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Thu. Aug 22nd, 2019

Just Over Broke

Financial Advice For The Soul

I’m Broke And Need Money Fast: 5 Traps To Avoid

14 min read
No Money

broke and need money fast - help is not comingIf you are broke and need money fast, and you find yourself on the brink of total financial collapse, then I’ve got news for you: It’s time to stop throwing a pity party for yourself. It’s time for you to take matters into your hands and do something to improve your situation.

Money sucks doesn’t it? Why does the world have to revolve around money? Why can’t your creditors just give you a break? Aren’t they human beings too? Don’t they have any compassion? Don’t they have any sense of decency to realize that you are going through some tough times. Why won’t they work with you? Why do they have to be so cruel? Life can oftentimes be perceived downright cruel, seemingly unjust, and practically unfair, when it comes to money matters.

If you are bemoaning the evils of greedy, capitalist bankers, sitting in their high-rise executive towers, wearing their thousand dollar suits, who mercilessly are willing to evict you, shut off your electricity and water, or come to repossess your car, and who aren’t willing to work with you, then you need to stop whining and complaining…

because help isn’t coming. Help is NOT on the way.

Externalizing The Blame For Why You Are Broke And Need Money Fast

broke and need money fast - externalizing the blameYou are just externalizing the blame. By pinning the blame on the system, isn’t going to help you solve your financial problems. Let’s face it. The capitalist system is rigged in favor of the business owner. If you are behind on your rent, too bad. You will be evicted. If you are behind on your mortgage, too bad. Your home will be foreclosed upon. If you are behind on your car payments, too bad. Your car will be repossessed.

Sure. Life is unfair. There is no denying that the system is broken and needs to be fixed so as to make it easier for the downtrodden and those who have met with unfortunate circumstances in life, can get a break and be given a chance to recover.

But the fact of the matter is that you just need to take matters into your own hands and do something about it. If you are broke and need money fast, the only person who can help you is yourself.

Life Happens: You Are Now Broke And Need Money Fast

broke and need money fast - Life Happens - Life Doesn't Always Go According To PlanLife happens. We get it. People get sick or injured and need to go to the hospital, where they rack up expensive, insurmountable medical bills that are just too much to pay for. You can get laid off from work on a whim, due to one fell swoop of a CEO’s pen and thus have difficulty being able to find a job to continue paying the bills. And you can exhaust you life savings in an emergency. Or worse yet, due to poor financial education, people may not have learned how to manage their money properly.

Whatever the case may be, it is time for you to take action. Stop allowing yourself to be broke and depressed. The first step is for you to acknowledge and be willing to take full control over your own financial destiny, rather than waiting for that next big break to be handed to you in life. There is no sense in waiting for that promotion or raise that will never come. There is no sense in hunting for a job that is just going to keep you on the hamster wheel. You will just be stuck in the rat race for the rest of your life. There will be no breaking free of the vicious cycle of living paycheck to paycheck.

So You Are Broke And Need Money Fast

broke and need money fast - Get Rich Quick Schemes Don't WorkEverybody wants to make money fast. It is our natural impulse as humans to demand instant gratification. We need lots of money, and we need it now.

While there is no shortage of get-rich-quick schemes out there, one thing you must realize is that “if it is too good to be true, it probably is”. Most get-rich-quick schemes turn out to be “get-rich-quick scams”.

You must have heard of the story of the tortoise versus the hare. Slow and steady wins the race, not quick and hasty.

So how does this advice help you, if you are broke, desperate, and need to make money fast?

Basically, I just want to debunk the myth that it is somehow easy to make a quick buck… legally, ethically, and sensibly of course.

Making Money Fast: Myth Or Mystery?

broke and need money fast - Money MythsThe only ways to make money fast require pure luck or which are illegal. You could win the lottery. Or you could buy stocks that go up in value. You could rob a bank.

Obviously these are bad ideas. The reality is that making money requires working for it.

Why do I say that buying stocks is a bad idea? It is a bad idea if you are depending on stocks as a source of income. Investing in stocks is risky. If you don’t know what you are doing, then investing in stocks is no different than gambling. Investing in stocks requires a serious outlay of cash in order to be able to make any type of profit anyway. Furthermore, if you are reading this, you most likely don’t even have the money to invest in the stock market, so this is a moot point.

The old adage of “no risk, no reward” does not apply to bad ideas.

The fact of the matter is that you have to offer a product or a service that people need or want, to people who would be willing to pay for it. This takes time. Money involves people. It involves people making connections and exchanging goods and services. How much money you earn and how quickly you earn it all depend upon how much time and effort you are willing to put into it.

It Does NOT Take Money To Make Money

broke and need money fast - Money Doesn't Grow On TreesOne myth that must be debunked, is the notion that it takes money to make money. Yes, it is true that you can make money if you invest money. But it is NOT required.

