5 Ways to Recover From Financial Ruin

5 Ways to Recover From Financial Ruin

Whether as a result of divorce, job loss or some other traumatic event, financially tough times can descend on anyone regardless of age or status in the community. Doesn’t matter how much money you have saved in the bank: these events can tax even the heftiest of bank accounts. So how can you pull back from the brink of financial ruin? Here are five ways:

  1. Start a website or sell on a website that already has a following like eBay or Etsy. Refrain from selling your Chinese products here because you’ll just be engaging in a pricing war. Instead, sell items that you can offer a competitive advantage on. Etsy is great if you’re crafty with handmade goods. Putting your talents to good use makes more cash plus puts you in the driver’s seat of your finances. If you can work from home, you can lower your other expenses, such as gas, day care and clothing allowances.
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  2. Buy from China and sell in the USA. Check out the site Alibaba. On this site, you can buy directly from China to bypass the reseller here in the USA. For instance, if you’re looking to get into the cell phone business, buy your inventory from China, then sell wholesale to people in your local area. Cutting out the middle man saves you money and the customer money. You get much more out of your investment and less hassle by going directly to the source.
  3. Get passive residual income. To earn money without having to do anything, land a client for a marketing company. There are lots of companies who are more than willing to pay you a monthly retainer if you bring them business. This way, you can devote most of your time to your full-time job, job search or other business pursuits.
  4. Invest in the stock or bond market. Sign up for a mutual fund, get a broker, or become a day trader on sites like TD Ameritrade. If you want a stockbroker to handle all your investments, always keep a stock fraud attorney’s contact info handy just in case. Billions in stock fraud occurs each year. Don’t be caught up in it.
  5. Control your costs. No need to hire an expensive accountant; instead, hire a bookkeeper who is college to control your costs and allow that person to gain valuable experience. You can also easily track your income and expenses by using software like QuickBooks online. Rather than use it FOR your business, look at yourself AS a business.

Heed these tips to getting back on your feet after a financially devastating occurrence. You may not make millions, but you’ll make enough to see you through.

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