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February 21, 2023 at 12:34 pm #12799elmothurlow393Guest
1) Liquidate Your Assets
2) Take on Odd Jobs
3.) Locate Your Loose Change
4.) Organise the Garage Sale
5) Take money from your Retirement Account
6.) 6. With Your Plasma
7) Take money from friends or Family
The Bottom Line
Wealth Lifestyle Advice
7 Effective Strategies to Increase Cash Fast
How do you get cash when time is of the essence
Amy Bell Amy Bell
Updated December 03, 2021
Review by Khadija Khartit
Facts verified by Yarilet Perez
If you’re facing an avalanche of medical expenses, or you’ve recently lost your job or your house was ravaged by a storm or another natural catastrophe, one thing is certain–you have cash in your pocket, and you need it now. Unfortunately, when the financial crisis hits everyday life, the vast majority of people are totally unprepared.
If you’re caught in this fix it’s not a problem that’s unique to. Six out of ten American households experience the dreaded financial crisis a year and about one-third of American families do not have any savings whatsoever according to FEMA.1 A majority of Americans are struggling to pay for an unanticipated emergency expense like a $400 vehicle repair as per a study from FEMA.2 U.S. Federal Reserve.2
If you’re in need of cash fast to cover an immediate expense, where do you turn? Here are seven smart ways to quickly raise funds without causing irreparable harm your financial situation.
Selling personal items such as clothes, electronics, or books–online may help you raise cash in an need-to-pay.
Consider taking on an odd task, like pet walking, babysitting, or yard work, to earn extra money.
You might consider borrowing or withdrawing money from your retirement account. In the majority of instances, this could result in having to pay taxes on the distribution as well as the 10 percentage penalty.3
If you are borrowing money from relatives or friends It is recommended to draw up a contract about the conditions for the loan.
1) Liquidate Your Assets
Does the corner of your jewelry box hold your dad’s Rolex, your mom’s engagement ring or a diamond pin you don’t often wear? Are there treasures hidden in your closet–perhaps a fancy wedding dress, or an inherited grandma’s coat.
One online platform that is willing to buy cash for your clothes is thredUp. Within the Help Center click on “The Clean out Process” to find out how the selling process works.4 Also, you could try selling your clothing on eBay.
There is also the possibility to make fast cash by selling off recent-model electronics including big-screen televisions tablets, phones laptops, computers, and game consoles, and media like CDs, DVDs, books, and games and on websites like Decluttr, Gazelle, and uSell as well as marketplace websites such as Swappa. You can also try posting your items to Facebook Marketplace, Craigslist, and Twitter; run an ad in your local newspaper or peddle these pieces to family and friends.
The quality of the garments or electronics you’re willing sell depending on the quality of your merchandise, you can easily bring in hundreds or more of cash.
2) Take on Odd Jobs
If you don’t have expensive items that you can sell You can consider selling your services instead–especially if you are out of work and have time on your hands. You can babysit and/or pet-sit for friends or start up a neighborhood dog-walking service. According to ZipRecruiter the typical hourly wage for babysitters is $17 per hour, while pet sitting is paid around $14 an hour.56 Dog walkers can typically make around $15 an hour, as per PayScale.7
If you’re not interested in handling kids or dogs You could provide a mower and wash cars for people living in your area, or transport an elderly neighbor’s aunt to doctor’s appointments. If you’re a fan of driving, you could sign up to be a Lyft or Uber driver. According to Gridwise the rideshare drivers will earn around $20k in 2021, based on where they reside, but range between $14.65 per hour in San Antonio, Texas, up to $19.44 in the Bay Area.8
You can also shop for groceries for busy friends or older adults or offer to fix and decorate your sibling’s dilapidated fence. Depending on the amount of work you accept and how much you cost for each job you can earn a few hundred bucks within one weekend. If you’re not in a position to hire enough customers who require work , you can sign up on websites like TaskRabbit Thumbtack, skills-based work in Upwork, Freelancer, or Fiverr.
An emergency fund can serve as the financial security needed in the event that unexpected expenses, such as medical bills, or loss of a job, occur. Try to set aside money as soon as you can start one.
3) Track Down Your Loose Change
At first it might seem odd, but it’s actually an omen. According to a 2016 news report from Bloomberg, Americans throw away about $61.8 million of coins in the trash each year.9 That’s a lot of money that’s stuffed into sofa pillows, piggy banks and old paint cans across the nation.
Hunt around the house to find all the hidden coins. Once you dig up every last cent, haul the treasures to the local credit union or bank. Some banks will count change at no cost to their customers, although others might require you to count and roll your change by yourself.
In any case, once you convert those coins to cash, you’ll be able to get another hundred dollars to pay for your emergency expense.
4) Organize an Garage Sale
One man’s trash is another man’s treasure according to the old saying. While yard and garage sales are lots of effort, they can bring in a decent chunk of change for some sellers. Be sure to promote your sale through Craigslist, Facebook (if you have an existing local group), your local newspaper (online as well as print) and bulletins for churches, and set up neon signs with black letters in the most prominent locations to bring in as many potential buyers as you can.
5) Take money from your Retirement Accounts
For larger sums that are in the bank, following these initial four steps might not be enough. That’s when it makes sense to look at your 401(k). In most years If you’re less than the age of 59 1/2, you’ll be subject to an additional 10% penalty when you withdraw your 401(k) money, however, there are times when it may pay to do this.3
There are also certain situations where the 10% penalty can be waived, such as in the event that you are not reimbursed for medical expenses that are greater than 7.5 percent of your adjusted gross income.10 You can also borrow, rather than withdraw the funds from your 401(k) it is a better option if you have the ability to manage it.11
If you do not have a 401(k) however you have an IRA, this could also be a source for funds particularly in the case of a Roth IRA. For a traditional IRA you have options restricted However there are certain situations that allow you to withdraw funds from retirement at no cost to you.3
6) Take a Part With Your Plasma
We’re now moving on to most extreme possibilities. Plasma is a valuable source of energy used in a range of medical treatments and research. Giving plasma is like the process of giving blood, according to Octapharma Plasma Inc., which is a firm which collects plasma to make life-saving medications for patients worldwide.1213
After your blood is taken then it’s passed through special equipment which separates plasma from other blood components. Your plasma is later reconstituted in a container, and the rest of your blood is returned to your body in a process called plasmapheresis.
Reports vary as to how much you can make and will be contingent on several variables. It is possible to earn between $20 and $60 for each donation. Based on the Octapharma Plasma website “Generally weight is a factor in how much, the more plasma we can collect, and the longer it will take to give it away. The amount of money new and returning donors earn reflect this. “12
7) Borrow Money From Friends or family
This one was saved for the last minute because it should be used as a last resort. Although borrowing money from family members or relatives could be an easy fix, it can lead to some adverse 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.
Based on an article published in Psychology Today, unpaid loans can lead to lingering bad relationships between the lender and the borrower.14 If you plan on borrowing money then it’s best to create a contract that outlines when you’ll start to pay the lender back and if you will also be required to pay interest on the amount borrowed.
The Bottom Line
If you find yourself cash-strapped when a financial crisis strikes You’re not alone. A majority of Americans do not have enough money in their bank accounts to cover unexpected expenses. When you find yourself in this situation the worst option is to create credit card debt, or get an payday loan, which will have exorbitant interest rates.
It’s good to know that there are a variety of clever ways to raise money quickly without ruining your finances. If you decide to dispose of some of your possessions, take on odd jobs, or even borrow money from a family member or friend, one thing is sure that once you’ve recovered from your financial catastrophe, it’s time to build an emergency fund.
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