Portfolio update October 2019

Portfolio update May 2019 : P2P investments Envestio Bulkestate Reinvest24 Viventor FastInvest Swaper Robo.cash Twino Mintos Bondora Crowdestor Crowdestate Grupeer Kuetzal PeerBerry Wisefund reviews

Dear friends, family and financial freedom seekers from all over the world.

October was quite a month… I quit my day-job!

Since I have 3 months notice, my last day will be January 31st. However, I’m on paternity leave until January 2nd and I have more than 5 weeks of vacation left, so I might not come back at all.

Why quit now? Well, since I reached my first goal of 3 000€ per month back in July, I started looking at my options. As my good friend Mark described this blog post I could retrire in Portugal and live a pretty good life already, since costs of living are lower than in Denmark.

So, in October we spent 14 days in Portugal in this wonderful house to try to get a feeling for the country. If you’re new to AirBnB you can get up to 40€ off your first booking through this link.

We really enjoyed the country and it wasn’t hard to imagine us living there. So why not give a shot now that we have the chance?!

Here are the numbers that makes it all possible!


Monthly Income Statement: October 2019

Crowdlending Income XIRR Value
Bondora -510.26€ 5.21% 17 669€
Bulkestate 0.00€ 2.10% 10 100€
Crowdestate 18.73€ 6.60% 6 825€
Crowdestor 334.60€ 14.88% 48 619€
Envestio 421.20€ 20.82% 29 163€
FastInvest 56.16€ 16.66% 5 112€
Grupeer 255.54€ 15.16% 22 780€
Kuetzal 425.92€ 24.70% 26 786€
Mintos 298.64€ 16.90% 23 344€
PeerBerry 59.35€ 11.60% 5 094€
ReInvest24 1.22€ -2.95% 986€
Robocash 279.94€ 12.79% 11 863€
Swaper 155.19€ 14.49% 12 920€
Twino 61.66€ 13.68% 0€
Viventor 53.19€ 9.70% 5 117€
Wisefund 349.92€ 28.99% 30 676€
2 261.00€ 11.16% 257 059€
Real Estate Income Equity
Property #1 691€ 39 425€
Property #2 1 162€ 58 518€
Total 4 114.00€ 355 003€

That means I’m 137.13% Financially Free (up 12.80% from last month).

My second goal of 7 000€ per month reached 58.77% (up 5.49% from last month).

Portfolio performance: Historical view

Income from Crowdlending & Real Estate combined was 4 114.00€.
(383.97€ more than last month).

Monthly income graph from investments

“Crowdlending (except Bondora)” reached 2 771.26€.
(499.27 more than last month).

Crowdlending income graph

Bondora

Another disappointing month on Bondora … It won’t be long until the negative months have gobbled up all the interest earned in the beginning.

Bondora negative income graph

112.80€ was recovered in October but I still have 25 732€ in defaulted loans.

Bondora cash flow from recoveries October 2019

I do not recommend investing with Bondora unless you use the “Go & Grow” product only.

If you want to use Bondora’s Go&Grow as a savings account and earn 6.75% interest rate with instant liquidity, use this link to get 5€ free when you sign up.

See more info and screenshot from my Bondora account

Bulkestate

I still have an article about Bulkestate on my to-do list. I already visited them from September 18-20. We saw some of the development projects and had some good conversations so I already have all the material needed for the article. I will find the energy for it this month, I promise.

I hope I convinced them that monthly interest payments is the way to go! If they implement this, I will surely deposit more money to my account.

Bulkestate income graph

Many people ask me why I don’t have Estateguru in my portfolio. The reason is, I believe Bulkestate has better projects (lower default rate) and higher interest rates. I prefer quality over quantity.

See more info and screenshot from my Bulkestate account

Crowdestate

I’m slowly leaving Crowdestate.

The amount of delayed projects and especially lack of communication from Crowdestate has reached a point where I’ve had enough.

Crowdestate withdrawal

I’ve been happy with Crowdestate until now but it’s not the same platform as it was 2 years ago. They used to have several high yield development projects, now most of them are 11%.

In my opinion, Bulkestate is a much better platform for Real Estate investments.

Crowdestate income graph

See more info and screenshot from my Crowdestate account

Crowdestor

Crowdestor is still my favorite platform at the moment (even though Wisefund is getting close to be on par). They offer high interest rates, amazing performance (all loans have been paid on time) and a great variety of projects.

Crowdestor income graph

The big spike in August happened because I received my first payment from the “Energy production plant” project which pays interest after the first 6 months and every month after that.

The Movie project was published yesterday! As far as I know, this is the first time a movie is funded through crowdlending. The interest rate is very generous, 18% fixed + up to 12% bonus if ticket sales goes well!

Mafia Stars round 2 is also open (18% fixed + up to 14% bonus), so if you’re looking for high yielding projects this is your chance to get involved. Both will most likely be funded within a week.

I transferred another 10 000€ to Crowdestor today and invested 5 000€ in each. My Crowdestor portfolio value is now 58 650€.

Crowdestor warhunt and mafia stars

Crowdestor is working on a website update which will be available soon. I have been testing the new site for them for the past few days and it will introduce some new features such as an “upcoming payments list”, “interest earned graph” and “2 factor authentication”. I’m sure you’ll like it.

See more info and screenshot from my Crowdestor account

Envestio

All projects on Envestio have paid me on time from the day I started in Jun-18.

I’ve already earned more than 5 000€ from interest payments on Envestio, that’s pretty neat.

They don’t publish as many projects as Crowdestor but interest rates are still high (typically between 16.5% to 18.5%) even though they have 12 000 investors now and 28M EUR has been funded!

Envestio income graph

Currently 2 projects are available for investment at 17.5% and 18.5% interest:

Envestio projects

If you sign up and invest through my referral link, you will get a 5€ bonus when you deposit at least 100€. In addition, you will also get a 0.5% cash back on all your investments the first 270 days.

See more info and screenshot from my Envestio account

FastInvest

FastInvest is still doing what it’s supposed to do: invest and reinvest automatically.

