Fastest way to make money immediately
AL · Member since 2010 · 519 posts · 29 votes
Fastest way to make money immediately
Most Popular Reply
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
12yWell, Antonio, seems the 287 posts I've answered for you were in vein.
Stop stammering about an instant solution, there isn't one, if a creditor isn't chasing you with a ball bat just settle down and bear down.
You really like RE or is it that it seems RE is an easy solution to your financial problems? If you really want to work in RE....
Go to a large RE brokerage, walk in and tell them of your interest and that you really need immediate work. Offer to go pick up signs, set out signs, shovel snow off a walk for an open house, collect trash out of some yard just listed, what ever grunt work they might have for some money at the end of the day. Agents will usually have something, errands if nothing else. Some contractors are often around an office, clean up a construction site!
You know more about RE than most people off the street, so get around those in the business and let them know what you know in a tactful manner, you might display your knowledge by asking questions, you're good at that.
If there isn't anything, show up the next day and keep showing up until they break, they understand they can't get rid of you and they send you out on some work! Get there when they unlock the door and leave when it gets locked. Or, as much as you can with your other job.
You're burning up time on your computer and on this site when you need to be productive doing what you can do to provide for your family, I'd say that's more important than trying to pick our brains on how to make a million or two.
Talk to your creditors, do not avoid them, tell them the truth, if you don't have the money, tell them you intend to pay but don't make any promise you can't keep! They will be more reasonable if there is communication and you're being honest.
You're not making a dime sitting there posting, go to work!
Consider that a swift kick in the a$$. Settle down, it's not the end! :)
102 Replies
- Involved In Real Estate · Lynchburg, VA · Member since 2013 · 246 posts · 75 votes12y
Whatever happened to just selling off a kidney?
- Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes12y
What sort of classes were you taking when you were going to school?
Was it just a matter of a time conflict? Yes, its tough to work full time and go to school. I know. I was working full time when I went to school to get my masters degree. Leave work, drive to school. Go to class. Work on homework. Get in a little sleep here and there. It is very, very tough, no question.
Since April I've been working on a bathroom remodel project and then repairing from the flood damage in September. That has sucked, too. Go home, eat supper, get to work. Work 3-4 hours every night and both days most weekends. Its not quite been a second full time job, but its been close.
How can turning off the cable not work? Did the cable company come hold a gun to your head and make you turn it back on?
Here's the bottom line. As long as your skills can only get you a job stocking at WalMart you're unlike to every be able to save up any money. That sucks. Its unfortunate those jobs pay so little that you're stuck in poverty. But its up to you and nobody else to change that. There's no magic bullet that's going to result in a big wad of cash appearing on your door step. You're going to have to find the time and invest the energy into something that will increase your skills to give you better job prospects. Even wholesaling isn't magic. It will take a lot of time and no small amount of money to make that work. But if you were to take just the time you spend watching TV and just the money you spend on your cable bill, it would be a start.
Again, though, I think wholesaling is a job that has incredibly bad prospects. Its a hard job and you can turn that crank a long time and never generate a paycheck. I don't know anything about your situation or you so its impossible for me to recommend something else. But I'll bet there is something that is within your skills that you could do.
- AL · Member since 2010 · 519 posts · 29 votes12y
Originally posted by @Jon Holdman:
What sort of classes were you taking when you were going to school?
Was it just a matter of a time conflict? Yes, its tough to work full time and go to school. I know. I was working full time when I went to school to get my masters degree. Leave work, drive to school. Go to class. Work on homework. Get in a little sleep here and there. It is very, very tough, no question.
Since April I've been working on a bathroom remodel project and then repairing from the flood damage in September. That has sucked, too. Go home, eat supper, get to work. Work 3-4 hours every night and both days most weekends. Its not quite been a second full time job, but its been close.
How can turning off the cable not work? Did the cable company come hold a gun to your head and make you turn it back on?
Here's the bottom line. As long as your skills can only get you a job stocking at WalMart you're unlike to every be able to save up any money. That sucks. Its unfortunate those jobs pay so little that you're stuck in poverty. But its up to you and nobody else to change that. There's no magic bullet that's going to result in a big wad of cash appearing on your door step. You're going to have to find the time and invest the energy into something that will increase your skills to give you better job prospects. Even wholesaling isn't magic. It will take a lot of time and no small amount of money to make that work. But if you were to take just the time you spend watching TV and just the money you spend on your cable bill, it would be a start.
