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- Newsgroups: misc.entrepreneurs
- Subject: The Great 1993 $150 Challenge
- Message-ID: <lynx.03rw@surrey.amigans.gen.nz>
- From: lynx@surrey.amigans.gen.nz (Lynsey Gedye)
- Date: 6 Jan 93 22:59:48 GMT-12
- Distribution: world
- Organization: Prime Line, Wanganui, New Zealand
- Lines: 67
-
- The scenario:
- A friend of mine, famous for his ability to handle money, has
- asked me to baby sit $150 for him 'til December. I decided I
- would shove it in a bank account and forget it. Then I recalled
- the Bible story wherein the master leaves money with three
- servants. One looses the money, one digs a hole and buries it
- and the wise one multiplies the money. I figured I should at
- the least think about something like that.
-
- The decision:
- Take the money and see just how much cash can be developed out
- of the $150. Time scale Jan 31 to Dec 1.
-
- The challenge:
- OK, net.gurus, what's your advice? I figure this is a good
- exercise to look at with the steady flow of students asking
- pretty much the same "how can I make some money" question.
-
- Minimal risk, minimal time input, maximum output. How about
- we do this with monthly updates - any takers? What can you do
- locally, let's set a target, to double your money in ten months?
- Tell us, then do it.
-
- The local background:
- Today I chased around the local banks. Great day - the NZ$
- decided to dip. Inflation now tipped to go up to 2% =:(
-
- I asked about buying foreign exchange say Australian or US$.
- US$ buy = .5251 Sell = .5010. Australian$ buy =.7703 sell = .7463
- Most banks charge $5.00 per transaction, so unless bulk money
- is talked, it's too expensive.
-
- Term deposits - no way - minimum deposit $500
-
- Pass book account - charge $2.00 per month on amounts less than
- $1000, pay 2.5% interest, 24% withholding tax.
-
- Natinal Australian Bank - 2.5% interest, 24% tax, no fees.
-
- Shares? $150? Joke, right?
-
- Westpac Bank suggest Bonus Bonds. Hmmm, now this is interesting.
- Minimum deposit, $20. No fee, no interest. Money available in Dec.
- Monthly prizes - 1st $200 000. 2nd $ 75 000. 3rd $25 000. Plus
- many smaller prizes, including a weekly prize of $50 000.
- "OK, Mister, I'll have three weekly prizes and a second monthly
- prize to go" =:)!
-
- The prize:
- Well, I don't know about your prize - the adulation of achieving
- a new net.high.score perhaps. My friend doesn't want any interest
- on the money he's "lending" me - and being an obliging chap I
- don't intend charging him any fees for banking with me.
-
- I guess on that basis, the money the Bank of Me makes is mine.
- Like all good banks, my bank will be out to make as much money
- as it can. Ethical dilemma - what if I won first prize at the
- Bonus Bonds? Hmmmmm =:)
-
- So, my fellow entrepreneurs, bankers, lurkers, smirkers, workers,
- jerkers, wizards and lounge lizards... let's have your proposals -
-
- What can you do locally to double your money in ten months?
-
-
- --
- lynx@surrey.amigans.gen.nz lynx@amigans.gen.nz
-