FastInvest income graph

They announced a new loan originator “Kviku” which we already know from platforms like Mintos and Viventor.

FastInvest loan originators kviku

We still have no idea who the other loan originators are but announcing Kviku it’s a step in the right direction. Hopefulle the rest will be revealed soon.

See more info and screenshot from my FastInvest account

Grupeer

I earned 250€ on Grupeer for the first time. Looking at the stability of the income graph below, I expect this to be the new standard.

Grupeer income graph

Grupeer recently updated their website with a list of all loan originators and introduced loan originator ratings.

Grupeer loan originators

Grupeer loan originator ratings explained

See more info and screenshot from my Grupeer account

Kuetzal

Kuetzal returned the same amount as last month. As usual, they all paid on time.

Kuetzal income graph

Next month should be 13.93€ higher because I reinvested my earnings into “Shredder Machine” and “Green Dev – Pyrolysis and Distillation systems”.

There’s currently 3 projects with buyback guarantee open for investment. Interest rates from 16-19%.

Kuetzal projects

Kuetzal informed investors today that one of their borrowers SIA Alpa Büve was having issues with his company. For this reason, repayments are now being made from another company by the same borrower – SIA Alpa Building. The change doesn’t affect the project or investors. I’m happy that Kuetzal announces such information instead of just being silent about it.

One of my readers also found some flaws with another borrower on Kuetzal, Marina Code SP. The company was using stock pictures for it’s employees. Kuetzal confronted the borrower immediately but Marina Code could not give a good explanation. Due to lack of trust and violation of “ethical business conduct”, Kuetzal offered the borrower to close the project and pay back principal and interest to current date to investors. The borrower agreed and all funds have been returned today. Those involved in the project will be informed later today or tomorrow.

Despite these problems, Kuetzal’s prompt response reassures me they’re serious about their platform and do everything possible to offer good and safe investments.

Thank you for helping doing research on businesses, projects and borrowers on all platforms!! Together we can improve the quality of loans and make crowdlending a safer investment for everyone.

If you want to give Kuetzal a go you can use the promo code FINANCIALLYFREE to get a 15€ gift, instantly credited to your account.

Mintos

The biggest Baltic p2p platform reached 200 000 investors. Mintos more than doubled their investor base in 2019!

The interest rates on Mintos are slowly climbing back up. You can find 12% loans from A and B rated originators from time to time.

Mintos income graph

When interest rates are falling on Mintos (like they do every year) some investors like to cash-out or only invest in loans with a 1-3 month duration.
Not me.

I’d like to thank everyone who uses Invest&Access. You make it possible for me to grab the loans with highest interest rate available, no matter what duration they have. When better loans are presented on the primary market, I can put my lower yielding loans for sale on the secondary market and Invest&Access picks them up. This little “trick” makes it a lot easier to get the highest possible yield at all times.

If you sign up with Mintos through my referral link you’ll get an exclusive 1% cash back bonus on all investments you make within the first 90 days from your registration.

Note: From November 18th Mintos reduces the cash back bonus to 0.5%

See more info and screenshot from my Mintos account

Reinvest24

I received my fourth interest payment on ReInvest24 in October. Income is still low because only 1 of 3 projects I invested in started paying.

The biggest problem with ReInvest24 is the amount of time it takes to fund a project. It’s not ideal to pay a 2% fee to invest in a project and not accumulate any interest for 6 months.

ReInvest24 income graph

If you want to try ReInvest24 you will get 10€ instantly credited to your account if you sign up with this referral link.

See more info and screenshot from my ReInvest24 account

PeerBerry

I received my second interest payment on PeerBerry in October.

Everything is running smoothly but I’d like to see a secondary market. If you want the highest yields you’ll have to accept loan durations of 3-4 years.

Because of the low liquidity, this is now my children’s savings account. (More on this in Twino section below).

PeerBerry income graph

See more info and screenshot from my PeerBerry account

Robocash

I received the biggest monthly return Robocash ever.

Several 1 year “installment loans” were paid back and I received all the accumulated interest for those loans.

Robocash income graph

I only have 1 installment loan left now, it will be repaid in November. I don’t invest into installment loans anymore, I prefer a monthly cash flow.

Starting from December we should start seing regular returns around 125€ per month.

See more info and screenshot from my Robocash account

Swaper

Swaper is doing their best to keep up with demand but there’s still a bit of cash drag.

I typically have 1 000€ idle waiting to be invested. Swaper’s auto-invest system ensures new loans are distributed fairly between investors.

My auto-invest typically invests 500€ per day but I also receive repayments daily because most of Swaper’s loans are short term loans.

I’m still happy with the performance and a XIRR of 14.49%. I’ve almost earned 3 000€ on Swaper since I started in 2017.

Swaper income graph

See more info and screenshot from my Swaper account

Twino

I have left Twino after 3½ years of investing. Farewell Twino!

Twino withdrawal

On my daughters birthday I decided to exchange their 3 375€ Twino account for my 5 000€ PeerBerry account. They were happy and so was I. I can finally stop spending time grabbing 10-11% loans manually.

It’s very easy to quit from Twino. I simply put everything for sale and I was able to cash out in less than 30 minutes.

Twino income graph

The RUB currency exposure gave us some good months but I really don’t like the currency risk. I prefer a more predictable income.

If Twino decides to offer good and profitable loans again (and lots of them) I’ll be happy to come back.

I have removed Twino from the Crowdlending menu. However, you can still access the page with my Twino statistics here.

Viventor

I’m testing out Viventor to see whether it’s a platform I like to keep in the long run.

The returns in October were close to what I expect from a 5 000€ portfolio with 14% interest rate loans.

Viventor income graph

I still have some loans from the troubled loan originator “Aforti”. If they recover my belief in Viventor will be strenghtened. Let’s see.

See more info and screenshot from my Viventor account

Wisefund

I decided to double my investment on Wisefund in October. My account value is now +30 000€.

Wisefund income graph

I like what Wisefund is doing… I like their website, I like their team, I like the buyback guarantee, I like the high interest rates, I like they monthly repayments and I could go on.