Again, though, I think wholesaling is a job that has incredibly bad prospects. Its a hard job and you can turn that crank a long time and never generate a paycheck. I don't know anything about your situation or you so its impossible for me to recommend something else. But I'll bet there is something that is within your skills that you could do.
I was taking commercial art courses in those days. I enjoyed it and I was good at it. The downside to that there were lack of job opportunities for that skill and the pay was not all that but a bit better than my old job from years back. About the cable issue. The cable company has this bundle package they have where you get cable, phone, and internet all wrapped into one. If you cut one service like cable then the other two must get canceled with it. I need my phone service and I use internet service everyday too. I switched to this company because of the service and price was less than my last service provider. As tough as it is I do want to get into the real estate business. I'm looking for a niche that will work just right for me.
- Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes12y
Originally posted by @Antonio Bodley:
About the cable issue. The cable company has this bundle package they have where you get cable, phone, and internet all wrapped into one. If you cut one service like cable then the other two must get canceled with it. I need my phone service and I use internet service everyday too. I switched to this company because of the service and price was less than my last service provider.My suggestion is to sell or get rid of everything that's not earning you money or keeping you alive. Just because you can't cut your cable doesn't mean you can't sell your TV. And just because you need to keep your cable because of your Internet and cell phone doesn't mean you need any of those! If things are so bad that you're struggling to eat and keep shelter over your head, I would suggest that spending time on the Internet is NOT the best use of your time. And if there is more than one telephone in your family, maybe it's time to consolidate to sharing just one.
I know these aren't fun choices, but if it's between TV/cell phone/Internet and being able to eat, I would choose the eating.
As for your creditors, unless they're the type who will cause you physical harm if you don't pay, I would suggest not paying. Again, eating is more important than your credit at this point. Once you start to get back on your feet you can start thinking about paying your creditors.
Real estate is a long-term option for income...based on how you've described your situation, you need to be focused on short-term for the time being.
Good luck and don't give up...
- Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes12yI was taking commercial art courses in those days. I enjoyed it and I was good at it. The downside to that there were lack of job opportunities for that skill and the pay was not all that but a bit better than my old job from years back. About the cable issue. The cable company has this bundle package they have where you get cable, phone, and internet all wrapped into one. If you cut one service like cable then the other two must get canceled with it. I need my phone service and I use internet service everyday too. I switched to this company because of the service and price was less than my last service provider. As tough as it is I do want to get into the real estate business. I'm looking for a niche that will work just right for me.
Oh an ARTIST!
Now i get it.
You are in Alabama, at Walmart, addicted to BP, and want a perfect niche in Real Estate.
Antonio, I coach lease option assignments, sub2 and private lending - jv partnering.
These coaching clients that have bills, kids, 40 to 60 hour jobs, and that they want to DIE to quit their current life and have time and money freedom.
@Jon Holdman and @Bill Gulley have advised you ad nauseum on what to do to get out of your jam.
The problem is your JAM is in your head.
If you read my posts and @John Jackson's posts here you will learn more about flipping lease options than 99% of the REIs know. Which is easier than Wholesaling.
My posts http://www.biggerpockets.com/posts/user/REIskills
John Jackson's posts http://www.biggerpockets.com/posts/user/LeasingToBuy
Your first step is Tabula Rosa, clean slate, and I wish you luck with that. Whoever conditioned that brain of yours to think that the universe owes you ANYTHING should be given a stern talk to.
- Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes12y
Well, thank you Brian, absolutely I kick a$$ and take names son, that's the Air Force, I love the Air Force, but it's not the RANGERS, I'll have you crawling in mud at 10 degrees below with an 80 pound pack on your back doing at least 100 push ups. You better get a little "eye of the tiger'' in you or you're gonna die! Now, get outta of my way and follow me! Get to work! :)
- 12yRobert AdamsBusiness MemberReal Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
Originally posted by @Bill Gulley:
Well, thank you Brian, absolutely I kick a$ and take names son, that's the Air Force, I love the Air Force, but it's not the RANGERS, I'll have you crawling in mud at 10 degrees below with an 80 pound pack on your back doing at least 100 push ups. You better get a little "eye of the tiger'' in you or you're gonna die! Now, get outta of my way and follow me! Get to work! :)This is the BEST post I have read all day!
