I Am Desperately in Need of Money

[MikeyFingers]

I'm not getting into details right now, but here's the important fact: I need to make about $3,000 in the next 2 months or I am going to have a pretty big problem. There is nothing illegal or shady going on here, it's just too complicated of a story to explain and I'd come off looking like a moron anyway.
I have a decent full-time job already, but most of that paycheck is tied up in other expenses. I switched over to working the graveyard shift in hopes of finding a second job during the day, but it's proving to be more difficult then I expected. It's been over a month of searching (this includes online job sites, searching my area for help-wanted signs, scanning the classifieds every day, even begging friends for help) and nothing is coming through. Now I'm reduced to depending on the kindness of strangers.
I would gladly sell any of my things to make some extra cash but I don't really have anything that's worth enough to go through with it.
Like I said, I'm desperate here and I just don't know what to do. My deadline is at the end of August. Given a decent opportunity, it's possible, but I have come up empty so far. Any suggestions are welcome. I'm beggin' you TB, I'm praying someone here has an idea for me.

[Mark Latimour]

Borrow to defer the debt.

Edit: Let me expand. Generally borrowing is not a good idea because you will be paying another person for the use of the money. However if you are facing a choice between terrible consequences now if you don't have a lump sum and paying more than the present value of the lump sum in repayments over time, it may well be that the latter is preferable to the terrible consequences of not having the money.

There are other "odd" options whcih can make you money fast (but maybe not $3k). Try donating sperm, posing for nude live modelling for art colleges, participating in research and testing groups etc.

[f'nar f'nar]

I 'volunteered' for pharmaceutical tests a few months ago that involved me getting an injection then heading back to the lab twice a week for 2 months for checkups and that earned me $1500AU. Just a suggestion.

[Mark Latimour]

Originally Posted by f'nar f'nar

I 'volunteered' for pharmaceutical tests a few months ago that involved me getting an injection then heading back to the lab twice a week for 2 months for checkups and that earned me $1500AU. Just a suggestion.

How's that new third testicle coming along?

[dean owens]

don't know your situation at all... so i know this might not apply...

my wife and i thought we didn't have anything of any value. we recently read a book called "total money makeover" and got mad at our debt and decided to start selling stuff. in the book he talks about selling so much stuff that your kids think they're next. his phrase is "live like no one else, so that later you can live like no one else." that said, we have sold close to $800.00 worth of stuff in the last 3 weeks. we're hoping to sell even more in the next few weeks. and we're not even touching stuff that we don't want to sell. it's just stuff that's been sitting around.

i don't have any thoughts on quick money. quick money usually has a catch to it. and i guess you could take out a loan, but going in debt to get out of debt keeps you in debt... and often makes things worse. sorry i'm not creative.

[jojobean39]

Originally Posted by dean owens

don't know your situation at all... so i know this might not apply...

my wife and i thought we didn't have anything of any value. we recently read a book called "total money makeover" and got mad at our debt and decided to start selling stuff.

Brilliant book. I love his financial advice. My wife and I took the financial class before we got married and honestly, it's the absolute best thing someone could do for their marriage. I'm 26 (which is set to be paid off in about 10-11 years) and have no debt other than the house and I have about 6 months wages saved up in the bank. I'll give a +1 to that book recommendation.

What about working at restaurants? Delivering pizzas. Have you cut off your phone service, internet service and all other frivelous things?

[TrooperFarva]

Sell your car, buy something really cheap to take it's place.

Desperate times call for desperate measures.

[Jim Nazium]

Originally Posted by TrooperFarva

Sell your car, buy something really cheap to take it's place.

... or even live without one for a while. Depending on where you live, it's not as hard as you might think. I did it for 3 years in grad school, walked or rode the bus everywhere.

I'd recommend NOT borrowing any money, as that will only postpone the problem if not make it much worse due to high interest.

[MJ5150]

What are the consequences of not paying the $3K?

-Mike

[dean owens]

not to high jack the thread but....
you have a jump on us. i'm 32 and my wife is 29. we haven't been "dumb" with money but we haven't been smart. we didn't rack up large credit card debt on stereos and things... but we have been pretty much paying the minimum payments on student loans, loan on my truck and now a loan on my motorcycle. we just started this month living tight. in this month we have/are...
paid off a kolh's card - $75.00
paying off my truck next week - ~$1000.00
paying off some of the running debt we've carried on our mastercard - ~$1000.00

next month we'll finish paying off the card. then we'll just have my motorcycle (~4400.00) and my student loans (~20,000.00). we hope to be done in three years. which is pretty good for a stay home mom and a campus minister.

oh, another nice by product is i've lost about 12 lbs in the last three weeks.

sorry to highjack the thread. to the OP, can you cut grass? the pizza delivery is a good option. sadly we're just in a bad economical time. i went to try and get a second job to help pay off debt. everyone around me has a highering freeze. the ones that don't won't work with my day job schedule. good luck to you. i wish i had some really great advice for you.

