First things first, my name is Peter, and I am 26 years old. I have studied accounting, and I used to be a financial advisor in a small financial services company. I make a good living at this point (For Greek standards), and I want to start investing a part of my excess income in order to secure some passive income as I grow older. I have no debts and have no housing payment. I was the kind of person that was not really big on savings, but I wanted to start investing so I can have enough to retire early and comfortably by the age of 50. The purpose of this blog is to publish my financial journey towards financial independence and early retirement (or as people call it in short, FIRE), as I make it, with you and also have some “supervision” in order to save as much money as possible. I will publish all my money-making activities as well as my plans and hopes for the future.
My initial first goal is to generate about €1.200 of passive income on a monthly basis through peer to peer lending. At this point, I will be close to being financially independent since that is the amount of my current monthly expenses.
I wanted to start investing for a while now and researched some potential investments. To be completely honest, I have a lot of investment ideas. An essential thing for me is to create some passive income that can be reinvested. The ones that I was most interested in were the following:
- Dividend-paying stocks with growth potential
- Low-Cost Index Funds or ETFs (Exchange-Traded Funds)
- Peer to Peer Lending
- Cryptocurrency Mining (After all its pretty trendy lately)
For several reasons, that I will get into in a future post, peer to peer lending was a better match for me, so I started researching between the different ways and platforms. The platforms that stood out were the following Grupeer, Mintos, FastInvest, Robo.Cash, Lenndy, PeerBerry, Viventor, ViaInvest, EstateGuru, Crowdestor, and Bondora. There were probably hundreds of peer-to-peer lending platforms to choose from. The one that I thought was the best for me was Mintos. You can read my “Mintos Review” that I am explaining why I chose Mintos as my first platform.
But the main reasons were:
- Decent returns with Buyback Guarantee
- Large platform with over €480 Million Loans Funded (01/2018)
- It had very attractive cashback campaigns at the time. -Up to 5%-
- A large variety of loan originators from a variety of countries and different currencies to invest in. Which also meant high liquidity and I would have no problem finding “attractive” loans
- Excellent user reviews online
There was an issue with one of the loan originators in 2017, but that didn’t put me off.
I made a small deposit of €100 to test the waters before a make a larger deposit and then made a couple of €1.000 deposits which I invested in the Primary as well as the Secondary market.
My current plan is to invest about €150-250 per month in Mintos. I will also be investing in some growth stocks in the NYSE, but that is going to be more like gambling than investing since I am going to trading and I will not opt for dividend paying stock since there is a 30% withholding tax from dividends in my country. I also want to diversify between different platforms and types of loans. The platforms that I want to diversify on are the following Grupeer, PeerBerry, ViaInvest, , Fastinvest, and some others.
The reason is that they all have decent returns, buyback guarantee, and they are all offering Euro-denominated loans, which I prefer because I don’t want to assume the currency risk and currency conversion fees. You can read all available platform reviews here.
As I said, I am also going to be investing in stocks, but this blog is going to be focused on peer to peer lending investments in Europe/EU.
I will be posting monthly or bi-weekly reviews of my portfolio and any issues that come up as I go. I hope that this blog will be an excellent opportunity to exchange knowledge and ideas in order to maximize our returns.
If you like to contact me, my email address is email@example.com
Until Next Time,