Financial Independence Journey, month 2

Excited to have some improvement to report for the second month of my journey to financial independence. I have successfully began using my second tool – peer to peer lending!

It is surprisingly simple and straightforward for how generally unknown it is. I have been interested in my finances for some time before deciding to begin this journey, and still I had never heard of it until I was actively searching. I believe this could be a very useful tool for many many people, and one can begin with just $25 (with the service I am using). In Canada, the service is called LendingLoop, and I will be reviewing it fully soon in the coming weeks (and tangerine as well, I know I haven’t gotten to that one either. In short, it is a service that gathers lots of lenders, lending small amounts of money to a company that needs loans. No big banks involved, it is simply a crowdfunding service for loans.

I have been continuing to work as the summer comes to a close, and have put away some more money towards second semester now. I do not want to have to withdraw any of my passive income money in order to pay for school, so I am putting around 50% of any money I earn towards school and not including it here. I have a total of $3175 to invest now, and here is the breakdown.

Tangerine Savings Account

Total invested : $2775

Annual return : 0.8%

Annual return $22.2

Monthly passive income : $1.85



Total invested : $400

Annual return : 12.5%!!

Annual return $50.00

Monthly passive income : $4.17


Total Monthly Passive income = $6.02


That is actually something now. A couple cups of coffee a month, by putting away some money and letting it work for me, not bad. Now all of this I will be reinvesting, not buying coffee (spending is the opposite of what I want to be doing to reach my goals). I am happy with the progress so far.

With the far higher returns of LendingLoop, I have invested less and am earning more. To be fair right now my loan portfolio is slightly risky, and over time as I add more, I will be lowering my risk and therefore my return, probably to around 10-11%.

To come before my next monthly update my goal is to publish my review and rating of Tangerine and LendingLoop, as well as some posts on athletic goals for the winter, and the beginning of the university year. Until next time.

One thought on “Financial Independence Journey, month 2

  1. It’s great to see that you’re trying new investment strategies – AND sharing your progress with the rest of the world!

    You really explain why you make the decisions that you do, and I believe that’s helping others (including me) as well.

    Keep up the great work, keep on trying new ideas – spreading your risk – making your money!


    Liked by 1 person

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