Originally Posted by jojobean39

Brilliant book. I love his financial advice. My wife and I took the financial class before we got married and honestly, it's the absolute best thing someone could do for their marriage. I'm 26 (which is set to be paid off in about 10-11 years) and have no debt other than the house and I have about 6 months wages saved up in the bank. I'll give a +1 to that book recommendation.

What about working at restaurants? Delivering pizzas. Have you cut off your phone service, internet service and all other frivelous things?

[jwbassman]

1st Pawn Shop - If your really that desperate for cash, make a decision about what you don't need.

2nd Budget Cuts - Cut out cable TV, Internet, Telephone, Cut down on electrical consumption, unplug everything in you house when you not using it, cut, cut , cut.

3rd Coupons - Seriously, go online and find grocery coupons, you can save some serious money doing this. I do this and usually save about $50 a week, sometime more. It takes some work, but you figure over two months time if you can save say even $30 a week, that's $240 closer to you goal.

Every dollar counts.

If you do this you're bound to find some extra money.

[James Hart]

do you have a 401k? I know mine offers loans against up to 50% of the vested balance that have an attractive interest rate and are payable via direct paycheck deduction.

[hover]

Originally Posted by James Hart

do you have a 401k? I know mine offers loans against up to 50% of the vested balance that have an attractive interest rate and are payable via direct paycheck deduction.

+1. Even the interest paid back in goes back onto your investing balance.

[L-A]

Debt consolidation, even if it only concerns a single amount of money, could save your butt. Depending on the available interest rates, it can be worth it.

[jojobean39]

Originally Posted by James Hart

do you have a 401k? I know mine offers loans against up to 50% of the vested balance that have an attractive interest rate and are payable via direct paycheck deduction.

401k loans are a bit dangerous. If you lose your job then the remaining balance of your outstanding loan is required to be paid back or you get massive penalties, on the order of 30-40%, if I recall correctly. I am not a big fan of any loans, ESPECIALLY 401k loans.

[James Hart]

Originally Posted by jojobean39

401k loans are a bit dangerous. If you lose your job then the remaining balance of your outstanding loan is required to be paid back or you get massive penalties, on the order of 30-40%, if I recall correctly. I am not a big fan of any loans, ESPECIALLY 401k loans.

True, but we're talking $3k.... not $30k. It beats a non-secured personal loan @ 20% interest rate. So long as you can keep your job

[hover]

Originally Posted by jojobean39

401k loans are a bit dangerous. If you lose your job then the remaining balance of your outstanding loan is required to be paid back or you get massive penalties, on the order of 30-40%, if I recall correctly. I am not a big fan of any loans, ESPECIALLY 401k loans.

penalties aside, I thought that was why you could only borrow up to 50%. So the balance was covered in such a scenario. It's your money, either way...you're just paying the Feds their cut from it being initially a pre-tax deduction.

[jojobean39]

Originally Posted by James Hart

True, but we're talking $3k.... not $30k. It beats a non-secured personal loan @ 20% interest rate. So long as you can keep your job

I didn't realize the initial amount was so small (I say that meaning not $30k- $3k is a lot when you don't have it). I totally looked over that in the OP.

@hover-
But on top of paying the Federal Income Tax, I do believe you are paying a hefty "early withdrawal" penalty as well. I never thought about that 50% thing though. That may be precisely why.

All of that said, I was thinking that the amount needed was much greater than $3k. A 401k loan is better than getting your legs broken or sleeping with the fishes I suppose.

[tplyons]

FYI eBay is offering five free listings (listing fees only -- still have to pay final value fees and PayPal fees) a month. I've been selling a few things here and there for spare cash. Nothing major, but it's bringing in few hundred a month.

Other than that, I've been in the situation. Earlier this year, I was laid off of work, couldn't get another job, and decided to sell everything I had and concentrate on finishing up school.

You can always buy back what you sold. I'm in the process of that in the near future.

[hover]

Originally Posted by jojobean39

I do believe you are paying a hefty "early withdrawal" penalty as well. .

Yup. I believe it's 44% to Federal, and 10% come tax time for early liquidation.