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March 2, 2023 at 8:42 pm #13460wywreinaldoGuest
1) Liquidate Your Assets
2) Take on Odd Jobs
3.) Find Your Loose Change
4.) Organize an Garage Sale
5) Take money from your Retirement Accounts
6.) Take a Part With Your Plasma
7) Get Money from Friends or Family
The Bottom Line
Wealth Lifestyle Advice
7 Smart Ways to Raise Cash Fast
How to get money when time is of the essence
Amy Bell Amy Bell
Updated December 03, 2021
Reviewed by Khadija Khartit
Fact confirmed by Yarilet Perez
Whether you are facing an onslaught of unexpected medical bills, lost your job or your house was damaged by a hurricane or other natural disaster there is one thing for sure: you have cash in your pocket, and you need it now. In the event that the financial crisis hits everyday life, the vast majority of us are caught in a state of uncertainty.
If you’re caught in this fix, you are not alone. Six out of 10 American households have the dreaded financial emergency every year, and around one-third of American families do not have any savings whatsoever, according to FEMA.1 In addition, nearly 40% of Americans would have trouble paying for an unexpected emergency expense like a $400 car repair in a report from the U.S. Federal Reserve.2
If you need quick cash to cover an immediate cost, where should you turn? Here are seven ways to raise money quickly without causing irreparable harm to your financial situation.
The most important takeaways
Selling your personal possessions, such as clothes, electronics, or books–online may help you raise cash in the event of an need-to-pay.
You might consider taking on an odd task, like pet walking, babysitting or even yard work, to make extra money.
It is possible to consider borrowing or withdrawing funds from your retirement account. In most years, that could mean paying taxes on the distribution and the 10% penalty.3
If you are borrowing money from friends or family it is best to draw up an agreement detailing the terms that apply to the loan.
1) Liquidate Your Assets
Do the corners of your jewelry box contain the dad’s Rolex or your mom’s engagement ring or even a diamond-colored pin that you rarely wear? What about the treasures tucked away in your closet–perhaps a fancy wedding gown or your grandmother’s great-aunt’s fur coat.
One platform online that is willing to pay cash for your clothes is thredUp–in the Help Center click on “The Clean out Process” to find out how selling works.4 You can also consider selling your clothes on eBay.
There is also the possibility to earn cash quickly by selling off the latest models of electronic devices, like big-screen TVs smartphones, tablets laptops, computers, and game consoles, and media such as DVDs, CDs books, games, and more and on websites like Decluttr, Gazelle, and uSell as well as marketplace websites like Swappa. Or you can consider posting these items to Facebook Marketplace, Craigslist, and Twitter; run an ad in your local newspaper or peddle these pieces to friends and family members.
Depending on the quality of the garments, electronics, and media you’re willing to sell, you could quickly rake hundreds of dollars or more in cash.
2.) Take on Odd Jobs
If you don’t own any high-value items to unload, you can try selling your services rather, particularly in the event that you’re out of work and have time your hands. You can babysit and/or pet-sit with friends, or even set up up a neighborhood dog-walking service. According to ZipRecruiter, the nationwide typical hourly wage for a babysitter is $17 an hour, and pet sitting is paid the average $14 an hour.56 Dog walkers usually make around $15 an hour, as per PayScale.7
If you’re not interested in dealing with dogs or kids or children, you could suggest that you mow the grass and wash cars for the people who live in your neighborhood. You could also take a neighbor’s elderly aunt to her doctor’s appointments. If you’re a fan of driving, you could sign up to be driver for Lyft or Uber driver. According to Gridwise the rideshare drivers’ earnings in 2021 depend on their location however, they can earn anywhere between $14.65 each hour in San Antonio, Texas, to $19.44 in the Bay Area.8
You could also grocery shop for busy friends or older adults, or offer to repair and decorate your sibling’s dilapidated fence. Depending on how many jobs you accept and how much you cost for each job you can earn several hundred dollars within one weekend. If you don’t have enough clients who require work done, try signing up on websites like TaskRabbit, Thumbtack, or skills-based work in Upwork, Freelancer, or Fiverr.
