A short while ago I came across a forum post asking, how can I make money fast?
Out of interest, I recently searched how to make money fast and received back over 2 billion results in the search pages.
When I clicked those results found on the first page, I was given ideas that were hardly going to make money fast.
- Matched betting
- Online surveys
- Become a bike courier,
- Write a book,
- Get a part time job,
- Mystery shopping
- Blog/Affiliate marketing
- Start a YouTube channel
Maybe I have a different definition of what fast might be, but I’d assume that anyone asking this question isn’t looking to make enough money to buy a coffee in a few months time but are looking for a solution to get themselves out of predicament now, whether that is to fix their car or something in their home.
I have no doubt that the ideas mentioned are a great way of earning an extra income, but that isn’t what someone that is asking this question is particularly after.
The question being asked is clearly borne out of urgency, but this can sometimes result in someone taking measures that might not be financially beneficial in the long run.
I’m talking about loans with crippling APRs or retailers selling goods for x3 or more their retail value.
So if these aren’t going to make money fast, what is?
I honestly don’t think that there is anything out there that is going to make anyone asking the questions money fast, and if there was, wouldn’t we all be doing it?
The fact of the matter is, it might be the wrong question to ask anyway.
Reasons why asking how to get money fast is the wrong question
1 It’s a short-term view of your current financial situation
I believe that this is the most important reason.
Even if there was a way to make money fast, once you have it in your hand and used it for its intended purpose what are you going to do then? Go back to the way things were?
You will be in the same place you were in before, worrying about a time when you are going to need to make some quick cash again and it will happen again.
How we deal with our financial situation should be taken with a long term view. The only people that benefit from those that have a short term view on their finance are those that don’t have to worry about their own finances.
2 Making money takes some form of investment
Regardless of what some might say, you aren’t going to make money without some form of investment. This could be financial or it could be an investment in yourself.
You have probably heard the sayings “you have to spend money to make money” or “if there is no risk, there is no reward”. These are often said because they are true.
The wealthy have long known this, hence the reason they often have a portfolio of investments as a contingency in the event that if one doesn’t work out as they had hoped they have others to fall back on.
3 Making money takes some effort
Making money, regardless of how fast you want it or need it is going to take some effort.
Take something as simple as selling unwanted items:
- Take the picture
- Post it on the marketplace
- Negotiate the price
- Hope that the buyer actually shows up
So what are your options if you need to get hold of money fast?
Start an emergency fund
Simply an emergency fund is money that you put to one side, preferably in a separate bank account, ready and waiting for that day when it is needed.
The thing is as much as we probably all know she should have one, building one is a completely different matter and isn’t necessarily that easy.
Friends and family
I’m not an advocate of lending money to friends and family but if you are in need of cash quickly then maybe you should ask friends or family.
Be conscious of the fact that borrowing money this way can have a strain on your relationships no matter how strong you think that they are.
If you aren’t familiar with this form of lending, essentially these are non-profit organisations that allow its members to borrow money at low-interest rates.
Use your overdraft
Your bank might be open to increasing your overdraft limit so don’t disregard them straight away.
An arranged overdraft might be an affordable way of borrowing money, but shouldn’t be something that is relied upon month in month out.
Do you agree that there isn’t a way to make money fast?
I don’t believe that there is a way to make money fast, and by fast I mean from a day to several days, but I might be in the minority.
If you do know or have tried a way then please don’t keep it to yourself.