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My most recent endeavor with credit card arbitrage has so far yielded, on an annualized basis, 50.12% but the actual return from October 2007 thru December 21st is 12.53 pct. I must confess, the recent volatility in the markets have made the returns a bit beefier than I anticipated.

So to reflect what I did.

Step 1. Borrow 40k from credit card company at 0% for 6 months

Step 2. Invest money in my ETF Covered Call Strategy.

Step 3. Profit

Step 4. Pay back loan (due in January 2008) and keep profits.

So far, I’ve banked $4,741 which isn’t too shabby as Christmas is around the corner and baby needs a new pair of shoes. I’ll have to pay taxes on this amount so I’ll only keep about $3200.

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If you’re curious, you can view the 3 trade transactions here. Although it’s been fairly profitable, I am beginning to wonder if I picked the wrong time to do this; the markets increased volatility, if it continues, will eventually lead to a major sell off as people get tired of the roller coaster ride and begin to fear losing money and bail out. If there is a sell off in late December I’ll have to roll over the arbitrage onto another account for another 6 months and keep churning profits in 2008.

All I really want for Christmas this year is a stable monetary policy.