Whether it is a result of a temporary setback, a large unexpected expense or simply the affects of the current economic downturn, many people may find themselves in dire financial straits and in need of some quick extra income. If you’re rent is coming due, you need groceries or need to fill your car with gas to get to work but lack funds and all of the traditional sources of credit are dry, what can you do? Here are offered twelve ideas for raising some cash in a hurry, all of which are legal but some are recommended for only the direst circumstances.
Start Your Own Part-Time Business
While not a quick fix you can boost your income by starting your own part-time business and you won’t have to invest a lot of money to make money. Oftentimes you can start a business with next to nothing. You might consider starting a service business and hiring yourself out for odd jobs, as a dog walker, pet sitter, baby sitter, errand runner or consultant in the area of your expertise. If you happen to have a talent for crafts, this is another great possibility for a part-time business startup requiring minimal investment and the potential for significant earnings. Entrepreneur Magazine claims that many viable part-time businesses can be started for less than a dollar a day. The magazine and their web site provide great resources for ideas.
Again this is not a quick fix as with most part-time jobs you will probably be faced with a delay of at least two weeks before you receive that first paycheck. Still if your situation isn’t critical this might be a good option. Even with the current economic conditions, great part-time positions do exist. In fact many companies have turned to part-time employees as a means of cutting back on their expenses. If you can’t wait for that first paycheck, consider temp jobs. From office work to manual labor, there are lots of temporary agencies where you can find work and most provide payment daily for your services.
If you have stuff you no longer need and that is simply adding to the clutter in your garage or closets like furniture, electronics, sports equipment or clothing, then consider holding a garage or yard sale. These sales can help you “clean up” fast both by raising some quick money and also helping you to de-clutter. Take advantage of the old adage, “one man’s trash is another man’s treasure.”
Besides eBay there are number of other alternatives for selling your unneeded used items on-line. It’s like holding a virtual yard sale if your home doesn’t lend itself to having an actual one. Craigslist is a great Internet site for buying and selling almost anything from furniture, exercise equipment, musical instruments, house wares, electronics or whatever. Over 40 million people use it every month. It’s free and localized, so typically there is no shipping involved. Amazon.com is another great place to sell your unused stuff like books, music CDs and DVDs. For a small finder’s fee, due only if the item sells, Amazon will let you list your items on their web site and help you find willing buyers.
If you are like most people there is always change throughout your home, car and probably your office desk drawer. Change may also be found beneath your sofa cushions and in drawers and containers throughout your home. There may be a virtual bounty of pennies, nickels, dimes and quarters just waiting for you to collect and cash in to help pay needed expenses. Many banks and grocery stores have automated change counters where you can take your change in bulk to exchange it for hard cash. You might be surprised at just how many dollars worth of change you have just waiting to be tapped as a source of additional cash.
Return Past Gifts
All of us probably have past gifts which we will never use lurking in closets and under beds. Taking these “white elephants” back for cash is really one of the most efficient ways of making some quick money. Not only are you typically able to get a refund of the full purchase price but you will also reduce clutter and free up some storage space around your house.
Scavenging for Recyclables
Admittedly, you won’t get rich but scavenging for recyclables can put some needed cash in your wallet. It might require lots of aluminum cans to add up to a significant amount but actually it only requires around 32 cans to make a pound which is worth about 70 cents. Also some states provide for a deposit on a variety of different types of glass and plastic bottles which is another possibility for earning money if you collect them and return them to locations required to refund the deposits. While less lucrative than cans and bottles, in many areas, paper can also be taken to recycling centers and turned over for cash. While not a terribly romantic notion and you might find some stiff competition from homeless folks, you could transform your local dumpsters into cash producing machines. Similarly, you could scavenge your drawers and jewelry boxes for broken or unused gold jewelry items to sell. There are lots of companies these days that buy gold for recycling. Just be aware that the amounts you will receive are based on “scrap” value and will be far less than the item might be sold for in another manner.
The National Institutes of Health has hundreds of studies that need volunteers and for which many include cash payments for those willing to become medical guinea pigs. One clinic in New York is presently seeking volunteers to test an Avian Flu vaccine. Most of the trials are safe but this is an area where I’d exercise caution. There are medical schools and research facilities in most large metropolitan areas where you could seek opportunities for cash paying medical trials. Another idea in the medical arena is selling bodily fluids at a profit. In most large cities there are clinics that will pay up to $35 or more for blood plasma which can be donated twice a week. A bit more exotic for men is the idea of becoming a sperm donor. Rates for sperm donation, according to Northwest Andrology and Cryobank of Spokane, WA, are in the range of $50 to $100 per donation with some donors receiving as much as $1,000 per month. Becoming a sperm donor does however have qualifications that must be met and medical testing will be required before you are allowed to enter a donor program.
If you have a spare bedroom you aren’t using, you might consider taking in a boarder who would pay rent and perhaps share living expenses to put more cash in your pocket. If you do decide to take in a boarder, even if it is someone you know, make certain that you draw up a lease agreement so that if things don’t work out, you can opt out of the deal without too much trouble.
Tap Your Retirement Funds
This isn’t recommended unless your situation is desperate and you need cash fast to avoid starvation, repossession of your car or eviction but cash can be obtained from raiding you IRA or taking a loan from your 401(k). But do tread carefully especially with respect to taking money out of your IRA as there are lots of rules and for “non-qualifying” withdrawals expect to pony up a hefty 10% penalty plus taxes at your current tax rate to the IRS when you file next year’s tax return. Loans from your 401(k) however, are not taxable events as long as you repay the money as agreed.
For those who are generally responsible with their money and just find themselves in a temporary fix needing money now but facing up to two weeks before the next payday, taking a loan from one of the many “payday” loan companies might be a workable idea. Interest rates however are steep so expect to repay around $345 on payday for a $300 loan today. If you’re financial issues are not temporary but persistent or if you have tended to be a bit cavalier about managing your money and that has resulted in your problem, this option is about the dumbest thing you could possibly do and compares quite readily with the idea of trying to extinguish a fire by throwing gasoline on it.
This might be an obvious choice to many but some may have never experienced the pleasure of taking your prized possessions to a pawn shop to exchange for cold hard cash. For the uninitiated, pawn shops take valuable personal property as collateral on a loan. You have a period of time during which you can redeem the property by repaying the loan plus interest or you can pay the interest portion to extend the term of the loan. As a last resort, you can simply let the loan lapse and forfeit your property if you choose not to or can’t repay the loan. Generally, pawn shops give you about 10% of the fair market value of items that are pawned. A little known fact is that local police departments track pawn transactions and even maintain a database of people who sell stuff to pawn shops so for obvious reasons I don’t recommend “borrowing” property from friends and neighbors for the purpose of pawning them in the event the third party might be unreasonable enough to consider that it was theft.
Desperate circumstances often call for desperate measures, so if you happen to find yourself in need of some ready cash, hopefully one of these suggestions will help you get past the difficulty.
