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Let’s Talk About Prosper…

While researching different p2p (peer to peer) lending platforms, I learned that the two most popular and mainstream options are Lending Club and Prosper. They have similar set-ups and goals, but they certainly differ in their requirements to be a lender. They’re both great, it just depends on how much money that you have to start off with. Lending Club requires a starting amount of $1,000.00. That also means that you could start to make a decent monthly return (don’t forget that return includes BOTH principal payment and interest together, not just interest). My financial situation does not allow for me to have a free $1,000.00 hanging around…yet. I’ll get there eventually. Patience is key in the financial improvement world when you have little to start with. In comes Prosper. Honestly, I know more about Prosper than Lending Club simply because I am able to invest with them. Prosper only requires a first deposit of $25 and the minimum to invest in a loan is $25.

So yay! You’ve ready to invest your first $25 into a loan! Where do you start? What’s your game-plan going to be? Don’t know yet? Neither did I, and I’m still learning and growing. Bear in mind this one awesome detail: you don’t have to fun an entire loan by yourself (and in my opinion you probably shouldn’t). You can put in as little as $25 per loan. These loans are funded by a large group of investors, not just one, so it’s less risky if you invest in many loans with smaller amounts, than one loan with a larger amount. How do you choose which ones to invest in? It’s tempting when you get on the list of available loans and you see that D grade loan with a 23% interest rate that looks so attractive…soooooo attractive. Then you see the A grade loan next to it that looks…not quite as attractive. You think to yourself: really? 7%? Ugh. But there’s something important about the difference between these two loans and it’s a huge deal when you can’t afford to lose any money. As attractive as that high interest loan might seem…it may not be the best option for you…or it could the be that the A grade loan isn’t right. I’ll tell you why.

 

When Prosper vets’ borrowers they have a multi-step process. Borrowers enter information about their finances including their income, what the loan is for, etc. Prosper also tells the individuals funding the loan valuable information that could sway an investor one way or another. Prosper rates each loan based on historical statistics of loans of its kind. The ratings go from 1-11, with 11 being the more secure loan to invest in, and 1 being the riskiest (according to Prospers algorithm). Personally, I know that people make mistakes just like I have, so I give a little wiggle room when it comes to the grade and I generally accept 7 or higher. I think about it like this: on paper I did not look that great in the past, but I’d not default on paying a private loan to anyone, as I know that people work very hard for their money just like me. Therefore, I know that Prospers number grade may not encompass the entirety of that borrower. Even with their advanced systems they can’t avoid a borrower who may default on their loan who may have a great numbered grade. It’s unfortunate, but it’s true. Then I look further because I need more info to decide, but Prospers grade is a good starting point. I’ll let that info sink in for now.

I know it’s a whole world of financial possibility that I’ve introduced you to, and we’ll talk about the next steps in my consequent posts. Remember, you can always message me questions and I’ll get back to you asap!

 

P.S. Also, please remember to consult a certified financial advisor when it comes to the big decisions that you need help with. Although I have knowledge in this area, I would not pretend to be an expert. Happy financial improving! 😊Holding-Hundred-Dollar-Bills_4460x4460

Monsoon-RDP Sunday: Sheets

Sheets. Man, what a weird thing this word made me think, at first!  You’d think that the first idea that would’ve come to mind is bed sheets…but no, my weird brain has to come up with sheets of New York City summer rain. I never thought that when I moved to New York City I’d be sent running for the nearest building because of the torrent of water coming from the sky pretty often! When I say torrent, I mean heavy, drenching to the bone, heavy, flood-like rain…quite often. I will say this: there was one time when I was inspired by people who were effected by…your guessed it: the rain. I went to see Troilus and Cressida at Shakespeare in the Park, and the actors continued on in the pouring rain as if nothing had happened. They had to be drenched down to their shoes, but you’d never know it by their acting. I was crazy inspired!

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Composing Beauty

Ingenuity, I love that word! It has such a nice ring to it, and such a deep meaning (at least to me). I view ingenuity as an essential skill in creativity, and creativity/ingenuity an essential skill of surviving in this new, digital age. I find it fascinating that one can create a job or a career for themselves where there was nothing before. In today’s day and age the opportunities for money making are endless. One of my inspirations for this exact thing is Lin-Manuel Miranda, internationally famous composer of Hamilton, In The Heights, and a member of Freestyle Love Supreme (who, I’m sure, has many more credits, both famous and not, to his name).