Wisefund reminds me of Envestio in it’s early days. They have a professional approach and quality answers for your questions. I have high hopes for this platform!

I put my 15 000 € deposit into the “Organic fertiliser manufacture” project which came with a 20% interest rate and buyback guarantee. The project is fully funded now.

Organic fertiliser investment

Currently 3 projects are open for investment and new projects are being added weekly:

Wisefund projects

I will most likely meet Wisefund again in December and make a detailed article about them. Who knows, maybe even a video interview this time.

If you sign up and invest through my referral link, you will get 0.5% cash back on all your investments the first 270 days.

See more info and screenshot from my Wisefund account

Real Estate

I received rent from all 5 tenants on time in October as usual.

Income from rental properties

A tenant from the second property called because the gas furnace started making a weird buzzing sound. I have called a plumber to have a look at it.

Also, a tenant from the first property noticed me she wanted to move out on December 1st. She helped to find a new tenant and within a few days I received deposit from the new tenant. Easy as can be!

See more info about my First property and Second property

Savings rate

My savings rate for October was 53.95%.

We spent half of the month in Portugal where costs of living is rather low. It’ll be interesting to see what our monthly expenses will amount to when we move there!

Savings rate 2019

From November to January my salary will be back to normal, which is ~3 800€ after taxes.

See more info about my Savings rate

Blog statistics

Wordpress statistics

Visitors: 11 226 (+1.69% compared to last month)
Page views: 43 908 (-6.61% compared to last month)

2 268 Subscribers (+123 compared to last month)
1 065 Facebook followers (+58 compared to last month)

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Do you know you can use Revolut for very fast international transfers and zero fees? It’s probably the cheapest and fastest method to deposit to your crowdlending investments.

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139 Replies to “Portfolio update October 2019”

  1. I want to know everything about your trip in Portugal and your plan of moving there with the family!
    I wish you all the best, Jorgen!

  2. Hi Jørgen, Im glad you found Portugal! It is indeed a good place to live! Congratulations about the early retirement! It is for me an inspiration to do the same! the thing is, because Im portuguese, the process is a little bit slower!!!! Keep up the great work! If you need tips about Portugal, just let me know.
    thanks
    Cátia

    1. Thank you Cátia! Portuguese people are very helpful! We experienced that first hand on our vacation too.

      It’s hard to save up a lot of money with the low average salary in Portugal. However, if you find a way to earn money online, you can speed up the process.

  3. Amazing. Congratulations, and best of luck with making the leap to complete self employment! You have inspired me to do the same as soon as I can! Unfortunately my current job prevents me from making my own investments, but with a change on the horizon, I can’t wait to get started on the road to financial freedom!

    You’ll love Portugal. Best of luck!!

    1. Thanks Josh. Wow, a job that prohibits personal investments.. That’s tough! I hope they pay enough to compensate for that. I wish you best of luck on your journey!

  4. Another very good portfolio update! Thanks for sharing your knowledge. Best of luck for you and your family on your new journey, hope you find a good place in Portugal, its my home country and it is lovely.

    1. Thank you Tito! Portugal is a great country, I can’t wait to see what it’s like to live there! I hope I can afford my dream home one day.. A nice house on the country side with a pool for the kids and nice garden with fruit trees.

  5. Thanks for helping me starting and managing my portfolio.
    Welcome to Portugal! 🙂

  6. MOFOKING! COngratulations on Quitting that Job!!!!!!1!!!!!!!@£!@£!!! ahhh can’t wait for that feeling! god bless you

  7. Being 40 year old IT guy from Denmark I can relate to your journey!
    I visited Portugal myself in October. And I also like what I saw.
    I’m looking forward to following how retirement in Portugal works out for you.

    Your properties in Denmark. You don’t feel you are to far away now to manage then properly?

    1. So many simularities Lars! I’ll keep you posted here on the blog.
      We’ll see how the long-distance property management works out. I have a few contact who are willing to help me. I hope I can pay for most things that comes up.

  8. Yeah, congratulations Jørgen, you made it! 🙂 Have a great time in Portugal and i hope we see us soon again somewhere in the Baltics 😉

    1. Thank you Lars! Have you visited Wisefund? If not, maybe that could be our chance to do a duo-review =) Hope to see you soon!

  9. Wow! Congratulation, that is really amazing. What so you do with your real estate, do you get someone to look after them? I am leaving Denmark in 2 years, and therefore i dont invest in real estate, even though i think it is one of the best investments.
    Lots of luck to you and your family, and respect..

    1. Thank you Jesper! I already have a real estate administrator to collect payments for me. I just need someone to visit the tenants when needed and someone to do move-in and move-out checks. I’ll figure out something. Hopefully I can pay someone for the service when needed. That’s my plan, let’s see how it works out.

  10. Very nice post as always and congratulations on your decision to stop your day job !
    If you would move to Portugal, how would you manage your real estate in Denmark? Or are these passive enough that occasional flights back would not be an issue?

    Nice on dumping Twino, i was not happy with them the last half year as there are so much better alternatives that you have suggested. Definitely like the “revival” of loans/projects on Mintos, Robocash and Envestio.

    1. Thank you Jasper!

      I already have a real estate administrator to collect payments for me. I just need someone to visit the tenants when needed and someone to do move-in and move-out checks. I’ll figure out something. Hopefully I can pay someone for the service when needed. That’s my plan, let’s see how it works out.

      Yes, Twino is not competitive anymore. In the latest news letter they say they have great things to come, including new investment options. It’ll have to be really good for them to survive. The competition is bigger and more serious than ever.

  11. Big congratulations on being able to quit the 9 to 5, you have managed to create an impressive passive income stream and I’m sure the snowball will keep rolling!

    1. I really hope I can keep saving and investing like a boss for many years to come 🙂 Having “just enough to get by” is not a way I intend to live. Life has so much to offer and money is needed for much of it.

