What did I do?

Well I’m not saying that what I am suggesting on this website just fell into my lap – absolutely not!

I looked at many other options before I found this.

The High Interest Myth

Image by TheDigitalWay from Pixabay

I began this journey by researching high interest savings accounts.

The term ‘high’ in this sentence is a myth. You have probably been down a very similar path to me and found the same thing. That is why you are here.

We had just sold our holiday home so had a little bit of cash that was sat doing nothing. Not a fortune, around 14,000 Euros. It seemed a waste for it to just sit there and gather dust so to speak. So…

I looked for high interest savings accounts in the UK. The high street was offering around 1-3% at the most and not all these accounts were available to everyone…

I expanded my search to Europe. After all my money was in Euros so this made more sense to be honest. I was new to all this malarkey and learning as I went.

There was a number of face-palm moments throughout my journey believe me…one of the reasons I started this website.

I made the mistakes so you don’t have to!

Evolving Estonia

During my search I came across a little-known bank called Intus bank based in Estonia. This part of Europe was actually really switched on in terms of banking and investments etc.

Intus offered long term savings accounts between 7.5-8% – this was more like it. So I chatted to the guys over there (very approachable people). Their offer was great, but the level of investment required to get these rates was just out of my reach.

I searched down the back of the sofa, but I couldn’t make up the difference.

I considered going halves with a friend as a joint investment. This brought new problems.

What if one of us needed to take our money out before the 5 year time limit?

How could one compensate the other?

We also discovered the bank were funded by peer to peer lending. This didn’t sit well with my friend and he withdrew his interest.

Legally there was nothing wrong with this but morally my friend had issues… I, on the other hand, have no ethics…

I joke of course, I had to balance these ethical questions by finding ways to compensate. Interested in how I did this? I will be writing an article which covers exactly this topic, shortly.

Subscribe to my blog, not to miss out.

Cutting out the Middle Man

I investigated peer to peer lending sites or P2P as they are commonly referred to on Google.

The level of investment was much much lower and the interest rates in double figures.

Why did I need to go through a bank, when I could go direct to the Loan Originator?

I read and read and read some more, especially in terms of risk… It was the solution I was looking for and so I took the plunge.

I registered on several platforms. Made some mistakes. Navigated the currency transfer, exchange and withdrawal systems. This would make your head spin, but I was determined that I should not incur fees for using my own cash.

Follow the Guide

I am having a lot of success using my model of investing in high interest loans, whilst managing risk and negating transfer and exchange fees.

If you sign up for my ‘Guide’ I will show you which sites I use.

Which were good, which were less so.

How I managed my risk, the pitfalls I fell into and how to avoid them.

And I will provide you with links to follow and make your first investment, if that is what you choose to do.

Hop on over to my Freedom page. This might help you find your own ‘why’ and to understand what freedom means to you and me.

Check out the Planning page to witness my spreadsheet addiction. The assumptions I had to make and how I set my targets.

Visit the MoneyWorkX page to review my portfolio and my progress to my goals. I have been completely transparent and am still growing my investments.

I don’t have a fortune to invest, but I am planning on my version of financial freedom in the near future… curious? Go take a look!

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