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Free Money: Venue 2

December 15th, 2008 at 01:31 am

The largest one time "Free Money" that we have earned is $125 dollars. The requirement was to open two accounts with a minimum of $100 (one checking and one savings, both interest bearing), set up direct deposit to the account and maintain the account for six months.

Simple enough. As you can see, the initial cost is $200 dollars. This is where I came up with the $500 dollar goal in the free money account. My objective with this goal is to start with the $500 and see how much I can make it grow. How it will be spent will be determined later on in life, until then, I intend to just have fun.

We have a new credit card with this bank; this credit card has a zero % interest for 12 months. We decided to take a cash advance (At zero percent interest) of $2000 for each account. Effectively we started earning interest on $4000. That said, the opening amount was easily covered at a profit. The next step was the direct deposit, we use my wife’s income for these venues as we live entirely on my income, if there were any issues with her direct deposit we would not have any issues without budget. Another alternative would be to have a 3-6 month emergency fund set up to cover any issues with your direct deposit (That is if your family has only one income). Once her direct deposit was set up we connected this bank account to our ING Direct account so we would continue to have access to her income. Now we just wait for the six month time limit and we can move her direct deposit to another account for a similar mission.

WORK INVOLVED: Research bank account offers, save initial money for set up, set up direct deposit, attach new account to ING Direct so we can still access the money

COMMITMENT: 6 Months

PROJECTED EARNINGS: $125.00 received as soon as the first direct deposit hit.

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