If you read personal finance blogs, you’ve likely heard about prosper.com. Prosper.com is an on-line borrowing and lending service similar to ebay, but for micro-loans, instead of for stuff.

How the service works is borrowers request a certain dollar loan, and provide information about their credit, their desired interest rate, and the reason why they need the money. Lenders have the option to ‘bid’ on loans (e.g. loan a specific amount to specific borrowers), which they feel maximize their return and minimize their risk. Prosper.com is the corporate agent (e.g. borrowers technically borrow from prosper and lenders lend to prosper).

The fees seem modest, only .5 percent for lenders and 1 percent for borrowers.

At any rate, we’re going to try it out. Our initial capital will be around $500, and we’re targeting getting a 10% return after taxes and fees.

We are still getting the money transfer set up, but we will post more info as it becomes available…

-James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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