  12. (This message was translated from Danish to English)

    Hi Jørgen,

    I have been following you for about a year now, and this is simply crazy good news! A Dane who has become financially independent, very nice! That’s exactly what I’m fighting for 🙂

    I’m curious to know how you’ll deal with the technicalities of moving to Portugal in terms of the children’s language, health insurance, jobs (wife’s job), etc. Most of all I think about what will happen in the next recession. If the loan market gets hit, what do you do? Job in Portugal, or keep in some backup (in the form of apartment, house or family), or do you think it is not necessary at all?

    Congratulations!

    Best, Jonas

    1. Hi Jonas,

      I’m quite overwhelmed to have reached this point already!

      The kids are looking forward to learning a new language. They’re open to the challenge and often say “We’ll learn it much faster than you daddy!”. I’m sure they’re right! Once they get some close friends and start to socialize they’ll most likely be fluent within 6 months. The portuguese health system is similar to the danish system. And it’s actually higher rated in terms of quality! Private health insurance optional and I will most likely not buy it. My girlfriend will be a stay-at-home mom. She’s creative and will find ways to socialize and maybe start her own business.

      Noone knows what will happen in the next recession. I have a feeling that crowdlending will be hit less hard than most other investment vehicles. But I don’t have a crystal ball, so let’s wait and see. Cost of living is low in Portugal and we would be able to live from the income of my properties in worst case scenario. If everything blows up we can always move back to Denmark and get a day-job again.

  13. Another great month!

    Congrats on early retirement Jørgen! Great to meet you guys finally here in Portugal in October. We had a fun time getting to know you and the family.

    Looking forward to when you get here permanently!

    Keep up the great work.

    Cheers,

    Mark

    1. Thanks for you help and support Mark. You have helped us a lot and made it easy for us to make the decision to move. Looking forward to spending more time with you and your wife! Reserve a chair for me at Miguels for a Friday night’s drink or two in February 🙂

  14. That’s the dream. Good to see people actually getting there.

    Do you concern yourself with the ‘looming financial crisis’ the media seems to be praying for at all? I get the feeling crowdlending would be hit especially hard if it ever were to happen. I’m liquidating some of my Mintos just in case there will be buy opportunities.

    1. People have been using the stock market, index funds and real estate to FIRE for decades. I don’t see any reason not to use crowdlending, it’s much more convenient with the monthly interest repayments!

      I’m not concerned about a financial crisis. Opposite of you, I think crowdlending will be hit less hard than most other investments where the markets dictate values. Simply because the value of a loan is not based on people’s opinions and feelings like stocks are. And we all know that people’s feeling usually makes things better or worse than they really are. But I don’t have a crystal ball so your guess is as good as mine. Time will tell what happens, I’ll keep investing 🙂

  15. …and you FIRE (Financial Independence, Retire Early) yourself!!!
    Congrats for that achievement in such a short time period…your marathon turned to be an half-marathon…eeheh
    This blog is definitely an inspiration for all investors and FIRE seekers.
    enjoy the great country Portugal is. Best wishes
    LH

    1. Haha Luis, you’re right my friend. My marathon was way shorter than I expected!! I’ll keep running like Forest Gump though, I have a looong way until I reach my 3rd goal of 20k EUR per month 🙂

      Thanks for being a loyal follower! I enjoy our talks on messenger.

  16. Hi Jørgen,

    Congrats on the achievement and the bold move.

    Do you think this income is sustainable in the long run? Do you have any plans for diversification?

    Regards

    1. Thank you Kaloyan!

      I believe crowdlending is here to stay, so yes, I believe it’s sustainable.

      4k per month should be enough to make a decent living in Portugal, especially if we keep our expenses to a minimum and keep investing.

      If the stock market drops 35-40% at some time in the future, I’d like to diversify into low cost index funds.

  17. I really enjoy reading your blog and thank you so much for sharing all this great information.
    And I like to know what kind of theme are you using on this blog.

    1. Thank you Yomo! Feels good – exciting, because there’s a lot of unknown things – but good indeed. We have not decided where to live yet, but we’re looking at the area around Caldas da Rainha.

  18. Big congrats Jorgen!!! I have been following your blog for close to a year and you are a big reason I increased my crowdlending investments. It is nothing sort of impressive what you have been able to do in such a short period of time. I hope to follow your lead soon. The one observation that I wanted to make is that if you take a close look at your portfolio and investment history it has skyrocketed in the past 6 months, which doesn’t correlate with your savings rate. I am assuming that it is because of blog income, which is fantastic, but it also makes your story a bit less relatable, at least to me (you and I are the same age with similar salaries, savings rate, and interests for example), and that takes away part of the charm. Still very inspiring so congrats once again. I will continue to be an avid follower. All the best in your new adventure.

    1. Thank you Gaizka. You’re right. Some factors have allowed me to reach FIRE a few years earlier than expected. My original plan/vision was 5-7 years, which I was able to cut down to 4. 7 years is still doable and it’s not a so far out in the future. I hope people are inspired to start nevertheless – you need a small snowball to get a big one. If you keep rolling it, it will get big eventually.

  19. Hello Jurgen, can you explain your big losses at Bondora and the lessons we can draw from that? Do you see similar risks at other crowdlending sites?

    1. Hi Anders,

      The losses at Bondora is caused by Bondora’s proprietary credit scoring system which finds the best borrowers. They’ll be happy to tell you how good it is you ask them about it.

      (The reason for my losses is that most of Bondora’s borrowers default at some point in time and there’s no buyback guarantee. And they take a hefty fee in order to try to collect the money).

      I don’t see similar risks at other platforms. If I did I would have disregarded crowdlending a long time!

      Bondora used to be a good company but a series of poor management decisions turned it into disaster.

      Lesson is: Don’t invest in a platform which prioritises its own economic activities so much that they don’t care much about the investors they serve.

  20. Congratulations! You achieved financial independence fast. Many times faster than many others I suppose.

    When we moved abroad few years ago we checked Malta and Singapore as well. An investor does not need to pay taxes at those places.

