Comments on: Traditional and Non-Traditional Ways to Access Large Amounts of Liquid Cash

By: Michelle

Michelle — Thu, 29 Apr 2010 02:49:28 +0000

Great list you have here, people always think that personal loans are the only options they have. Nowadays, personal loans are plainly difficult to get especially if you have a bad credit score. So with this article we fairly have an idea to what other options we have.

I have heard about Dividends on a Whole Life Policy before, but never really paid attention to it or thought of it as a liquid cash option.

By: Evan

Evan — Mon, 21 Dec 2009 05:05:30 +0000

Nope No Particular Order…just as they came out of my head when I was typing. What order would you put them in?

By: EOW

EOW — Mon, 21 Dec 2009 00:12:08 +0000

Is there any rhyme or reason to the order you chose? Just to add, I would say the biggest expense of a 401k loan is lost opportunity cost. Then in order not to make this an issue on a loan from your whole life policy you should have a non-direct recognition policy.

By: Evan

Evan — Thu, 17 Dec 2009 14:34:37 +0000

Your point is well taken, but I don’t have the testicular fortitude to drop a couple grand in there in one shot.

But I am happy with my little $25 monthly which is the minimum amount for a loan. So between the $25/month and reinvesting all incoming loan repayments I am funding about 1.5 new loans/month.

Is it going to replace work? NO WAY, but in a couple years it could be a viable option for some side money which isn’t correlated to the market.

By: Financial Samurai

Financial Samurai — Wed, 16 Dec 2009 21:59:32 +0000

$550 is not bad Evan! The next question is, do you feel lucky? Would you put in thousands into your account?

B/c let’s say you received a healthy 10% rate of return on your $555 a year. That’s $55.50. It could buy a great meal at TGIF with the wife after tax and tip, but maybe not much more. When does the Evan big bucks start going in there?

By: Evan

Evan — Wed, 16 Dec 2009 17:28:22 +0000

FS,

100% Fair Request. I will do a post tonight or tomorrow about my entire prosper account. FULL DISCLOSURE, right?

But a quick answer for you – $550ish in loans; re-investing all proceeds since they came back to NY in sept, and putting $25/month of new money into the system

By: Financial Samurai

Financial Samurai — Wed, 16 Dec 2009 14:20:28 +0000

Ya gotta tell me about your “love” for Prosper! I’m skeptical, since everything is so new.

If you love it so much, tell me you have all your cash there making a return?

One site promoted Prosper, but the site owner only had $60 bucks invested with them! lol