If you’re reading this post, hopefully you’re interested in making money online.  If that’s the case, the absolute best investment you can make is an investment in yourself.  Often

times this type of investment isn’t even a financial investment.  Investing in yourself can look different for most people.  For me, it’s a belief that I can do whatever I put my mind to and focus on.  I’ve seen this time and time again.  Given enough time and adequate resources, we can all become anything we want right?  You want to become a Fortune 500 CEO?  You can either join a company and work your way up, then get hired as a CEO, or you can start a company that become so large it’s part of the Fortune 500.  Both of those situations are completely possible with enough time and resources.  For most of us, having adequate resources will be tough to find.

What about more modest goals such as retiring early and devoting yourself completely to your family or your passions?  That’s absolutely possible!  You first need a starting point, and a strategy.  Can you create vector graphics? Can you write simple articles? Are you technical and can create websites? Can you sell something?

On a side note regarding sales, I’m always looking for people who can close pre-qualified leads.  If that’s you, contact me.

So are you a sun shining kind of person with all your money the stock market?  Do you have it all in savings earning 1%?  A mix of both?

Photo of California Sunrise courtesy of SF Brit.

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Making money with Prosper does require some startup capital, but can be very lucrative. All pictures are screenshots from my account.

Here is how to make money with Prosper.

1. Open an account.

Creating an account is easy and free. Here is the signup page.

2. Join my group.

Groups are about more than just community. You will be following my lead and the lead of other group members. When group members are bidding, you should bid as well. Of course that person could still default, but when everyone is doing their due diligence, everyone wins.

3. Deposit money.

When I first started, I deposited $250. That was going to be my total investment. Now after almost a full year, I have over $1000 invested in Prosper and am adding more monthly. You can start with whatever you feel comfortable with. The minimum amount you can bid on any one loan is $50.

4. Find a loan you like.

I like small loans at decent rates. I’m looking for borrowers who are asking for between $1000 and $5000. These borrowers should be asking for between 8% and 29%. I’ve found that borrowers who are asking for a small amount tend to pay it back and don’t default as often as people asking for $15-25,000. That is why my group is for people who are asking for loans under $5000.

5. Lend money.

Choose how much you want to lend, and click the “Confirm Bid” button.  I try to make at least one loan per month on the payments and interest I receive.  As you can see, my cash balance is currently $24.61.  Once it gets to $50,  I’ll make another loan.

6. Cash in!

You have now helped another fellow American and should feel good about yourself. Don’t forget, you’re also making much more than you will in your ING Direct account (currently at 4.5%).  There are people lending on Prosper who have hundreds of thousands of dollars.  Many people will even lend $2000+ on one loan!

Here are my current stats for Prosper.

As you can see I haven’t had any defaults and have an average APY of 12.29%!

Prosper is a great way to diversify and get more than you could in a regular savings account! If you have questions about Prosper, just post a comment!

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