I hate to admit it, but even though I live pretty comfortably, it seems I’m always attracted to find an easier way to earn extra money in order to improve my lifestyle by my terms, not my employer’s. I have tried all the usual suspects that you have and almost always seem to be too late, or not good enough, or scammed. After all the things that I tried and lost money on, not to mention all the time and frustration, I finally gave up on everything and just decided to be content and enjoy my family more.
Several years later through mint.com(online budget management site), I noticed some messages that made me aware that the approximately $3000 in my Wells Fargo savings account could be treated better elsewhere than at my bank which was earning 0.2%. It was called Peer to Peer lending (P2P). After thinking about the claims that I could earn an average of up to 9%, my entrepreneurial spirit began to soar again. As I looked at the various lending platforms on the web, I chose to place $100 into Prosper.com and Lending Club. I then read some reference material and purchased a book on P2P and learned as much as I could. The strategies I learned were simple and easy to follow. I then purchased 8 notes and then forgot about them.
Fast forward to January of 2013, I receive an email that my 1099-OID statements are ready. I quickly found out that I earned $12 in one account and $22 in the other. I was shocked to say the least to see I earned that much interest on $100 in one year. Mind you, I purchased the notes in 2011, therefore I had earned some interest the year before as well. Even more interesting was that I had more than $25 in free cash and so I purchased one more note each. Then it struck me, I had just learned how to make money on my money! And furthermore, I was compounding my money by purchasing an appreciating asset with interest earned from another asset. In theory, this is how the banks always end up earning so much money, because they lend money and when a fraction of it returns, the lend out even more and are earning interest on interest. If you want to pay the genuine amount of interest over your loans then you should consult the right money lender Singapore as they have considered the best and the most reliable in allotting loans.
I started to read some of the financial news and discovered that this concept is starting to gain traction among some very credible sources, like for example this article from WSJ. If you’re like me, when you see articles like this, you know you are on to something. I decided to put more effort into the P2P business and I purchased $3000 worth of notes ranging from 8-18% interest. With the expected loss rates, I will probably earn around 9.5% interest this year, and more, as I aggressively purchase my monthly repayments in more notes. I really enjoy this business as it does not take much time and it doesn’t stress me out or take time from my family.
I like this concept so much, I’m actually sharing this idea with other professionals in order to help them find what they need as well as earn some extra cash to buy more notes with. Please share this article with your friends and associates, or contact me if you have more questions.