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MyTripleA Review – Better Alternatives Exist

Last updated: January 19, 20222 Comments

MyTripleA is a Spanish investment platform launched in 2015. It is the first and only Spanish crowdlending platform that has been granted two licenses to operate:

  • Payment Entity license granted by the Ministry for Economics and supervised by the Bank of Spain
  • License to act as a Crowdfunding Platform (since July 2016) registered at the CNMV.

MyTripleA offers two ways to invest:

  1. Fixed and guaranteed returns that are based on the Euribor rate + 2%.
  2. Non-guaranteed loans with a higher interest rate.

Guaranteed and Fixed Returns Loans

They offer guaranteed deposits and returns through collaborating with SGR (Sociedades de Garantia Reciproca). These entities are supervised by the Bank of Spain and guarantee payments in case that other companies are unable to pay.

In this way, there is no need to diversify since all the loans are guaranteed. MyTripleA says that they use the same SGRs as the banks themselves. Hence you are getting the same security as you would when putting your money in a savings account at the bank. However, you get a much better rate of return.

See also: The Best European P2P Lending platforms

MyTripleA says that the difference between what they offer and what the banks offer is due to the fact that banks keep a much larger commission for themselves, and hence MyTripleA are passing on to their clients a bigger share of the profits.

In case that there are any delays or defaults affecting your loans, the SGR will return any capital invested plus interest. This will take place after the 3rd failed payment. The maximum period between the failed payment and the compensation date is 60 days.

When investing in these fixed returns loans, you commit your money for a total of 36 quotas, in other words, you won’t be able to withdraw your money for three years. During this period you will be receiving monthly interest and capital repayments.

Non-Guaranteed Loans

While the guaranteed loans are certainly a nice way to park a sum of money and get safe returns, they are not that interesting to me at this stage. I am still young and am more interested in generating good returns while undertaking a medium risk rather than focusing fully on low risk. This is why I was more interested in the non-guaranteed loans that MyTripleA offers.

When I decided to invest, there were a few non-guaranteed loans available. I decided to go with a factory that needed the money to buy supplies of rubber and plastic. The company is based in Cantabria and was looking for a total of €7,350 in funding. In return, they offered a 6% annual interest rate. This was a relatively short-term loan of just three months, which made it very attractive to me.

MyTripleA does a good job at providing a risk analysis for each loan as well as details about the company and the loan itself.

Below is the introduction of the loan and its details.

They gave it a D rating with a 3.99% of loss of funds. In that eventuality, I would have not

The MyTripleA website is only available in Spanish at this stage.

As with other Spanish platforms, MyTripleA deducts 19% of all your interest payments.

I feel that the website itself is a bit old-fashioned and there isn’t much activity really. This has made me somewhat lose confidence in MyTripleA and I have decided to pull out all my funds from this platform. The 19% tax deduction doesn’t help either. The idea is good but they need to modernize themselves and make sure that investors always have plenty of diverse loans to choose from.

I would recommend having a look at some better platforms like Mintos, Swaper and Peerberry instead.

Have you invested your money with MyTripleA? What’s your experience so far?

Filed under: Money

How Are Profits from Peer to Peer Loans Taxed?

Last updated: February 18, 20211 Comment

If you’ve been investing in P2P loan platforms such as Mintos or Twino, you will need to know how the profits you make will be taxed.

This is a general rule for all your investments. Always consider the tax impact of any investment you do. Different asset classes and investments can be taxed in different ways, so you need to look at that as it will affect your net return, sometimes in a drastic way.

The UK tax authority has issued a good guide that should be applicable to many other countries in the EU too, although it’s always important to check with your country’s authorities for specific guidance.

The advantage of peer to peer loans for lenders is that they can generate higher interest rates that exceed the interest that could be earned from banks and other financial institutions.

P2P loan platforms also give borrowers an alternative to the finance which they may get from standard financial intermediaries.

[Read more…]

Filed under: Money, P2P Lending

Using Representational Systems for More Effective Communication

Published: January 10, 2018Leave a Comment

Back in 2008 I had taken an NLP course which proved to be quite useful. One of the most important things I had learnt in the course is that people have different representational systems that they use to learn things. It’s important to understand what representational system the person you are communicating uses, because only then can you communicate in the most effective manner.

At the time I was teaching, and this insight helped me change the way I delivered lessons to make sure I covered everyone’s preferred way of learning. In a class setting it was very easy to see how true these systems are, and I achieved very good results with them.

So without further ado, here are the notes I had taken and published on my old blog. They are still as true now as they were back then, so I thought I’d re-publish this here.

