The Need Money Now Strategy
If you need money now, right now, you might turn to google. If you do, you’ll get a few legitimate articles and a ton of scams.
Bad credit? No problem, you need money now! Money in your account today! Earn cash with penny stocks! Earn $1,000s a year!
You’ll get a lot of hits on payday loans even if it’s not obvious at first. These places charge outrageously high rates of interest. The average rate for a two week loan is between 391-521%! Scared? You should be, they’re ripping you off.
Instant Payday Loans
Many of us have been desperate for money. Some of us have considered an instant payday loan to solve. But these are the worst solution to the problem.
Most of these loans are terrible ideas but some of them are down right predatory. The problem is, getting the money will not solve the root of the problem. Why is your need is so desperate.
This is where we come in. We want to provide you with the tools you need to make sure that you never have to google “need money now” again.
To start, do yourself a favor and check out some clever debt reduction strategies in the Can’t Pay My Mortgage post or the Debt Relief for Dummies post for some quick help. You may have gotten into your current mess by taking crappy loans. Don’t perpetuate the cycle! Remember – quick, high interest loans are not the answer!
For the rest of you, we will get you money now, but only a little bit. See, just like losing weight, building a huge cash hoard and digging yourself out of debt is very possible – it just requires focus and determination. Those 30 pounds didn’t just magic away. Likewise, you’ll need to do your fair share of work to stopper the leaks in your spending.
Step 1 – Use the Right Tools
Achieving financial security comes from learning and implementing best practices and being able to control yourself and your spending. There are a ton of tools out there designed to make things really easy for you. They can budget for you, help regulate your investments automatically, find you savings when you do spend or even challenge you to improve saving by giving you cash prizes! Below are a few resources that I’ve found are extremely helpful in your “need money now” quest :)
Not everybody has time to meticulously manage their investments. In fact, it usually doesn’t make sense since 79% of all money managers don’t beat the market!
Digit will automatically determine when is the best time for you to save and do it for you. Text it like a personal assistant and if it doesn’t know how to respond a real person will. It’s all the best saving aspects of Acorns without the fees.
Invest in your favorite companies and pay NO fees. NO FEES! Also, you can start with as little as $10 so there’s no excuse not pick up some of your favorite companies stock. It’s the best place to start investing in companies on your own.
For the full list of resources we use to manage our finances, click here.
Step 2 – Budget
You need to know what you’re spending and where before you can begin to address your money problem. This step can be scary. Some of us bury our head in the sand when it comes to looking at how much is going out each month. And if you have been living on credit cards and paying the minimums, this is doubly true because you really have no idea how much you’re spending each month.
We’ve compiled our best budgeting articles below. They will give you enough knowledge to take care of this step. The reason you need money now is because you’ve neglected this step for too long! No one becomes financially secure by spending all their money.
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Step 3 – Ways To Save
Having completed Step 1, we now understand where our money is going. Knowing is half the battle when you need money now. The other half is slicing out the fat. It’s not always easy and in some cases, you’ll need to make some tough decisions, but in just a few weeks time, you’ll be much happier and much wealthier.
If it seems overwhelming, choose one category a week and focus on pairing that down. Food is always a good place to start because so many of us overspend on it. Bringing lunch to work is an easy way to start. It doesn’t have to be fancy at first, just make a pbj. Seeing how much you’re saving each week will be incentive to keep going and get a bit more creative with your lunches. Remember, the easiest way to save more money is to spend less. To do that, we must optimize our expenses.
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Step 4 – Increase Your Income And Productivity
One of the fastest ways to get more money is to make more of it. If you want a raise at work, you don’t need to put in 80 hours a week or wait until your manager dies so you can take his job. There are a few easy things you can do right now that will help to make you invaluable to your employer and pay off in spades later.
My first job out of college paid 25% more than the Average US Household Income at the time despite the fact that my GPA was a 2.3. Once I started understanding how things work, I was able to bump my salary by more than 165% over five years. I’ve shared some posts explaining how I did it so you can do it too!
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Step 5 – Multiply Your Savings
We’ve budgeted, optimized, gotten a raise at work. Now that we have a savings account (which we were paid to open), and it’s starting to fill up with cash (from spending less), it’s time to make this money work for us.
We should be increasing our wealth while we sleep. Investing can be scary for the first timer but it’s the best way to grow your money. Everything in here is low risk and low effort. I want you to have the peace of mind knowing that your money is safe and growing while you focus on other important things like your family, xbox, etc…
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Step 6 – Advanced Investing Techniques
For people that are ready for a more hands on approach (and a bit more growth potential), this section is for you! There will be risks here and I will be sure to outline them and caution you. It will take a bit more work than a “set it and forget it” strategy, but you don’t need to be a rocket scientist to make gains here. Just remember, take the risks seriously.
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