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Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University. 

Review: Mobile Landlord App

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The pace of telephone technology amazes me. Only 30 years ago you were the exception if you carried a “cell phone.” Now you can do pretty much anything on your phone. You can check the weather, do your grocery shopping online, have a business meeting seeing your client’s face on video without having to travel eight time zones, and even dictate a text so the phone writes it for you when it gets too complicated to thumb it. The pace of change has been fast and has dramatically changed how we use technology.

mobile landlord app
Some say being a landlord requires a little liquid “help”

Well guess what? I’ve just been introduced to another app that’s been added to the list, allowing you to manage your rental properties on your smartphone as well. The mobile Landlord app from Direct Line for Business helps you stay on top of every aspect of managing a rental property.

New landlord clients always told me that the process of becoming a landlord was overwhelming. It can be, if you aren’t organized. There are lots of things to remember, your tenants may be needier than expected, asking you to come over every time a window doesn’t close properly, and some of the most basic tasks may skip your mind, such as the furnace’s annual inspection before winter, creating hefty bills you could have avoided.

That’s where the Mobile Landlord app comes in.

It helps you keep all the important information about your rental in one convenient place: your phone. No more browsing all around for that paper rental agreement, or having to wait until you come home to contact your tenants, it is all there with you all the time.

Here’s How It Works

You can get the Mobile Landlord app on iTunes, it is free to download and install in just a few clicks.

You will be offered a quick tour of the areas the app covers.

Once you reach the home screen, the property tab will ask you to register up to five rental properties, complete with their name, address, the name and contact details of your tenants, how long they are renting and other details of the tenancy (such as the rent amount). You can also add important contact details, such as the repairman, the maintenance company of the building, the neighbors for when you are on holidays and have an emergency, or the council’s.

On a second tab called “reminders,” you can enter any alert concerning your rental property, like a prospective tenant’s visit, a plumber coming over, or a bill that needs to be paid by a certain date.

Finally, the last tab of the Mobile Landlord app is called knowledge centre, and offers an array of small articles directed towards landlords who want to have more information about certain aspects of their rental investment. The articles offer tips about maximizing your rental income, minimizing your costs, the rental trends, and much more.

In just a few clicks, you can locate the people you need, calculate the yield of your investment, and enter a reminder for the next time you need to pay the house a visit.

With all the time you just saved by automating part of your property management, you can use the free time read the third tab’s articles, learn more about investing and make the most of your rental property.

6 Ways Your Small Business Can Attract Better Employees

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6 Ways to Attract Better EmployeesWhen it comes to hiring new employees, it can be easy to assume that either they just don’t make them like they used to or all the bigger companies are snatching away the most promising talent. While each new generation is different than the one that preceded it and larger companies may seem like they have more to offer than a smaller mom and pop outfit, the truth is that any business of any size can attract hard-working, affable and honest people who will not only improve the bottom line, but also make work environments more pleasant and productive. If you’re looking for a new batch of workers, and you want to make sure you get the cream of the crop, here are six tips that will help you attract the best employees to your small business.

Emphasize the Non-Corporate Nature of the Work Environment

Not everyone wants to work for a large corporation, regardless of the reliability and perks that seem to accompany doing so. There are plenty of hard-working, well-equipped people who would just rather work for a smaller company with less bureaucracy. Since you aren’t one of the big fish, why not consider highlighting that fact instead of apologizing for it? In your job postings and hiring processes, emphasize the non-corporate nature of the job. Some people would rather have a casual dress code and a boss they see on a regular basis than $5,000 more a year. Really.

At Least Match Whatever the Going Rate Is for the Position

While it may threaten to break the bank, attracting better employees will require you to be able to at least match the going, local rate for the position you need to fill. Good employees know what they’re worth, and while they may be willing to work for less than they have to if the work is meaningful enough or there are other benefits that make up for the lower pay, they will very rarely work for less than the standard going rate for a job. If you need a great new receptionist and your local competitors pay at least $13 an hour, then you need to offer that, too.