    1. Thanks Teemu! I reached FIRE 1-3 years earlier than expected, my original plan was 5-7 years. Great suggestion with Malta and Singapore. The tax freedom in Portugal only lasts 10 years so we might consider other countries later on.

  21. Well done, Jørgen! It only took you 4 years! Congrats on pulling the plug already!

    Thanks for all your hard work and dedication to the crowdlending scene. I know you’re a great inspiration to many (including myself).
    I hope you’ll continue to blog about the Portugal adventure! It’s very exciting indeed, and my wife often talk and dream about a similar move for our family. Who knows, maybe we’ll build a small village of FIREd danes in portugal at some point?! 😛 That’d be kinda cool! (Danevang – The Portuguese version).

    I’m working on a post about “platform security” in terms of passwords and mfa etc. on the individual platforms, and it’s great to hear that Crowdestor is working on 2FA!

    Currently only 5/14 platforms in my Crowdlending Security Test offer 2FA! (6 if we include Crowdestor). Most of them have no complexity (or length) requirements for the passwords either. This is pretty shitty, really! (One even save the password in clear text! – I will give you a hint, it starts with a K…) I’d like to get your comments on it, before I post it, if you’re interested. In your experience, would the nice thing to do be “warn” the platforms first, or?

    Someone like Envestio has ALOT to learn (they can all learn from Mintos and to some degree FastInvest, who in my opinion are the only two platforms that currently PASS the test with flying colors).

    Enjoy your paternity leave! I’m very jealous! I’ve always wanted to take the entire month of December off at one point, just to be able to “slowly” enjoy the christmas month. Have you set a date for your move yet?

    1. Thanks Nick!

      I will keep eveyone updated on our Portugal adventure here on the blog 🙂 We’re planning to move in February.

      Account safety is important. However, it’s not that easy to abuse an account even though if you have the password (bank account change is not easy). I guess that’s why most platforms haven’t bothered introducing 2FA yet. If I see a problem with a platform I always contact them directly and try to make them sort it out.

  22. Hey Jorgen,

    you are truly an inspiration and at this moment I am happy and jealous of you at the same time. I’m 25 and my objective is to be retired at 35. I share your blogs with my friends so I can have some financial independent friends to hang our with, that’d be awesome.

    Best of luck with Portugal and if you have more free time we’d love 2 posts per month 😀

    1. Thanks Bruno, I’m jealous of you as well. You’re only 25, I didn’t know the FIRE concept until I was 34! Friends who are financially aware are the best friends! 🙂

      It’s not unlikely that I’ll write more posts in the future. Stay tuned.

  23. Hi Jørgen,

    well done with your early retirement, congrats!

    Could you make some summary report for your retirement?
    Something like:
    1. At the beginning of the way I had X euros.
    2. My average savings rate is Y%.
    3. Mothly on average I invested Z euros.
    4. It took me AX months to get to the FIRE goal.
    5. My total invested value is XXX euros.

    Yep, we can almost all the numbers from your nice blog, but since you reached such a big goal, I think it would be nice to summarize your efforts 😉

  24. Hi Jorgen,

    Good choice with leaving your job 🙂
    Very interesting to follow your blog. Looking forward for the blogs from Portugal!

    1. I hope it was the right choice Ron. By traditional FIRE measurements I should have 25x yearly expenses to FIRE safely. I’m no where near that amount.

  25. Hi Jørgen,

    Portuguese reader here following you for a little while and your journey has been truly an inspiration!
    Big congratulations on reaching your goal and best of luck on the move to this sunny country.

  26. Congrats on quiting your day job Jørgen!

    I am a long time follower and it’s with great pleasure that I see you are moving to Portugal.
    I am portuguese myself, so welcome to our awesome country!

    Bem-vindo!

    Cheers!

    1. Obrigado Hugo!

      I’m amazed by the friendliness of Portuguese people. It’ll be interesting to see how long it will take me to understand the language. It’s way different than the languages I know already but I’m up for the challenge!

      Até logo!

  27. Congratulations on reaching your goal. You have been a great inspiration to me and one of the reasons i started to invest in P2P. Never saved any serious money, but I also don’t have FIRE as a goal.
    In any case good luck with your decision and keep us posted 🙂

    1. Thank you Kasper. Goal setting is very important if you want to reach anything of significance in life. Pair your goal with an emotional reason “Why you want to reach your goal” and there’s no stopping you. Remember, everything created in this world started out as an idea in someone’s mind. Present circumstances are not important.

  28. Congratulations Jorgen! I moved from UK to Bulgaria for the same reason – cost of living and freedom – I have not regretted a moment. Keep us up to date with your move.

    1. Bold move Jane, but once you’re there what do you do? Do you learn Bungarian? Do you adapt to their customs? What sort of life do you have in mind?

  29. Just found your blog, very cool stuff. Which platforms would you recommend to somebody who wants to start to diversify into crowdlending? Lets say I have 30k€ laying around. It looks like Robocash, Envestio and Swaper would be not too bad?

    1. I always recommend new investors to start with small amounts and select a few of the platforms I already invested in. Get experience and see what you like best before committing larger amounts.

      Robocash and Swaper are kinda similar – very passive investments into personal short-term loans. They do have some cash drag from time to time, but on the other hand they’re also very liquid if you want to get your money back.

      Envestio is a project based platform which offers loans to businesses with a typical duraration of 12 months. They’re all fine choices for a beginner.

  30. HI Jorgen, congratulations on quitting and good luck in Portugal.
    I’d like to ask you to share more of your thoughts on Crowdestate. Personally I am disappointed on how their loans perform, I have Baltic Forest and HM Seafood and both are late on payments for months, although they got a high rating from Crowdestate. Now Baltic Forest gets a prolong for repayment of up to two years and a meeting was supposed to have taken place for HM Seafood two weeks ago and still no news about any outcome.
    Personally I am withdrawing any funds the moment they appear on my account.

    1. I’m withdrawing for the same reasons Christos. Not enough information from Crowdestate when projects don’t go as planned.

