Content of the material
- How To Make Money Fast
- Better Preparation for Future Emergencies
- Consolidate Your Existing Debt
- Reach Out To Your Financial Advisor
- Invest in Your Future
- Balance Transfer Options
- Budget Wisely
- About the Author
- 6) Part With Your Plasma
- 3) Track Down Your Loose Change
- Avoid These Sources of Immediate Cash If You Need Money Now
- Payday lenders
- Borrowing against your retirement
- Taking out a second mortgage
- Opening up new credit card accounts
- Borrowing from family and friends
How To Make Money Fast
There are plenty of ways to quickly earn cash, whether you’re looking to make money in just a single day, online at home, or via a side hustle. Read on to learn about 19 of the best options that are available.
Better Preparation for Future Emergencies
Unpredicted costs and emergencies can put a serious dent in almost anyone’s budget. If you've found yourself in this type of predicament, don't worry – you're not alone. Around 60% of American households deal with at least one cash emergency per year. According to FEMA, one-third of Americans don't have any savings to fall back on, either. That's a large group of people looking for answers on how to get quick cash and similar questions.
Knowing that you are not alone may be helpful for your morale but won’t actually solve the problem. So, if you are panicking about the current situation, hopefully, our tips from this article can help you out. Still, to avoid getting yourself into the same position again, here are some things that you should consider doing.
Consolidate Your Existing Debt
To reduce the chances of cash emergencies ever happening again, you should consider paying off your debts as soon as possible. Consolidating all your loans under one roof is very much advisable, as it will undoubtedly lower your loan payments. There is no easy way to make money, but getting out of your debt faster and saving all those greens typically spent on paying back interest is a great start.
Reach Out To Your Financial Advisor
If you’re struggling with finances, reaching out to a financial advisor might be a good idea. It is also a good solution if you managed to put some money on the side and are now looking to grow it further. Whether you'll benefit from hiring a financial advisor usually depends on the amount of money you would like them to invest for you. Mostly, it's about your investment goals – and yes, it is one of the safest ways to make money, but in the long run.
Invest in Your Future
With so many automated investing advisors and investment apps available online these days, there is almost no excuse for not investing in your future. Even beginners can effortlessly sail in the world of investing and turn those $2 into something you can rely on for future emergencies.
Balance Transfer Options
For those that have good credit, researching your balance transfer options is also advisable. Even the simple act of getting a refinancing loan at half of your current interest rate can help out immensely, leaving several hundreds or even thousands of dollars you would have spent on interest in your pockets instead.
It would take you much longer to earn that money online. Once you're confident you can repay the loan within a specific time frame, look for balance transfer cards with a 0% introductory interest rate. It will allow you to repay your debt without worrying about interest rates during the grace period.
Balance transfers and investments aside, the best way to avoid getting into a similar situation again is to budget wisely and not spend more than you have. Take your time to re-evaluate your spending habits, outstanding bills, and expenses. Try to find the extra funds you could put away for rainy days.
Try some of the get money fast recommendations we've covered here. Also, try having a designated spot for saving pennies your couch would otherwise eat, and pay off your student or other outstanding debts as soon as possible to save on interest. There are many ways to find extra funds you can put towards your savings account.
About the Author
Morgan Quinn is an experienced personal finance writer and her work has appeared on WSJ.com, Huffington Post and Slate. She is also the former Managing Editor of Mint.com.
6) Part With Your Plasma
Now we're getting to the more extreme options. Plasma is a valuable resource used for a variety of medical treatments and research. Donating plasma is similar to giving blood, according to Octapharma Plasma Inc., a company that collects plasma used to create life-saving medicines for patients worldwide.
Once your blood is drawn, it's cycled through special equipment that separates plasma from the other parts of your blood. Your plasma is then collected in a container, while the other parts are safely returned to your body in a process called plasmapheresis.
Reports vary as to how much you can make, and it will depend on a variety of factors. You could make between $20 and $60 for each donation. According to the Octapharma Plasma website, "Generally, the more you weigh, the more plasma we can collect, and the longer it takes to donate it. The amount of money new and returning donors make reflects this."
3) Track Down Your Loose Change
At first glance, this advice may seem a little absurd—but it's not a joke. According to a 2016 news report from Bloomberg, Americans throw away approximately $61.8 million of coins in the trash each year. That's a lot of money stuffed in couch cushions, piggy banks, and old paint cans across the nation.
Hunt around the house to collect all those hidden coins. Once you dig up every last cent, haul the trove to your local bank or credit union. Some banks will count change for free for their customers, although others may require you to count and roll your change on your own.
Either way, once you convert those coins to cash, you could have another hundred bucks to put toward your emergency expense.
Avoid These Sources of Immediate Cash If You Need Money Now
Sometimes what seems like the simplest or easiest solution comes with the most risk. Before using crowdfunding or opening up a new credit card, make sure you carefully weigh those against the benefits.
Using a payday lender seems like the most effective way to get cash when you need it. The process is simple, locations are easy to find and accessible, and you’ll walk out with money in hand.
However, the interest rates can be 400% APR or more, and the repayment term is short, making it difficult to pay back the money you borrowed without having to take out another loan.
It’s easy to find yourself perpetually indebted to the loan company. If you truly have no other option besides a payday loan, do whatever you can to pay back the initial loan by the due date to avoid getting trapped in the payday loan cycle.
Borrowing against your retirement
While you can borrow against your 401(k) for a tax-free loan, it’s generally not a good idea. This comes with a large opportunity cost.
When you take out money from your retirement account, you lose any compounding interest and your contributions decrease, along with any possible company matches. If you do borrow against your 401(k), make sure you fully understand the repayment options and consequences.
Taking out a second mortgage
Taking out a second mortgage or home equity loan or line of credit isn’t the worst option for getting money now, but it is something to consider carefully.
By borrowing against your house, you’re using the equity in your home as collateral, impacting your home’s resale value. Second mortgages can be expensive thanks to things like appraisals and fees, and if you don’t pay your loan, you risk losing your home to foreclosure.
Although interest rates are generally lower than credit cards, make sure to carefully weigh if this is the best option for getting quick cash. Proceed with caution if you go this route.
Opening up new credit card accounts
Like payday loans, opening up a new credit card gets you access to funds instantly. It’s a simple process that you can usually complete online, and you’ll immediately know your credit limit.
It can be a practical option, especially if you have a plan to repay the money, but it can also be a dangerous one if you rack up a huge balance. You don’t want to end up in a more precarious financial situation than when you started.
Make sure you read all the fine print, especially if your new card comes with a 0% introductory APR. If you don’t repay the balance before the offer expires, you may be charged extra back interest. If the card comes with a cash-back bonus, find out if it applies as a statement credit or a deposit into your bank account.
Borrowing from family and friends
Asking friends or family for money can be a humbling experience. It’s difficult to admit being in a financially vulnerable position, and it’s even harder to ask for help. If you have generous friends or family members, they might be willing to provide you with an interest-free short-term loan.
If that happens, both parties need to understand the repayment terms and other conditions. You need to make sure you’re fulfilling your obligations to them and not engaging in frivolous spending. Be sure that borrowing money from them won’t negatively impact your relationship. If you have any doubts, don’t ask.
GoFundMe or other crowdfunding platforms may seem like a good idea for getting money when you need it, and it prevents the embarrassment from asking friends and family directly. However, it comes with many of the same risks.
You may open yourself up to criticism, comments, and insults about your financial situation and you as a person. If you have a strong community and support system and are aware of the possible backlash, then crowdfunding may be an okay option.s