Lost Your Job And Need Money? 2 Ways You Can Put Some Green In The Bank

28 September 2018
 Categories: , Blog

If you lost your job, have not found a new one yet, and are running out of money, there are many ways you can make some green to put in the bank. This will give you time to find a job to replace your income. Below are two of these ways so you can get started.

Sell Your Life Insurance Policy 

If you have a life insurance policy, you can sell it to make money. This does work best if you are older, however. If you are young and healthy, your policy would likely not sell. This is because the buyer would have to wait a long time to get the money from the policy. People that have a terminal illness will be able to sell their life insurance policy quickly.

Before you start you need to have the life insurance policy appraised. Your life insurance company can do this for you. You should know you will likely not get the full amount of the policy when you sell it, however. Once you have the amount your next step is to find a buyer. This can be very difficult to do on your own. Because of this, you can hire a life settlement broker or a settlement company.

If you hire a broker to sell your life insurance policy, they will be able to find you a great deal. In most cases you will have to pay the broker a commission. If you choose a settlement company, they will immediately buy your policy. They will give you a percentage of the life insurance policy's value to you in cash. What this percentage is does depend on the life settlement company you choose. 

Sell Your Things

If you have things around your home that are worth money, you should consider selling them. Even if you have things that are not worth a lot of money, they can add up if you sell a lot of them. Electronics sell well, such as computers, tablets, smartphones, smartwatches, laptops, and more. If you have a lot of older toys, you may have some that are worth a lot of money. Get the toys out and determine how old they are. You can then do some research to see what they are worth.

Once you decide what you want to sell you can sell your things on online auction websites. This is a good choice as these sites will help protect your account and money. Once a buyer offers you money you need to ensure that you get the money first before you mail the package out. Paying you online would be the quickest way. You could also have a garage or yard sale if you live in a busy area. There are websites online that you can post your yard sale on. People in your area will use this site to find sales they can go to. On the website list the things that you are selling.

These two tips should help you get enough money to cover your bills for a couple of months.