How to get paid when time is up
Whether you’ve faced a sudden spike in unexpected medical bills, recently lost your job, been hit by a hurricane or other natural disaster at your home, one thing is for sure – you need cash and you have it now. Unfortunately, the vast majority of us are not fully prepared when the financial crisis hits our daily lives.
If you are using this patch, you are not alone. According to FEMA, approximately six out of ten American households experience at least one financial crisis each year, and approximately one-third of American households have no savings. According to a Federal Reserve report 1 , nearly 40 percent of Americans will have a hard time paying for unexpected emergency expenses, such as $ 400 for car repairs. from them
When you need cash fast for an urgent matter, where do you go? Here are seven smart ways to raise money quickly without causing irreparable damage to your finances.
1) liquidate your fortune
Is it your father’s Rolex, your mother’s engagement ring, or a diamond brooch that you rarely wear in the corner of your jewelry box? What about hidden gadgets in your wardrobe, like an elegant bridesmaid dress or a fur coat inherited from your great-grandmother’s aunt? ThredUp is a ready-to-use online platform where you can pay for clothes in cash. To find out how the sales process works, click Cleaning Process in Help. 4 You can also try selling your clothes on eBay.
You can also make money quickly using cutting-edge electronic devices like big screen TVs, tablets, phones, laptops, and game consoles, as well as media like DVDs, CDs, books, and games on sites like Decluttr, Gazelle. and sales and marketing sites like Swappa. You can also try posting them on Facebook, Craigslist, and Twitter. Place an ad in your local newspaper. or gift these coins to friends and family.
Depending on the quality of the clothing, electronics, and media you’re trying to sell, you can quickly earn hundreds, if not more, of much-needed cash.
2) accept odd jobs
If you don’t have quality downloads, you can try to sell your services, especially if you are unemployed and have time to waste. You can babysit your friends’ kids and / or have pets, or organize a walk with your neighborhood dog. According to ZipRecruiter, the national average hourly wage for a babysitter is $ 28 per hour, while pet sitting pays an average of $ 14 per hour. According to PayScale, 5 hikers can earn around $ 15 per hour. Sixth
When you’re not dealing with dogs or children, you can offer to mow the lawn and wash the cars of those around you, or take your neighbor’s aunt to medical appointments. If you like driving, you can also sign up as a Lyft or Uber driver. According to Gridwise, carpooling income will vary based on where you live in 2021, from $ 14.65 per hour in San Antonio, Texas to $ 19.44 in the Bay Area. In California. 7
You can also open a grocery store for old friends or acquaintances to repair and paint your sister’s broken fence. Depending on how much work you do and how much you pay for each business, you could make hundreds of dollars in a weekend.
3) Track changes
At first glance, this advice may seem a bit absurd, but it is not a joke. According to a 2016 Bloomberg report, Americans toss in coins worth $ 61.8 million a year. 8 That’s a lot of money in old cushions in couches, piggy banks and paint cans across the country.
Walk through the house and collect all the hidden rooms. When you have your last penny, take the treasure to your local bank or credit union. Some banks post the changes for their clients for free, while others may ask you to count and reset them yourself.
In any case, once these coins are converted to cash, the next few hundred dollars can be used for emergency expenses.
4) host a flea market
As they say, one person’s trash is another’s treasure. Although yard sales and gardening are very demanding work, they can provide some sellers with a reasonable exchange rate. Be sure to advertise on Craigslist, Facebook (if you have a local group), the local newspaper (both online and in print), church bulletins, and include black neon lights. In important places to reach as many people as possible. possible.
5) Deposit funds into your retirement account
The first four steps may not be sufficient for larger amounts. This is why your 401 (k) is worth checking out. In most years, if you are under age 59½, you will pay a 10% penalty to withdraw 401 (k) funds, but sometimes it is worth it. 9 There are also exceptions where the penalty can be waived by 10%, for example: B. If you have unreimbursed medical expenses that exceed 7.5% of adjusted gross income. 10 And in 2020, those affected by the coronavirus pandemic can withdraw up to $ 100,000 from 401 (k) with no penalty. 3 You can also borrow money in your 401 (k) instead of withdrawing it. It is a better choice if you can handle it.
If you don’t have a 401 (k) but do have an IRA, this can also be a source of money, especially if it is a Roth IRA. With a traditional IRA, your options are more limited, but even then you can withdraw cheap retirement funds yourself.
6) separated from plasma
Now we come to the more extreme options. Plasma is a valuable resource for a wide variety of medical tests and treatments. Donating plasma is like donating blood, according to Octapharma Plasma Inc., a plasma collection company that produces life-saving drugs for patients around the world. 11 12
After collection, the blood passes through special devices that separate the plasma from other parts of the blood. Your plasma is then collected in a container, while other parts are safely returned to your body through a process called plasmapheresis.
Reports vary on how much you can earn and it depends on several factors. You can earn between $ 20 and $ 60 for each donation. The Octapharma Plasma website says: “The more plasma you weigh, the more plasma we can collect and the longer it will take to deliver. The number of new and old donors is taken into account. Eleven
7) Borrow money from friends or family
We wrote this one last time because it really should be a last resort. Borrowing money from friends and family can be a quick fix, but it can have negative consequences. Lending money to a loved one can put a strain on your relationship, especially if you don’t pay it back quickly.
According to the Psychology Today article , bad loans can cause lingering negative feelings among lenders and borrowers. 13 If you are going to borrow money, it is probably best to enter into an agreement that states when you will start paying the lender and whether you will also have to pay interest on the borrowed money.
When you need cash in a financial emergency, you are not alone. The vast majority of Americans do not have sufficient funds to cover unexpected expenses. Worse still, when you’re in this situation, the worst thing you can do is add to your credit card debt or apply for a personal loan at exorbitant interest rates.
Fortunately, there are many smart ways to raise your money quickly without decimating your finances. Whether you want to sell some of your assets, land a part-time job, or borrow money from a family member or friend, one thing is for sure: Once you’ve recovered from this financial disaster, it’s time to get started. Build. background. emergency. .