Nearly half of all Americans fell deeper into debt in 2022.
If you’re finding yourself in a difficult financial situation, you certainly aren’t the only one. 43% of people say that they expect to add to their debt this year and, with rising inflation, it could get even worse.
It can be overwhelming when the financial walls start closing in, but there are ways to raise cash fast when you really need to. In this post, we’re going to help those who need cash fast by outlining 9 legitimate ways to find more money.
Sinking deeper and deeper into debt isn’t helping you now or your future self. Keep reading and you’ll have a clear path forward to a brighter financial future in 2023 and beyond.
1. Pick Up a Side Hustle
The most straightforward way for making money quickly is to pick up a second job. A side hustle could be anything from driving an Uber or food delivery to bartending or working at a department store.
There are plenty of freelance opportunities out there that allow you to make money from home. Things like blogging or web design are things you can do at your leisure by signing up with freelancer sites like Fiverr or Upwork. As you build your portfolio, you’ll be able to make more and more money for each job you take on.
2. Sell Some Assets
It can be difficult to part with your belongings when you come upon hard times financially, but it’s a really easy way to make quick money. If you’ve got electronics you don’t use or a second vehicle sitting in your driveway, you can make thousands in a matter of hours.
Don’t neglect the little things, however. Go through your garage, attic, and basement to find items that are of no use to you anymore. They may only fetch a small amount of money per item, but it can really add up, not to mention the fact that you’ll clear out entire areas of your home.
3. Take Out a Personal Loan
If your credit is in good standing, there’s no shame in taking out a personal loan or line of credit to get you through a difficult period. Head to your bank today to see what your options are.
You’ll still have options even if you don’t have good credit, but you have to be careful. There are scammers out there, posing as bad credit lenders, who will make matters worse in the long run. Do your due diligence and never take out a loan that sounds too good to be true.
4. Sell Your Vacation Home
It’s a luxury to have a vacation home in another part of the country. Raising money might not be as much of a problem if you can manage to part with this luxury.
Most homeowners and property investors are averse to selling their vacation homes for fast cash because the process of selling a home is lengthy. With realtors, showings, repairs, and paperwork, it might be months before you actually see the cash in your bank account.
Your best bet for raising money from your vacation home is to sell it to a property investor like ibuyhomes.com. We pay cash for properties in a process that can be completed in as little as a few days. Whatever financial pickle you find yourself in, it can be solved by selling a second property to a cash buyer.
5. Rent Out a Room
If you’re truly hesitant to part with your vacation property, you can always try renting it out on a site like VRBO or Airbnb. With the right on-site marketing, you can end up with a steady stream of guests that pay hundreds of dollars to stay at your property.
You don’t need a vacation home to try this out, either. Plenty of people successfully rent out rooms in their main abodes. You have to be comfortable with strangers coming in and out of your home if you’re going with this method, however.
6. Borrow Against Life Insurance
Depending on what type of life insurance policy you have, you may be able to borrow against it. Most people have term life insurance, which cannot be borrowed against, but if you’ve got permanent life insurance, then you can.
To do this, you simply withdraw the funds from the account, which you’ll have the rest of your life to refund. If you never pay it back, it’s taken out of the payout when you pass away.
7. Borrow From Your 401K
You can also take money out of your retirement account, but it should only be done as a last resort. The reason for this is that, if you’re younger than 59.5 years old, you’ll incur a 10% early withdrawal penalty, in addition to being taxed on whatever you take out.
Some employers make this a bit less painful, but it’s still risky. Some 401K loans allow you to borrow as much as half of the balance of the loan, but you have to make timely payments. If for some reason you lost your job, you’d likely have to repay the loan promptly.
8. Cut Unnecessary Expenses
When you’re used to having a certain amount of money, you start to develop a lifestyle that fits that income. As things change, it can be difficult to alter your lifestyle to put more money in your bank account.
Cutting unnecessary expenses, like going to nice restaurants or buying expensive clothes, will undoubtedly help you save money. As you adapt to this change, budgeting will become an important part of your life. There are plenty of budgeting apps out there that can help you save money quickly.
9. Sell Your Rental Property or Main Home
In the direst circumstances, when you’re falling behind on your mortgage or some unforeseen expense comes up, selling property is the best way to raise cash fast. Whether you sell a rental property from your portfolio or you sell your main home and decide to rent for a while, finding a good investor is imperative.
We already mentioned the pitfalls of the traditional home selling process. If you want to avoid the hassle and get fast cash for your home, visit us at ibuyhomes.com to fill out our secure online form.
Once you’ve informed us about your situation and your home, we’ll get back to you with a cash offer in a matter of minutes. If you agree to our offer, we can have the paperwork and cash ready within days. There’s no faster way to legitimately obtain a large sum of money, so don’t hesitate to contact us ASAP.
Need Cash Fast? ibuyhomes.com Is Here for You
When you need cash fast and you don’t have it, panic often sets in. These are a few ways to raise cash fast, but the more surefire way to obtain the money you need is by selling property.
Contact us today at ibuyhomes.com to fill out our online form and we’ll help you through whatever financial conundrum you’ve found yourself in. The process couldn’t be simpler or faster.