I’m absolutely enthralled by his tenacity, skill, perseverance, and his genius. He literally put himself on the map in the entertainment world. He created something brilliant using just his brains, skills, experience, and a pencil and paper. Not only that, but it’s given other artists the opportunity to be a part of the beautiful, caring community that he’s created throughout this process. He’s even changing the world and peoples’ lives by using his works to support causes that he cares deeply about. That, to me, is ingenuity. It”s creativity. I could write many, MANY more paragraphs about my admiration for him as an artist and person, but I’ll get to that in a later post because I could write a novel on it with my ability to go off on tangents and daydream (although that is not a bad thing).

With technology we have the tools to create new things every day. Heck, this article is new right now. It is not a masterpiece of an article, but it’s being created now, in the moment, and shared. Nowadays we have all kinds of opportunities for financial success, we just have to use our ingenuity to build on them. For example, in the past we couldn’t write something and automatically earn money  within a moments’ notice. Now we can. We couldn’t write a book and have it published on amazon without going through the proper book publishers outside of the company and then selling it…but now we can self-publish books and sell them online. We couldn’t automatically create a video of ourselves performing and broadcast it to the world, thereby gaining fame. Now, we have stars who got their start doing just that on youtube. The opportunities are endless. When you think about it, once you open up your mind and heart to creativity so many ideas can come pouring in, and you just have to work tirelessly at them, with all your passion and heart, to create something that you truly stand by. You don’t even have to create for others. Create for yourself, and your passion, care, tenacity, strength, and genius will shine through and you will find your own success by using inginuity.

Designing Your Money

Piggybacking on my last blog entry about how you compartmentalize your money…how do you design your money to work FOR you? There are so many ways you can get the most out of your dollar. I don’t mean to sound like a penny pincher, but how you use your money and where you place it can have a big impact in the long-term on whether it makes money for you or whether it stays the same amount. Think about it: do you really want to continue to trade your time for money for your whole life? Or do you want to put your money to work while you work, or while you’re on vacation, or while you’re at your kids’ baseball game, etc.? I like making money while I sleep. Soooo….that begs the question…how do you do that? There are a multitude of ways!

Banks have designed a system that really works for them. They loan you money or give you credit to use, and you get the assistance you need to pay whatever bill it is that you owe with that money, whether it’s groceries, school loans, you name it. They also must fund their own business, so they make it work for them by giving you the money in return for extra money on top, aka interest. If you’re able to pay your bill back in a super timely manner, the interest you pay would be lower than if you take a long time to pay back the money. Now that’s a smart transaction for them. You get something from them, and they get something from you. They’re making money in their sleep. They’re not spending time working for the interest, but they’re making money regardless. You can use that model, too. You can, in a way, be your own bank! It’s called peer to peer lending.

I had no idea about peer to peer lending until about a year ago. There are many platforms that you can choose from, but the two most popular ones are Lending Club and Prosper. As an investor with peer to peer lending you can log on to the platform and search through the available loans. They are graded in slightly different fashions on each site, but mostly some form of A,B,C,D,E, and HR, with A being the lowest interest rates but the customers with the best concoction of information (credit score, income, percentage of credit used, rating, etc.) and HR being the highest interest, but considered the more risky loans to invest in. In my next blog I will go into more detail about how this process works and what strategy (so far) has worked for me.

This is what I consider designing your money. Instead of simply earning it, you’re creating a system in which your earnings make you more earnings without trading your time. It’s a gradual process, but it’s interesting. I highly encourage you to think about how YOU think about your money, and how you utilize it to its full value. Keep following my blog for more information weekly, and enjoy your day!

Ciao for now, and as always, please consult a certified financial professional for all of your big financial decisions. I’m simply here to enlighten and help, but I’m not a financial advisor.

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Designing Your Money

Piggybacking on my last blog entry about how you compartmentalize your money…how do you design your money to work FOR you? There are so many ways you can get the most out of your dollar. I don’t mean to sound like a penny pincher, but how you use your money and where you place it can have a big impact in the long-term on whether it makes money for you or whether it stays the same amount. Think about it: do you really want to continue to trade your time for money for your whole life? Or do you want to put your money to work while you work, or while you’re on vacation, or while you’re at your kids’ baseball game, etc.? I like making money while I sleep. Soooo….that begs the question…how do you do that? There are a multitude of ways!

Banks have designed a system that really works for them. They loan you money or give you credit to use, and you get the assistance you need to pay whatever bill it is that you owe with that money, whether it’s groceries, school loans, you name it. They also must fund their own business, so they make it work for them by giving you the money in return for extra money on top, aka interest. If you’re able to pay your bill back in a super timely manner, the interest you pay would be lower than if you take a long time to pay back the money. Now that’s a smart transaction for them. You get something from them, and they get something from you. They’re making money in their sleep. They’re not spending time working for the interest, but they’re making money regardless. You can use that model, too. You can, in a way, be your own bank! It’s called peer to peer lending.

