The professionals always tell us that we should all have three months of salary saved up for emergencies. Have you ever managed it? I never have, even when I had a day job.
The only time I ever had more money coming in than was going out was for a few months as an online writer, when I had so much work that I had no time to spend the payments I was receiving.
I thought about this and came up with the following possibilities:
- Sell stuff on eBay – I don’t have a lot of things people would pay for but I could find £2,000 worth
- Sell my car – It is a 12 year old Fiat Punto – £200
- Hire myself out as a writer – I have the contacts who would give me work – £2,000
- Give private tuition – I am a science teacher and have done a lot of private tuition – £300
- Run a course locally showing how businesses can set up their own websites – £500
Done it, I found £5,000 but I now have no car, TV or computer because I had to sell them.
I talk to a lot of people at MyBlogU.com and four people responded with their ideas. I would like to thank Anna Fox, Jessy Troy, Danny Garcia and Jeevan Jacob John for taking the time to share your ideas.
Anna Fox referred me to Rob Cubbon’s blog post on the passive income he makes which is impressive, and gave me ideas for the next 12 months, but passive income is not instant cash. It takes a while to develop your passive income streams.
Jeevan Jacob John said he would offer online services such as setting up websites and writing content for bloggers. He would use his network of contacts to find work, illustrating the importance of building up your network sooner rather than later.
Danny Garcia suggested selling a kidney and praying for a miracle. He also made the good point that you should never have got yourself into the position of needing so much money so urgently.
Jessy Troy has what I think is the best idea and one I will be implementing immediately. Most business blogs are dead in the water, with no regular updates, social media presence or search engine rankings. Offer package deals costing around £400 per month that include basic on-page optimisation, content and visitors from social media. You can use ViralContentBuzz.com to generate the social interest. This business model has the bonus that it will also give you a regular income stream.
Using These Ideas
The main point is that there are ways to earn money quickly. You can avoid spending a fortune on software and resources and can just apply a bit of common sense to generate multiple income streams that will get you out of a tight spot AND prevent you ever being in the same situation again.
How would you find an extra five grand without resorting to borrowing or criminality? Please share your plan below; it might inspire others.