What to do with $100K
Apr 17, 2011 | 9:39 pm
#17
Join Date: Aug 2009
Posts: 544
With the high yield checking accounts, does Paypal count as an ACH transaction? Are there ways to automate the 10 debit transactions/month? I have 150k in cash earning 1.1% and looking to open 6 or so high-yield online checking accounts. This would mean an incredible amount of work to track, unless I can automate it somehow!
Apr 17, 2011 | 10:29 pm
#18
Join Date: Oct 2009
Location: ATL
Programs: AA GLD 1MM DL PLT
Posts: 356
With the high yield checking accounts, does Paypal count as an ACH transaction? Are there ways to automate the 10 debit transactions/month? I have 150k in cash earning 1.1% and looking to open 6 or so high-yield online checking accounts. This would mean an incredible amount of work to track, unless I can automate it somehow!
Apr 17, 2011 | 10:36 pm
#19
Join Date: Apr 2000
Location: Fort Myers, FL
Programs: Hilton Gold, SPG & IHG Plat, & every airline program that I can join
Posts: 2,279
You could always buy high dividend shares. I own Cornerstone Progressive (CFP) pays monthly and currently is over 16%. I buy it, get the dividend, sell when up and play all month until I buy it back. I like the monthly payers over the quarterly payers.
Of course that is after your Bankdirect acct is maxed out, or put the $16K dividend (minus tax) into Bankdirect.
JudyJFLA
Of course that is after your Bankdirect acct is maxed out, or put the $16K dividend (minus tax) into Bankdirect.
JudyJFLA
Apr 17, 2011 | 11:15 pm
#20
Join Date: Sep 2010
Posts: 143
- Open an LLC named - uoficowboy LLC
- Create a website called bet-it-on-black.com
- Blog/Brag how you are going to take 100k and bet it on black at one casino in Vegas
- Once you get visitors sell ad space to vegas casino's and/or online sportsbooks
- Wait until you've generated 200k in revenue
- Work with a Vegas casino to set you up with a suite for a couple nights
- Take the 100k and bet it on black
.. If you lose you still have the 200k from the site. If you win you'll have 400k.
Be sure to report this on your taxes...
- Create a website called bet-it-on-black.com
- Blog/Brag how you are going to take 100k and bet it on black at one casino in Vegas
- Once you get visitors sell ad space to vegas casino's and/or online sportsbooks
- Wait until you've generated 200k in revenue
- Work with a Vegas casino to set you up with a suite for a couple nights
- Take the 100k and bet it on black
.. If you lose you still have the 200k from the site. If you win you'll have 400k.
Be sure to report this on your taxes...
Apr 18, 2011 | 10:02 am
#22
Original Poster
Join Date: Jan 2010
Location: SFO
Posts: 389
There are many FDIC places to do this. See
http://www.money-rates.com/rewardschecking.htm
However you do have to make sure you get the required monthly debit transactions, ACH charges, which I have automated to ping $1 between credit unions, and on some of the accounts, on-line only account communication. One of my banks has a max of two of these accounts per person, so Mrs. Outoftown and I each have two accounts and 1 is in my mom's name. They had a "pudding guy" open 170 accounts, so now there is a cap on the number of accounts. Another credit union checking account I have pays 1% less, but no ACH charges are required and their cap is $50k instead of the usual $25k. Also the rate has been dropping over the past two years. Mine just dropped to 3.01% last month.
HTH,
outoftown
http://www.money-rates.com/rewardschecking.htm
However you do have to make sure you get the required monthly debit transactions, ACH charges, which I have automated to ping $1 between credit unions, and on some of the accounts, on-line only account communication. One of my banks has a max of two of these accounts per person, so Mrs. Outoftown and I each have two accounts and 1 is in my mom's name. They had a "pudding guy" open 170 accounts, so now there is a cap on the number of accounts. Another credit union checking account I have pays 1% less, but no ACH charges are required and their cap is $50k instead of the usual $25k. Also the rate has been dropping over the past two years. Mine just dropped to 3.01% last month.
