Friday, September 01, 2006

Goofy ways to make money

I posted this at my personal blog.. and decided you might think it was interesting too.

The Legal Mastermind's loophole number are as follows....

He had two credit cards (total $50,000 credit line) that he maxed out with travelers checks every month.
Cashing the checks and buying 30 day CD's or putting it into a money market account at 3.5% (not sure you could still find that high of a return.. but anyway...)

He cashed out and paid off the cards each month, netting him with 3.5% annual return from $50,000. His credit report showed four more cards in similar use.. (different bank than mine).. so.. if he did that with $200,000... his annual rate of return was about $7000.00.

It may seem like easy money.. but the logistics had to be a bear... and.. as I keep saying.. your time is valuable too.


Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home