Offer Benefits

When it comes to employment, compensation comes in all shapes and sizes, and one of the most attractive of those is a good benefits package. While the Affordable Care Act has forced many small businesses into the position of choosing between offering employees health care or paying a fine, the reality is that it’s still cheaper at this point to pay the fine. However, not offering health care, paid maternity and paternity leave, flex time, paid sick days and the like will keep you from attracting the kinds of people who will help you make more money and provide you with a more productive work environment. If you want better workers, offer better benefits.

Provide a Positive Work Culture

A positive work culture will attract positive, hard-working people. When a potential employee sets foot on your worksite, she will intuitively know whether or not your employees enjoy their jobs, and whether or not the environment is a good one. If your work culture suffers from negativity, laziness, complaining, gossip or other ruinous practices and attitudes, get to work on changing it. Good people won’t work for you until you do.

Treat Every Employee and Potential Hire Like They Matter

People need to feel valued, especially at work. Whether you do it with affirming and encouraging words or through grateful email communication, make sure your employees and potential hires know that you value them, the skills they possess and the work they do.While this practice will certainly create a more positive work environment and make for happier employees, studies also show that employees who feel valued work harder.

Be Passionate 

In order to attract better employees you need to become more effective at communicating your vision with passion. Happy employees make better employeesEveryone wants to work at a job that has meaning and makes a positive difference in the world. Find the story in your own work that shows potential employees the ways in which your business is making a difference. If you’re able to find your passion about your small business and communicate it effectively to potential hires, you stand a much better chance of landing the ones who are also passionate.

 

Your small business doesn’t have to settle for second-best when it comes to finding and hiring good employees. From offering better benefits to providing a positive and non-corporate work culture, you already have the tools at your disposal to make working for you an irresistible choice.

Looking For An Insurance Professional? Remember These Tips

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Purchasing insurance is a difficult experience no matter what part of the country you live in. Everyone wants to get the best possible deal, and the rates in some areas can be extremely high. Insurance on your automobile, home and recreational equipment is a substantial investment.The difficulty is choosing the right agency along with a reputable company. Price is important, but the promptness and efficiency with which agents and companies settle claims and deal with emergencies is most important. No one calls at midnight to report an accident expecting to get a recording that says to call again during office hours. We all need help at the time we call. Look for an agency that will respond with care and accurate advice when you need it.Here are a few things to look for when choosing an insurance agency:

• Stability – How long have they been in the insurance business?
• Reliability – Ask your friends, neighbors and co-workers about their experience with the agency.
• Professionalism – An insurance agency often represents a number of companies. Look at these companies and their financial ratings to determine the quality of the companies represented.
• Personal experience with the agency – After you’ve acquired quotations about prices, go in to visit the agency, or ask if they’ll come to you. Choose someone with whom you are comfortable talking.

Ideally, your agent will represent your interests with all types of insurance, including automobile, homeowners, health, life and investments. A professional insurance agent will be your go-to person for insurance and investment advice.

You may be new to the area and seeking a reliable place for your insurance, or you may be a long-term resident. In either case, cost is important, but so is the expertise of the agent and agency from which you purchase insurance. Ideally, your insurance portfolio should be examined on a yearly basis. Agencies should be ready for this examination about a month before your insurance comes due. Ask for recommendations about amounts of insurance, if you should adjust deductibles, valuations for jewelry and fine arts, changing circumstances such as a child reaching driving age within the next year, increasing liability, retirement concerns, etc. An excellent agent and agency will be ready to meet your questions and make suggestions.

 

Protect Your Family’s Valuables From Fire

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Protect Family Valuables From Fire

There are an average of over 370,000 residential fires every year according to the latest data from the U.S. Fire Administration. It’s easy to feel invincible and think that this couldn’t happen to you, but burying your head in the sand will not help you protect your family. Aside from fire safety and educating your kids about what to do in the event of a fire, protecting your valuables, irreplaceable items and important paperwork is essential to being prepared.

