online Business

online hacking Nov 17, 2023

Do you know anyone making money online?

More and more people are starting to earn money this way.

Many of them have a blog, or a newsletter, or a podcast, or a YouTube channel.

They also actively share helpful information on social media.

They have courses, ebooks, communities, and coaching programs.

And they often work from home and make money while they sleep. Pretty cool, right?

Having an online business can be a great extra stream of income to support your ministry. And it’s easier than ever to get started.

I started TentmakingPastors.com in 2020 to help pastors, missionaries, & Christian leaders earn extra money in their spare time to supplement or replace their incomes. And I’ve made so many new friends along the way. Plus it’s been a great extra stream of income for our family.

You may be thinking, “How do you even start an online business?”

That’s what I’d like to discuss in today’s newsletter.

The first and most...

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Best Card for Grocery Spend

travel hacking Nov 10, 2023

Like most people, we spend a lot of money on groceries.

Most cards don’t have great redemptions for grocery spend.

The Chase Sapphire Preferred is 1 point per dollar spent on groceries

The Chase Freedom Unlimited is 1.5 points per dollar spent on groceries.

These are two of our main daily use cards & that’s not a great point redemption.

Recently, we applied & were approved for a new card that we chose mainly because of its grocery benefits.

Which card is it?

The American Express Gold Card.

It gives you 4 points per dollar spent on groceries up to $25,000 total per year.

Wow!

With my Chase Freedom Unlimited card, I’d earn 37,500 points (1.5x) if I spent $25,000 on groceries in a year.

But with the AMEX Gold card, I’d earn 100,000 points (4x) on that same grocery spend! Whoa!

And those 100k points are worth about $2,000 in free travel.

That’s a nice extra vacation a year just by putting your grocery spend on a strategic card.

Now, if...

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How Long Does It Take to Become a Real Estate Agent?

agent hacking Nov 03, 2023

Answer: Not long.

Many different licenses can take a long time to get.

A Real Estate License is not one of them.

If you move quickly, you could probably get your license in 3-4 weeks.

If you want to take a bit more time, you can finish up easily in a few months.

And that’s just working on it during evenings & weekends.

Taking the courses & tests can usually all be done online, with the exception of the final exam. You can also take the courses in person, if you prefer, but it’s usually more expensive.

After you take the courses, you’ll have a final exam along with fingerprinting, background checks, and other documentation you’ll need to submit.

You can find discounts & coupons for the online courses, so the cost to get your license is fairly inexpensive. Then you’ll have some ongoing costs which should usually be more than covered by doing one transaction each year (or even one every few years).

If you’re assuming it’s not...

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Treat Making Money As a Hobby

life hacking Oct 27, 2023

I once heard an investor say this & it has stuck with me ever since.

Treat making money as a hobby.”

For most of us, we don’t think about making money this way.

A hobby implies you do it on the side for fun. That it’s not your main gig.

But, for most of us, making money is a full-time job or a business that we work in full-time.

Of course, there’s nothing wrong with that.

But how great would it be if you made all the money you needed as a hobby and you could spend most of your time doing whatever the Lord led you to do?

Some pastors have told me that they’d probably be in a different ministry position if it wasn’t for the money. And they mean this in the most sincere way possible. Not that they’re in their current position for the money, just that what they have a vision for doing doesn’t pay much or anything at all. As a result, they feel they can’t pursue that passion yet, because they need more money than it can...

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$6,000 Profit - Student Deal Highlight

flip hacking Oct 20, 2023

Every few months I highlight one of our student’s deals in the Flip Hacking Course & Mastermind. I’m hoping these highlights give you an idea of how flipping houses could help you generate extra income to support your ministry.

If you missed the first six, here they are:

$140,874 Profit - Student Deal Highlight

$13,000 Profit - Student Deal Highlight

$26,000 Profit - Student Deal Highlight

$23,637 Profit - Student Deal Highlight

$50,000 Profit - Student Deal Highlight

$81,500 Profit - Student Deal Highlight

Profit

The student in today’s deal highlight made $6,000 in profit. This was a fire damaged property which basically sold for the value of the land. The student originally had it under contract for $20,000 but was unable to sell it. The seller was eager to sell and was willing to reduce the purchase price to $8,000. The student found a buyer who was willing to pay $14,000, leading to his $6,000 profit for the land with an unsalvageable home.

List

The...

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How to Pay Back Your Student Loans Quickly

life hacking Oct 13, 2023

A few weeks ago, student loan payments resumed after a significant pause due to the pandemic.

I’m constantly amazed by how much student loan debt is out there.

Even people who didn’t do masters or doctoral work can have tens of thousands, even hundreds of thousands, of student loan debt.

And I know it is suffocating so many people.

If you have student loan debt, I want to help you get it paid off ASAP. For many of you, it’s hung around way too long.

While paying off a little at time will eventually get you there (after years & years), putting huge chunks of cash on it will certainly get you there much quicker.

Where can you get huge chunks of cash?

You may be able to guess my answer.

Real estate.

In real estate, you are paid for value delivered, not for time spent. As a result, you can generate significant chunks of cash without spending the time you’d have to spend working overtime or at an hourly side gig.

There’s multiple ways to do this.

...

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Why We Try to Live Near College Campuses

house hacking Oct 06, 2023

The last two houses we’ve lived in have been right down the street from a major university.

This was strategic for 2 reasons:

  1. Many of the major universities have been around for awhile & the neighborhoods around them have older homes. This is great because [1] you can find a house that needs some work and create forced appreciation and [2] older homes often have detached structures that you can convert into habitable space.
  1. Short-term rentals tend to do very well near universities. This is because you have a steady influx of parents coming in to visit kids, people traveling in to see the big games, and college kids coming to check out the school (among many other reasons).

In our first house, we were able to convert a storage space behind an existing detached garage into an Airbnb. And in our second house, we were able to convert a single car detached garage into an Airbnb.

And in both cases, the Airbnbs made a lot of money because of their location.

And when we sold...

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