Posted on: 6 March 2017
Emergencies happen, and as luck would have it, Murphy's Law dictates they happen most when you're short on money. If you need to scrape together some fast cash, here are five ideas.
Sell Your Gold And Silver
Whether you have silver and gold coins, bullion, bars, or jewelry, there is always someone willing to buy it. Gather up what you have and take it to the nearest coin dealer, pawnshop, or jewelry store to see what they're willing to give you for your stash. If you have a little bit more time, you can also sell your precious metals on the internet.
Sell Scrap Metal
Gather up a truckload of your old appliances, wire, aluminum window frames, and other scraps and haul them to a recycling center. This won't net you a huge profit, but since you have to get rid of it anyway, may as make a few bucks for your effort. If you live in a state that has a deposit on aluminum can and glass and plastic bottles, you can also make some quick cash that way. For example, the state of Michigan charges a $.10 deposit on every pop can and beer bottle. Those dimes add up quickly, and oftentimes, friends and family are more than willing to donate to your cause if it means they don't have to haul them into the recycling center and stand there feeding the return machines.
Go Through Your Closet
Lots of thrift stores and secondhand clothing stores will pay you for your gently used clothing, especially if they are popular brand names. Get rid of anything you rarely wear or have outgrown. Dresses and children's clothing are especially desirable. You can also sell it on social media. Most areas have local buy, swap, and sell groups.
Get A Loan From A Pawnshop
If you don't have anything you want to sell, but do have a valuable item or two, you can always take out a loan on the item. You'll have to pay a few extra points in interest when you pick it back up, but it will provide you with the quick cash you need now.
Draw Against Your IRA
Generally, taking a partial advance on your IRA should be an absolute last resort as the penalties and taxes can be severe, but some emergencies, such as the furnace dying in the dead of winter, require desperate acts.Share