Re: Taking out a prosper loan to buy stocks
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Well go for it man, but it sounds like you're persuading yourself into a get-rich-quick mindset. If the 5 stocks remain stagnant, this adventure will cost you a lot of money. If they drop a little bit, a whole lot more.
Yeah you're young enough to be able to take a risk like this, but at the same time, a risk like this can set you back financially a couple years as well.
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I agree with your post completely, assuming one thing: If I could commit myself to saving a set amount of money each month, I would not need this loan. However, since I depend on myself to transfer my own money to the stock market each month, If I would otherwise miss just one month, this loan makes it worth it for my future, as the one thing I won't mess with is my credit rating.
Even if my stocks stay stagnent, at a 0% return, I will have $25k in 3 years. If I don't take this loan, I cannot guarantee I will save $25k over the next 3 years. Does that change your mind at all?
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