With summer time winding down there is a lot to get into. Markets will begin to come to a slow paste as well as work being that everyone is on vacation. I want to point out a few things that can occupy your time and you make money as well.
Prosper.com has been a steady gain for me over the years. This is an online peer to peer lending company. The way it works is that you browse a list of loans that a potential loanee might want. Say for instance Joe wants a $10,000 loan he will apply for it and once he is approved through Propsper’s lending process then they will allow the loan to post so that you can browse it in a listing. Some of the criteria that you can use to make your decision are current delinquencies, Inquiries in the last 6 months, First credit line, Occupation, Debt/Income ratio as well as employment status. When you decide upon a person that you want to loan to depending on the criteria I just mentioned then you will buy into their posted loan listing. So as I said before if they wanted to receive a loan of say $10,000 then you can offer min $25 all the way up until the whole loan depending on how much risk you want to take on. My personal strategy being that I don’t want to take on that much risk as well as I don’t have that much money in the first place is to place the minimum $25 to give towards the loan. Once enough people give enough from the range of $25 up to the maximum amount, then the loan become fully funded and then you can start collecting you monthly yield according to the listing. There are to 2 terms either 3 yrs or 5 yrs. I usually choose the 3 yrs terms listings simply because I want my money back faster.
The key strategy that I employ is to get as many minimum loans that have good criteria as possible. So say I have 100 $25 loans and each of these loans I am getting different yields but we will say I am getting 5% from all of them for shit’s sake. Every month the loan will receive a payment from the person who took it out. That payment will be evenly dispersed throughout all of the lenders who funded the loan. In short if the more of these loans you get the bigger the payout monthly when you get your portion yeild of the payback. As I get a payback from these loans I apply it to another loans and the process starts all over again and as a whole the payout gets bigger and bigger. There is a risk that the person getting the loan can charge off, but hey life is a risk.
Creating a brand of some sort or marketing your unique service can be a hustle as well. Just think if you have been doing something for years consistently that puts you in the position as that of a professional at it. So why not become a consultant or get paid for providing the service. If you are working for someone remember that is their brand you are building and not yours.
I was driving the other day and happened to look at the back of several cars. I noticed that everyone has their own form of advertising be it that they want everyone to know that they love huskies, that they are a Panthers fan or the cars symbol. I thought to myself we are all advertising for someone else why not create a brand yourself find a way to market it and build upon it??? Keeping the ultimate goal of I want to build wealth and leave a legacy will help you keep proper perspective. If you create a brand of some sort now think about how big it can become over the years if you put the same energy into it as you are at your regular day job.
You tube has been a great idea that I have been looking at a lot lately. If you have something that makes you unique a skill set, or even a hobby. You can make money from it. I am subscribed to a lot of channels on YouTube and as I add more and more channels to my subscription playlist, I start to pay attention to their subscribers and their content. What I noticed is that some people are just being themselves and making money from it. For instance there is a channel that I am subscribed to based solely off a guy’s dog. This dog is the only one on the channel being filmed and he just does different things with this dog every other day and guess what this guy has over 300k subscribers! This translates into $$. The internet has connected the world in many ways and this being one of them for the good of making a profit. Who would think that there would be so many people out there that just want to look at a cute dog doing random things daily? I have seen videos on YouTube that are how to videos that has over a million views that are making money! Unbelievable! The thing about YouTube is there are a million niches that you can find there and it’s connected to the world! So find one and get connected and start making money. Just like any brand or product it’s built over time.