Prediction – March ’08 Will Set A Negative Record

Mar 31, 2008 @ 01:56 pm by EMS

I haven’t run the numbers yet, but I’m guessing this month will beat November of 2007 in the category of negative net loss amount.  My quarterly vehicle deprecation report shows that I’ve lost well over $2,000 in depreciation this month.  We lost nearly $1,000 in unanticipated home repairs, we paid our share of the family summer vacation, we’ve spent about $700 in furniture, and finally, we’ve started a home improvement project that I’ll be commenting on in the near future.

The good news is that I broke even (or came close to breaking even) in my investments.

We’ll see what happens tomorrow when the final numbers come in 🙂

Update on Prosper

Mar 20, 2008 @ 01:33 pm by EMS

With all the recent market turmoil, my returns from Prosper.com are just about the only thing making money these days.  I’ve been quietly reinvesting my Prosper payments over the past six months and currently have about $1,230 invested.  I only invest in AA, A, B, or C rated lenders and I’m averaging about 13% on my loans since the beginning of the year.

I know that I’ve complained several times in this blog about late payments, but the truth is that I’ve only had one payment default in the nearly 2 years that I’ve been involved.  I ended up losing about $42 from that default, but I’m still up about $200 overall.  I’ve become a bit more selective in the listings that I bid on and I’m convinced that I wouldn’t have bid on my one default had I seen it today.

Here’s some tips on Prosper that I’ve collected to help out anyone who is interested in getting into P2P lending:

  • Limit each bid to $50 – lowers your risk across the board.
  • Use Prosper’s advanced search to filter out the credit grades that you don’t want to look at.
  • Sort your search results by percentage filled.  This will show you the “popular” listings, which are the ones that I’ve had the best luck on.  Go with the wisdom of crowds on this one.
  • Try to bid on listings ending in the next couple of hours.  One of the things that I really don’t like about Prosper is that they will take up to 7 days before funding a listing after it has ended.  This means your money is sitting around doing nothing for that time period.

I may begin infusing some more money into my Prosper account if my good luck continues.

Emigrant Direct Now at 3.00%

Mar 19, 2008 @ 07:47 am by EMS

Thanks to yesterday’s rate cuts, Emigrant Direct is now down to 3.00%. This is totally messing up my credit card arbitrage plan.

Emigrant Direct Now at 3.30%

Mar 07, 2008 @ 04:36 pm by EMS

It seems like every time I log into my account at EmigrantDirect, their rate has been lowered.  Now I see that it’s at a measly 3.30%, which is not good news for us savers.  I’ll keep using them because they are better than what I’d get at the bank, but it’s almost not worth the hassle.

Does anyone have a higher rate savings account that I should be looking into?

February 2008 Net Worth Report (+5,710)

Mar 02, 2008 @ 05:23 pm by EMS

Thanks primarily to our 2007 tax refund, we ended up with a decent number this month.  Our investments had another negative month, but the loss wasn’t as bad as January or November.  I had hoped we would have reached the $200K mark by this point, but that goal has been elusive.  Our cash flow numbers continue to be good, so I know that our lower 2008 numbers are due to the market as opposed to any spending habits.

The wind-damaged siding still needs repaired and that will be about $1,000 incurred at some point in the next 2 months.

February 2008 Net Worth



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