The Adams Team at Rothwell Gornt Companies4.970 Reviews - Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes12y
Originally posted by @Bill Gulley:
Well, thank you Brian, absolutely I kick a$ and take names son, that's the Air Force, I love the Air Force, but it's not the RANGERS, I'll have you crawling in mud at 10 degrees below with an 80 pound pack on your back doing at least 100 push ups. You better get a little "eye of the tiger'' in you or you're gonna die! Now, get outta of my way and follow me! Get to work! :)Bill Gulley I love the Air Force, was in the Air Wing of USMC from 1978 0 1981, was class of 1984 at USNA, wanted to fly Tomcats, too tall at 6'4",
One of my toughest assignments was an instructor at SEAR School.http://en.wikipedia.org/wiki/Survival,_Evasion,_Resistance_and_Escape
God bless the Boys in Blue.
- Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes12y
I was cadre at Camp Rudder, Eglin AFB for SEAR in the 6th, don't tell me you were there! Pathfinder, Ranger, ATC, in support of South American Ops. I always like jar heads, they took orders well and you could get them to do anything. I know, I'm off topic, maybe we could relate this back to getting a better work ethic and growing up! Join the military, most of the war is over, dang it! Another missed opportunity! :)
- Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes12y
If your FICO is 730 or more there are household financial and other same day loans available. You can get up to $10K in a week hitting three different financial companies for $3,000 to $4,000 each.
other options:
Barter services for cash on craigslist
yard sale
pawn shop
borrow money from as many and friends and relatives as you can
panhandle
Kudos,
Mary - AL · Member since 2010 · 519 posts · 29 votes12y
Originally posted by @Mary B.:
If your FICO is 730 or more there are household financial and other same day loans available. You can get up to $10K in a week hitting three different financial companies for $3,000 to $4,000 each.
other options:
Barter services for cash on craigslist
yard sale
pawn shop
borrow money from as many and friends and relatives as you can
panhandle
Kudos,
MaryI get very few responses on Craigslist. When I do the people on there are never serious. They don't pay close attention to ads posted.
I don't have much to pawn or sell at a yard sell. The few things I do have is not going to help me in a huge way even if I did sell them.
My folks don't get along with one another and borrowing from them is a huge disaster. I don't have friends I can turn to for favors like this.
- Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes12y
@Antonio Bodley you should check out Dave Ramsey. Often getting out of a bad situation is as simple as not getting into it. Most answers take time and hard work, there is no magic bean, it's being a good farmer everyday for the entire season.
- AL · Member since 2010 · 519 posts · 29 votes12y
Originally posted by @Jerry W.:
@Antonio Bodley you should check out Dave Ramsey. Often getting out of a bad situation is as simple as not getting into it. Most answers take time and hard work, there is no magic bean, it's being a good farmer everyday for the entire season.How can I check him out? Are you talking about reading his books?
- Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes12y
Yes he teaches about making your life so you do not get into bad situations where you need money like that. I have never taken any of his courses or read his books but I was advising a young friend on money and he said you sound just like Dave Ramsey, he played part of a cd he had it was good stuff.
- Real Estate Professional · Mechanicsburg, PA · Member since 2012 · 319 posts · 167 votes12y
I'm not sure what commercial art is - advertising? drawing logos?
can you sign up on elance or odesk - start doing it cheap, then if you get a good reputation and get busy, raise your prices. If you are good at it, start doing it for free until you create demand. Do it constantly when you are not at your wal-mart job. I think of 'art' as a line of work that should afford a flexible schedule - and one that you can't possibly be 'locked out' of because you have not finished the education.
Often times the same job pays wildly differently based on your reputation. You can get an inexperienced offshore resource to do 'sap programming' for $10.00/hour - or maybe less. Or you can pay me $130.00/hour. Or you can pay Accenture or IBM $200/hour or more. I have more work than I can handle. If you saw the job listings for 'sap programmer' and $10/hour - you might think 'this job does not pay enough'.
- Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes12y
@Antonio Bodley I don't want to pry too deep but is there a ballpark figure that you can get i.e. $5,000 to $15,000 that would hold you over? Wholesaling is a way to go to get that. Here are a few more:
>An assignment of contract with a pay-me-now clause included.
>Bring your buyer to another wholesaler's deal(or vice versa) for a fee of $5,000 cash
>If you're a licensed realtor selling leads could get you there sooner than later.
>selling leads as a wholesaler (non-licensed realtor) generates money but its like $2 to $10 per lead, maybe a bit more. If you're tech saavy set up a weebly website offering package deals to other investors. This way they purchase your leads in bulks of lets state 10 minimum. This could generate money.
>affiliations are one of the best ways to generate extra income. Many lenders offer this should you recommend them and the deal closes you get a fee for every recommendation that closes. There are some companies(non-lenders) that advertise via BP that offer affiliate deals.
Kudos,
Mary
- Investor · Canton-Akron, OH · Member since 2012 · 917 posts · 477 votes12y
I know what its like to be struggling for survival... to cut cable, home phone and internet, have to go to the library for internet access, live on cheap bread, tuna and peanut butter, keep thermostat at 55 in the winter to save fuel, cutting copper out of an old schoolhouse to buy gas to get to work, buying clothe at salvation army. Not fun, but better than not eating.
You also have to decide what you want and be willing to pay the price to get it, for me it was hooking up with a contractor, working for peanuts, leaving 5:00am, getting home at 9:00, getting paid for 8hrs, exhausted doing it over and over for a year, until I had learned the skills and was able to go on my own with what I had learned.
I suggest you spend your free time here instead of bigger pockets
If you give me your address ill pay for and have ramsey ship you the materials you need for an upcoming class in your area.
I suggest taking the free classes multiple times. You will likely find interesting people at the classes that have gone through worse than you, and can help you get a new lease on life, and help solve your financisl problems much better than a attempting to wholesale.
The best to you.
- SFR Investor · Dallas, TX · Member since 2011 · 604 posts · 243 votes12y
Anthony, yes, read Dave Ramseys books, if you can't afford to buy them go to the free learning institution with free books for use in your town (called a library).
You have been on these boards for years (I think you went by Tony on another RE board), always the same.
The first thing you have to realize is the one common denominator in all your problems is you (this is true for all of us), if you keep having financial problems, YOU have a financial problem,,,its not caused by bad job interviews, people that aren't serious about buying something on craigslist etc.
If you can't do anything else go spend 30 hours or so a week picking up scrap metal and recycling it,,you can do that anytime and it won't interfere with your schedule at your regular job.
Make a plan financially and LIVE BY IT,,you don't need internet service, go sit outside starbucks and use that internet service,,between the three of you does anyone have a cell phone,,then use that as your primary phone,, I have hit bad times in my life, most of us have,,,but we decide that's not how we want to live,,,
You have a financial problem, that is NOT what I call a "serious serious' problem,,,if you have a child or loved one about to find out if they have cancer, THAT is what I call a "serious serious' problem,,,,you have a situation you have allowed yourself to be in,,,make a plan and go work it out,,
The way to make more money is to be better at everything you do,,then you will get noticed and will get promoted or another job offer
- AL · Member since 2010 · 519 posts · 29 votes12y
@Mary B. Thirty thousand would get me over. That would get me half way in the clear. How does the pay me now clause work and is it legal?
I use to do the bring buyers to wholesalers gig some years back. These wholesalers were shady when it come paying me for providing them with buyers. Not only that, they lied about being the wholesalers. Instead they were nothing but the middleman in the deal trying to get a cut doing the exact same thing I was doing.
I'm not a licensed realtor.
I'd be more tempted to wholesale those leads for the big money.
Where do I find these companies on BP that advertise via BP that offer affiliate deals? Do you happen to know how much these companies pay per referral?
- Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes12y
Originally posted by @Antonio Bodley:
@Mary B. Thirty thousand would get me over. That would get me half way in the clear. How does the pay me now clause work and is it legal?
I use to do the bring buyers to wholesalers gig some years back. These wholesalers were shady when it come paying me for providing them with buyers. Not only that, they lied about being the wholesalers. Instead they were nothing but the middleman in the deal trying to get a cut doing the exact same thing I was doing.
