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Messages - neals384

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31
Off Topic / Re: Favorite Beer
« on: May 24, 2014, 01:47:39 PM »
"Hey Mabel!  Black Label!"
https://www.youtube.com/watch?v=ZUd6lYNc_EE

32
General P2P Lending Discussion / Re: state requirement
« on: May 24, 2014, 01:16:53 PM »
pemerson,

Before you do this, think about the state income tax implications.  LC will be reporting your income to the State of Missouri as if you were a resident there.

33
Investors - P / Re: Prosper advises users to change their passwords
« on: April 24, 2014, 01:59:51 PM »
Well I'm not changing my Prosper password... I'm fond of my existing password since it's my cat's name.  Since they sent out this email, and I disregarded it, does that mean I am suddenly responsible for all my losses if some crook hacks my account and does nasty things with my notes?  I can't see how such a gently worded email does anything in the CYA department.

Gosh, Core, now all of your friends who know your cat's name can hack your LC account.  Oh, wait.

34
Investors - P / Re: Prosper advises users to change their passwords
« on: April 24, 2014, 01:57:54 PM »
heartbleed is the reason for most recent password change warnings.  I'm changing all of mine.

35
FolioFN - Prosper / Re: First
« on: March 11, 2014, 11:02:17 PM »
At least one sane lender uses Prosper because he lives in a no-LC state.

36
Investing - General (not P2P) / Re: Lending Club's IPO
« on: March 09, 2014, 01:07:10 PM »
IMHO, any public company that makes its money predominantly from fees has a very limited upside.  Unlike the big banks , Goldman Sachs, etc., LC has no skin in the game, and, therefore no ability to make the big bucks.  They are also vulnerable to competition which would impact any long-term projections.

If they change management after the offering and manage their day-to-day operations more efficiently, they should be able to perform well over the long-term.  However, if any real money is to be made on their stock it will be at the IPO, and if you are unable to participate at that point then I would suggest to steer clear of the after-market and wait a few quarters to see what shakes out.

Like Rob L, I wish them luck, but I currently plan on skipping this one for the reasons I give above.

Well, here's another thought.  When your business is producing stuff, say a fast food chain or an oil company, ongoing growth requires continuous capital investment.  A significant portion of profits is plowed back into new restaurants or oil wells.  When your business is money, especially online, comparatively little capital is required for growth. 

Last year, XOM made $32 B profit and reinvested $33 B in capital expenditures.  MCD made $5.6 B and has capex of $2.8B.  BAC made $11.4 B and had $0.5 capex.   INTU made $0.8 B profit and only $0.13 B capex.


37
Seems like a natural fit.  After all, P2P is grass roots funding.

38
Investors - LC / Re: Lending Club is a Sub Prime Lender?
« on: March 07, 2014, 05:42:53 PM »

39
Investors - LC / Re: In LendingClub's Defense
« on: March 02, 2014, 09:12:08 AM »
For all the griping, moaning, trash-talking, bugs-not-getting-fixed, and all that other crap that we post about here in the forums, I want to say that LendingClub is still an excellent service that provides substantial returns. So for as much as I complain about XYZ happening, I want to make it known that I am still very satisfied with the company overall. Not only has it provided income for myself, but it has also provided a thought-provoking and productive environment that makes me a better trader/investor. These forums are especially useful, giving me ideas that I might never have thought of on my own.

When the company IPO's later this year, I will be first in line to buy some shares.

Wait!  Peter promised the assistant cheerleader position to me!

40
Investors - LC / Re: Historical rates by sub-grade?
« on: March 02, 2014, 08:53:38 AM »
LC publishes investor rates by sub-grade on the "how-we-set-interest-rates.action" page.  Until today I didn't even notice that rates dropped for lots of sub-grades at 6pm on Feb 13.  C5 was particularly hard hit, dropping from 16.24% to 15.61%!

My platform will be collecting LC (and Prosper) rates on a weekly basis, and it will give me an alert next time rates change.  Attached is a graph I have produced for B4 to D2 notes.  I only have history going back to Jan 2014 though.  Does anyone have historical rate data(going back to 2007?) they could send me.  It would be great to load that into my DB.

