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Grand Plan: How to Make $1000 Risk Free

How would you like to make $1000 risk free starting with just $1? It sounds too good to be true right? It sounds like a scam? Well, 99.999% of the time it’s a scam. This is that 0.001% time it isn’t and when you read through my Grand Plan, you’ll know it’s not a scam.

You won’t get rich with the Grand Plan, you’ll just get a little bit ahead. What you do with your new found wealth is up to you – you can pay off some high interest debt, you can put it in a high yield savings account [3], you can put it in the stock market, or you can just hide the money in your house [4] somewhere. Whatever you do, please don’t squander it. Once you do the steps on this list, chances are you won’t be able to do it again. Don’t waste it.

If you’re on unemployment, earning money may jeopardize your unemployment benefits. The tips in this post should not affect your unemployment benefits because they will be reported as bank interest for tax purposes. They will be reported on a 1099-INT form at the end of the year. Confirm with your state’s unemployment benefits department before doing anything recommended here.

ING Direct Bonus

The first step is to get your dollar and open an ING Direct [5] account. You only need $1 to open an ING Direct account and there are no fees associated with it. If you have $250 to spare, you can open an account using an ING Direct referral [6] and get a $25 boost. The promotion requires you to keep the $250 in your account for thirty days.
Balance: $1 ($26 with ING Direct referral bonus)

ING Direct Orange Savings Referrals

Once you have opened an account, you can start referring people to ING and earn $10 each. You have 50 referrals. You can ask your friends, your enemies, whomever you want. You earn $10 and they earn $25. If you don’t have any friends or enemies, you can always participate in Bargaineering’s Bucks program [7] and bid in the auctions [8] on the right to put referrals on Bargaineering.
Balance: $501 ($526 with bonus)

ING Direct Electric Orange $50 Bonus

ING Direct also have a $50 promotion bonus on their Electric Orange checking account [9]. Simply open an account, use the debit card three times, and you’ll be sent a cool fifty bucks. A word of advice, you will have your credit pulled.
Balance: $551 ($576 with bonus)

Open a New Checking Account

If you don’t have a checking account, nows a fine time to open one offering some sort of cash bank deal [10]. The amount of the bonus will vary but you can find one with a $100 minimum opening balance and a $100 bonus. There’s a Chase $100 checking account bonus [11], there’s a PNC Checking $100 bonus [12], and many more.

Be sure to check for fees and minimum balance requirements, as they can get you in trouble if you don’t look carefully. For Chase, the minimum balance is $100, you need a direct deposit or make five debit purchases, and then keep that account open for 6 months. My recommendation is that you find a bank you want to do business with, then find out if they have any new account offers.
Balance: $651 ($676 with bonus)

VirtualBank Referrals

Another bank that has a customer referral program is Virtual Bank. You won’t find them on any best online bank [3] lists but that’s not why you need them, you need them for the referrals.

For each referral, you and the person you refer will get $20 if they open an eMoney market account. You get up to 50 referrals, which is a potential $1,000 in your pocket. These referrals aren’t as easy to pass along as ING Direct referrals and there’s easy way to pass them along (you have to email the person through their system), so we’ll discount it a little. Let’s say you can get 15 referrals of the 50 possible referrals, that’ll put $300 into your pocket.

Since you’ll need an account, you can email me [13] for a referral and tack on another $20 to the total.
Balance: $971 ($996 with bonus)

Sharebuilder Promotion

Sharebuilder often has promotion bonus codes [14] and you can use them for some quick and easy money. Their latest is a $25 promotion code and requires that you deposit $25, make one trade, and $25 will be credited to your account. Purchases are $4 but sales are $9.95, which cuts into the bonus.

If you’re patient, you may find a code for free trades on Sharebuilder, letting you keep more of the $25. For the purposes of our Plan, we’ll put the value of this promo at $21 ($25 minus the $4 transaction fee).
Balance: $992 ($1017 with bonus)

At this point, you’re either $8 away from a full thousand or $17 over it, all with absolutely no risk whatsoever! If you can find a few dollars in your couch cushions or maybe in your winter coat, here’s a bonus offer that might interest you.

TradeKing Bonus Offer

If you’re looking for a place to stick that newly minted one thousand dollar bill, consider TradeKing [15]. Trades are only $4.95 plus you can earn $50 per referral. If you refer someone who opens a new account with at least $1,000 and executes a trade, you and the person you refer will earn $50. I am a happy TradeKing customer and I can refer you, just email me [13] and let me know.

Here are the terms & conditions [16] of that offer, it expires June 3rd, 2010.

There are intangible “costs” associated with this entire project. Whenever you open a checking account with overdraft protection, the bank may do a hard inquiry on your credit report which can lower your score. There are also risks associated with anything involving the stock market, but there are no risks with any of the banks I’ve mentioned – they are all FDIC insured.

With that I leave you to the Grand Plan, a safe and easy way to earn a thousand bucks… starting with just one lone Washington.

What do you think? Was there a promotion or deal that I missed? Please share your thoughts.

(Photo: amagill [17])