Almost 70% of Americans have less than $1000 in their savings account.
That’s bad news! After all, the economy’s taken a significant hit in the past year.
With the current pandemic and a looming recession, it seems likely that tough financial times are lurking around the corner. Throw in the potential for unexpected expenses, and a lack of cash in the bank could spell serious trouble.
Knowing how to raise money fast is key for anybody looking to avoid financial hardship. You can pay your bills, pay down debt, put food on the table, and earn your way to a more comfortable monetary situation all-around. Are you wondering how to raise money quickly?
Let us help you earn quick cash! Keep reading for 6 foolproof strategies for anybody wanting to raise money in a hurry.
1. Pawn Your Valuables
Nobody ever wants to sell their valuables to a pawn shop.
For one thing, they’ll never pay you what the items are really worth. After all, they’re a business, which means they have to make a profit. And, given your need for quick cash, you aren’t in a position to negotiate a higher rate.
Even worse, you’re forced to pawn items that may hold significant sentimental value. Family heirlooms, wedding rings, and gifts from loved ones are just a few examples.
Those issues aside, though, there’s no denying the practical value that pawn shops provide. Assuming you have items of sufficient value, you can get access to large sums of cash with relative ease. Better still, you might even be able to buy back your treasured possessions when you’re in a more comfortable financial position.
2. Sell Your Possessions
Most people have countless old and unwanted items lying around their home.
Are you the same, covered in clutter?
Well, there could be thousands of dollars’ worth of stuff just sitting there, lining your shelves and filling your closets! You might have old books, clothes, shoes, toys, games consoles, computers, sports equipment, electronic goods, and so on.
If it’s all just taking up space, then why not sort through and sell it to willing buyers?
You could hold yard sales, ask your friends if they want to buy anything, and put items online as well. EBay, Amazon, and Craigslist are all possible platforms from which to make a quick buck. With a bit of effort, you can generate a quick influx of cash and free yourself from financial bother.
3. Sell Your Old Car
The inside of your house isn’t the only place to find things to sell. Any old car(s) in your garage, on your driveway, and/or sitting in your front yard can hold value too.
You might be surprised since used car values have recently skyrocketed.
Finding someone to take these vehicles off your hands can put some much-needed cash in your pocket! Remember, one person’s trash is another person’s treasure. Even broken down hunks of rusting metal might be worth something to someone (people who renovate classic cars are a good example of this).
It doesn't take much to learn about scrapping a car. Moreover, there are all sorts of companies that offer cash for clunkers these days. You might not get much for your junk car, but it’s better than nothing when you need to raise money fast.
4. Scour the House For Items To Sell
You might be richer than you think. There could be piles of loose change hiding in your house or car that you’ve misplaced over the years.
If you’re strapped for cash, then now’s the time to search high and low for it. Dig between sofa cushions, look inside drawers, delve into jacket pockets, check the glove compartment of your car, and so on. With any luck, you’ll come across enough money to justify the effort.
Of course, you can’t expect to pay your mortgage this way! There might, however, be enough to contribute to a bill, avoid the late fee, and keep yourself out of further financial trouble.
5. Get a Side Job
Take a look at possible side jobs you could do too.
There might be neighbors who want their dogs to be walked during the day. There might be friends who need a babysitter at the weekends. Or there could be businesses in need of your expertise who are willing to pay for your time.
With a bit of hustle (and the humility to take on menial positions), you can take on employment that starts generating income in record time.
It’s worth looking online for odd-job opportunities as well. Entire websites exist that match willing workers with these one-off jobs. You can’t expect fulfilling work, but you can expect to earn extra money with no need for special experience or qualifications.
6. Get a Loan From Loved Ones
Taking a loan from friends and families has its pros and cons.
On one hand, you can access the money instantly without suffering the strain of excessive interest rates. In other words, the loan is a) easier to access and b) far more affordable than anything you’d get from ordinary lenders.
On the other hand, though, you put an unhelpful strain on the relationship. There’s nothing like debt to make enemies out of best friends.
Ultimately, only you can decide if it’s the right way forward. Our suggestion?
Only ask your loved ones for money if you can guarantee you’ll pay it back in good time. Take it seriously, sign contracts if needs be, and commit to the repayments.
Now You Know How to Raise Money Fast
Millions of people around America are saddled with serious financial difficulty these days. Wages don’t stretch far enough, levels of debt spiral out of control, and even buying the basics can be a struggle. Sadly, the state of the economy doesn’t fill you with confidence either.
But it isn’t all bad! Generating cash doesn’t have to take as long, or be as difficult, as many people imagine. The right approach can put it in your pocket in record time.
We hope this post has highlighted how to raise money fast and will help you do exactly that. Would you like to read more articles like this one? Visit the Startups and Loan sections of the Bootstrap Business right now to learn how to raise money fast or earn quick cash.