HTH,
outoftown
Apr 18, 2011 | 10:08 am
#24
Original Poster
Join Date: Jan 2010
Location: SFO
Posts: 389
No ponds to jump for us - just West coast to Midwest. (SEA - STL)
Apr 18, 2011 | 10:38 am
#26
Original Poster
Join Date: Jan 2010
Location: SFO
Posts: 389
Hi,
At the risk of sounding like a economics geek (I am), June 30th is right around the corner. If you don't know why this date is significant, you might need some financial guidance. On this day (or close to it), the Federal Reserve "Fed" will end its QE2. That stands for Quantitative Easing #2. For a while, the Fed has been purchasing 70% of all of the new bonds issued by the treasury (in essence, printing money). As of the end of June, they will have to announce QE3 or find someone to buy all of the bonds that the government needs to issue to pay for its deficit spending. With the Chinese being net sellers recently ($600 million) and Japan in no position to buy more US Debt with the tragedy there, this could be a domino of bad things to come. If they announce QE3, it will be a signal to the world financial markets that the US is going to use inflation to pay for all of our debts (with cheaper dollars)...a domino of bad things to come.
So as the saying goes, keep your powder dry...you may need it for a good investing opportunity or for other reasons.
I don't mean this to be a political point, only an economic point. Feel free to PM me with those thoughts.
Alex
At the risk of sounding like a economics geek (I am), June 30th is right around the corner. If you don't know why this date is significant, you might need some financial guidance. On this day (or close to it), the Federal Reserve "Fed" will end its QE2. That stands for Quantitative Easing #2. For a while, the Fed has been purchasing 70% of all of the new bonds issued by the treasury (in essence, printing money). As of the end of June, they will have to announce QE3 or find someone to buy all of the bonds that the government needs to issue to pay for its deficit spending. With the Chinese being net sellers recently ($600 million) and Japan in no position to buy more US Debt with the tragedy there, this could be a domino of bad things to come. If they announce QE3, it will be a signal to the world financial markets that the US is going to use inflation to pay for all of our debts (with cheaper dollars)...a domino of bad things to come.
So as the saying goes, keep your powder dry...you may need it for a good investing opportunity or for other reasons.
I don't mean this to be a political point, only an economic point. Feel free to PM me with those thoughts.
Alex
Apr 18, 2011 | 11:17 am
#27
Original Poster
Join Date: Jan 2010
Location: SFO
Posts: 389
The Fidelity bonus can be gamed by moving small deposits into and small withdrawals out of your new brokerage account. If this is the approach you want to take, kyunbit's advice may make sense.
However, if you want the least amount of hassle, make a large enough deposit at Fidelity to earn your sign-up bonus, wait for the miles to post, and move most of your money into BankDirect afterwards. Most of the AA miles earned at BankDirect are based on your average balance held at BankDirect. That means you want a large balance to sit there over time in order to maximize your miles. Every time you move money out of BankDirect and into Fidelity, you are negatively impacting your BankDirect earnings for the month. The only risk you take with this latter approach is Fidelity somehow taking back your miles because you didn't leave your initial deposit with them, but I don't believe I've heard of anyone reporting this in the past.
However, if you want the least amount of hassle, make a large enough deposit at Fidelity to earn your sign-up bonus, wait for the miles to post, and move most of your money into BankDirect afterwards. Most of the AA miles earned at BankDirect are based on your average balance held at BankDirect. That means you want a large balance to sit there over time in order to maximize your miles. Every time you move money out of BankDirect and into Fidelity, you are negatively impacting your BankDirect earnings for the month. The only risk you take with this latter approach is Fidelity somehow taking back your miles because you didn't leave your initial deposit with them, but I don't believe I've heard of anyone reporting this in the past.
So right now, I'm thinking:
$25K to some credit union that gives good APR (suggest one that doesn't require a lot of work? I'd rather give up 1% and not have to do a bunch of transactions)
$whatever it takes to Fidelity
$everything else to BankDirect
Apr 18, 2011 | 11:28 am
#28
Join Date: May 2003
Programs: AA (1MM), Marriott (LT Gold)
Posts: 1,769
Can anybody give me a game plan for how to get the 50K fidelity miles through deposits/withdrawals? I would prefer not to have all $100K with Fidelity - but $50K or $25K? Sure!
