First thing to go when I experienced my financial emergency, was my emergency fund. And boy did it go fast. After my head stopped spinning, I got to thinking about three things:
1. I was so glad I had an emergency fund. (If you missed it, check out Kimber's practical guide to emergency accounts.)
2. I could kick myself for it not being bigger.
3. It was gone- now what? What could I sell or how could I make money quickly?
Once my emergency fund was gone, I turned my attention to freeing up money I had tied up in assets I felt could be liquidated quickly. For me, I chose a secured line of credit that happened to be swtiching over, releasing my money back, and an vehicle I could sell to pull my cash back out of.
For me, this is the most important question when it comes to preparing for financial emergencies:
How can I make money quickly?
The bottom line is that an emergency fund and plan are only there to act as a cushion...where will you be once the cushion deflates? This week we have looked at emergency funds that can vanish before your eyes, assets that can be liquidated, usually for less than you think they are worth, and now we ask, can you make money quickly?
Earlier this week, Start Up Princess had an amazing list, that included several things you can do to make money quickly. I did several of these things myself.
I'm big on selling things. If it isn't nailed down, when I need cash, it's on Craigslist and sold! (Excluding my kids and soul...)
Don't worry about getting top dollar; remember, a bird in the hand is better than two in the bush.
Sell whatever can make the most money and be replaced. Just get through it and get some traction.
What else can you do to make money quickly? Stop spending it. Everything you don't spend, is money you earned. This would seem obvious, but if you are like me, you may have some bad habits that die hard (remember the whole denial thing?)
What else? What skills? What jobs? If we can swallow our pride, and just focus on getting back in the game, the world opens up and rewards us.
Comments (1)
I especially love the last paragraph of your post. If we put our own ego, pride, all that baggage aside, it becomes easier to focus on--and realize--our goal.
Posted by Angie Hartford | June 23, 2007 10:40 AM
Posted on June 23, 2007 10:40