Seems that 2018 is a year of great experiments for me, I have started to build up an emergency fund, also I've started 52 weeks money challenge and now I have decided to run another financial experiment - matching interest earned on mintos.com peer to peer platform.
The challenge is simple, at the start of each month I will match and deposit the same amount I received from the platform in the previous month.
Disclosure: This article contains affiliate links to mintos.com peer to peer lending website, by clicking on links on this page and by making an investment on mintos.com, I might earn affiliate income at no cost to you. Also, I'm not a financial advisor and I don't give you any advice, I'm just sharing my own experience. Investments in stocks, funds, bonds or cryptos are risk investments and you could lose some or all of your money. Do your due diligence before investing in any kind of asset.
I've been investing with Mintos.com since the start of 2017. The platform has turned out to be the most successful in terms of interest received. Mintos contributes regularly to my dividend income reports with largest percentage of income generated. Despite I really love how the Mintos.com operates and generates income I keep humble investments here. I'm cautious with peer to peer lending in general. Lack of regulation and so on.
A lot has changed since 2017 and I have been investing in the Baltic stocks and cryptocurrencies heavily. I still deposit time after time some money on mintos.com platform, but I keep it doing irregular. In fact, for the rest of 2018, I have decided to work out to build a high yielding US stock portfolio and I'm not planning any large investments neither on Mintos platform or the Baltic stock market.
In April I got EUR 48.11 in interest from Mintos platform. In the month of May, I will match it and deposit EUR 48.11. As I keep all interest received on the platform and reinvest, by matching interest I will double the power of interest. On average my investments on Mintos yields me about 1.10% monthly. Let's do the math.
- Without matching: 48.11+1.10% = 48.63 (interest EUR 0.52)
- With matching: (48.11x2)+1.10% = 97.27 (interest EUR 1.05)
By matching to the interest received I'm making an extra one euro per month. Here comes the power of compound interest.
Let's assume that I made EUR 49.16 in the month of May (48.11+1.05), in June I will match it again, but this month it will be 2X49.16 = EUR 98.32
Let's add an interest: 98.32+1.1% = EUR 99.4 or EUR 1.08 extra
I'm not saying this matchmaking will cardinally boost my earnings on the platform, but I'm saying that over a term of one year it's possible to boost total income from about EUR 48 to about EUR 60-65 even with depositing (matchmaking) small amount of money.
I will keep this experiment runing for the next 12 months. An extra EUR 12 ($14.35) could add up to my goal reaching $300 per month in May 2019 dividends. For right now, my projected May 2019 earnings stands at USD 140.12, by adding $14.35 it would mean $154.47. Still short of $146, but let's leave that for another article.