7% income yield without burning down principle - doable? - Page 2

I just read about someone that made $1800 last quarter bonus whoring banks, which would be $7200/year. But yes, it's not sustainable at that rate.

The other issue (for me anyway) is that right now most of my savings is tax advantaged and I don't have much at all in cash outside of those accounts.

I might try some bonus whoring once I build up some cash reserves in taxable accounts. Seems like it could be a fun challenge/hobby to see how much cash you could generate in 12 months.

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04-03-2017 , 01:25 AM

#27

ethbtc88

adept

Join Date: Mar 2017 Posts: 710

Why wouldn't it be sustainable? This is not just moving money between Chase, Wells and BofA. There are an effectively endless number of banks. And most simply put a 12-month restriction on you clearing a new bonus with them.

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once I build up some cash reserves

In addition to cash reserves, I'm using them instead of bonds in my portfolio. I invest in bond funds for the sub-6% returns, with variance and risk, to diversify away from stocks. Well if I can earn even more with no variance and effectively no risk -- that seems like a better idea.

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04-07-2017 , 02:52 PM

#28

nedprz

grinder

Join Date: Mar 2013 Posts: 445

Quote:

Originally Posted by ethbtc88

there really aren't, and once you get a double digit number of accounts, these banks will start denying you based on your ChexSystems report

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04-23-2017 , 03:09 PM

#29

fxwacgesvrhdtf

Guest

Posts: n/a

Quote:

Originally Posted by ethbtc88

i earn more than that with my cash.

it's not entirely passive, it involves a decent amount of work but it's all FDIC insured.

Google 'bank bonuses.' it's basically bonus whoring new bank accounts. some are like $200 with little money tied up. others you get an effective APR of 8%+ for a few months tying up $10k+.

takes working finding them, doing DD on them, setting them up, meeting the requirements and monitoring them. but the returns are so juicy on a % basis i sometimes wonder why i bother with stocks at all.

Don't the chexsystems inquiries eventually get you "flagged" as a bonus whore and the banks stop accepting you?

Edit: Slow pony

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04-29-2017 , 06:29 AM

#30

ethbtc88

adept

Join Date: Mar 2017 Posts: 710

Evidently, yes. I've started getting rejected now because my Chex score is low due to high number of accounts opened recently.

It seems there is a yearly cap on earnings. Though not due to lack of bonuses.

It took me ~5 accounts in a month to start getting rejected.

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04-29-2017 , 03:01 PM

#31

auralex14

veteran

Join Date: Feb 2007 Posts: 2,914

Grunching, but yes you can earn 7% on your money without burning down principle, by becoming a lender. Make sure you're well collateralized, and risk is limited. Not fail safe, but definitely doable

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04-30-2017 , 02:20 PM

#32

dadjoey

journeyman

Join Date: Sep 2012 Posts: 332

Quote:

Originally Posted by ethbtc88

Put it under your SO's name to extend the bank bonus whoring?

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04-30-2017 , 07:21 PM

#33

MadTiger

old hand

Join Date: Dec 2005 Posts: 1,404

Quote:

Originally Posted by dadjoey

Put it under your SO's name to extend the bank bonus whoring?

They have you by name, social security number, AND address. Many would still blackball you based on it being the same address. If the address is different, then you could be back in business.