~Harlan~

Since Prosper went to multiple rates per grade in 2012 it is quite difficult to determine exactly when their rates change.  However, the overall trend has been toward lower rates, by 5% or more in the higher grades.  Best bet would be to chart monthly average rate by grade.

41
Moderator:  this might be placed in the "Investors:LC" category.

42

Thank you very much. My questions are surely answered: a person in my position could not use LendingClub, and Prosper is most likely not much different. For good reason; I understand and agree with the requirements. Of course I would say that I am the infrequent exception, and that I am different; but nevertheless, I'm not entitled to anything. Those standards are in place to protect the lenders and the borrowers.

Ah, well if it is very unique and interesting that you're looking for - I could tell you one of my many great business ideas.  :D How 'bout this: Sophisticated miniature golf.

Aren't you tired of going to play some mini-golf and the greens are all tacky? Well, my love for horticulture and amusing past-times (and making money) thought it would be brilliant to incorporate a miniature golf course into a type of formal garden. That way, a person could attract both those who enjoy visiting beautiful gardens (very popular in some places) and those who enjoy playing a round of mini-golf. And for a three-in-one, you could have a small tea garden & potager, and sell it in an on-site tea and sandwich shop. A perfectly quaint attraction.

Or maybe if the camera is more your speed, how about an educational programme in the vein of Antiques Roadshows but showcasing the magnificent finds of metal-detecting? If you've never browsed metal-detecting forums, you might be surprised to see how often members find interesting items such as beautiful gold and silver coins that are centuries old; interesting historical items such as early colonial artefacts, presidential campaign memorabilia from the early 19th century, "Civil War" relics, and native 'Indian' items; and in Europe too they find all those things plus another thousand years in age! Each of these items have a neat history to them, I think it would make for a great programme to learn about it and also inspire people to get outside - be active - and look for these treasures themselves.

Those two things and many more I would like to do later in my life, but the reason that I'm considering (and will probably inevitably apply for) a loan right now would be much less interesting to you. It would be for investing. Those cool businesses will take a good deal of capital, much more than I would borrow unless I was very wealthy. The loan I'll probably apply for will be only $4,000-$5,000. And the only reason that I'm even considering that is because I'll have that money eventually anyways. As I said in my original post, I'm saving just about every cent after buying food & paying for car insurance. So eventually, 12-15 months from now, I should have it. It could be sooner, but I like to be conservative in this case. The reason I'm considering a loan is because it would speed up the process a bit, obviously, and also it would actually help build credit. If I'm going to be saving that money anyways, what would be the difference of putting it into a bank instead of paying it to a bank?

D_B_O:

Congratulations on thinking about your future and coming up with some ideas.  Also for seeking out folks who have "been around the block" for some feedback. 

The best advice I ever received was to find something I liked and make a career out of that.  If your real passion is miniature golf and gardening, then find a job or get some education in that area.  On the other hand, if you like investing and sitting at a computer all day, you might consider building a career in the finance industry (you'll need to go back to school).

Others have provided some good feedback on options trading.  I would simply add that generally speaking, people provide a product, service, or their labor that others want, and receive a salary, commission, or a business profit in return.  What exactly is the service a day trader provides, and to whom?  There is no customer, and as such a day trader is simply seeking a free lunch.  Fortunately, most who seek a free lunch do not succeed.

Best wishes to you!

Neal

43
Just now on Prosper and did not get the error.  It could be because I'm using Firefix rather than Chrome, or prosper has already corrected the problem.

44
Off Topic / Re: Do you need a rental permit for a roommate in your city?
« on: February 13, 2014, 03:16:06 PM »
I'm not a landlord or a rental expert, but this sounds like it could lead to trouble for you.  Once living in your house, what's to stop your tenant from calling the city to complain about the issues with the house?  And once in, they may be very difficult to evict.

45
Investors - P / Re: Prosper Returns
« on: February 02, 2014, 05:11:37 PM »
Does that mean I got braggin' rights?  Mine only dropped to 10.5% seasoned.

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