I'm not a licensed realtor.
I'd be more tempted to wholesale those leads for the big money.
Where do I find these companies on BP that advertise via BP that offer affiliate deals? Do you happen to know how much these companies pay per referral?
A clause is simply a grammatical unit expressing your proposition. It can be included in your written agreement between you and your end buyer. This way you're paid and don't have to wait for closing. Since you need double of what I mentioned you can try to wholesale a *commercial property or a couple residential properties. *Commercial wholesaling renders bigger yields than residential.
Just like due diligence is important to perform on the properties, you have to learn to vet your buyers as well. Vetting a buyer / lender is similar to due diligence on a house / property. There are plenty of bad seeds out there and you have to weed out many bad ones to find the good seeds. You haven't given up after the first few bad seeds so why give up now? Think positive and have faith is God. Most people will bad vibes and things to themselves. Then wonder why they can't get a break... Kill the cynicism and tame the pessimist within.
There are numerous companies that offered paid affiliate services. Some advertise on BP and others don't. I don't want to mention any in particular that may break BP rules. Beware of the quick fix, get rich quick offers etc. Desparate times yearning for desperate measures can be dangerous...
Kudos,
Mary
- AL · Member since 2010 · 519 posts · 29 votes12y
Originally posted by @David C.:
I'm not sure what commercial art is - advertising? drawing logos?
can you sign up on elance or odesk - start doing it cheap, then if you get a good reputation and get busy, raise your prices. If you are good at it, start doing it for free until you create demand. Do it constantly when you are not at your wal-mart job. I think of 'art' as a line of work that should afford a flexible schedule - and one that you can't possibly be 'locked out' of because you have not finished the education.
Often times the same job pays wildly differently based on your reputation. You can get an inexperienced offshore resource to do 'sap programming' for $10.00/hour - or maybe less. Or you can pay me $130.00/hour. Or you can pay Accenture or IBM $200/hour or more. I have more work than I can handle. If you saw the job listings for 'sap programmer' and $10/hour - you might think 'this job does not pay enough'.
It was drawing logos for products you see everywhere you go like logos you see on product box covers, photography, computer graphics (Photoshop), computer illustration, printing and book and magazine designs and a whole lot more. I no longer have the equipment to do any of the commercial artwork I use to do years ago. To be a commercial artist like what I was doing you had to complete school before getting a job in this field.
- AL · Member since 2010 · 519 posts · 29 votes12y
@Mary B. There are plenty of wholesalers around where I'm from and many of them are not looking for commercial properties. Residential homes are what is popular down here. Is there a contract to use when providing a service like you described where you provide buyers to wholesalers? Do you make offers on commercial properties the same way you would a residential home? ARV x % -repairs = offer price?
- Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes12y
Originally posted by @Antonio Bodley:
@Mary B. There are plenty of wholesalers around where I'm from and many of them are not looking for commercial properties. Residential homes are what is popular down here. Is there a contract to use when providing a service like you described where you provide buyers to wholesalers? Do you make offers on commercial properties the same way you would a residential home? ARV x % -repairs = offer price?You don't have to work with other wholesalers that's just an option. If you work as the wholesaler you will look and come out better to deal with the direct buyers. You only want to provide buyers to wholesalers that are selling and have a good deal under contract. However you need to cut a deal preferrably in writing (if you haven't established trusting business relations) with the wholesaler that states you are doing a joint venture. That wholesaler isn't going to disclose their seller without contract agreement between them; so make sure you don't disclose your buyer without a contract agreement between you two. Otherwise if the other wholesaler gets hold of your buyer they'd likely cut you out of the deal. CYA (cover your #$$) in other words.
If Alabama is more of a residential market & commercial deals are scarce to none. Have you ever entertained working another housing market a state or two over that does offer better opportunities so that you can make the monies you need? Georgia or TN might work better for commercial deals. Here's a link to help you on commercial deal analyzing.
