There comes a time in all our lives when we have to raise some fast cash. It could be that a once in a lifetime investment opportunity crops up, and you find yourself short of capital. Or a sudden and unexpected bill rearing its ugly head when you can least afford it. No matter who you are, or which side of the fence you fall, it’ll happen to you eventually. And when it does, where are you going to raise money from quickly? If your savings, whatever they may be, don’t cover it, you may find yourself up the creek without a paddle.
There are, however, ways you can finance yourself quickly, provided you have money tied up elsewhere. Withdrawing those nest eggs might be painful, but it could well be the only place you can turn in a situation such as this. If you find yourself wanting for a substantial amount of cash, we recommend analyzing where your money is tied up. Here are a few of the places you may find your cash situated.
If you’ve been won a claim for compensation, a common result is that you’ll be paid the money you’re due in the form of a structured settlement. This is designed to give you parachute payments throughout a cycle of so many years to keep you on your feet. This isn’t always convenient for you, though. There are companies that are willing to buy your settlement from you for a lump sum, in return for the ongoing payments. Find out more about selling your structured settlement at http://www.moneyupfront.net/.
One of the most popular places for people to turn when they’re in desperate need of a cash injection. Remortgaging your home may seem like a drastic option, but it’s not as severe as you may think. The deal you get will be based heavily on your age and financial situation. Remember, these have both changed since you originally took out your mortgage, so don’t expect the same kind of rates.
You’ll need to check with your mortgage advisor whether they’re willing to offer you a remortgage, however. Provided you have demonstrated an ability to repay your loan, though, you shouldn’t run into any problems. If you plan things carefully, you should get an influx of cash, and be able to suitably repay the loan. It’s worth keeping in mind that this will affect your children’s right to inheritance if you haven’t paid off your mortgage in your lifetime. See this mortgage calculator while you weight up your options: http://www.calculator.net/mortgage-calculator.html
If you’re a keen investor, you likely have a wealth of stock in your portfolio. If you’re strapped for cash, it’s worth looking at cashing in on some of those shares. If you’ve been particularly savvy over the years, you should find a relatively healthy amount coming your way. Try not to cash out when your stock has dropped, though, as you’ll be losing money in the long-run. Wait until your shares have exceeded projections. Find out more about cashing out at the right time at https://www.americanfunds.com.