Just Over Broke
Helping people gain financial freedom, one paycheck at a time.
I Am Broke & Depressed;
What Should I Do?
If 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 as 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
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 catch 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
Life 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
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?
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
One 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
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. Some 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.
But 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 need 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.
They 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.
As 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 some budgetary breathing room 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, in exchange for lower payments per month.
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
Now 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
How 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.
- #1: Market your talents as a freelance writer, a computer professional, or your office / clerical skills on websites such as Upwork.com, TextBroker.com, Fiverr.com.
- #2: Become an affiliate marketer.
- #3: Become a blogger.
- #4: Design and flip websites.
- #5: Sell your (or other peoples’) freely acquired junk. One man’s trash is another man’s treasure.
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.
What To Do When You Are Broke
- What are the problems that I am currently facing?
- How did I get myself into the situation that I am in right now?
- What would be a satisfactory resolution to the problems that I am facing?
- Am I clear on what are my goals?
- Do I know what it is that I want out of life?
- What changes do I need to make in my life, in order to achieve the above goals?
I Want To Be Happy But I Am Broke And DepressedThe reality is that we all want happiness. We all want security. Every human being wants to be loved. Peace is a universally desired by all. We all want satisfaction. And we all want comfort. But if you aren’t happy with where you are in life right now, then the only person who can swap out your current life for the new life that you want is you. This may sound cliche, but it is the truth. You can externalize the blame for all of your life’s problems all you want, but the actual solutions to your problem lies with your actions. You can whimper and whine and through a pity party for yourself. And you can constantly tell yourself “I am broke and depressed”. But how do you respond to what life dishes at you? How do you work within the choices that you perceive that are being presented to you? Can you think outside of the box and forge a solution to your problems? Clearly, it is a perfectly natural human emotional response to feel depressed if you are broke, things seem hopeless, and you can’t seem to spot that proverbial light at the end of the tunnel. But it doesn’t take a rocket science to recognize one simple universal truth about life:
Life HappensPeople get married. They get divorced. They have kids. Accidents or illnesses happen. Or worse yet, people die. People lose their jobs. We get into fights, squabbles, or disagreements with one another from time to time. Sometimes, people get cheated or scammed by others. Our trust gets betrayed. Any one of the above scenarios can lead to a situation that carries with it increased financial burden, and often-times, precipitates financial distress and loss. Just because you are down on your luck, you are falling into depression, and you are flat broke and do not appear to have the means within your reach to do something about it, does not mean that you have to accept your fate and your lot in life. In other words, you do not have to settle for being a victim of circumstances. “I am broke and depressed” need not be your mantra.
Three Types Of PeopleWhen it comes to dealing with whatever life dishes out at them, there are three types of people in this world. Each one differs in their respective approaches to life circumstances. Each one will react differently to the exact same scenario. How you react to a situation can make or break your financial success in life. Whether you choose to tell yourself “I am broke and depressed”, or “I am wealthy and happy” is largely determined by your attitude. Which one of these 3 types of people are you?
Personality Type #1: There are those who make things happen.You can choose your destiny. You can maintain a positive attitude, no matter what situation you are in. Never give up hope. You are hopeful. You recognize the positives of the situation you are in and where you are in life, and you can count the blessings that you do have. In fact, you are resourceful and creative and you are an out-of-the-box thinker. You are proactive and you are always evaluating your options. You are willing to take risks. And you are willing to make unconventional choices and step outside of your comfort zone, in order to affect positive change in your life. In other words, you do not consider yourself to be a victim of circumstance. You are innovative and in control of your own destiny, no matter how much the odds are stacked against you. In financial parlance, these people are known as rain makers, as they are adept at generating and attracting income and wealth into their lives. If I may refer to the analogy of a hamster wheel: A hamster instinctively will just run on a hamster wheel all day long, blissfully unaware that there is a start or a finish. It is an endless loop. A vicious cycle. So when that inner voice in your head is stuck in an infinite loop, telling you “I am broke and depressed”, then it becomes a self-perpetuating, self-fulfilling prophecy. A rain maker, on the other hand, will not be content to just stay stuck on the hamster wheel of life. He or she would proactively look for a way to break free of it. As a rain maker, you will know what to do if you are broke and need money fast.
Personality Type #2: There are those who watch what happens.When confronted with a difficult situation, do you find yourself freezing up like a deer caught in headlights? Do you feel helpless and you have no idea what to do? Do you feel anxiety at the incessant thoughts runamuck of an impinging calamity, such as losing your house and ending up on the street, or having no food to eat? These people generally despair of any positive outcome, and just acquiesce and accept whatever outcome may happen to them, good or bad. They cannot fathom the thought of taking risks, stepping out of their comfort zone, and thinking outside of the box, in order to come up with a solution to their problem. They see life passing them by and they do nothing about it. Rather than being an active participant in being agent of change in your own life, you succumb to whatever life dishes out to you. Using the hamster wheel analogy, they don’t question the futility of the hamster wheel and they just accept it, no matter how distasteful the outcome. They just grin and bear it, and even convince themselves that this is how it has to be and there can be no other way. They just accept the self-defeating belief that “I am broke and depressed”, and don’t bother to do anything about it. And they willow in the misery, that, quite frankly, of their own making.
