How rollsearching is making me rich

This is probably more detail than I should share and more detail than
most people would *want* to know.
;-)

I am writing partly from pride at my own cleverness, partly in response
to the typical "Aw, you are wasting your time searching rolls" post, and
partly to suggest that what works for me will work for you!!

So...first I have to explain the financial products that are available
to me and then describe my method and my madness. In the end, you will
see that roll-searching is, in fact, making me rich. ;-) You will also
see that I am better off not finding anything in my searches. ;-) And
why none of the banks I use begrudge me the rolls of coins I ask for or
the coins I redeem.

You will also see that by becoming my own credit card company, I have
managed to feed the cats to the rats to make more rats and grow bigger
cats whose skin I sell for profit. LOL!

First of all, there is my 'Primary Institution' which happens to be a
Credit Union. They have my checking and my savings. Checking is free,
but pays no interest. Savings pays the whopping 0.9% annually on
balances above $100. Wow, is that pathetic? However, they have this
very interesting product called a 'Thrift Certificate'. The thrift
certificate requires a $500 minimum, 12 month term, and pays a rate tied
to and adjusted monthly to the 90 day T-bill. They allow only one
withdrawal per quarter without fee, and unlimited deposits with a $25
minimum. Currently, the rate is 4.5% an APY of 4.6%.

Across the street is my Secondary financial institution, a bank. There
I have one account, a Money Market that pays 3.25% with a Visa Debit
card available. I decided that credit cards suck eggs. ;-) In my
lifetime I have paid rates like 9%, 11%, 17% and even, yes, I'll admit
it 21% to credit card companies at varying points. So I paid them off
and dumped them. I decided to be my own credit card, with a $20,000
limit. So I deposited $20,000 at 3.25%, for which those people love me.
Now, in addition to the $300/month I've been adding to that sum, the
VISA debit is my 'credit card'. If I cant pay cash and I just 'gotta
have it', I use that vehicle for my purchase. Works well for emergency
auto repairs and the like, too! For instance I bought a digital camera
from me for $467 at Christmas. I paid back in installments of $167,
$150 and $150. Each payment (TO ME!) earns 3.25% until I spend it
again. The faster I repay me and the less frequently I spend, the
higher my balance goes. Its at $22K now and throwing off an additional
$600+ a year, effectively increasing my 'credit limit'. This bank is
the one I get my coins from.

So. On payday I go to the Credit Union, deposit to checking, and take
$25 cash. I cross the street, write a check to myself for either the
$300 MMA deposit or payment for my last purchase. (Only one purchase at
a time, thanks.) I also hand the teller $25 and get ten rolls of nickels
and ten rolls of cents.

I go home, sort the rolls, keep the ones I like, and take the culls (by
definition less than $25 and therefore too small to deposit to that
thrift certificate) and deposit to savings at the Credit Union. Yes, at
0.9%. Then I take $25 cash from checking, and cross the street to buy
more nickels and pennies. It takes me about a week to 'process' examine
and rewrap each $25, a few minutes each morning and night, longer if I
have insomnia or it rains on the weekend. ;-)

At the end of each month, as soon as the 0.9% interest is applied
(typically about 30¢ total!) I transfer ALL the coin deposits PLUS the
interest to the Thrift Certificate, where it makes 4.5%, and is totally
liquid and available. From the $500 I used to start the Thrift a year
ago, I now have $2,000 and its making $8/month in interest. Its pretty
painless savings and a lot more fun than writing that $300 check for the
MMA.

Now, that everyone has left the room, let me tell you about the
QUARTERS! LOL! Each time I wrap $10 in quarters from household change,
I take it to yet ANOTHER Credit Union where I purchased three CD's.
These CD s are tiered at one year, two years and three years, purchased
in NOvember and pay 4, 4.2 and 4.4 respectively. I deposit the $10
there in a savings that earns 1.25%, compounded monthly, paid quarterly.
It is on course to be $240/year in quarter deposits. When the first CD
matures at one year, I will transfer $200 from savings, add it to the CD
and roll it to a three year. Repeat. Repeat. Repeat. In three years I
will have three three year CDs, one maturing each November, each being
increased by $200 each maturity date, plus whatever CD rate has earned.

That's how roll searching is making me rich. I strongly suggest that
you consider this scheme or a similar one yourself. Starting off
younger yields better results. Get a Roth IRA and make it the recipient
of your coin castoffs. And for goodness sakes, get rid of those
steenking credit cards!!

Alan
'longwinded is not a virtue'

Hi Alan:

Clever, indeed. I like stories like this. Thanks for sharing!

