Tuesday, January 20, 2009

Buddy's Tips #001- Sources of Money

Here are some of the sources I have used in the past to generate "cash" depending on the need:
1. Your current income: Reduce spending (i.e., live on a very tight budget)
2. Refinance Home Mortgage
3. Home Equity Loan
4. Home Equity Line of Credit
5. Construction Loan
6. Co-signed Loan (e.g., family or friend)
7. Secured Loan (e.g., savings or share loan; collateral loans)
8. Savings
9. Unsecured Loan (e.g., personal unsecured loan)
10. Loan (secured or unsecured) with payments made by savings account interest plus prepayment supplement
11. Credit Card Cash Advance
12. Whole Life Insurance Cash Value Loan
13. Gifts from relatives
14. Loan from relatives or friends
15. 401(k) Loan
16. Sell something thru self-marketing (e.g., sell personal items through garage sale, e-bay, craigslist)
17. Pawn Shop (e.g., borrow against a personal item)
18. Consignment shop (e.g., sell a personal item)