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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.

RDP Thursday: Farm

long-horse-faceFarm, that’s an interesting one. Farm? It’s been a really long time since I’ve been to a farm. The last time I spent much time on one was when I was in third grade. We took a week long trip and lived in yurts while we worked on and learned about living on a farm. It was interesting. We learned about milking the cows, making butter, and many other things, I’m sure. We did a lot of interesting things at my school, a Waldorf school. Waldorf schools generally teach by doing/experiencing, so we saw and did many exciting things throughout the years. In 4th grade we studied all about the history of our state, and therefore we took our class trip to a ranch in the mountains, where we hiked, learned about the mountain men, made items by hand, and stayed in an old style bunkhouse!

 

All of those things aside, the very first thought that popped into my mind when I read the word farm on the rdp site, was thinking about when my boyfriend and I went trail riding. He had never been before, and I hadn’t been in over a decade, but I loved it. It was magical! I want to do it more and more often. My horse, Smoke, was so sweet and responsive. I wouldn’t trade it for the world. The other horses in the corral may have gotten a little jealous because I gave him lots of pets and love. In fact, the horses that hadn’t been on the ride immediately trotted over, happily, when they saw the post ride nose rubs that he got. It was such a special experience! I could truly go on and on and on about the whole experience and how much it meant to me, but I won’t bore you with all of the details. I will say this: the serenity, the green grass, the quiet, the wide open spaces, the beauty of the forest, the space to breathe, to think, and to just be, was incredible. Whenever I get stressed now, I think back about how it felt to have the room to be with these majestic animals out under the beautiful sky, while enjoying the experience with my love made me feel liberated on the inside. I’ll never forget it. It was life changing, and I recommend that everyone should have the chance to experience this.

RDP Wednesday: Sibling

Today’s word…sibling…what to say about sibling? I didn’t expect that this word would be something I’d be writing about. I guess I would start by saying that family comes in many forms. Although sibling means that you are connected by blood as a brother or a sister (and I have 4 that I love dearly), I think that friends are also family that you’ve chosen. My best friend, for example, is more than a best friend to me.I call her my sister from another mister, and her daughter calls me her aunt. We talk for hours on end, probably even more so than I talk with my actual family. She and I are so tight-knit, I couldn’t ask for a better best friend. She’s been there for me through all of my ups and downs, my happiest moments, and the darkest times. She will be a part of my entire life. I love her so much! So yes, by definition siblings are biologically related to you, but in my opinion family is what you make of it. She is part of my family even though I only met her when I was 20. Here’s to hoping that each any every one of you gets to have a best friend and confidant as fabulous as mine (raises glass and cheers’s the daylights out of yours, too)!