Hey friends! We're getting towards the end of the month, so you know what that means! It's time for another update on what's happening with MyConstant this month.
In the past month (since my last update on 6/23), my $50.50 investment matured, pocketing me another quarter, and I also earned $0.19 in interest on my Flex balance since my last update. That's $0.44 cents in a month with no effort on my part. It's not much, but it does add up! 44 cents a month is over $5 per year, and that's not even including the fact that the interest compounds continually, meaning my balance is constantly growing. Because of interest compounding, I already earned an extra 7 cents in July than I did in June.
Last month, I covered that they were planning on reintroducing ACH. That happened shortly after my last update, and I deposited an additional $75 into my account, and started a couple new investments. Right now, I have two 30 day investments (one for $50 that will earn me 25 cents in interest tomorrow and one for $50.75 that will earn me 25 cents in interest on August 14) and two 180 day investments (one for $50 that will earn me $1.75 in interest on October 7 and one for $60 that will earn me $2.70 in interest on December 28).
Moving forward, my investment plan with MyConstant is to deposit $75 each month, keep reinvesting my investments (principle + interest) as the initial terms end, and start at least one $60 investment per month. Before my next MC update, I'll reinvest that $50 (+$0.25) that matures tomorrow, and start a new 30 day term on 8/6.
An exciting update from MC this month is the introduction of a lottery! You have the option to invest in the lending lottery, where you get 1% interest plus get to choose numbers for a lottery ticket. Every day of the week, a number is drawn, and at the end of the week, if you have any matching numbers, you'll win an additional amount of money on top of that 1%. You can win up to $10 million if you match all your numbers!
The interest rates for the investments have changed again, but this time they have unfortunately dropped. This is due to the crypto market falling, which makes perfect sense, but even with the reduced interest rates, the rates are much higher than any other secure investment platform. I love that MC has been transparent about this update and knowing that the interest rate can go up again if the crypto market strengthens in the future.
I really like using MyConstant, and I like the fact that they're always updating and adding more features for their users. If you want to check them out, you can sign up at this link, and you'll get some money as a promo balance, which you will receive the 4% Flex interest rate!
Thanks for reading, and I'll be back next week with my end of July update! Jayme