TUESDAY MOTIVATION

8 Ways to Make Extra Money When Your Bank  Account is Red Aka (You are Broke)🚨🚨🚨

Written By Dr Laide Okubena

Being broke is not a comfortable feeling. I don’t like to think back to the times when I was flat out broke because they were tough. 

I remember clearly those times , when they was no sales and I got no alerts.

Those times when I wondered where the next meal or next income source will come from due to Empty bank account or showing bank balance of 10,000 Naira or even 0.000 Naira 🤔😭😩😨😰😱🤷🏽‍♂️🙆🏽‍♀️

There were several months where I felt like I had no money to my name. Sometimes it can be  a stretch to pay rent, school fees and cover basic expenses.

 Looking back, I know I spent too much time feeling sorry for myself and living in self-pity or even being depressed. I didn’t think there was anything I could do at the time to improve my circumstances other than wish for more money.

Instead of getting down or simply wishing, the best thing you can do is make extra money when you’re broke. If your cash flow is so low, it has nowhere else to go but up.

Here are 8 practical ways to make extra money when you’re broke.

1. Evaluate What made you go broke

Unless you have been broke from birth you should sit down and discuss your financial life with yourself and a Mentor.

Doctors would tell you diagnosis is the first step towards the treatment of any illness. Since you are financially sick, you have to diagnose what got you into that state.

Excessive spending

Spending without a Budget?

Debts?

A limited source of income

Does Demand outweigh Supply?

2. Develop a Recovery Plan 

How do you bounce back to financial freedom when you are completely broke? It might seem impossible but human evolution has shown that there is nothing like an impossibility. Your Plan should centre around when , how , and what you should do to create streams of income.

3. Recovery Plans might include ;

Attending free seminars

Hooking up with people who are financially okay to assist you or loan you or Meeting a Finance and Money Expert or Coach to help you on recovery, savings,Investment and Financial freedom Strategies.

Picking up recommendations and working with it.

Starting up something.

Babysitting, walking People's dog

Washing dishes in restaurants

Pick up and Delivery of Groceries

Housesit or Do Laundry for others.

4. Start Selling Stuff

When you’re absolutely broke, you need to act fast in order to make money. You also can’t afford to spend a ton of money by setting up an additional income stream.

One of the best ways to make extra money when you’re broke is to start selling stuff around your home. Odds are, you have items like clothing, electronics, decor, furniture, kitchen supplies, tools, and clothes that you are no longer using.

You can list these items online for sale without even having to leave your house or spend any more money. Consider using sites like Amazon or eBay to sell online or use Craigslist or the Facebook Marketplace to sell locally.

Can you sell for others , companies and people are willing to pay you a commission for helping them sell a product or service. 

5.  Earn a Sign on Bonus with Uber or Bolt

Uber and Bolt both offer sign-on bonuses to new drivers who complete a certain number of trips during their first month. You will need a little money to start making money with a rideshare company, but it’s mainly just gas so long as your car is in good condition.

Your sign on bonus could be hundreds of dollars or naira  and that’s in addition to whatever you earn from driving. The great thing about Uber and Bolt is that you can get paid weekly or daily so you can essentially cash flow your gas money by deducting some from your weekly earnings so you can keep driving and making more money. You can also cash out your earnings earlier if you need to and only pay a small fee usually around $0.50.

6. What  Skills Do you Have that can earn you money?

Writing articles for blogs, Virtual assistant for managing People's social media accounts.

Creating E Fliers or Video content online using canvas and other apps.

Create an online webinar or class or course people can pay you for.

Digital marketing services for other people, Entrepreneurs and companies

Close deals for others and get paid for it. 

7.  Donate Blood or Plasma.

If you are 18 or older, in good health and don’t mind needles, you can make extra money by donating blood or plasma. Some centers will pay you anywhere from $20 to $25 per week the first time and up to $30 – $45 if you come back again.

8.  Offer to Help Someone

Can you provide a service to someone that helps them save time and energy? If so, you can most likely get paid for it. Consider the skills and experience you have. Maybe you can help someone move one weekend or fix a leaky faucet.

Maybe you can offer to watch another parent’s child after school or help an elderly neighbor do some yard work. If you excel are a particular subject, perhaps you can offer to tutor kids in your area.

You can use apps like TaskRabbit to find people who need short tasks taken care of in your area. Just focus on serving other people and you’re bound to come across someone who is willing to pay you something for your help.

Final Word

Being broke is not a life sentence. The best thing you can do is find a way to make extra money so you can get back on your feet and improve your cash flow. 

Tasks for the day.

Set a goal for how much money you want to make, then consider trying one or more of these quick income-generating opportunities.

Question of the day.

You don’t have to settle for being broke. Have you considered trying any of these ways of extra money especially if you are Currently short of cash ?

Thanks for your attention and please enjoy your day.

© Dr Laide Okubena