Representational systems are used to identify how people learn and remember things. Being aware of the four representational systems and the preferred preference of a person will help you communicate better.

“When you’re learning about people’s strategies to understand how they make a decision, you also need to know their main representational system so you can present your message in a way that gets through” -Anthony Robbins

Here is a description of the four representational systems. Further down you can also find a link to a test which will help you identify your preferred system.

V:Visual

People who are visual often stand or sit with their heads and/or bodies erect, with their eyes up. They will be breathing from the top of their lungs. They often sit forward in their chair and tend to be organized, neat, well-groomed and orderly. They memorize by seeing pictures, and are less distracted by noise. They often have trouble remembering verbal instructions because their midns tend to wander. A visual person will be interested in how your product LOOKS. Appearances are important to them. They are often thin and wiry.

A: Auditory

People who are auditory will move their eyes sideways. They breathe from the middle of their chest. They tipically talk to themselves, and are easily distracted by noise (some even move their lips when they talk to themselves). They can repeat things back to you easily, they learn by listening, and usually like music and talking on the phone. They memorize by steps, procedures, and sequences (sequentially). The auditory person likes to be TOLD how they’re doing, and responds to a certain tone of voice or set of words. They will be intersted in what you have to say about your product.

K: Kinesthetic

People who are kinesthetic will typically be breathing from the bottom of their lungs, so you’ll see their stomach go in and out when they breathe. They often move and talk very slowly. They respond to physical rewards, and touching. They also stand closer to people than a visual person. They memorise by doing or walking though something. They will be interested in your product if it “feels right”.

AD: Auditory Digital

This person will spend a fair amount of time talking to themselves. They will want to know if your product “makes sense”. The auditory digital person can exhibit characteristics of the other major representational systems. AD people prefer logic, facts and thoughts to feelings. They often have conversations going on inside their heads, and can sometimes have difficult sleeping because they can’t switch off at the end of the day.

AD people like to think things through, and make sense of the world with logic, facts and figures. They can sometimes be oblivious to their physical comfort or discomfort, as they often think about how they feel rather than just feeling it. Sometimes they may confuse a conversation they had in their mind with an actual conversation, which can get them in trouble! Approximately 10% of the population are Auditory Digital.

Are you ready to discover your preferred representational system? Take the representational test now!

How to practice what you’ve learnt

Your exercise this month is to pick a significant person in your life and listen to the types of words they use. You will notice they will probably use all types of the visual, auditory and kinesthetic words…but one type will usually predominate. Then practice translating your language to their system.

If they say “I don’t see your point,” don’t say “Let me repeat it,” instead say “Let me show you what I mean.”

If they say “What you’re suggesting doesn’t feel right to me,” don’t say “Take a different view,” instead say “Let’s touch upon the points another way.”

If they say “I’ve tuned you out,” don’t say “You’re insensitive,” instead say “Lets talk it over.”

Then practice with other people you know, and listen to conversations on radio or television to develop your skills. Eventually you will find yourself doing it automatically. Become aware of how other people think, become flexible in how you respond, and develop excellent communication skills.

Filed under: Thoughts & Experiences

Padel Progress Report – Year 1 (2017)

Last updated: February 06, 2021Leave a Comment

Group shot after the padel masterclass with top players Gemma Triay and Lucia Sainz.

I will remember 2017 as a great year from a sporting perspective, mainly because I really got addicted to padel and trained seriously to improve my game.

Early on during the year, I decided that I would focus a lot of time and energy on this sport and follow the example of the Expert in a Year website and the controversial 10,000 hour rule and associated books. Basically, the idea is to give it my best shot and see how far I can go. It’s one more challenge for me.

In recent years I realized that my personality type is best suited to focus on a big projects for a number of years before moving on to something else. I have a wide range of interest and I also find it easy to focus really hard on something that catches my fancy, but I can only do it for a few years before something else catches my eye. For the next few years, I hope that padel will be one of these big projects.

[Read more…]

Filed under: Padel

Best Car Rental and Car Sharing Websites in Spain

Last updated: March 25, 20247 Comments

Here are the best car rental and car sharing websites that I’ve come across in Spain. Some of them offer ridesharing too, which is a good alternative to traveling by bus, train or airplane.

Blablacar

Blablacar is a great way to travel cheaply around Spain by sharing rides with other drivers. As a passenger, you benefit from paying lower fares, and as a driver, you can make money by taking on board passengers.

Yescapa

Yescapa is available in several countries and is a great platform if you want to hire motorhomes and campervans from other people.

Getaround

Getaround is another platform for renting cars from other people, without having to use a car rental company. This will give you a wider choice of cars and better prices.

Filed under: Expat life

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