Kudos,
Mary
- Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes12y
As much as I'd like to post the SNL video with Steve Martin "Don't Buy Stuff You Can't Afford" it would be mean and wouldn't help you. I haven't been in your shoes exactly, but I've been through times when money was tight because I got in over my head on a deal or two and I laid in bed at night trying to think what I could do until escrow closed. Unfortunately, there is no tooth fairy answer to your situation. So here are my suggestions to get you on the long road to recovery;
The 20/20 rule or as I like to call it, Driving the Gap: Every day, think how you can save $20 and earn $20. Nothing too exciting, but this daily practice will get you on the road to financial well being. If you figure out how to earn an extra $20 every day, you bring home an extra $600/month, $7,200/year. Add that to the $20 you save and we're talking about a lot of money. Now, I know it isn't feasible to save $20 every single day, but do your best. Even if you save just 3 days a week, you'll have an extra $60/week, $240/month. That's not peanuts when you're broke. Riding a bike when you were going to drive your car just to the store an back can save a lot of money on gas, wear & tear over a year. Increase your deductible. That will lower your insurance. If canceling your cable is a problem, sell your TV. Then you won't need cable. You should be reading business books to relax, not staring at people making millions of dollars/year at your expense. I don't know how anyone in financial trouble could consider watching other people be successful at their dreams while they are struggling as relaxing?? There's lots of other ways to save a few bucks every day, coupons come to mind. It all adds up over a year. Personally, I never look at something in terms of what it costs me per month. I always think what is the cost per year. It helps me make much better financial decisions; smart phone at $180/month doesn't sound so bad. $2,160/year just so you can post pictures of your lunch to Facebook starts to sound a lot more stupid. Save $20/ earn $20 and drive the gap. This helped me out A LOT when I was really struggling. I made me live like it is always lien times. I don't let money go to my head. Now, if I have a slow month, nothing changes in my life unlike the days when I was eating lunch out every day, leasing a car, and having the stupid thing detailed every Wed.
The $100/month passive income rule: Every month, work on earning an extra $100/month of passive income. When you're really broke, this isn't easy, but if you study, you'll start to see ways you can create income and that education you get when you're really broke will benefit you in so many ways later on. Do you have something you can rent that would bring in an extra $100/month? You could advertise it on Craigslist. Do you have any specialized knowledge? Maybe you could write a course on how to do something and sell it online? I think I read you work at Walmart. Maybe you could use your employee discount in some way? (Do those cheap b*$tard$ even offer an employee discount?) When you get further into real estate, generating an extra $100/month becomes quite easy; a small loan, a rent raise, acquiring a new rental, etc. The rule is that you have to generate $100/month of passive income every month. If you miss a month, you owe it next month. If you go over this month, you don't get a credit towards next month. It is another great exercise in financial awareness.
Odd jobs are a good way to earn quick cash. You could sell some service on fiverr.com. Check out the site and look at some of the wacky stuff people do for extra money. I recently saw an ad for an app that lets you use your car as a taxi. People say they are earning on average $25/hour. Probably have to be in a good sized metro area and I don't recall where you live so don't know if that is an option. You could deliver pizzas in the evening though if you are in a less populated area. Bar tending was always profitable for me when I was young.
Real estate related, the best chance you have is going through neighborhoods looking for a beat up house. Knock on the door and ask if they might be interested in selling. If it is a tenant, try to find out where the owner lives. The tenant probably won't tell you though. You can do some research on here for 'yellow letters,' 'door knocking,' and 'absentee owners' though. A little research can go a long way.
What got me through tough times - When I was really struggling, I had a quote written down on my desk, "This too shall pass." I would read it so many times every day. Just remember to not read it when times are good! LOL
Lastly, if things are really going south like they were for me when I was headed out of high school and didn't have choice one of what to do with my life, I joined the Navy to escape. The pay sucked for the first few years, but I got away from my old life and loser friends. It gave me time to figure things out and find direction.
Good luck to you and you will get through it.