  31. Congratulations Jørgen! You reach your goal to fast! You are truly an inspiration for others
    Another very good portfolio update also with more info, thanks for sharing.
    I wish the best for you and your family on your journey!
    Cheers!

    1. Thank you lumberjack! I didn’t reach FIRE in the traditional sense (25x yearly expenses) but I hope we’ll be fine. I see my future more like an entrepreneur than a retiree. Without a day job I have more time to help people with the things I enjoy.

  32. Hi Jorgen, ooooh THANK YOU so so much for all this valuable information.
    You inspired me so much.
    What do you think about TRANSFERWISE for international transfers ?
    François from Switzerland

    1. My pleasure Francois! Transferwise is fine if you don’t have other options but I’ll recommend Revolut instead. They’re cheaper.

  33. That’s a great news! You finally made the big step and your (1st) dream became true, congratz 🙂
    Enjoy Portugal life and your paternity leave, from a guy that…. finished last month his 3 months paternity leave 😥

    1. Yes Gabriele, first goal is completed so now I can tick that one off the list 🙂

      But now the real works starts! I still have a long way to go until I reach my 2nd and 3rd goal.

      Hope you enjoyed your paternity leave. I wish you the best on your journey!

  34. Congratulations on quitting your job to move into the next step of your life! Enjoy every single day of it!

  35. Fantastic, Jorgen!

    I think it’s incredibly brave of you to have such a large part of your portfolio in crowdlending. Hopefully your prediction about this sector being hit less hard by the recession turns out to be true (for both our sake).

    Congratulations! This blog is incredibly inspiring. I hope you keep it up for a long time!

    1. Thank you Oscar!

      Brave or stupid, time will tell!

      No matter what, I’ll keep document everything, successes and failures. It’ll be more interesting to follow me than watching soap operas on TV, I promise 😉

  36. Dear Jorgen. How many projects Envestio publishes per month now? Do you invest with autoinvest key? Thanks

    1. Hi Enrique. Envestio publishes 4-5 projects (or stages) per month. Typically loans worth ~2M EUR. Yes, I use the auto-invest function.

  37. Congratulations on the great blog! Funny how the world works though, you’re trying to come to live in Portugal and I’m just counting the days to finish my formation so I can leave this high-tax low-income bottomless pit. Food’s good, life is cheap, people are nice, weather is great, so I think it’s a great place to live if you don’t need to work, you’ll love it

    1. Thanks Man! It’s kinda sad how it works. You’re right, Portugal is not the best place to work to get rich. Maybe you’ll get a job in Schwitzerland or Netherlands, earn a lot so you can FIRE and come back to Portugal after 5-10 years when you qualify for the NHR regime?

  38. Congrats on taking that huge step Jorgen! I am very happy for you.

    It looks like your plans to retire have come earlier than expected 🙂

    Another good monthly update, I am also not enjoying the delays that we are seeing in Crowdestate. I wanted to ask you about Kuetzal. I opened an account some weeks ago, but I have been trying to contact their support team without any luck. For me, one of the most important things when investing in a Crowdlending platform is that their customer support team replies to the emails.
    Have you had any problems when contacting them?

    Thanks!

    1. Thanks Gonzalo, it’s a big step indeed!

      I’ll have lots of things to do so I will not consider myself retired anytime soon. It’s more like “being my own boss” now.

      I might not be the best to ask about Kuetzal support. I’m always in direct contact with Alberts whever I have a question and he’s very responsive to my messages. I’ve not heard anyone else complaining about their support level.

  39. Great post and great results!
    Thank you for sharing your observations and knowledge about the P2P Platforms.
    My portfolio consists of almost all the platforms that you have in your portfolio.
    Establishing trust with the Platforms is very important.
    Your updates help significantly with this.

    Best Regards,
    Anguel

    1. Thank you Angueld! I’m happy to hear that you find my posts usefull. Trust in the platforms means everything indeed.

  40. Dear Jorgen (my favourite money blogger), if you finally quit then I would say you’re about to face the Big Question: what to do with your newfound leisure, which ultimately means what to do with your life. People don’t normally ask that question until it’s looking them right in the mug, often after retirement, but also other unexpected life-changing events. And that’s a big mistake, as they usually find out when it is too late. When those ordinary concerns that keep us busy every day are taken out of the equation, we are suddenly faced with questions of meaning that had eluded us thus far. I don’t really see this as a big issue with a thoughtful guy like you, though.

    1. Dear David (my favorite commenter), I don’t think anyone else called me their favorite money blogger before, I’m honored. Thank you!

      I’m not sure what kind of leisure you’re referring to, I have 3 kids 😀 In the near future I’ll be moving to a new country where I’ll have to learn a ton of things – most importantly – a new language which is very different from any other language I know. I also get a ton of messages and emails. If I decide to keep answering all of them (as I have been doing up until now) it would very quickly turn into a full time job.

      I’d love to read more and spend more time with physical activities like running, swimming and weight lifting. I don’t see myself getting bored any time soon!

  41. Hi Jorgen,

    Hope you are well. Glad to hear you have achieved your goal.

    One question though. So, your overall equity (exposure) is 355k eur and your monthly income 4114eur. That gives you a monthly return of 1.1%. Don’t you think that your risk/reward ratio is too high? I am curious too hear your opinion on that. Thank you very much in advance and wish you all the best.

    1. Hi Grigorios, I’m great thanks!

      Warren Buffett’s average monthly return has been 1.43% since 1985. I’m not Warren though and I only a few years of experience.

      With enough diversification I don’t mind a high risk/reward ratio. In fact, I don’t think there’s a direct ratio between risk/reward.
      If I had all my money in Rental Properties my monthly return would be even higher and my risk would probably be lower.

  42. It’s intersting how you calculate Bondora returns? And if you used autoinvest and didn’t sold large amount of your investments manually then you can move all your investments to Go&Grow with almost no looses and withdraw at any time. I’m investing in Bondora from 2015 and if I decide to draw my money from Bondora through Go&Grow I get ~6.5% IRR it’s not impressive but no looses

    1. Hi Audrius.

      I did sell a large amount of the Spanish HR loans with +150% interest rate that the portfolio manager picked up. I didn’t want that kind of risk. For that, Bondora punishes me now, I can’t sell to Go&Grow.