An emergency fund can serve as a financial cushion to help when unexpected costs, like medical bills, or losing a job occur. Try to set aside money whenever you are able to establish one.
3) Locate Your Loose Change
At first glance, this advice may seem a little absurd–but it’s not an untruth. According to a news release from Bloomberg, Americans throw away around $61.8 million of coins in the trash each year.9 This is a significant amount of cash stuffed into couch cushions, piggy banks and old paint containers across the nation.
Explore the house to find all the hidden coins. After you have uncovered every penny, take the treasures to the local credit union or bank. Some banks will count change at no cost to their customers, although others may require you to count and roll your cash on your own.
In any case, once you’ve converted the coins into cash, you’ll be able to be able to put toward the emergency expenses.
4.) Create the Garage Sale
One man’s trash is another’s treasure According to the saying. While garage and yard sales are a lot of work however, they can yield some substantial cash for certain sellers. Be sure to advertise your sale on Craigslist, Facebook (if you have local groups) as well as your local newspaper (online and also print) as well as church bulletins, and put neon signs with black letters in the most prominent locations to draw in the maximum amount of people possible.
5) Get Money From Your Retirement Accounts
For larger amount that are in the bank, following these first four steps may not suffice. That’s when it makes sense to look at the options for your 401(k). Most of the time when you’re under the age of 59 1/2, you’ll be subject to an additional 10% penalty to withdraw from your 401(k) money, however, there are times that it’s a good idea to do this.3
Also, there are certain circumstances where the penalty of 10% could be waived, for instance the case of medical expenses that exceed 7.5 percent of your adjusted gross income.10 You can also borrow, rather than withdraw funds out of your 401(k), a better option if you are able to manage it.11
If you don’t have an 401(k) however, you have an IRA that could be a source for funds in particular in the case of an Roth IRA. With an traditional IRA the options are restricted however, there are some situations that allow you to withdraw the retirement funds at no cost to you.3
6) Take a Part With Your Plasma
The next step is to explore more extreme options. Plasma is an extremely valuable resource that is used in a variety of medical procedures and research. The process of donating plasma is similar to giving blood, as per Octapharma Plasma Inc., a company that gathers plasma and uses it to develop life-saving drugs for patients worldwide.1213
After your blood is taken then it’s passed through special equipment that separates plasma from other parts of your blood. The plasma is then gathered in a container, and the rest of your blood is transferred to your blood via the process known as plasmapheresis.
Reports vary regarding how much you can make as it is contingent on many factors. You could make between 20 and $60 for each donation. Based on the Octapharma plasma website “Generally weight is a factor in how much your body, the more plasma you can collect, and the longer to give it away. The amount of money new and returning donors earn reflects this. “12
7) Get Money from Friends or Family
We put this one off until the last minute because it should be used as a last resort. Although borrowing money from family members and relatives may be a quick fix, it can lead to negative consequences. When a loved one lends you some cash, it can put a strain on your relationship–especially if you don’t pay the person back quickly.
According to an article in Psychology Today, unpaid loans could cause lingering negative feelings between the lender and borrower.14 If you’re planning to borrow money you should draw up a contract stating when you will begin to repay the lender and also if you’ll pay interest on the money borrowed.
The Bottom Line
If you find yourself cash-strapped when a financial crisis strikes, you’re not alone. The vast majority of Americans do not have enough money in their bank accounts to cover unexpected expenses. If you’re in this scenario, the worst option is to create credit card debt, or take out an payday loan, which will result in high interest rates.
There are plenty of smart ways to raise money quickly without ruining your financial situation. You can decide to either sell some of your belongings, take on odd jobs, or borrow money from your parent or a friend there is one thing that is certain: As soon as you recover from this financial catastrophe, it’s time to begin building an emergency savings account.
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