- AL · Member since 2010 · 519 posts · 29 votes12y
Originally posted by @Aaron Mazzrillo:
As much as I'd like to post the SNL video with Steve Martin "Don't Buy Stuff You Can't Afford" it would be mean and wouldn't help you. I haven't been in your shoes exactly, but I've been through times when money was tight because I got in over my head on a deal or two and I laid in bed at night trying to think what I could do until escrow closed. Unfortunately, there is no tooth fairy answer to your situation. So here are my suggestions to get you on the long road to recovery;
The 20/20 rule or as I like to call it, Driving the Gap: Every day, think how you can save $20 and earn $20. Nothing too exciting, but this daily practice will get you on the road to financial well being. If you figure out how to earn an extra $20 every day, you bring home an extra $600/month, $7,200/year. Add that to the $20 you save and we're talking about a lot of money. Now, I know it isn't feasible to save $20 every single day, but do your best. Even if you save just 3 days a week, you'll have an extra $60/week, $240/month. That's not peanuts when you're broke. Riding a bike when you were going to drive your car just to the store an back can save a lot of money on gas, wear & tear over a year. Increase your deductible. That will lower your insurance. If canceling your cable is a problem, sell your TV. Then you won't need cable. You should be reading business books to relax, not staring at people making millions of dollars/year at your expense. I don't know how anyone in financial trouble could consider watching other people be successful at their dreams while they are struggling as relaxing?? There's lots of other ways to save a few bucks every day, coupons come to mind. It all adds up over a year. Personally, I never look at something in terms of what it costs me per month. I always think what is the cost per year. It helps me make much better financial decisions; smart phone at $180/month doesn't sound so bad. $2,160/year just so you can post pictures of your lunch to Facebook starts to sound a lot more stupid. Save $20/ earn $20 and drive the gap. This helped me out A LOT when I was really struggling. I made me live like it is always lien times. I don't let money go to my head. Now, if I have a slow month, nothing changes in my life unlike the days when I was eating lunch out every day, leasing a car, and having the stupid thing detailed every Wed.
The $100/month passive income rule: Every month, work on earning an extra $100/month of passive income. When you're really broke, this isn't easy, but if you study, you'll start to see ways you can create income and that education you get when you're really broke will benefit you in so many ways later on. Do you have something you can rent that would bring in an extra $100/month? You could advertise it on Craigslist. Do you have any specialized knowledge? Maybe you could write a course on how to do something and sell it online? I think I read you work at Walmart. Maybe you could use your employee discount in some way? (Do those cheap b*$tard$ even offer an employee discount?) When you get further into real estate, generating an extra $100/month becomes quite easy; a small loan, a rent raise, acquiring a new rental, etc. The rule is that you have to generate $100/month of passive income every month. If you miss a month, you owe it next month. If you go over this month, you don't get a credit towards next month. It is another great exercise in financial awareness.
Odd jobs are a good way to earn quick cash. You could sell some service on fiverr.com. Check out the site and look at some of the wacky stuff people do for extra money. I recently saw an ad for an app that lets you use your car as a taxi. People say they are earning on average $25/hour. Probably have to be in a good sized metro area and I don't recall where you live so don't know if that is an option. You could deliver pizzas in the evening though if you are in a less populated area. Bar tending was always profitable for me when I was young.
Real estate related, the best chance you have is going through neighborhoods looking for a beat up house. Knock on the door and ask if they might be interested in selling. If it is a tenant, try to find out where the owner lives. The tenant probably won't tell you though. You can do some research on here for 'yellow letters,' 'door knocking,' and 'absentee owners' though. A little research can go a long way.
What got me through tough times - When I was really struggling, I had a quote written down on my desk, "This too shall pass." I would read it so many times every day. Just remember to not read it when times are good! LOL
Lastly, if things are really going south like they were for me when I was headed out of high school and didn't have choice one of what to do with my life, I joined the Navy to escape. The pay sucked for the first few years, but I got away from my old life and loser friends. It gave me time to figure things out and find direction.
Good luck to you and you will get through it.
These are some nice tips. I could use passive income now. Yes Walmart offer us discount cards as cheap as they are they do offer that. I can't believe I was watching this video of some guy saying Wal-Mart cannot afford to pay hourly employees higher wages like $15/hr. That was upsetting to hear. I get paid every two weeks and my checks are pretty low for two weeks worth of work. You can earn what I make in one week. Riding a bike? I have to get to work everyday. That's a lot of pedaling for a long long long time. I live no where near the area I work in. I can't sell a tv I don't own. I remember wanting to join the navy but not until a few two or so years ago. I can't join the military due to my health. I wish I had free time in my work schedule to do other things to make money. They have me working all day from morning to night. It's tough because I don't have much in between time between me getting ready for work and leaving for work. Then when I get home it be later that night. Not much legitimate business I can do at night after business hours to make some extra income.
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