Tue 11 Jul 2006
Update on Arbitrage deal
Posted by RichSlick under Easy money
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Well, I deposited the 24k check today and the bank put a hold of 10 days on my funds which really annoys the heck out of me. On the positive side, I ran across this credit union which is offering 8% interest for 8 months http://www.chartway.com so instead of using Emigrant/HSBCDirect, I’ll move the money there.
Updated calculations: [8% * 24000] * (8/12) = $1280. Of course the catch is that I’m only getting 6 months at 0% so I’ll use funds from another account to pay off the loan when it comes due in December.
Remember that our goal is to Get Rich Slick and with this deal, we’re $1280 closer to getting rich.
3 Responses to “ Update on Arbitrage deal ”
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Pingback from Creative Cash Flow » Get Rich Slick
September 6th, 2006 at 7:15 pm[...] I’ve written about my upcoming credit card arbitrage in December 2006 here and considered using credit cards to pay off the remaining balance of my mortgage here but it has occurred to me that I could use my next arbitrage to fund my Roths. Even better is that I could theoretically earn sufficient return on my investment (about 12%) and use the gains to fund the 2007 Roth. [...]
July 20th, 2006 at 9:25 pm
Hey Rch — I liked your comment over at the happy capitalist — but how did you get $3.4T in retirement $s ? I saw the $ 14.5 ICI # — where was the other number form?
tx
July 24th, 2006 at 9:49 am
Well my math calculations weren’t wrong, the assumptions were skewed. So perhaps the article shouldn’t have been called DO THE MATH but rather DON’T MAKE ASSUMPTIONS.
My assumptions were based on the fact that we frequently hear that 80% of the wealth is controlled by 10% of the population. I’m not sure how it breaks the 14.5 trillion down but let’s apply that formula. 80% of 14.5 trillion = 11.6 trillion (the rich controlled portion) or ~2.9 trillion for average Joe. Now DO THE MATH. I was a little more conservative and used 3.4 trillion to be a little generous.