I Need Cash! 5 Ways to Raise Money

In these trying times, with so many Americans being laid off, hours cut, salaries froze, investments lost, mortgage challenges and so much more, I’m often asked, “How can I make some money?” Months of research have led to 5 ways that the average American can raise money with the least impact on their family. Sure the simple answer of get another or part time job may work for some but not all. In one case a woman taking on a part time job, after paying gas and child care was only brining home under $100 a month. There has to be a better way that allows her to be home with the kids and still bring in at least $100 a month.

If you need some cash quick or want a little extra each month try the following suggestions:

1. Sell Your Talents: We all have talents that others could use and make us money at the same time. A friend recently shared how she started to bring in an extra $80 a week by giving piano lessons. A neighbor of hers had to cut back on their children’s piano lessons, the place they were taking lessons at required a certain amount of lessons a week and they could only afford half of what was required. So my friend is now giving lessons to her neighbor and others in the sub division. Others have started mending clothes, repairing cars, typing resume’s and the most interesting sell of a talent is a previous student who is making money helping people make money by handling their sale items on line (see number 2). What talent do you have that can bring in a few extra dollars?

1. Sell Your Stuff: With the technology we have today you could have a good old fashion garage sale without ever leaving your home. Selling on E Bay could turn into a part time business, or you can simply sell the items you no longer need. I had a client that made over $3,000 selling collectibles she no longer wanted to dust; she said that the proceeds covered almost six months of groceries. I met a man a year ago that sold an old comic book collection, the price he got for that collection allowed him to pay off his mortgage. Yes, pay off his mortgage. If you are not internet savvy you can go with the traditional garage or yard sale to make some extra money.

1. Sell Your Time: Instead of a part time job, what about a temporary job. Substitute teaching, census work, or utilizing the service of a temp agency. Many folks work on the days they want, at the times good for their families and bring in $100-$600 a week doing temp work. Recently an owner of a healthcare temp agency shared how they are struggling to find people to fill temp positions. Make the call; see what you can find to meet your time and family’s needs. Check out usajobs.gov for areas looking for census workers. Call your local schools to see if they need substitute teachers many schools now do all the scheduling right on line so the control of your schedule is at your fingertips.

1. Start a Business: Even a business at part time hours can bring in a few hundred dollars a month. Maybe that talent of yours that you thought only friends and family members would pay for can turn into a small business. The owner of the healthcare temp agency I mentioned took her knowledge and years of experience and bought an existing business that is now booming, even in this economy. A graphic designer earns enough each month to pay his monthly mortgage payment from his small marketing business. If you choose this way to raise money, just make sure you do it right. Take a class or the very least read a book on starting a business and make sure you create a business plan. Many local community colleges have departments that provide assistance, mentoring, networking, etc. to new business owners at minimal to no cost.

1. Check your taxes: If your income was greatly reduced over the last year, you could get some of the tax dollars back that you paid in previous years by averaging out your income; this requires you consulting with a good tax preparer/accountant. A few realtors I know are taking advantage of the income averaging, since two years ago they sold more housed then they could count and in 2008 they sold less than a handful. While you are there have them check your deductions one too many is cash you could be getting every payday.

There’s always ways to save money, by cutting costs but sometimes we need to increase the money coming in just to make ends meet, looking into these different options can bring in that needed cash. The key so many people are looking for is way to do it with minimal cost to their family and children in terms of time away from them. Anyone one of these suggestions can work for you. We all have those “gotta have” items we paid premium dollars for that now can make us some money and we have options that will allow the time required to be what’s convenient for us and our families. Utilizing just one of these suggestions can help you get the cash you need