7 Smart Ways to Use Emoneypool.com

After participating in several successful money pools, I’ve figured out 7 smart ways to use my payout from emoneypool.com.

Debt eradication

By forcing you to pay a set amount off in less than a year. You will save yourself hundreds to thousands of dollars instead of using high interest credit cards, car title loans, payday loans, and some traditional installment loans.

For a $1000 loan, it would take you 6yrs and 2 months to pay off the loan paying the minimum payment of $40 per month on a credit card with a 20% APR. You will pay a total of $561 in interest. For a total repayment of $1,561. That same $1000 that you get from emoneypool will cost you at most $60. That’s 6 dollars per month plus the $100 you pay into the money pool over a 10 month period.


It’s been proven that even most of the  people who work in the financial services industry can’t pick stocks or predict a return om an investment better than a monkey with some darts and a dart board with companies names on it. Aside from investing in your 401k, Roth IRA, and index funds, don’t expect to be able to compete with multi-billion dollar companies with their trading bots and fancy algorithms that can buy stocks after you place your order and sell them to you at a higher price. Why, because they make the rules, they pay millions for mega high speed networks, and THEY make sure that there are no regulations that prevent them from doing so.

If by chance you find a stock you like and you want to get in early. Take your money pool and invest. Build a position in a stock gradually over time. This is far better than taking $5000 from a high interest credit card to go day trading only to watch the market snatch a large chunk due to market conditions or some industry bad news. Time is your friend when it comes to investing. Only do speculative investing once all your other savings and long term investing is automated.

If you are able to get 50 or a 100 shares of a good stock and it goes up 1 dollar, you cover the emoneypool.com fees you paid to get your money into the investment early. This is a bit of an over simplification because I’m not factoring in trading commission or taxes but I’m also not proposing that this be a short term quick flip scenario, plan on doing this for the next 5 or 10 years at least, 15 or 20, even better. Invest in companies that you already shop regularly or companies that you feel have level 5 leadership.

Helping family and friends

Do you have that family member that’s always short on money or looking for a small loan. Rather than have them turn to high interest credit cards, payday or car title loans, encourage them to join you in a emoneypool. You are teaching them some financial responsibility, while helping them get some cash they might need. Make sure you tell them they will have to keep up with the pool payments and not to use the money in the same way that got them into trouble in the first place. For example, if their credit cards are maxed out, recommend that they not use their payout to purchase more stuff they don’t need. Encourage them to put their payout on paying down their debt or pre-paying smaller bills for six months and then diverting that money to helping pay down their credit cards.

Bill pre-payment

If you listen to Susie Orman and other well know financial advisors, they always tell you to save up 6, 8, 12 months of living expenses because you never know what might happen. And, this is true. What is also true, is that this can be difficult when you have various bills that need to be paid all various times of the month.  However, for bills you know you will have to pay sevetal months down the road, especially small ones, try pre-paying that bill up for 3 to 6 month. The goal here is to reduce the amount of payments coming out of your account. You can then divert that money that you were paying on that bill to paying down credit cards, putting it into savings, or your investment account. Remember, the sooner you get your money into an investment and the longer you can hold it, you are highly likely to make a favorable return.

Need money for school related expenses 

If you happen to be in college right now, don’t make the mistake of signing up for these credit cards that people come to your campus to try and sell you. You likely won’t be abke to keep up with the payments and It could end up taking you years pay off the debts. These small  unpaid credit card balances could have a catastrophic impact on your credit reputation.

I recommend asking family members to create a money pool on your behalf where each member would send you a portion of their payout once they receive it. It would make you appear more financially responsible and it would spread the financial burden across a group of people vs. just one or both of your parents.

Boosting or Establishing Credit

Good news! Now emoneypool reports to Experian, one of the three credit bureaus. As long as you can keep up with your payments, you get positive matks for successfully paying off an installment loan with each pool you complete.  To boost your credit even further, when you get your payout, open a secured credit card. This will automatically boost your credit because you are establishing more creditworthiness by increasing your borrowing power. The credit bureaus don’t see whether or not its secured, they just evaluate your debt to income ratio. Be careful though, once other companies see that you have established credit, they may bombard you with offers. They quickly try to get people with newly established credit deep in the whole by offering unsecured credit cards. Sticking with secured credit cards will make sure you don’t have access to money you can’t afford to borrow.

Starting a business

If you want to start a business, start saving money through your emoneypool.

For example, if you have a friend that wants to start a business while you guys keep your day jobs, I would suggest two simple tests. Ask yourself, whether you could live with this person or not. The early stages of starting a business is like a marriage, you will need to spend a good amount of time working with them. You might end up staying over their place and them yours. If they appear to be messy, unclean, or unorganized, this may not be a person you want to go into business with. This person may be smart or nice, but their scatter brain mentality may hurt you down the road. Its very difficult to stay focused in a cluttered enviornemnt. Your would be partner may not have the same mental clarity and commitment that you have (hint hint…speaking from experience here)!

The second is the money pool test. Suggest saving through emoneypool. Agree to divert some of your money pool pay out towards your new venture. If your partner can’t keep up with the money pool payments or they make excuses about diverting funds to your potential new business. This may not be the partner for you. A little bit of sacrifice goes a long way. And, if they aren’t willing to make any, you may want to re-evaluate them as a partner.

Thanks for reading this article! If you have s question or comments feel free to leave it below or email me.  If you are interested in learning more about emoneypool or would like to set up and account, dont hesitate to click here. Please use my referral code, Curt08C, when signing up and you will receive a $15 dollar credit towards your money pool fees. Make sure to invite me to your first money pool when you decide to start one.

Receive a $15 money pool credit @emoneypool when you sign up with my code.

*These are personal views and do not reflect the views of the emoneypool.com site itself.

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