Protect Photos and Digital Documents

Start an account with a cloud-based online storage website to preserve your most-important digital documents. Upon initial setup, activate the necessary settings on all of your family computers to automatically back up the desired files as soon as any new ones are uploaded. By automating the process, you never have to worry about whether you backed up copies of the latest photos that you uploaded from your camera. By using the cloud, you also can access your documents from any device.

Keep a digital file folder with records of any big ticket items in your home such as artwork, computers, photography equipment, precious metals, jewelry, media equipment and anything else that you would claim as a reimbursable expense on your homeowner’s insurance policy. Digitize all receipts for these items, and include a photograph of each as proof of ownership in order to have the best chance of getting the most back for your most valuable material possessions.

Preserve Your Little Picasso’s Masterpieces

Kids artwork can overrun your house if you let it, but it also can be nearly impossible to part with. While this quandary is something every parent must work out for themselves, sentimentality reaches new heights if all of those finger paintings, drawings and collages are lost in a fire. Save the mini masterpieces for posterity and maintain organization of everything by digitally preserving them. Photograph or scan your favorites and keep them in a file with your family photos. At the end of each year, compile them all into a photo book, so you can all enjoy them whenever you want.

Keep Important Documents Safe

For things that you need easy access to like birth certificates, your marriage certificate, will, social security cards, deeds, titles, insurance policies and passports, invest in a fire-proof box or personal safe instead of storing them in a safe deposit box at the bank. While a bank has plenty of fire protection, the lack of accessibility is too much of a hassle for these important documents.

When shopping for a fire-proof box or safe, make sure it carries at least a 350 rating from Underwriters Laboratories (UL), the gold-standard in fire safety ratings. A UL 350 rating means that the temperature inside the box won’t exceed 400 degrees, which is the lowest temperature at which paper begins to burn. Also, always store important paperwork in zipped plastic storage bags to protect them from water damage in case moisture penetrates the box as the fire is being extinguished.

Increase Your Financial Stability by Taking Advantage of New Spending Habits

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Not so long ago, every business was tightening its belt to get through one of the toughest financial storms the world has seen in a while. It seemed like every market was affected by this financial maelstrom. Spending habits appear to be on the mend, so now is the time to take advantage. Knowing the best way to benefit from the switch in spending habits allows you to make the most of a good situation. Here are a few ideas that can help you to get the most out of this new dawn in consumer spending.

Learn Where People are Spending Their Money

Consumer spending has recently grown by as much as 7 percent in one month. This is the highest growth in a decade which doesn’t appears to be slowing down. But you need to know where people spend their money to take advantage of the trend. Even though the Internet is a prime location for spending, many people still prefer to shop in person. They get to pick up the items they’re looking at rather than simply reading about them. As a business owner, you need a good barcode printer from a  premium company like Shopify so you can put price tags on everything in your store.

Don’t stop with selling in your store. Since so many people prefer to buy both in brick and mortar stores and online, you can take advantage of this by linking the two (check out our post “Starting Something New: How Online Commerce is Changing the Modern Retail Store“). Realize that many people will check out your store in person and then purchase online. By making your products available in both locations, it’s possible for you to double down on the opportunity to sell. The people who prefer to purchase online can look at the products in the store and still purchase online. Take advantage of this by moving items you no longer want on your store floor to your website.

Offer As Much Information as Possible

Your goal is to market to those with disposable income, which means you have to be smart in how you target them. The wealthiest individuals are not as prone to make impulse purchases, so selling to them with forcible techniques may backfire, as reported by Bank Rate. Giving your customers the hard sell will cause them to turn away from your products instead of getting them to take action. A better plan is to provide as much information as possible so customers can make their own decisions about making a purchase. When you provide information, be cognizant that the act of buying something is really a search for a solution to a problem. If you present your products as an intelligent solution to a problem, customers will be more likely to make a purchase. The information you present should be both in the store as well as online. In fact, many business owners have taken the approach of providing kiosks within their stores that are equipped with a computer connected with the website. This bridges the gap for interested buyers, and they can continue to learn and buy even after leaving the store.

