Sunday, August 5, 2012
Trying out Lending Club
I had mentioned a while back that I wanted to try Lending Club to make a little more money from my money. Right now my biggest financial goal is to save as much cash as possible, and I don't really see that changing much over the next 3 years. I have the expense of replacing two vehicles, replacing the rest of the windows in our house and other home improvement projects that will need cash. Plus I still want to take that awesome vacation next year. So because I have a bunch of cash sitting in the bank, that money can kind of double as my emergency fund. If something comes up, we can use the money we were setting aside for the windows or the vacation and put it towards that emergency. I still want to keep a $4,000 base emergency fund, but I want some of that money to make some passive income for me. I haven't decided how much I want to invest, and right now I just opened an account and put in $100 to get a feel for how it works. If I like how the first $100 goes, I'll probably add another $1,000 or so. It won't be a life changing amount of money, but every little bit helps!