When a financial emergency strikes in our daily lives, the vast majority of us are caught completely off guard. What should you do if you require funds urgently to cover an unexpected expense? Here are three smart ways to generate cash quickly without causing irrecoverable financial damage.
1. Sell Your Personal Items:
When you're in need of an emergency fund, selling your personal belongings is a tried and true solution. There are variety of online platforms where you can sell your assets and get paid in cash. New-model gadgets, such as big-screen TVs, tablets, smartphones, and laptops, as well as media, such as DVDs, CDs, and games, are examples of these assets you can sell off.
2. Start Menial Jobs:
If you don't have any high-value assets to sell off, try offering your services instead—especially if you're unemployed and have free time. You may babysit and/or pet-sit for neighbors or start a neighborhood dog-walking service.
3. Borrow Money From Family and Friends:
This should only be used as a last resort if you are in desperate need of money. Although borrowing money from friends and family can be a quick fix, it can also have negative implications—especially if you don't pay back at the stipulated time.
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