Utilize QR Codes to Capture the Growing eCommerce Market

The eCommerce market is at an all-time high in terms of popularity. Mobile eCommerce sales will top $638 billion in 2018, according to a report from Goldman Sachs as recently reported in Business Insider. This massive growth is something you can take part of when you take advantage of such technology as QR codes. Your customers can scan the codes using their smartphones and instantly see your site and everything you have to offer. By allowing your customers to discover your website through their smartphones, you encourage buying even after they leave the store. If you have a responsive site, they’ll be even more likely to keep using it on their phone, because they will have all the access they would have if they were using a desktop.

Advertising through Social Media to Increase Sales Online and in the Store

Social media is one of the most important marketing tools any business can utilize. Facebook alone commands attention from more than half a million people. If you set up a social media presence and connect it to your website as well as your regular store, you’re more likely to take advantage of the massive growth in online sales, according to CNBC. The trick is to not present your social media as an advertisement. Remember that everyone on social media is there to have fun. If you make sure your social media site has a personal feel, customers are more likely to trust your company and want to do business with you. Create posts providing information about your business, your products and anything interesting related to your industry. If you create posts that connect with the individual’s preferences, your sales and your financial stability will grow.

 

Why are students using payday loans?

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 Money Elizabeth

Istockphoto

There appears to be a rising trend that shows that more and more students are taking out short term loans.  Research by the National Union of Students (NUS) shows that up to 46,000 undergraduates are using what they term high risk debt (which includes payday loans, cheque cashing and doorstep loans).  They suggest a number of reasons for this which relate, in the main, to funding their living costs and fees. .

Some highlights from their research show:

  • the weekly cost of student accommodation has nearly doubled in 10 years (£60 – £118);
  • 50% of students worry about meeting basic living expenses like rent and utility bills;
  • over third of students receive no family financial support.

These stats show it is not a typical student lifestyle being funded via a payday loan, but the essentials.

So worried are the NUS about the risk of spiralling debt problems in the student , that they are calling on a ban of all payday lenders from advertising in student magazines, student residences and on campuses.

Payday loan giant Wonga took the unprecedented step of not advertising to students last year and removed all pages from their website in 2012 that could have been construed as targeting students. This has not, however, currently stopped other companies trying to.

Students themselves, has also taken a novel approach and launched their own “payday loan” company specifically for the student market. Unlike normal lenders they have a number of interesting features:

  • no rollovers;
  • a 10 day grace period – in case of student loan problems;
  • a fixed cap of interest – you can never owe more than 50% of what you borrowed;
  • a lower rate of interest.

So even the students themselves see that there is a need for access to short term finance, and they feel they are able to offer a more competitive and student friendly service themselves.

What does the industry say?

The Consumer Finance Association, which represents some of the main payday providers, said students would need to be in regular employment to qualify for a loan from a reputable lender, and that simply banning advertising in campuses would not remove the issue.

The new financial watchdog, the Financial Conduct Authority (FCA), has issued new regulations for payday lenders which came into force in July and include:

  • restrictions on the number of rollovers (ie.how many times a loan can be extended);
  • wealth warnings on ads;
  • more rigorous testing on affordability.

The aim is to remove the less than reputable loan providers from lending.

Other options for help

Students are being advised to think carefully before logging on and applying for a payday loan.  There are a number of alternatives students could look at first.

Some universities have access to learning funds where students can apply for funds if they are struggling to pay for their studies.

Other finance products such as an 0% credit card or 0% student overdraft may help cash strapped students in the short term and means they are not actually having to pay back interest on the borrowing.

Credit Unions are another source of low cost small term finance loans – more information is available here: http://www.findyourcreditunion.co.uk/home.