Anybody can start making money now. You don’t need to get a job. You don’t need write a resume. And you don’t need to go out for interviews. You don’t need to commute to work every day. Anybody, and I mean anybody can start making money now.

So, if you find yourself saying “I’m broke and need money fast”, read on.

Short-Term Financial Relief Versus Long-Term Wealth

broke and need money fast - Tortoise vs The Hare

Before we delve into the tips on how to make money fast, I thought it would be wise to first go over the 5 ways how NOT to make money fast. This list below will help you avoid wasting your time and energy on money-making efforts that will lead to dead-ends, which will not constitute the best use of your time, and which could, quite frankly, land you in more financial trouble later on down the road. These will also help you avoid the pitfalls of getting mired down in a quick fix when you should really be thinking about a sustainable long-term strategy.

No matter how desperate your situation is, and no matter how much short term relief you may urgently need, you must never take your eye off the long-term vision for your financial well-being. You should never sacrifice tomorrow for the sake of today. Not even if you are flat broke and need money fast.

Rather, you should seek a solution to your immediate financial dilemma while simultaneously working toward transitioning toward focusing on your long-term goals. You need to have a plan, a strategy, a road-map and a vision for not only short-term relief, but also long-term financial prosperity.

5 Ways How NOT To Make Money Fast

Method #1) Do NOT get into debt under any circumstances, not even if you are broke and need money fast.

Some people may say that you can use credit cards in an emergency. Somebroke and need money fast - just say no to debt people say that you should use your credit cards only up to the limit of what you know that you can afford to repay. Unless your life is in mortal danger, then you should avoid turning toward credit cards.

You should assess your situation from a pragmatic standpoint, to see whether it is really worth it to get into credit card debt in order to solve your immediate problem. It could take you several years, and cost you several thousands of dollars more in interest payments, to pay off your credit card debt, when you could have otherwise found some other solution.

There is a difference between getting evicted for nonpayment of rent versus you just being late on your cell phone bill. If you get into debt now, you will sorely regret it later. So you really need to find some alternate solution to make money, that does not involve getting into long-term debt… unless you know that you will be able to afford paying off the debt in full within a month.

Method #2) Do NOT get a second job, not even if you are broke and need money fast.

If you are already slaving away, working 8 hours a day, coupled with a grueling commute, then the last thing you should be doing, is get a second job, moonlighting for another several hours. You will have no life. Nor will you have no time to rest. You will burn out very quickly. And you will literally be living to work, as opposed to working to live.

Bbroke and need money fast - second jobut it’s not only about your physical stamina and your ability to balance your work life versus your personal life. There are also financial complexities that you could be introducing into your life, unbeknownst to you:

  • For example, if you hold down two jobs simultaneously, then you are paying your social security taxes from both employers’ paychecks. Depending on your income, and depending on how long you work at both companies, you might end up exceeding your maximum social security contribution per year. This is not necessarily a problem, as you will get the excess social security taxes refunded to you when you file your tax returns the following year. However, you will be needlessly parting with money that you would otherwise have been entitled to, all year long, and you would have to wait until you file for your tax return before you can get that money back.
  • If you have health insurance from one company, you should not obtain health insurance from the second employer. If one insurance company finds out that you have health insurance coverage from another company, this can be problematic. This can result in what is known as “double coverage”, and can potentially lead to insurance fraud. (If you have health insurance from two companies concurrently, if you were to bill both insurance companies for the same service, you can land into some serious trouble.)

Method #3) Do NOT gamble, even if you are desperate, broke and need money fast.

If you are someone who is fond of playing the lottery or frequents the casinos, then you nebroke and need money fast - Do Not Gamble!ed to STOP. This is not a viable means to earn the extra income that you need in order to make ends meet, if you are broke and need money fast. It is only going to land you in  serious trouble in the long run. You could become addicted to compulsive gambling. You could lose everything. No matter how well you think you can game the system and come out ahead, you stand to lose big time. And when you do, you will only end up digging an even deeper hole for yourself.

Playing the lottery, playing any casino games, betting on horse races, sports competitions, or making a wager with friends, are all examples of gambling.

You may find this to be a bit of a stretch, but trading stocks on the stock market can also be considered just another form of gambling… if you don’t know what you are doing. Short-term stock trading, with the intention of cashing in on quick gains, is a gamble.

There is no way to predict with 100% certainty that a stock is going to go up in value or down in value at any given moment of any given day. This form of stock trading is also known as day trading.

While there is such a thing as professional day trading, those who engage in this activity as their primary means of livelihood are only able to do so because they have enough cash reserves with which to hedge their risks and mitigate any potential losses. But it is not for those who don’t have enough “play money” that you can afford to part with, in the event that the markets come crashing down.