Personality Type #3: There are those who wonder what happened.This third category of people are those who are neither proactively taking charge of their own life and taking initiative to affect change, nor are they those who passively and helplessly watch as life happens to them and they do little to nothing to fight their circumstances. This category of people are those who are completely clueless. These clueless people do not:
- take responsibility for their own actions.
- have goals or ambitions in life.
- care to better themselves.
- oblivious to whatever is happening around them.
- nihilistic and limited in their world view and scope.
- such that the extent of their intellectual curiosity and education is whatever the public education system or the media feeds to them.
- materialistic and constantly in search of short-term, instant gratification, with no regard to the future.
I Am Broke And Depressed, Down And Out, And There’s No Light At The End Of The TunnelAre you are feeling helpless? Do you feel:
- as though you are a victim of circumstance?
- that you are somehow predestined to live an ill-fated life of “bad luck”?
- miserable, constantly obsessing over your plight, fixated on the negative thoughts that constantly cloud your judgment?
7 Things You Should NEVER Do When You Find Yourself Saying “I Am Broke And Depressed”
Thought #1: Do NOT accept that you cannot improve your life.Do not accept that there is no way out and that your situation is hopeless. Do not quietly accept that this is how it has to be. You must expand your mindset to the realm of unlimited possibilities. Harboring limiting beliefs will do nothing but perpetuate your misery and your problems. You must brainstorm your way out of your situation, with out of the box thinking. Do NOT drown your miseries through engaging in any self-destructive behaviors such as resorting to the consumption of drugs or alcohol, indulging in the consumption of comfort foods. These may give you a temporary feeling of comfort, but they are nothing but conduits for nihilistic escapism.
Thought #2: Do NOT engage in self-destructive behaviors or harbor any self-destructive thoughts and attitudes.Do not allow yourself, whether consciously or unconsciously, to sabotage your situation further by thinking ambivalent thoughts “it can’t get any worse”, or “I’m already in bad shape, so might as well”, or “I am broke and depressed”, or “i’m already so deep in the hole financially, then what difference is another credit card purchase going to make?” If you can’t help yourself and these thoughts seem to run rampant in your head, against your will, then you will need to learn how to quiet the mind through self-reflective activities, such as yoga, exercise, and meditation. Hope is what gives humanity the strength to overcome any type of adversity. You must recognize that there is a solution for every problem. And oftentimes, there is more than one solution for every problem. We must tap into the ingenuity of this complex human brain of ours, to come up with a plan, and then be able to execute and follow up on that plan. Wallowing in self-pity is counterproductive.
Thought #3: Do NOT be lazy.If you want to turn your life around, become productive, happy, wealthy, and start treading the path toward financial success, then you need to imbibe yourself with success. You need to surround yourself with success. Visualization of success is something you need to learn how to master. Be able to smell it, taste it, feel it, touch it, and know it, in your mind’s eye. Dress for success. Learn to go to bed early and set an alarm to get up at sunrise. Following a disciplined schedule of early to bed, early to rise, does indeed make a man healthy, wealthy, and wise. And there is also truth to the axiom that clothes make the man. How you dress can significantly impact your self-image, boost your self-confidence, make you feel more productive, and more focused. There is a difference between wearing sweats, jeans, or shorts all day versus wearing trousers, blazers, or blouses.Your ability to achieve success in life is largely influenced and determined by the company you keep. If you are constantly surrounded by the company of unsuccessful people, then you will be hard pressed to seek validation, feedback, and motivation from a mentor or a peer who can inspire you, motivate, coach you, or push you to elevate yourself and become successful. Therefore, if your family, friends, and associates exude negative attitudes, then it might be difficult to have the morale necessary in order to succeed. And if you find that your closest confidants are all a bunch of naysayers, then you will lack the moral support necessary in order to succeed. Of course, you cannot choose your family, and we are not implying that you should immediately disassociate yourself from the people whom you regard as your friends. However, it is important to be wary of their negative influence on your life. Either seek to find the company of successful people, or make some lifestyle changes so that you aren’t constantly subject to their negativity. Tell yourself “If I am broke and depressed, then I must seek out and surround myself with the company of those who are wealthy and successful.”
Thought #5: DO NOT let your stress, anxiety, or fears overwhelm you.Rather than wallowing in anxiety and falling for the trap of having to start taking drugs (be they prescription or illegal) to quell your nerves, rather than allowing stress to bog you down, and letting your fears debilitate you to the point of inaction, you must take positive steps to better yourself. Do not be like the ostrich that just buries its head in the sand at the first sign of danger. Or don’t be like the deer caught in headlights. It is easy to find “security” or “safety” through inaction, trying to ignore the problem. But ignoring the problem, and refusing to acknowledge it, or not taking the time to come face to face with reality, can be the most self-destructive behavior of all. Denial will only lead to your financial problems worsening. It is imperative that you recognize the problem and take action.
Thought #7: DO NOT neglect your health.If you are experiencing financial problems, you are literally teetering on the brink of being just over broke, or you have already crossed the precipice thereof, then you are going to need to muster every ounce of creative, mental, and physical strength, stamina, and alertness to be able to overcome your situation. Do NOT neglect to:
- engage in adequate cardiovascular, as well as strength-training, exercise on a regular basis.
- get adequate sleep every night.
- consume a healthy, well-balanced diet, avoiding unnecessary junk foods.