The Bank of Mum and Dad could be an option before turning to a payday loan for students. Or, those that live close enough can lean on them in other ways to help reduce their living costs.  Asking for a loan or moving back home to keep debt down is not a bad idea.

Summary

As you can see there are a number of reasons why students are turning to payday loans and why it is a worrying trend in some people’s eyes.  That said, payday finance is not the only option available to students who need a short term injection of cash.

About the author: Emily Green is a freelance personal finance writer living in Hong Kong. She loves travelling and is planning to relocate to New Zealand within the year.

5 Reasons You Need to Solve Your Credit Issues NOW

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I know it isn’t easy. Climbing out of debt was one of the biggest struggles of my life.

But I did it, and looking back toward that ugly black hole, I can tell you there are some things I wish I would have done better. I could have shortened the process.

However, when you’re staring at a stack of bills and wondering what to do, it’s difficult to think about strategy, isn’t it?

Bridge at Free Financial Advisor

There are so many reasons why you need to solve your credit problems, but the five biggest, in my mind are these:

  1. Studies show that the real money can’t be made until you’re able to focus long term. When I had mountains of debt I had to think about how to get food on the table tomorrow instead of how to grow my business. There’s no mystery why my business started growing quickly when it did: I’d finally climbed nearly out of debt and began attacking my income streams strategically instead of tactically.
  2. You’re stuck in pointless meetings and negotiations. I spent so much time keeping my creditors at bay that I don’t know how I found time to make my payments.
  3. Sleep becomes difficult, and it’s hard to unwind. Even during family excusions, I felt the weight of our debt. Every time we bought ice cream or went for a bike ride, my thoughts were on how guilty I felt either spending money or enjoying myself.
  4. You have to search high and low for money. To solve credit problems right now, I had to turn to whomever would give me money. In the UK it might be someone like Wage Day Advance, while in the US, if it weren’t a relative, I’d have few resources. You don’t want to be begging people or taking wage advance loans forever.
  5. Repayment terms are aggressive and can create a debt spiral. At some points I was taking on new debt to pay off the old ones. By focusing on my debt hard and working to climb out fast, I finally was able to say goodbye to financial difficulties and nearly immediately said hello to financial success. You can be as aggressive on your end as creditors are on theirs. Check out this story from Wisebread – Taming Your Debt, Aggressive Repayment Strategies.

Debt doesn’t need to be a black hole. I often told myself as I was climbing out of debt that even Donald Trump had been bankrupt. It’s funny that I’d hold up him as a beacon of hope, but at the time, “the Donald” was a guy that had resurrected himself successfully after some really hard times. I vowed to do the same, and on a much smaller level (thank god!) I’ve done it.

Resisting Temptation: 5 Smart Ways to Use Your Tax Refund

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By trusting instinct and intuition, the right decision can become obvious from the wrong one. But desires are hard to resist. Now that your tax refund is sitting in your account, don’t let temptation overrule a smart monetary choice, and follow what your financially responsible gut tells you to do. Use five percent of your refund for a fun purchase, and feel good about investing the remaining 95 percent in any of the following:

Build Your Savings

The broken record singing “build your savings” is as tiresome as the one saying “eat a healthy breakfast.” But really, build a savings. Ideally, an emergency fund should support three to six months worth of necessary living expenses. Last year about 49 percent of employees lacked a personal safety net, according to Forbes. Use your refund to establish a savings account, and then use an app such as Saving Made Simple to help make saving a financial habit.

Get Reliable Transportation

“Car maintenance avoidance” is a real syndrome. It stems from the fear of taking your car into an auto repair shop for a brake check and coming back with 10 other costly repairs. Cushioned with your refund, a brake check shouldn’t be so daunting.

Proper maintenance helps improve the reliability, safety and longevity of your vehicle. Brake pads, rotors and tire replacements are worth the cost. After an inspection, you may even decide that buying or leasing a new car is a better investment than a repair spree. For example, use a $2,000 refund for a down payment to reduce monthly payments. A higher refund used as an initial down payment while signing can also leverage a better lease deal.

