“All big things have small beginnings” IG @Inspyire
DISCLAIMER: Please read our disclosure policy here. Links in this post may contain affiliate links and as an Amazon Associate, I earn from qualifying purchases..
We all have goals in life. My goal is to create wealth that will last for generations. So, I decided to take the matter in my own hands because no one will do it for me.
I’m learning tricks and techniques from the wealthy, and it makes so much sense now. They don’t work for money, they are looking to acquire assets that will give them a stream of income whether they work or not.
One of the oldest ways to earn passive income is lending out money. Just like the banks. Banks give out your hard earned money in loans, they collect monthly payments (interest) and they have no risk since it is not their own money anyways. You see how well they do, don’t you?
How do you become the bank you say? Through LendingClub.
This is how it works. You rent out your money to other people, and the rent you charge is the interest rate. Which will vary depending on how conservative or aggressive you want to be. But now you are the one getting paid! Not the bank.
Instead of having your money sit at a normal bank account and pay more in fees than what you get in interest every year; you collect a diversity of interest.
So, now thanks to technology, you can spread out your risk by lending only $25 to each note. That means if for some odd reason the borrower can’t payback, you only lose $25. Again, the probabilities are on your side.
Let’s get a little bit deeper now. Let’s say a borrower needs a $25,000 loan.
He or she borrows $25 from 1,000 people; instead of going to just one entity (like a bank or rich person), for the full $25,000 which would be very risky to that one entity.
As you can see, this scenario presents much less risk because the most you could lose is $25.
As you can see, I don’t only write about these opportunities, I’m also invested and can prove it works. I put my money where my mouth is. No empty words here.
Just 15 years ago, this was impossible, but thanks to the internet and it’s wonders, it is very possible in this day and date. The peer-to-peer lending industry, as it’s known, is thriving for borrowers and investors alike.
Note: Currently only residents of the following states may invest in LendingClub notes and it may change in the future as contracts expire: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, ND, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, or WY.
Bonus: Business Idea
Disclaimer: This is not my idea. I saw the idea on Pinterest and I’m sharing it with the hope of helping others that might have this talent and would like to make some extra money.
Are you good at sports?
If you are, choose the sport that you are good at and buy the equipment required to train. Depending on the sport let’s say it will be a front investment of $300. You will need to advertise to the students at local schools near you.
Do a 2-hour class with 20 students at $10 per student. We are looking at $400 per day. With 261 working days on average per year, that translates to $104,400 extra per year.
Begin your Road to Wealth!
Leave your comment below. If you liked it, pay it forward. Share it on social media and help others become successful as well. Your success will be the result of two things: Knowledge and Action.
Follow me on TWITTER, PINTEREST, INSTAGRAM, LINKEDIN, FACEBOOK for more posts and updates.
If you have any questions, you can reach me at firstname.lastname@example.org