Weekly Newsletter   Challenge account   Weekly Newsletter   

My goal with Lending Club

Recently I was thinking what I want to do with my Lending Club account. Actually Rob Garcia asked me that question the other day when we had a short discussion about my plans and goals when investing with Lending Club. I answered that I wanted to invest and reinvest for upcoming next three years and then I’ll see.

I continued thinking about his question. If we are suppose to know our plans and goals prior to investing, well I definitely had no idea what I wanted to reach. Do you know the TV commercial ING Gazillion?

Well, I felt like the guy in this commercial. “So I blindly throw money in it and hope something good happens…”

It is time to think what my plan should look like. I tried to remember why I started investing with Lending Club at first. I wanted additional income which I can invest and thus increase my investing and retirement savings. When I was searching for some money making opportunities I came across Lending Club and even though it wasn’t what I was looking for at the beginning I liked the idea and opportunities so much that I decided to give it a try.

Now I am glad I did it. Currently my return is 12.47%. Where else can you get it?

So I started to think about my plans and how to fit Lending Club into the entire picture. Since I still want additional income, my goal now will be to save the same way as I am doing so far – $100 every month, reinvest all proceedings (principal and interest) as long as my expected monthly income reaches $200 after tax. Once it happens, I will split income, reinvest $100 and withdraw the other half for either spending it on my own or reinvesting into my ROTH IRA account.

Here is my goal so far:

Lending Club Goal

So far I accomplished 15% of this goal.

1 response to “My goal with Lending Club”

  1. New Investor says:

    I’m thinking about investing and have been reading deleted by hellosuckers.net. You have some great information here that built on what I got from there. I hope I can make the leap and start investing by myself soon and with articles like this I feel more confident.

Leave a Reply

Your email address will not be published. Required fields are marked *