I had no idea about peer to peer lending until about a year ago. There are many platforms that you can choose from, but the two most popular ones are Lending Club and Prosper. As an investor with peer to peer lending you can log on to the platform and search through the available loans. They are graded in slightly different fashions on each site, but mostly some form of A,B,C,D,E, and HR, with A being the lowest interest rates but the customers with the best concoction of information (credit score, income, percentage of credit used, rating, etc.) and HR being the highest interest, but considered the more risky loans to invest in. In my next blog I will go into more detail about how this process works and what strategy (so far) has worked for me.

This is what I consider designing your money. Instead of simply earning it, you’re creating a system in which your earnings make you more earnings without trading your time. It’s a gradual process, but it’s interesting. I highly encourage you to think about how YOU think about your money, and how you utilize it to its full value. Keep following my blog for more information weekly, and enjoy your day!

Ciao for now, and as always, please consult a certified financial professional for all of your big financial decisions. I’m simply here to enlighten and help, but I’m not a financial advisor.

What Kind Of Dog Is Right For You?

I’ve been a dog lover since the age of eight years old, and I certainly have my own thoughts on which kinds of dogs I prefer…in the end I love them all, but I do prefer the larger breeds. Now…if I had it my way I’d have my own sanctuary or something of the kind that would benefit all dogs that are having trouble being adopted or who have been abandoned. Who knows, this may happen in the future. It saddens me to no end to think of any animal being put down unnecessarily and alone in the world. They all deserve to be loved in return, and they are the best at loving. Now, to my next point: how can we give our dogs the best life possible? Here are some of my tips as a dog walker in NYC…have fun reading!

  1. Make sure that your apartment or home (especially if you live in a cramped city like NYC) is a suitable space for a pet. A lot of NYC spaces are very small and truly only suit one being comfortably. Although it may work great for you, that doesn’t mean it will be ideal for your pet. Bigger dogs need room to exercise and romp around during the day when you’re not there. Think about it: your dog will be staying indoors at your home for the entirety of the time you’re working, out with friends, etc. That is probably very monotonous and could lead to depression in dogs. When they’re depressed they often become unruly and develop bad behaviors because they’re not happy, just like humans! So…make sure that you have a big enough space depending on the size of the dog you’re interested in. This leads me to my second point.
  2. Socialization. Although NYC is not a very large dog friendly kind of place, there are ways of providing a great life for your lovebug if you’ve got the funds to do it. All of my family pets have had the opportunities to live in places in the foothills, free to roam on our land, and plenty of open space to play with and explore. Our Rhodesian Ridgeback had a best friend who lived in the same neighborhood! The two of them would play and romp together for hours on end. They were inseparable! Two big doggos wrestled and played all day and came in pooped in the evening several days per week, at least. My mother worked long hours daily, so she would drop our dog off at his friends’ house or vice versa so that he would get exercise and be social. He was such a happy dog because the owners made it a great time for the two puppers! Now, what NYC’ers can do is this: investigate doggy daycare ideas. There are so many of them in the city and they are in very high demand. I recommend finding one that will take the dogs to the park sometimes, and that will supervise them responsibly throughout the whole time. This playtime and interaction can help to mitigate the difficulty of living in the city with a dog, as they will feel loved while you are out making a living and cuddling at home with them in the evening! Another service you can look into is dog walking. Wag and Rover are two of the most popular dog walking services, they’re great, and signing up is very easy. You can even search for dog walkers on the site for Rover and choose one based on their price and profile! I highly recommend this option as well. Just be sure that you meet your dog walker first to make sure that this is the right person for you and your dog! Plus…depending on the walker your dog may get more exercise and love than with another walker, so meet and greets are very important. Although, given a choice between the two, I’d look into doggy daycare at least several days per week first.
  3. Make sure you look into the different breeds before deciding. Some dogs’ typical habits make apartment life more difficult or less than other breeds. Their energy levels can vary as well. Some bark more than others, too. Our Rhodesian hardly ever barked!
  4. On a more personal note, I want to see every doggy and kitty get adopted out there, so the first place that I, personally, would go would be the shelters. No matter the breed, you might just find your best friend there. Many shelter dogs are the biggest lovers I’ve ever walked/met and I’ve walked a good amount of dogs. With the right training and care they can become the best behaved loveys. Yes, I also call them all my loveys. 🙂 It’s almost like they know they’ve been rescued…or is it them that are rescuing us?

As always, please be careful when selecting your pet. There are always possible dangers, so please be careful with pets and kids, etc. Also…have fun!