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January, 2009

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Social Lending

Being a self proclaimed entrepreneur, I always have about three to five business ideas written down at any given time. I study the way people make money and the way people use money often. I frequently look to successful people that I know for ideas and inspiration. There is one multimillionaire in particular that I know, who I constantly watch and study. One of the avenues he uses to build his wealth is through lending. He does it privately and on his terms, which I can appreciate.

I have spent many hours thinking about how I would run a similar program, when I get to the stage in my life when I have enough capital to do so. Turns out today (while reading Businessweek Online) that I would stumble upon some truly innovative ideas similar to my own. In an article entitled Will a stranger lend you $25,000? I found that there are many people out there thinking like myself, including Richard Branson... a personal hero of mine. A new spin on my idea is the fact that some of these people who don't have the capital or initial finances to loan money out to those seeking it, are hooking up both borrowers and lenders... eliminating the large financial reserves they would need to turn a profit on lending their own money. Being the middle man in market that is a business necessity, can be very profitable.

This acts as an additional aid for me in inspiring creative thinking when comes to money and building wealth. It allows me to further realize that current plans and ideas can and need to adjusted, to keep up with today's fast pace and innovative market place. It also permits avenues to creatively raise capital for unconventional ideas and business.

Contributor's Note
Another taken from my personal blog posts.