Improve Your Credit Score

Your credit score is a measurement that indicates whether you’re a good candidate for a mortgage, a loan or a credit card. The score also helps lenders determine the interest rate to charge you. A higher score provides you with better rates and more favorable terms.

Consider using your tax refund to pay off a credit card and substantially reduce your debt; it can boost your credit score, explains The Nest on Budgeting. Improve your credit by keeping the account open and lowering your credit card utilization rate, which is how much you charge/owe (outstanding balances) vs. your total available credit limit. The lower your utilization rate and balances, the higher your credit score. A utilization rate of below 20 percent is good and an average of 7 percent is best, according to FICO.

Pay off Debt

A tax refund can serve as a negotiation tool to achieve a settlement with a debt collector. Improve your financial management by offering the creditor an upfront lump sum in exchange for a smaller amount owed. Negotiate a lump-sum payment, and you could cut your debt significantly. While bargaining, exert power and hold firm. Know your rights and be aware of fictional scare tactics. Nolo, an online small business and legal website, offers a collection of articles on how to negotiate with creditors, handle tax consequences and strategize negotiations.

Make a Career Investment

Invest in your education and complete online courses to increase your future earning power and employee marketability. Expanding your skill set and advancing your education can also help you land a promotion or change careers.

Make sure that you choose a career that has a positive outlook in the future. For example, those who earn a Master of Administration degree will have multiple career paths available for them with each of them expected to experience significant growth in the coming years. These careers also pay very well, making it more likely that your investment will pay off in the end. Once you have your MBA, you can pursue jobs as a marketing manager, financial analyst, operations manager, or an IT expert, giving you a number of different options within an organization.

Last year, U.S. News & World Report broke down the cost of an online class. Writer Devon Haynie found three-credit courses that ranged between $935 and $1,320 for out-of-state students, and one community college class cost about $515. Also, university online courses cost between $300 and $400 per credit hour. While researching your options, also look for in-state colleges and apply to scholarships to keep costs even lower.

Money-Saving Tips to Help You Live Like Royalty (or Close to It)

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The perfect accessory to any outfit is an overstuffed wallet. And we don’t mean a receipt-crammed pocketbook, either. If your charmed lifestyle is siphoning just about all of your paycheck, it’s time for a change. Don’t worry, no penny-pinching required here—just a few smart financial adjustments. You can have your stilettos and matching handbag, too.

Take Control of Your Household Bills

Pat yourself on the back for setting up those monthly automatic payments. But, if you’re relying on the “set it and forget it” method, you could be losing money on miscellaneous fees or account errors. Start by taking a thorough look at your itemized bills. With highlighter in hand, mark any miscellaneous monthly charges and usage fees. Then use these tips to remove them and negotiate reduced payments.

  • Cable and Internet: If you bundle services and pay your bills on time, the ball is in your court. Use your customer loyalty as leverage for lower rates. Do your homework and familiarize yourself with competitor offerings. Make mention of the savings you could gain by switching providers. Customer service-minded companies do what it takes to keep valued customers. If not, make the switch.
  • Cell phone: Even if you’re locked in to a mobile contract, you can still shave a few dollars off your bill. Take a few moments to understand your contract. What does your mobile package encompass? Are you paying for 6 GB of data when you only use 3 GB? Lowering your data package can save between $10-$20 per month. Does your plan include unlimited text messaging, or are you paying a bundle in overage fees? Look at your usage history to decide whether to reduce your monthly usage or increase your plan and save on overage fees.
  • Auto insurance: Don’t overpay for car insurance. Try The Hartford’s auto insurance calculator to shop for the best deal. Answer a few short questions, and the site provides you with the best options to fit your budget and lifestyle.