  43. Hello Jørgen,
    Congrats, Im new at this, but enjoy your blog. I hope you will share info on converting to a company or enterprise, or what ever option is possible.
    Thanks
    Kurt

    1. Thank you Kurt. I don’t have plans of converting anything. My investment accounts are private accounts and I plan to keep it that way.

  44. Hi Jørgen!

    Congrats on retiring!

    You said that you are slowly leaving Crowdestate. Does this mean you will allow the loans to mature and pay back or are you planning on selling (at some point)?

    Also, if you do not mind. You have mentioned thinking about Portugal several times. Why Portugal (and not Spain for example)? Would you make a post on it? I have been thinking about one day moving to Spain because the language seems easier and I’d love to learn the language of the place I live in. But I have not researched the FIRE reasons why one country would be better than the other.

    1. Snowy. I´m spanish and main reason that expats prefer Portugal is because taxes are much lower and country is quite cheap.

    2. Hi Snowy!

      Yes, I’ll let the loans mature and withdraw as the principal gets paid back. I’m not planning to sell on the secondary market, I’m not in a rush to get out.

      We’ve set our eyes on Portugal due to the very attractive tax benefits offered throught the NHR Regime. 10 years with 0% tax on capital income is hard to beat.

    1. I will blog, invest, learn Portuguese and be a stay-at-home dad. That will be plenty of work for the first couple of years. My girlfriend has been thinking about running a B&B actually. Let’s see.

  45. Hi Jørgen,
    How is your girlfriends income/expences included in the financial free calculation? I assume she cover a big chunk of your common expenses (incl kids)?
    All the numbers in the blog, are they including or excluding tax? How do you handle taxes from crowdlending?
    Is your real estate owned in a company or private? Is the income/expences for real estate with taxes?
    /Simon

    1. Hi Simon,

      My girlfriend’s expenses are not included in the FIRE calculation. She covers about half of our current expenses. She’s not planning to get a job but maybe she’ll offer some creative courses and make some money that way. It probably won’t be much though.

      All numbers on the blog are before taxes. Taxes on crowdlending is seen as capital income in most countries. I report my earnings every year. It will be a lot cheaper in Portugal with 0% opposed to 55% which I’ve been paying in Denmark.

      My real estate is owned by a company I created for this purpose. Again, all income shown is before taxes.

  46. Hi Jørgen,

    Congratulations for your milestone!

    Are you thinking about another real state investment, as they seem the most profitable ones? It would be good if you share your thoughts about this process. Where in Denmark are your properties? It seems that the area offers a quite good rental yield, higher that most other places in Europe I have looked for.

    Cheers

    1. Hi Leandro,

      I will not purchase any new properties until I’ve experienced how it is to be a long-distance landlord. If I find some good local partners here and everything runs smoothly, I’ll definitely purchase more. Maybe my next real estate deal will be in Portugal, I don’t know yet. My properties are located in smaller cities (3k citizens). You can find similar rental yield from duplexes in many smaller cities in Denmark.

  47. Hey Catia! It is great to see portuguese people around here 🙂 having good returns so far?

    Congrats Jørgen! I will try my best to retire in 10 years.

    Keep up the good work 😉

  48. Hi Jørgen,
    Wow, your actually going to make the move to Portugal?! That’s really cool.
    As can be seen by the 100+ comments here, your an inspiration to a lot of people!
    Matt

  49. MORTGAGE BACKED FINANCING COMPANY 18%. Crowdestor.
    Dear Jørgen, are you gonna invest or is it too long term (24 months) ?
    Thanks

    1. 24 months is not a problem for me, I invest for the long term. However, I have not seen the details of the offer yet (it will be released in 4 days) so I don’t know if I’ll invest in it. It depends on the project description.

  50. Hi Jorgen.

    What are the taxes in portugal for investing?
    20% on crowdlending and stocks?

  51. What a shame 🙁 28% its too much. Do you think that with a +/- 500€ per mouth (p2p), it is realistic to get a 1000€ passive income in 10 years? Thank you Jorgen 🙂

  52. Hi João.

    That’s a great question! Let’s take an example: If you start with 0 savings, save and invest 500€ per month from now, at 10% interest, it will take you 11 years and 3 months to earn 1000€ interest per month.

    The good news is, that if you continue doing that, you’ll reach 2000€ interest per month after additional 5 years and 1 month. 3000€ per month will be hit after additional 3 years and 5 months.

    If you manage to average 13% instead of 10%, you’ll reach 1000€ interest per month after 8½ years. Or 7½ years at 15%.

    If you get a chance to earn extra money from a side job, salary raise or by making extra money in any other way, you can cut down on the time it takes to reach 1000€ per month.

    So in short, yes, I definitly think it’s realistic to earn 1000€ passive income in 10 years, by investing 500€ per month. Remember, to get a big snowball you need to start with a small one. The key is to get started.

  53. I think the main problem is that by doing this, compound effect is lost with diversification, right? Imagine 10 platforms with 50 euros per month. It will not grow the same way or am I thinking wrong? I “don’t want” to put all my eggs in Mintos (just an exemple) and hoping nothing goes wrong. Thank you so much 🙂

    1. Compounding is not lost just because you diversify. The same math applies, there’s only a slight difference. It’s an advantage to reach a point where interest repayments are big enough to buy at least one new loan per month.

      I would not diversify from day one. I would deposit into 1 platform at a time until it’s value reaches at least 2000€. Then move on to the next one.

  54. A problem might be in the form of taxes…reporting your income from p2p reduces your income by 20%-30% in Europe. Did you take that into account?

  55. Hi Jorgen,

    Congratulations on you achievement. Quite impressive at 39. Maybe you’re not quite at 25x yearly expenses yet, I don’t really think you’re going to need it in Portugal. I lived in Asia long enough to realise you don’t need much to have a happy and great life.
    I assume till your reached FIRE, all earnings were invested again. Is this going to change from as “today”? Are you now starting to withdraw your monthly earning to be used as your income?

