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Samson Oil & Gas Limited Message Board

  • billglueck billglueck Jan 8, 2011 1:33 PM Flag

    @ Quest

    Quest,

    Walk me through the mechanics of your zero percent interest credit card transactions for buying stocks. I'm better than the average bear at using other people's cheap money to make big piles of money but I've not integrated the zero percent interest credit card offers into my speculation strategy and I'm intrigued. Are you taking cash advances against 0% interet cards, investing the advance and paying the monthly minimum until you're well into the black?

    Never too old to learn a new trick. Thanks in advance.

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    • I thought you said you can't put $40K in a SEP? You said that a few posts back and now you use the $40K in your compound interest example?

      Are you OK Billy?

      LMFAO

    • You're reading comprehension skills are worse than a 4th grader. Go back and read the thread you idiot. I never said anything about $10 mil but if you understand anything about compounding of interest get out your computer and hit one of the finanical websites and give yourself a financial educations. Figure out how long it takes to accumulate $10 mil if you're putting $40k a year into a SEP, earning 20% per year and not paying taxes.

      It's clear from your posts you never made it to college or dropped out. Do yourself a favor and educate yourself. Ferg has a degree in finance and is an astute investor. He's not delivering pizzas for a living and still living with his mother.

    • Billy it says $49K on your link.

      That said the $10 million in retirement accts was the stupidest thing you have ever penned. No wonder you only deal in penny stocks cause that is all you have!

    • On $25,000 the minimum payment is about $325 per month.

    • So Quest, If I get a balance transfer from BOA which offers me 0% til April 2012 with a 4% fee, I expect that they will want a minimum monthly payment as well. What is the usually accepted amount according to your estimate?

    • Cash advance fees yes, but I said these are not cash advances. They are called "balance transfers" by the card companies but they really are just loans since they allow you to just plop the cash into your checking account even if you have zero credit card debt. It is just a misleading term they use. IT is simply a 0% loan that nowdays has a 3% one-time fee up front. A few years ago it was 0% with 0 fees. But I had an 800 credit score.

    • Like I said, they used to until about 2 or 3 years ago. Now you pay 3% up front one time. So you pay about $700 to use $24,000 for one year with no interest and no additional fees. Not bad still. Not bad at all.

    • Goldie,

      You are a moron of indescribable proportions. Were do you come up with your idiotic info. You can put 25% of your income up to $49k per year into a SEP account.

      Here's the link with the limitations. No wonder you deliver pizza for a living.

      https://personal.vanguard.com/us/whatweoffer/smallbusiness/sepira?WT.srch=1

      This is EXACTLY why I went back to the drawing board on my rare earth DD after I saw your post pumping rare earths. I was certain there was no way rare earth's could be any good if you thought it was a good play.

      How do you you tie your shoes in the morning?????

    • "What happens in your scenario if he's playing on margin?"

      I'm playing my scenario. He has to play his scenario. As I said, I'm not suggesting borrowing 25K on a $25k account. I'm talking about what I consider a business person's account, and a business person's borrowings. That is, as I said before, borrowing the amount on maybe a $250K portfolio, and not putting the borrowed money all on one stock.

      If all the person has is $25K in the account, really that is not a lot of money. We all start someplace and we're all new about something. It's just my opinion that a guy with a very small portfolio who believes it's the bee's knees to borrow $25K at no interest, is a person who likely does not have options for borrowing at good rates elsewhere.

      I also don't go for the argument that the success of the investment means it is a validation of the method. That is, the argument of >> I believed I could make a lot of money investing in SSN, so I borrowed $25K at no interest cost to me, and I did make a lot of money in SSN. So borrowing this way was good and is good. The fee is just a non-starter -- an irrelevance. Or maybe said differently - I made 50% on SSN in a short period of time just as I expected and hoped, so borrowing money and buying on SSN this way is a good use of leverage. Anyone should do it when they come across no-brainer opportunities that people are finding in the Bakken and elsewhere.

      I just believe this is very very risky. Which you seem to allude to. That is, you point out it's a non-recourse loan (unlike borrowing against stocks). Which I infer means, okay, so the stock goes against you and you can't pay back the bank. Tough for the bank, but you the borrower are okay, because the bank can't come back at you the borrower. So borrow away without fear (??)

      I don't understand the exact mechanics of the $25K interest-free loan. I assume that the person has to make minimum payments -- repaying the principle by some amount. What would that amount be? $500 a month? 1% of the loan ($250/mo)? Somehow that person has got to find the money somewhere to come up with those payments every month. Because the money itself would've been spent (invested) in the stock that was borrowed.

      That's it for me. I'm tired of discussing this; there's no resolution here. I'll give you-- you guys -- the last word.

    • SEP is $49K/yr of course.. still $10 million?


      LMFAO

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