The whole point of taking time NOW w/a small investment is to investigate if it is worth a six-figure investment LATER.
I don't just dump six-figures into an investment without having a great feeling for how it works, how it needs to be managed, etc. Time spent on due diligence is not time wasted.
I wasn't specifically asking you MJ, but since you responded
Listen, I still think it makes little sense. I don't believe the dynamics of you learning a $25-$50 loan are going to carry over to a $1000-$5000 loan on a P2P site. (yes, I understand we aren't discussing the total loan amount, but just your portion).
The guy looking to borrow $500 to pay for some medical bill is a different debtor than the person wanting $50k to remodel their rental.
They are different customers with unique backgrounds and
goals - and I'm not sure the small scale investments teach you about the bigger ones.
Now, it's been at least a year since I poured into any of this myself, so, maybe the game has changed....
Maybe my more simple point is - I guess as wealth preservation, on a large scale at $100k+, sure, it's better than the bank, and it's probably a bit more fun than truly passive income. I get that.
But, I looked at it, and just couldn't justify the time spent, even if it was to learn.
By the time real capital is deployed, it's like fishing with dynamite. I just didn't see the return justifying the energy inputed. Even at 9.5%+.....
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Also, on a much more simple note. You, MJ, are a very smart guy. You are the reason behind all of us being here.
I will be rather honest and say I'd much rather be reading about you doing the next *amazing* business thing, than you playing in P2P lending with the rest of us.
Maybe that's just giving you a hero complex, and I shouldn't do that, but, I think a lot of us look up to you, and what you've done.
It motivates us (me at least).
I think of you as going to mixers and meetings and networking with the next wave of internet professionals, hustlers, grinders.... the people working to make the next awesome internet things....
Not you sitting at home chasing 9.5% by lending to Joe Broke in Oklahoma.
You're amazing and you're an inspiration, maybe this thread is one of the first that doesn't inspire me (well, that float tank one was pretty weird too...) - and that's coming off here.
I just hope you're out crushing it today, keeping the beacon shining strong for the rest of us trying to emulate what you did.