Use your credit card to become a drug lord
April 3, 2008 | Filed Under credit cards | 4 Comments
Desperate times calls for desperate measures, huh? A post from 2 years ago outlined some ideas on how credit card debt could finance your startup.
One of the comments to that post outlines another idea: Getting rich on weed.
Here’s the tip:
Take a cash advance from a credit card to buy $5000 of really good weed during harvest season (late august to october) and vaccum pack it then freeze it.
If you have a good credit union card this is about 10-12%
Should be close to 2 lbs. or 32 oz. when bought in large quantity, averaging
$156 per oz or $40 per 1/4 oz. (typical sale quantity) and is half of going rate during the months of January through march.
credit card charges for 4 months: $700
measuring and packing equip: $500
Initial investment : $5000
———–
Total : $6,200
Total return on product: $12,800
That’s roughly 200% in 4 months.
This is only for mature, non smoking, clean cut people with newer cars.
Young smokers NEVER get away with it.
How to get rich with credit card debt
July 2, 2006 | Filed Under credit cards, You've gone to the finest schools allright, Start ups, Entrepreneurship, Practical tips | 10 Comments
I attended a class of “Entrepreneurship” a few years ago. The lecturer mentioned some untraditional ways of funding your start-up. When traditional ways of acquiring capital like bank loans, angel investors or venture capital failed there are always opportunities for the creative entrepreneur. He told us that he knew a few entrepreneurs that started their companies with the help of credit card debt.
Examples of credit card money making ideas you can use straight away
Get started in the world of credit card debt start ups with these examples:
Idea #1: Selling on E-bay
Buy cheap goods from China. Pay with your credit card. Get the goods. Unload it on eBay. Pay credit card debt. Repeat.
Idea #2: Early bird, buy airline tickets from low cost airlines
There are a few times every year when low cost airlines release new routes and tickets. Subscribe to their e-mail lists and you will get informed when this is happening. Then you pull out your card, buy all the cheap tickets available. You wait a few weeks or months and start selling them with a healthy profit. A ticket that costs £10/$18 6 months in advance may cost £50/$90 a few weeks before departure. Your price must be a bit below the cost of buying it directly from the airline in order to attract buyers to “unknown you” instead of big safe low cost airline. It is a matter of trust, but price can compensate.
The window of opportunity for this idea is closing fast due to increasingly hefty fees from airlines for changing the names on the tickets.
Word of warning: Only use credit cards to buy money making assets
If you are using credit cards you are likely to get an annual interest on the debt of 15-25%. It is essential to buy money making assets that have the potential to create a profit, so that you can pay back your debt as fast as possible. Keep the fancy cars or computers to a minimum.
