Financial emergencies aren't uncommon in everyday life, as you can readily encounter unexpected medical bills, car repair costs, job loss, among others. However, many Americans are unprepared.
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A Bankrate survey revealing that fewer than 4 in 10 Americans have enough cash set aside to cover an unforeseen $1000 expense. As such, it is crucial to know how to raise money quickly when the need arises. If you wish to learn more about accessing quick cash, please consider the following points.
Sell Valuable Things You Own
Selling your valuable assets is undoubtedly one of the quickest and most reliable ways to access fast cash. Therefore, consider selling valuable electronics like your laptops, phones, big-screen TVs, tablets, and game consoles for quick money. In addition, you can part ways with your CDs, DVDs, books, and games. Luckily, sites like uSell, ebay and Gazelle are the best places to sell these items quickly, so keep this in mind.
Alternatively, you can take photos of these items and upload them on Craigslist, Facebook, and Twitter, or try to sell off these pieces to your friends and family. Besides electronics and media, you can also sell valuables that may hold sentimental value, like your dad's Rolex, your mom's engagement ring, or some coins you inherited. However, it is essential to know how to sell these items to make the most money. For instance, knowing where to sell coins will ensure that you get the best value for money for your collection.
Take Loans From Friends And Family Members
Family and friends are a great financing avenue for good reasons. Loans from friends and loved ones don't require credit checks and come with flexible repayment options most of the time. In addition, these quick-fix loans typically have little to no interest, so you don't have to worry about paying way more than you borrowed. However, asking family and friends for money is an uncomfortable last resort for many, and unpaid loans can also strain many close relationships. Consequently, pay back any loans from loved ones quickly to avoid any resentment and awkward Thanksgivings down the line.
Go After Loose Change
Piggy banks, sofa cushions, jars, and cracks in your car might be the best places to look when seeking fast cash. Bloomberg reports that Americans throw away a whopping $62 million in coins every year, disregarding the individual value coins. Therefore, hunt around your home for hidden coins in every nook and cranny, and haul your booty to your local credit union or bank. You might be surprised to find that your coins may add up to hundreds of dollars for emergency expenses when converted to cash.
Tap Into Your Retirement Savings
Taking a loan from your 401(k) or individual retirement account is also a practical option to consider, particularly when seeking significant amounts of money. However, there are a few rules you must follow when borrowing from your retirement accounts. For instance, you can make money from your IRA once a year and repay the sum within 60 days. Also, if your employer allows 401(k) loans, you can borrow up to half your account balance and repay within five years.
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