One of My Investments Matured! (MyConstant)
I woke up this morning to two exciting emails from MyConstant, a site/app I'm currently using to invest some money!
I opened my account with MyConstant in early March, and since then have earned $1.75 in interest, and I currently have another $100 invested that will earn me another $2 in interest, not including additional interest from continued reinvesting! MyConstant is probably my favorite investing app I'm using at this time. The app and website are both super simple to use, and the interest rates can't be beat. If you invest for a month, you get 6% interest, 3 months is 6.5%, and 6 months is 7%. My savings account currently gives me a 1.05% interest rate, so there's a huge difference there! Even if you don't invest your money for a period, your deposited balance still earns 4% interest, compounded every second.
While my returns are small, it's important to remember that my initial invested amounts are also small! At this time, my account is funded with $115 of my own money, but my total balance now, after the promo balance and interest I've earned is at $124. Since interest on your balance is compounded every second, you can literally watch your money grow! For me, somebody who isn't great at investing because it seems like such a long process, being able to watch my balance grow is super satisfying and definitely encourages me to keep my money in and growing.
There's also some features for MyConstant that I don't use at the moment, but will potentially try out in the future! You have the option to take out a loan, to deposit and lend out crypto, and to trade in the secondary market, where people are selling their loans before the term ends.
A lot of times, P2P lending can be risky because you don't know if the person you're lending to is going to default. If that happens, you'll be out of luck and only be able to recoup whatever they've already paid you. With MyConstant, while about 14% of loans are liquidated because of default or collateral devaluation, you will never lose your money, because MyConstant will liquidate the borrower's collateral to ensure you receive all your money. Knowing that definitely made me feel a lot more confident in lending with MyConstant, and I'm glad I did.
MyConstant is growing every day, and I'm planning on sticking to investing with them for a long time. Once my debts are paid down, I'm definitely going to invest a lot more to take advantage of this high interest rate and good security. If you're interested in joining MyConstant as well, you can sign up at this link, and you'll get some money as a promo balance! It won't be enough to sink into your own 6-7% loan, but you will receive the 4% interest rate and it's pretty easy to wire additional money to start that high-interest lending!
I hope you check out MyConstant if it sounds like something you're interested in, otherwise I'll be back on 6/2 with my end of May check-in/June planning update!
Thanks for hanging out today,