1) Liquidate Your Assets
2.) Take on Odd Jobs
3) Track Down Your Loose Change
4.) Organize an Garage Sale
5) Take money from your Retirement Account
6) Part With Your Plasma
7) Get Money from Friends or family
The Bottom Line

Wealth Lifestyle Advice

7 Ways to Raise Cash Fast

How can you make money when time is of the essential
Amy Bell Amy Bell
Updated December 03, 2021
Review by Khadija Khartit
Fact checked by Yarilet Perez

When you're faced with an avalanche of medical expenses, or you've recently lost your job or your house has been hit by a hurricane or any other natural catastrophe There is one thing that is for certain: you require cash and are in need of it today. Unfortunately, when the financial crisis hits daily life, the vast most of us get caught totally unprepared.

If you're caught trapped in this state and you're not alone, you're not alone. Around six in ten American households face more than one crisis each year. About one-third of American households have no savings whatsoever as per FEMA.1 In addition, nearly 40% of Americans are struggling to pay for an unanticipated emergency expense like a $400 car repair as per a study from FEMA.2 U.S. Federal Reserve.2

If you require cash quickly to pay for an emergency cost, where should you turn? Here are seven ways to raise money quickly without causing irreparable harm your financial situation.
Key Takeaways

Selling your personal possessions, such as clothes or electronics can help you raise money during an emergency.
You might consider taking on an odd task, like taking care of your dog, babysitting, or doing yard work to help bring in extra money.
You may want to think about borrowing or withdrawing money from your retirement account. In the majority of instances, this could result in paying tax on the distribution and an additional 10 percentage penalty.3
If you take money from relatives or friends it is best to draw up a contract about the terms of the loan.

1) Liquidate Your Assets

Is the corner of your jewelry box hold your dad's Rolex, your mom's engagement ring, or a diamond pin that you rarely wear? What about the treasures tucked away in your closet? Maybe a fanciest wedding dress, or an inherited great-aunt's fur coat.

One online platform ready and willing to cash in on your clothes is thredUp--in the Help Center click on "The Clean out Process" to find out how the selling process works.4 Or, you can try selling your clothing on eBay.

It is also possible to make fast cash by selling off newer models of electronics including big-screen televisions tablets, phones laptops, computers, and game consoles, in addition to media like DVDs, CDs books, games, and books and on websites like Decluttr, Gazelle, and uSell as well as marketplace websites such as Swappa. Or you can post your items to Facebook Marketplace, Craigslist, and Twitter; run an ad in your local newspaper or peddle these pieces to your family and friends.

The quality of the garments as well as the electronics and media you're willing sell, you could quickly rake in hundreds or more of cash.
2) Take on Odd Jobs

If you don't have expensive items that you can sell Try selling your services rather, particularly when you're not at work and have some time on your hands. You can babysit and/or pet-sit for friends or start up a neighborhood dog-walking service. According to ZipRecruiter the national average hourly wage for a babysitter is $17 an hour, and pet sitting is paid the average $14 an hour.56 Dog walkers typically earn around $15 per hour, as per PayScale.7

If you're not comfortable dealing with dogs or kids, you might provide a mower and wash cars for people living in your area, or transport an elderly neighbor's aunt to her doctors' appointments. Or, if you enjoy driving, consider signing as an Uber or Lyft or Uber driver. According to Gridwise the riders will earn around $20k in 2021, based on where they live, but range from $14.65 per hour in San Antonio, Texas, to $19.44 in California's Bay Area.8

You can also go grocery shopping for older adults, or offer to repair and decorate your sibling's deteriorating fence. Based on the number of jobs you're able to take on and the you'll charge per task it is possible to earn several hundred dollars within one weekend. If you don't have enough clients who require to be worked on, sign up for jobs through websites such as TaskRabbit or Thumbtack. You can also find jobs that require skills in Upwork, Freelancer, or Fiverr.

An emergency fund can provide an emergency fund to aid when unexpected costs, like medical expenses, or the loss of employment, occur. Make sure to save money as soon as you can start one.
3.) Track Down Your Loose Change

At first glance it might seem a little absurd--but it's not an omen. According to a report by Bloomberg, Americans throw away about $61.8 million worth of coins in the trash each year.9 That's a lot of cash stuffed into couch cushions, piggy banks, and old paint cans across the nation.

Go around the house and discover all those coins hidden in the house. When you've uncovered the last penny, bring the treasures to the local bank or credit union. Some banks will count change for free for their customers, although others may require you to count and roll your change on your own.

