One could easily blame creativity for the worldwide economic collapse of the past few years. Investment bankers, with the help of some of the best mathematical minds they could hire (and the help of a serious lack of regulation in the derivative’s markets), came up with new ways to create, insure and remove from their books trillions of dollars with fancy terms such as Collateralized Debt Obligations, Credit Default Swaps – to name just a few of the culprits.
We don’t want to lay the responsibility on creativity though, it’s only a word. It’s not at fault for being combined with questionable ethics and used for corrupt money games; it has many benevolent uses as well.
Trying to borrow or raise money in any economy is difficult enough for common citizens, in an economy when banks are holding onto their wealth with more tenacity than Montgomery Burns, it’s virtually impossible. Use your creativity and get the money you need to move forward with your future plans:
Get your friends, family or co-workers together in an investment group – though make sure you learn about investing first. Pool all your resources together, decide on a range of different investments and create a balanced portfolio. If you set up an investment trust there are also many beneficial tax breaks that will add to your new found wealth.
Sign up at a Peer-to-peer lending company (such as Peerform) for a loan at a good and low interest rate. When banks are unwilling to lend, you can turn to your peers! In Peer-to-peer lending, investors chip in to fund your loan after you give them the details of your financial situation.
Rent Out A Room:
A popular way to make money quickly is to rent out a space in your home or a room in your apartment (you can advertise through Craigslist or AirBnB). You will get monthly payments that you can then use to invest and make more money. If you want to maximize this potential then rent out three or four apartments and rent them out to tourists. You can setup a simple website that lists all of them and also add your properties to the many other vacation rental sites.
Do a search on the Internet and you will find numerous companies that pay you to take online surveys (e.g. surveysay.com). Surveys won’t make you a millionaire, but it will help you to raise more money to put your plans into action and become a millionaire. Get to work filling out those forms and clicking with your mouse, it’s an easy way to raise the cash you need.
One Creative Way to Raise Money in This Economy: Get a sponsor
Get a Sponsor:
In the past, artists and musicians would be paid by a rich patron to continue their artistic endeavors. Today, those endeavors include the business sphere sponsored by Venture Capitalists They invest large amounts of capital for the next big idea. So, developa strong business plan, pitch it to the top VCs in the field and good luck!
One Creative Way to Raise Money in This Economy: Tap (carefully) into family and friends
Family and Friends:
This is certainly not the most creative way to borrow or raise money, but it is often the fastest and easiest – unless you’ve already burned those financial bridges. Sometimes, family and friends may be more than happy to let you use some of it to make yourself more successful (especially if they have good payment terms included). Check out your family’s genealogy, find those lost relatives, and get back in touch with them – they may be waiting for your call already!
The wealth of the world is looking at you through your computer screen. With places like Craigslist, eBay and other online trade and sell sites, making money quickly isn’t hard at all. You can start your own import-export business and domestic trading company without ever owning any products. Do your research and talk to other budding entrepreneurs and experts on how best to get your business going.
Home Equity Line of Credit (HELOC):
This is similar to utilizing your credit. Though it carries more risk, it can get you money faster. A HELOC is taking a loan against your home, much like a second mortgage but with different terms. You do not get a full lump sum with an HELOC, but instead it works much like a credit card that you can use in chunks. It is a secured loan, so if you default you could lose your home. Be very careful.
One Creative Way to Save/Make More Money in This Economy: Hire help to increase your productivity
The economy has forced millions of people to lose their jobs and teenagers across the country want some extra work – employ them to help you earn money. Start a Jack-of-all-trades business and hire some of your neighborhood teens to work for you. You can contract them out as freelancers, send them out to different jobs (make sure you are monitoring them) and soon you will have enough money built up to move onto your next venture.