Create a Spending Plan

Now that you’ve negotiated your way to extra savings, how will you allocate your new-found cash? Forget budgeting; this isn’t a course on deprivation. It’s about making the most of your hard-earned dollars, so you can enjoy a well-lived present while preparing for a sound future. Have you been eyeing that new Kate Spade handbag, those stunning Michael Kors heels? You can make them yours. Visit LearnVest’s Money Center to determine your financial priorities, set goals and track your progress. Find out what stays (haute couture) and what goes (perhaps your daily coffee run?).

smart shopping at TheFreeFinancialAdvisor.com

Shop Smarter

You’re strong, successful and independent. But when it comes to the latest shiny object, you’re a deer in the headlights. Even the most headstrong females can fall victim to the overpriced trends. Your smartphone provides much-needed guidance to save you from making rash decisions. Download the ShopSavvy app and never overpay on the items you love again. Use the barcode scanner on any product you have your eye on, and the app delivers a list of stores that carry the item. You’ll also see the price points available (both online and in-store) to ensure the best deal possible.

Cash Flow Issues? Fix It Now and Forever

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Here’s a problem: you’re at the end of your money and there’s three days left before you’re paid. Where do you turn?

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Maybe you’ve been there…I was in this situation in my early days as a financial advisor. It was horrible. Here I was, telling people about how to manage their money, and I was sweating every meeting, just praying that they’d sign on the dotted line. One time I even ran out of gas on the way home and had to search frantically for money under my seats.

There are two solution levels: “Right now” and “Never Happen Again”. Let’s tackle both.

Take Care Of The Problem Right Now

Raid the cupboard – It’s time to get creative on your meal plan. In my “broke days,” if I could get through without buying any food, I was golden. That thing in the freezer that I wasn’t sure whether I could still eat it? Time to find out. Those crackers that are slightly stale in the back of the pantry? They’ll go great with the chicken broth I’m using to make a creative soup.

Find alternate transportation – Heading to work? If you live close enough, it’s time to walk or ride a bike. Walking is—of course—free. The bike? You made an investment in it at one time, but it’s good for your pocketbook and your wallet to dust it off. Live too far away? Explore ride sharing options. Hopefully, your new ride-mate will let you pay for gas on Friday….once you’ve been paid.

Explore Ways To Get Cash – God forbid I had an emergency….. if that happened, I’d attempt to borrow money from relatives for a few days, offering them a good interest rate. If nobody bought (near the end of my rope those people were exhausted from continuously loaning me money, although I always repaid them), I needed to find other ways to get cash. When I’d need cash, none of them were especially attractive, so that’s why I always thought about….

Making sure it “Never Happens Again”

The great part about making mistakes is that they allow you to learn. If you fall forward, it’s not quite so painful.

Build An Emergency Fund – On my personal blog, Stacking Benjamins, I talk about automating my savings as my big money “a-ha.” No matter how painful, putting a few dollars away for a rainy day fund is vital. You had to raid the fund? That’s what it’s there for! Now, go and rebuild.

Sell Your Junk – Clutter, whether it’s in your closet or your mind, creates confusion. If you’re going to focus on ways to earn more money, you’re going to need to clean the slate. Use eBay, a garage sale, or Craig’s List to dump as much access stuff as possible. Use that money to fund your rainy day account.

Build a Better Budget – Ask yourself “what went wrong” this time and fix your budget to avoid that the next time. You needed tires for your car? Why isn’t that built into your plan? Your furnace died? Why don’t have you a strategy for that? Sure, you won’t be able to fix every potential problem, but there are always ways to fix your plan so that you’re more prepared next time.

Ask For a Raise – Studies show that most workers could get a raise if they just asked their boss the right way for more money. You’ll need to come armed with statistics and you’ll also need to prove that you deserve it. What do you do if the boss says no? Look for new work. The quickest way to make it up the ladder is to find a new boss who’s willing to pay you what your worth. Often, that’s a much quicker way to more money than settling for little raises at your current job.

photo: Sharon Hahn Darlin