    1. Hi Richard,
      I hope I’ll be able to keep reinvesting my earnings and live off income from the blog. Like you said, it doesn’t take much to live a happy life. I’m still chasing my 2nd and 3rd goal though, so I’ll need to keep investing as much as I can.

  56. Small question, and I think it might be the best to put it here and not the review. I’m getting a bit worried about Kuetzal. They recently changed their terms & conditions (which I was unable to decline) and now they changed their CEO. This seems quite shady to me, would you suggest moving away from Kuetzal or do you think this all has a very good explanation?

    1. Hi Rick. I understand you worry, the new CEO got me thinking as well! So I reached out to Alberts immediately to hear what’s going on. Here’s his reply:

      “I received a very attractive offer from a big holding company that I couldn’t miss! We had a negotiation for a pretty long time and we have reached an agreement eventually. Guys were preparing a newsletter that all investors will receive soon as an announcement of new head of Kuetzal! However I’m always in touch and happy to help! Maksims is a trusted and a very ambitious person!”

      I’m staying with Kuetzal and looking forward to meet the new CEO.

  57. I mean: do the numbers mentioned here represent your income after taxes? If not, taxes can be a scary surprise in Portugal. Or is the tax climate in Portugal favourable?

    1. All earnings from investments are presented pre-tax. With the NHR Regime you can get 10 years with zero taxes on capital gains in Portugal.

  58. I’ve got mixed feelings raising regarding Wisefund at the moment. Since I created the account a week or so ago I have yet to be able to add funds to my account:

    “Please postpone adding funds to your account!
    Due to technical improvements update on automated deposit processing, please postpone any further deposits to your Wisefund account until our notice.”

    What I’m not really happy about is that I’ve sent an email to support a while ago asking for more info, a rough ETA or any alternative ways to add the funds in the meantime to which I’ve received no response at all. Very frustrating and not building trust.

    Could you kindly check and confirm it’s a user-wide problem or is it affecting only me, or UK?

    1. Hi Jarek,

      It’s not just you, it’s affecting all users. They’re automating the deposit process with the bank so no manual work is necessary in the future. Such an upgrade can take a few weeks to complete.
      Adding money to your Wisefund account wouldn’t do you any good at the moment, since there’s no projects to invest in. Once the upgrade is completed they’ll publish some of the projects they have in pipeline and you’ll be able to fund your account.

      Keep in mind that Wisefund is a new platform and it has grown a lot faster than they expected. They need to do this update to keep the costs of manual labour down.

      Update: Wisefund will accept payments again by the end of this week.

      1. Awesome Blog Jorgen, the issue with Wisefund still going (December 06, 2019) and they do not answer the emails regarding this problem, as Jarek mentioned before this situation is frustrating !

        Best regards,
        Oscar

        1. Hi Oscar. I understand your frustration, but they already informed that it will be released as soon as they’re ready. Can you imagine how many emails they get about this? Would you rather have them spending time on responding to all those mails or to finish the update to finish the update? All you need is a little bit of patience 🙂

  59. Thanks Jørgen for the reply, it’s good to know. On a side note, I just wanted to thank you for the blog posts, they keep me motivated and give a better insight into the current situation.

    BTW Mintos has been blocked for UK residents, probably related to FCA regulations – I thought you’d like to know.

    1. I’m pleased to hear that Jarek, I’ll keep the posts coming.

      Yes I know, Mintos stopped accepting UK investors on 27.06.2019.

  60. Wow. Thats crazy.

    Feeling a bit tempted, but dont have enough money at this point.

    Looking forward to next post. Hope your share about some practical stuff regard moving to a new country. All your funiture and stuff how you gonna cop with that.

  61. Hello Jorgen,

    Congratulations on your progress!

    I’m actually portuguese, presently living in Portugal and thinking on leaving my country to find a new job and to earn more. Sadly here in Portugal life might be cheap comparing with other european cuntries, but for majority of people our salary is not that great for the cost of living here. But I love my country, great weather and fantastic food! So for sure I’ll be coming back as soon as I get a good income from investments.

    From my calculations if I stay in Portugal with the income I have and the rate of salary increase that have been done where I work, I’ll need like 10 years to be financially free; but if I go to another country where I can earn at least the triple of I earn now I can have my freedom in like 5 years… So yeah, I think I can survive 5 years away from my country so I can live there for the rest of my life as free as I can dream of!

    Thank you for all the inspiration that you’ve been giving me.

    Good luck on your new life here in Portugal! If you need any help, advices or guidance in my country just message me! =)

    Best regards
    Vasco Franco

    1. Hi Vasco,
      It’s not always easy to be Portuguese in Portugal. If you move abroad for 5 years you’ll have access to tax benefits like the NHR regime if you want to return. So you’ll reach FI faster AND get tax benefits when you get home. That’s not so bad after all. Good luck with everything!

  62. What is crazy dr jensen?

    I’ll share our experiences about moving to Portugal, starting from February or March. Stay tuned!

  63. Hi Jorgen,
    Thanks for your inspirational blog, thoughts and info !
    I have one question that would give me a better understanding of your income – spending principles:
    Where do you live with your family in Denmark – own or rented accommodation?

    Also – have you looked to “loan club” ( https://www.paskoluklubas.lt) ? They are oriented to p2p for personal (not business) funding.

    1. My pleasure Dave!
      We live in a rented appartment in Denmark, we always valued the freedom to move at any time higher than owning it.
      https://www.paskoluklubas.lt/ is just the lithuanian version of NEO Finance. I will not invest in them, they do not fit my requirements.

  64. By the way, I stumbled upon an article about the new terms and conditions of Kuetzal. Some are worrying…

    1. I agree with you Kobi, some of the new terms and conditions are looking worrisome at first glance. It’s written in sentences that could easily be misunderstood.
      When in doubt, I always ask the source. I don’t want to spread fear which could be based on my own ignorance. I’m looking forward to hearing Maksims answer.

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