Kind Regards,
John

Alan Williams wrote:
This is probably more detail than I should share and more detail than
most people would *want* to know.
;-)

I am writing partly from pride at my own cleverness, partly in response
to the typical "Aw, you are wasting your time searching rolls" post, and
partly to suggest that what works for me will work for you!!

So...first I have to explain the financial products that are available
to me and then describe my method and my madness. In the end, you will
see that roll-searching is, in fact, making me rich. ;-) You will also
see that I am better off not finding anything in my searches. ;-) And
why none of the banks I use begrudge me the rolls of coins I ask for or
the coins I redeem.

You will also see that by becoming my own credit card company, I have
managed to feed the cats to the rats to make more rats and grow bigger
cats whose skin I sell for profit. LOL!

First of all, there is my 'Primary Institution' which happens to be a
Credit Union. They have my checking and my savings. Checking is free,
but pays no interest. Savings pays the whopping 0.9% annually on
balances above $100. Wow, is that pathetic? However, they have this
very interesting product called a 'Thrift Certificate'. The thrift
certificate requires a $500 minimum, 12 month term, and pays a rate tied
to and adjusted monthly to the 90 day T-bill. They allow only one
withdrawal per quarter without fee, and unlimited deposits with a $25
minimum. Currently, the rate is 4.5% an APY of 4.6%.

Across the street is my Secondary financial institution, a bank. There
I have one account, a Money Market that pays 3.25% with a Visa Debit
card available. I decided that credit cards suck eggs. ;-) In my
lifetime I have paid rates like 9%, 11%, 17% and even, yes, I'll admit
it 21% to credit card companies at varying points. So I paid them off
and dumped them. I decided to be my own credit card, with a $20,000
limit. So I deposited $20,000 at 3.25%, for which those people love me.
Now, in addition to the $300/month I've been adding to that sum, the
VISA debit is my 'credit card'. If I cant pay cash and I just 'gotta
have it', I use that vehicle for my purchase. Works well for emergency
auto repairs and the like, too! For instance I bought a digital camera
from me for $467 at Christmas. I paid back in installments of $167,
$150 and $150. Each payment (TO ME!) earns 3.25% until I spend it
again. The faster I repay me and the less frequently I spend, the
higher my balance goes. Its at $22K now and throwing off an additional
$600+ a year, effectively increasing my 'credit limit'. This bank is
the one I get my coins from.

So. On payday I go to the Credit Union, deposit to checking, and take
$25 cash. I cross the street, write a check to myself for either the
$300 MMA deposit or payment for my last purchase. (Only one purchase at
a time, thanks.) I also hand the teller $25 and get ten rolls of nickels
and ten rolls of cents.

I go home, sort the rolls, keep the ones I like, and take the culls (by
definition less than $25 and therefore too small to deposit to that
thrift certificate) and deposit to savings at the Credit Union. Yes, at
0.9%. Then I take $25 cash from checking, and cross the street to buy
more nickels and pennies. It takes me about a week to 'process' examine
and rewrap each $25, a few minutes each morning and night, longer if I
have insomnia or it rains on the weekend. ;-)

At the end of each month, as soon as the 0.9% interest is applied
(typically about 30¢ total!) I transfer ALL the coin deposits PLUS the
interest to the Thrift Certificate, where it makes 4.5%, and is totally
liquid and available. From the $500 I used to start the Thrift a year
ago, I now have $2,000 and its making $8/month in interest. Its pretty
painless savings and a lot more fun than writing that $300 check for the
MMA.

Now, that everyone has left the room, let me tell you about the
QUARTERS! LOL! Each time I wrap $10 in quarters from household change,
I take it to yet ANOTHER Credit Union where I purchased three CD's.
These CD s are tiered at one year, two years and three years, purchased
in NOvember and pay 4, 4.2 and 4.4 respectively. I deposit the $10
there in a savings that earns 1.25%, compounded monthly, paid quarterly.
It is on course to be $240/year in quarter deposits. When the first CD
matures at one year, I will transfer $200 from savings, add it to the CD
and roll it to a three year. Repeat. Repeat. Repeat. In three years I
will have three three year CDs, one maturing each November, each being
increased by $200 each maturity date, plus whatever CD rate has earned.

That's how roll searching is making me rich. I strongly suggest that
you consider this scheme or a similar one yourself. Starting off
younger yields better results. Get a Roth IRA and make it the recipient
of your coin castoffs. And for goodness sakes, get rid of those
steenking credit cards!!

Alan
'longwinded is not a virtue'