Method #4) Do NOT compromise your values, even if you are broke and need money fast.

broke and need money fast - Never Compromise Your Integrity And ValuesThey say that desperate times call for desperate measures. If you are truly desperate, broke and need money fast, what would you be willing to do, in order to keep from starving? Would you be willing to beg for money? Would you be willing to prostitute yourself? Perhaps you would you be willing to steal? Or perhaps you would you be willing to sell illegal drugs? Would you be willing to commit heinous crimes, such as a hit job, bankrolled by some shady operative? Would you be willing to publicly humiliate yourself for money?

There has to be a line that you are unwilling to cross, no matter what the cost, or what’s at stake. All human beings have an innate sense of shame, dignity, and human decency that we all instinctively hold with great value and try to safeguard. We all want everyone to like us, and to have a good reputation.

But it is when we are willing to cast all that aside, that we experience our downfall. Even if you are able earn some money in such a way that compromises your values, you should realize one thing:

You might be able to eat or be able to feed your family today. But tomorrow, you will have to live with the consequences for the rest of your life. Your life will never be the same again, once you have crossed the line. Even if you try to justify it and try to put the past behind you, it will still change you. It will make it difficult for you to move forward and live a life of integrity, honor, and good repute.

That is why, if you are broke and need money fast, you should never compromise your values, do something illegal, or do something unethical.

Method #5) Do NOT fall into the refinancing trap, even if you are broke and need money fast.

broke and need money fast - Don't Fall Into The Refinancing TrapAs a corollary to this, you should not use existing credit cards to pay off other credit cards… unless you are doing a transfer from a higher interest rate and favorable terms, to a lower interest rate with better terms. This is phantom income and is really just a trap.

When it comes to refinancing, you should be wary of the trap it can get you in. Oftentimes, when you refinance a car loan, a personal loan, or even a mortgage, you might be making lower monthly payments, and thus buying yourself in the short-term. But the sad reality is that you are actually shooting yourself in the foot, over the long term.

Whenever you refinance, you are actually “restarting the clock”, and dragging your repayment terms out longer. If you had 8 months left on a 24 month loan, and then you refinance into lower payments, for another 24 month loan, you will then be spending a total of 32 months paying off the debt, and you will actually end up paying more money in interest over the course of the lifetime of the loan.

So it is imperative that you take this into consideration, when you find that inner voice within you, saying “I need a loan now“… Uh, no you don’t!

How To Start Generating Positive Cash Flow If You Are Broke And Need Money Fast

broke and need money fast - Fast MoneyNow that we’ve covered the 5 pitfalls you absolutely must avoid, when it comes to trying to make money, when you have fallen on hard times, being broke and needing instant financial relief, let’s talk realistically about your options for making money fast.

The good news is that it is entirely doable. The bad news is that you will have to work hard for it. If you are not willing to work hard for it, you aren’t going to succeed. By the way: Working hard doesn’t necessarily mean that it is difficult, impossible, or strenuous. It just means that you must be committed, persistent, and determined.

You aren’t willing to let up in the face of challenges and setbacks. And you aren’t going to allow anything to distract you or detract you from achieving your goal. If you are broke and need money fast, don’t expect a fast and easy solution. Sometimes you have to suck it up. And sometimes you have to mentally condition yourself to take the uphill road. Only then will you achieve the results that you desire.

Let’s assume for the sake of argument that you are unemployed. Suppose that you are unable to get a job. You are flat broke. And you have maxed out your credit. Borrowing money from anyone is not an option. Neither is doing anything illegal or unethical… Let’s say you desperately and urgently need to come up with money within a 7-day time-frame.

5 Proven Strategies To Start Making Money If You Are Broke And Need Money Fast

broke and need money fast - Chess StrategyHow would you do it? Below are some proven strategies that will work, if you are willing to put in the time and do whatever it takes. These strategies do not require you to start with any investment capital. The only thing you need is a computer with an Internet connection.

Click on each of the links above, to learn more in-depth about each strategy to start making money for free. There are many more ways to make money fast, and no shortage of ideas on what to do if you are broke. But these are enough to use as a starting point. And these should be enough to get the creative juices flowing in your imagination. That is, of course, provided that you start taking action today.

You can start making money in as little as 7 days with each of these methods. But these methods will only work if you are willing to work hard and put in the time. You can’t just expect to spend an hour on the computer and then call it a day. You will have to spend a lot of time and energy studying, learning, planning, and executing, to make it work.

Procrastinate no longer! If you are broke and need money fast, then heed these examples. Through them you will soon unlock the keys to financial recovery, financial redemption, financial independence, and financial freedom.