The idea is bittersweet. The bitter is much more prominent than the sweet. I feel a bit sad about the prospect of liquidating my new investments, but I really wasn’t in the position to be investing in the first place.
I have around $1,000 in notes in my LendingClub account. I will update this when I actually start the liquidation process. I have withdrawn 80 or so bucks in the last month or so. The majority is due to a couple loans being paid in full, while the rest trickles in at ~3%per month. That is currently around 35/mo. This would slowly diminish if I were able to do this over time. I do need the cash to catch up on my bills that have become too far behind to leave me comfortable.
I should reign in my spending on food and quit the tobacco, but that is not really going to happen yet. I have a “fun expense” of around 50/week. This depresses the hell out of me, as is. I have been in a stink for a couple months because of this reality. My job pays horribly, but the experience that I am gaining is very nice and will lend to a substantial pay increase when I finally manage to get hired by another engineering firm. As of Friday, I have been submitted to a couple jobs via a contracting agency. And I am hopeful to get the job. However, I am a bit underqualified for it have doubts. Just crossing my fingers and praying about it. If i did manage to get that job, I would practically triple my income and then I would increase my investments (savings at first) to a rate of around $1,000 bucks per week…. I can barely imagine having an extra 1k each week to stockpile, but I can imagine. Heck I’ve already outlined prospective ways to spend the cash.
Enough for now, the process of lendingclub requires you to start an account through another site and they require an approval process for the government that may take up to 4 days.
Now, I will play Warcraft to pass the time until bed and again to work tomorrow.
Update to this:
Sold perhaps 3 with ~5% gain, sold a chunk at -3%, then a few during the few days where I dropped gradually but quickly to -9%. Next, I dropped the rest to -11.5% and sold 8 more.
I have around 9 of the original 43 (I think) notes remaining. And 1 is really late, so I doubt it will sell even at -50% where it stands.
As a side note to all this, a couple weeks ago the one loan that was over 3 months late paid and it landed me a $4.21 deposit. This was reassuring and shows that there’s still hope with loans that are far overdue.
The picture shows my income. But I didn’t save the first withdraw of $380 to my calendar. I must be around $680 since selling on Folio. I am pleased so far.
Just knocked my sell prices down another few percent. To -15% or less. There’s 6 open notes current.
Since the last update, none have sold. I lowered the price by another bit. Down to 19% and the late one at -56%.
Another $40 withdrawal from LendingClub. I’m sure a little is from regular payments and likely 2 notes sold. I’m at a remaining account value of $192.98.