Either way, once you've converted the coins into cash, you'll get another hundred dollars to use towards your emergency expense.
4.) Create an Garage Sale

One man's trash can be another's treasure According to the saying. While yard and garage sales are a lot of work, they can bring in a decent chunk of change for sellers who are savvy. Be sure to promote your sale your sale on Craigslist, Facebook (if you have local groups) as well as your local newspaper (online and also print) as well as bulletins for churches, and set neon signs with black lettering in key locations to attract as many people as possible.
5) Make Money from Your Retirement Accounts

If you're looking for larger amounts that are in the bank, following these first four steps may not be sufficient. That's when it makes sense to review what you can do with your 401(k). In the majority of years If you're less than 59 1/2 , you pay an additional 10% penalty to withdraw from your 401(k) funds, however there are occasions that it's a good idea to do this.3

Also, there are certain circumstances where the 10% penalty can be waived, for instance the case of medical expenses that exceed 7.5 percent of your adjusted gross income.10 You may also be able to borrow, rather than withdraw funds out of your 401(k) which is a more sensible option if you have the ability to manage it.11

If you don't have a 401(k) however you have an IRA that could be a source for funds, especially in the case of a Roth IRA. With an traditional IRA, your options are restricted However there are certain situations that allow you to withdraw the retirement funds at no cost to you.3
6) Part With Your Plasma

We're now moving on to most extreme possibilities. Plasma is an extremely valuable resource used for a variety of medical treatments and research. Giving plasma is like giving blood, as per Octapharma Plasma Inc., which is a firm that collects plasma used to develop life-saving drugs for patients worldwide.1213

When your blood is drawn and processed, it is circulated through equipment which separates plasma from other components of your blood. Your plasma is then collected in a container, while the other parts are safely transferred to your blood via a process called plasmapheresis.

Reports vary as to the amount you can earn and will be contingent on several factors. You can earn between 20 and $60 for each donation. As per Octapharma Plasma's website Octapharma plasma website "Generally, the more you weigh your body, the more plasma you can gather, and the longer to give it away. The amount of money that new and returning donors receive reflect this. "12
7) Take money from friends or family

We saved this one for the last minute because it should be used as a last option. Although borrowing money from friends and relatives may be an easy fix however, it could lead to certain negative effects. When a loved one lends you some cash, it can put a strain on your relationship--especially if you don't pay the person back quickly.

According to an article published in Psychology Today, unpaid loans can lead to lingering bad feelings between the lender and borrower.14 If you are planning on borrowing money then it's best to make a written contract that states the date you'll begin to pay back the lender and if you will also pay interest on the funds borrowed.
The Bottom Line

If you find yourself cash-strapped when a financial emergency strikes You're not alone. The vast majority of Americans do not have enough money available to cover unexpected expenses. When you find yourself in this scenario the worst thing you can do is drive up credit-card debt or obtain the payday loan, which will have exorbitant interest rates.

There are a variety of clever ways to make money fast without decimating your finances. You can decide to either dispose of some of your possessions, do odd jobs or even borrow money from a parent or a friend, one thing is sure that once you've recovered from your financial calamity, it's time to begin building an emergency reserve.
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Part Of
A Guide for Emergency-Proofing Your Financials

Guide to Emergency-Proofing Your Finances
1 of 23
10 Ways to prepare for a Personal Financial Crisis
2 of 23
One thing you should never do when you are in the Stock Market Goes Down
3 of 23
5 Tips to improve your financial health
4 of 23
How to Reach Financial Freedom 12 Habits to Take You There
5 of 23
Emergency Fund
6 of 23
How do you create an emergency Fund
7 of 23
How to Invest Your Emergency Fund for Liquidity
8 of 23
7 Smart Ways to Raise Cash Quickly
9 of 23
How Much Cash Should I have in my bank account?
10 of 23
7 Places to Save Your Money
11 of 23
What are the withdrawal limits in Savings Banks?
12 of 23
Safe Deposit Boxes They are designed to store This, Not That
13 of 23
A Economic Effects of a Natural Disaster
14 of 23
Disaster Loss
15 of 23
If Your Kid Is 18, You Need These Documents
16 of 23 of
Power of Attorney If You Need One
17 of 23
The Financial and. Medical Power of Attorney What's the difference?
18 of 23
What Is a Special Power of Attorney vs. Other powers of Attorney
19 of 23
What's the Average Cost of Creating a Will?
20 of 23
6 Estate Planning Must-Haves
21 of 23
Note of Instructive: Do Not Leave Life Without One
22 of 23
5 Things to Consider Before Becoming an Estate Executor
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