Are you faced with a sizable financial debt issue? Are you looking for ways to raise money to pay off the debt without stress and too much heartache? We take a look at ways you can raise money below.
1. Develop an income suite.
The housing market is still in recovery mode. This means a great number of people would rather rent than buy. So if you own your home and your family can scale down, you can turn your home into a full time income suite. If you are adding an apartment on your dwelling this may require that you to make some additional short term investment, but you will recoup your investment in a year or two depending on where your house is located. The rest of the rent you generate can go to towards taking care of the bills you have in mind. You can remodel the home to meet this need by sealing off the new section or creating a new entrance to that section. Bear in mind that you have to provide full amenities, such as bathroom and kitchen for this to qualify as a full residence. Alternatively you could rent a smaller place and rent your current residence out, using the financial differential to pay down debts. Here are more tips for developing an income from your existing property.
2. Sell your structured settlement.
Structured settlements are one of the ways Americans take income from year to year. These are settlements arising from the resolution of court cases. The amount agreed on is broken up and paid in parts over a period of years. If you think your financial future will not be significantly jeopardized, you can sell the settlement to companies like Money Up Front and obtain a lump sum amount.
The company will pay you what they think is fair value for the amount left unclaimed and you will be given money to address the financial challenge you have. Before you make this decision though, you need to ensure it is properly thought through. Talk to a financial adviser to make sure you are doing the right thing and get an attorney to make the process smooth. You don’t have to sell the entire settlement. Some companies can buy what is due to you for a year, two years etc. Don’t forget to compare quotes between companies so as to get good value on your money.
3. Pick the Uber/AirBnB on the side.
If you have a car and a spare room, you can pick up this side job. It is essentially where you offer do the function that taxi would normally be called for. If you have rooms you can also provide accommodation. It doesn’t matter if you have other jobs you are doing as you can control the hours you work. A lot of people looking for reliable part-time employment have embraced this option, and even more will do so this year. The companies have attracted their fair share of controversy, but, they are meeting the needs of hundreds of people in need of money on the side.
With these tips, you can generate cash to take care of bills or debt you may have, and avoid making these common debt pay-off mistakes.