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30 Year Mortgages Are For Suckers

30 Year Mortgages Are For Suckers

I have a confession to make.  I live and work in New York City, but unless I get a major upgrade in pay, I don’t ever expect to own a home here.  Why?  Home prices are crazy here, but even worse than that, I think that 30 year mortgages are for suckers, and that’s the only way that I could ever be able to afford mortgage payments.  Before you get all upset with me for talking down to you about your own mortgage situation, hear me out. […]

One Year On Prosper

One Year On Prosper


With banks paying virtually nothing in interest on small accounts, I turned to Prosper.com last year to possibly increase my rate of return.  It’s time to see how the initial loans that I made are doing one full year later.

Out of 11 loans, 5 are just about one year old.  In the interest of fairness, we will look at just those five.  I loaned $25  to each of the 5 borrowers for a total of $125, with an unweighted average interest rate of 9.12%.   I have received a total of $48.48 in principal and interest from these loans. Instead of writing this all down, why not review it all in chart form? […]