What would you do if you didn’t need any money at all? Would you change your job? Stay at home with your children? Take care of your (grand)parents? Do (more) charity work? You can do anything you want if you don’t need a job for your income. This sounds like a great dream, like something that can never happen. But if you start building a passive income, you can actually realise this dream.
It does take a while, but it’s not too hard, everyone can do it and you don’t need loads of money or a massive income to build up your own passive income. In this blog I’ll show you how it can be done!
Why become financially independent?
I started investing in 2017, mainly because I wanted to see how it works and if it turns out be profitable. It would be awesome to become financially independent one day. I am learning more about investments everyday and I like to share this information with everyone that is interested in building a passive income.
As a mom with a low income, I want to show you that one can still invest and build a passive income. Off course it does take more time than for people who make a lot more each month, but if you don’t do anything and just live your life like you have been doing, you will never become financially independent and retire early (well, as a mom I never really retire I guess ;-))! I am going to give you an update on my investments every month. In this first blog post I will give you an overview of my current investments.
Saving up or spending?
I saved up some money in the years before and in 2017 I started to use part of my savings to invest. I invested €9000 in Geld Voor Elkaar (Dutch platform) in 16 different projects with interest rates of 7% ~ 9%. If all projects end succesfully, I will have almost € 1875 extra money after 5 years (if I don’t reinvest the returns). To compare, if I would just leave this money on my savings account with the current interest rate of 0,03%, I would get less then € 3 each year.
Yes, I can’t use the money for anything else, but this does give me a passive income. This also means that I have to figure out what I want. Own the newest gadgets, have a nice car, go on expensive holidays, etc. Or: put my money to work and invest it for a financially independent life in the future.
If I keep reinvesting my money, the returns will increase exponentially (more on this in another blog post). This means that some day, I will have built a passive income that generates the same as my job currently pays. That means I could stop working and turn into a fully dedicated mom while still having the same income as I had before I started investing.
What am I up to now?
In 2017 and the first half of 2018 we were busy with the kids, moving to a new home and a new job, but lately I started to gather information about investing again and decided to work towards financial independence! I found some more platforms with good reviews and I transferred some money there. Not all of the money is invested yet, I am still working on that (time is scarce this time of year ;))
My current portfolio
|Geld Voor Elkaar||€ 9.000,00||About € 8.000,00 still invested|
|FundingCircle||€ 900,00||Most still invested|
|Envestio||€ 1.000,00||Deposited but not invested yet|
|Crowdestor||€ 1.000,00||€ 500,00 invested so far|
|Grupeer||€ 1.000,00||Deposited but not invested yet|
My plans for the blog
I will start my next blog with explaining what peer-to-peer lending exactly is for everyone that is new to investing. After that, I am going to review the different platforms one by one. The platforms section of the site is pretty empty at the moment, sorry for that, but I am trying to put all my spare time into this blog to give you and myself a good overview into the different platforms.
I will also give you an overview of my invesments every month. How much have I invested, on which platforms and how much my passive income is every month.
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