You’ve decided that you are finally going to take the plunge. You’re going to start that business, quit your job and see the world, buy a boat or maybe just pay off debt that’s been weighing on you for years. You’ve worked out a lot of the details, but there’s still one big obstacle: money. While you may be able to get funding for some of those life changes, like starting a business or going to college, it might not be enough, or perhaps you don’t want to go into debt. How will you fund your big change? Below are some creative ways to do it.
If you’re setting out on an endeavor that is interesting for people to follow, you might be able to crowdfund it. This is particularly true if you are good at taking photos, writing, making vlogs or podcasting your progress. If you are considering this, take a look around at what other people in a similar situation have done and how successful they were. You’ll need to be prepared to produce engaging and regular content or give your supporters something else of value, and you will probably also need to be active on at least one popular form of social media.
When you’re looking around for things to sell to raise more money, you probably think about clothes or furniture. You might even go for broke and sell a big-ticket item, like your car. However, you might be sitting on a potential for cash that you’ve forgotten about if you have a life insurance policy. Many people do not realize that they can sell their life insurance policies for cash. If you are considering this, it’s important to understand the key aspects. You should find out what the tax implications will be. You should also comparison shop before you agree to a deal. Finally, this may not be an option for you if you are younger. Investors generally prefer to purchase policies from people who are at least 65.
There are many other things you can do to get more money, ranging from the drastic or risky to relatively minor actions that can add up. If you own a home, you could refinance it or even list it for sale. You could move to an area that has a lower cost of living than where you are presently living, move in with family members or take in a roommate. On the more minor side of things, you could look into moving your savings into a vehicle that generates more interest for you. The financial advice to forgo daily specialty coffees or other treats has become a cliche, but in fact, if there is something minor that you spend a few dollars on each day, you can put away over $100 per month if you stop doing it. It is also worthwhile to do a thorough audit of your spending and cancel any memberships or subscriptions that you are no longer using.