So right now, I'm thinking:
$25K to some credit union that gives good APR (suggest one that doesn't require a lot of work? I'd rather give up 1% and not have to do a bunch of transactions)
$whatever it takes to Fidelity
$everything else to BankDirect
So right now, I'm thinking:
$25K to some credit union that gives good APR (suggest one that doesn't require a lot of work? I'd rather give up 1% and not have to do a bunch of transactions)
$whatever it takes to Fidelity
$everything else to BankDirect
People have reported in another thread in MilesBuzz that you can effectively use the same money to increase your deposit size at Fidelity by moving money in and out. For instance, deposit $30k initially, withdraw $29k, deposit $28k, withdraw $27k, deposit $26k, withdraw $25k, and deposit $24k. This gives you over $100k in deposits (using just $30k of money) and earns you the 50k AA miles. (By the way, the amounts are just examples of what you can do. I'd recommend doing different levels of deposits and withdrawals, but I don't know if it is absolutely necessary.)
You can then use your other $70k to do with whatever you wish.
The other option is to just put all $100k in Fidelity initially, get your 50k AA miles soon thereafter, and withdraw all but $1k or so and put it elsewhere. I don't believe that I've seen reports that this has cost anyone their already received AA miles.
(As I mentioned in my first post, if you want to pursue BankDirect, I'd be happy to refer you.)
Apr 18, 2011 | 12:22 pm
#29
Original Poster
Join Date: Jan 2010
Location: SFO
Posts: 389
You have 90 days after opening a Fidelity account to deposit enough money into your brokerage account to earn your AA bonus. Here's the link -- http://www.aa.com/i18n/AAdvantage/ea...l/fidelity.jsp.
People have reported in another thread in MilesBuzz that you can effectively use the same money to increase your deposit size at Fidelity by moving money in and out. For instance, deposit $30k initially, withdraw $29k, deposit $28k, withdraw $27k, deposit $26k, withdraw $25k, and deposit $24k. This gives you over $100k in deposits (using just $30k of money) and earns you the 50k AA miles. (By the way, the amounts are just examples of what you can do. I'd recommend doing different levels of deposits and withdrawals, but I don't know if it is absolutely necessary.)
You can then use your other $70k to do with whatever you wish.
The other option is to just put all $100k in Fidelity initially, get your 50k AA miles soon thereafter, and withdraw all but $1k or so and put it elsewhere. I don't believe that I've seen reports that this has cost anyone their already received AA miles.
(As I mentioned in my first post, if you want to pursue BankDirect, I'd be happy to refer you.)
People have reported in another thread in MilesBuzz that you can effectively use the same money to increase your deposit size at Fidelity by moving money in and out. For instance, deposit $30k initially, withdraw $29k, deposit $28k, withdraw $27k, deposit $26k, withdraw $25k, and deposit $24k. This gives you over $100k in deposits (using just $30k of money) and earns you the 50k AA miles. (By the way, the amounts are just examples of what you can do. I'd recommend doing different levels of deposits and withdrawals, but I don't know if it is absolutely necessary.)
You can then use your other $70k to do with whatever you wish.
The other option is to just put all $100k in Fidelity initially, get your 50k AA miles soon thereafter, and withdraw all but $1k or so and put it elsewhere. I don't believe that I've seen reports that this has cost anyone their already received AA miles.
(As I mentioned in my first post, if you want to pursue BankDirect, I'd be happy to refer you.)
PM me your referral link
Apr 18, 2011 | 2:14 pm
#30
Join Date: Jun 2005
Location: PNW
Programs: HH Diamond, Hyatt Globalist
Posts: 87
Can anybody give me a game plan for how to get the 50K fidelity miles through deposits/withdrawals? I would prefer not to have all $100K with Fidelity - but $50K or $25K? Sure!
So right now, I'm thinking:
$25K to some credit union that gives good APR (suggest one that doesn't require a lot of work? I'd rather give up 1% and not have to do a bunch of transactions)
$whatever it takes to Fidelity
$everything else to BankDirect
So right now, I'm thinking:
$25K to some credit union that gives good APR (suggest one that doesn't require a lot of work? I'd rather give up 1% and not have to do a bunch of transactions)
$whatever it takes to Fidelity
$everything else to BankDirect
)Here's my plan on how to invest my $100k:
put ALL into Fidelity now to get 50k AA, and later 50k Delta. Once miles are in, I plan to withdraw all but $1k or $2k, and leave the accounts open for 6 months.
open Bank direct and use this as my new "savings" acct, so ExitRow, pm your referral link too if you'd like.