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Help For Foreclosure - Increase Your Income

When looking for help for foreclosure, many people don't think about increasing their income as an option. This is unfortunate because very often there are many ways to earn more money to help meet mortgage obligations.

If you are like me, the first thought that comes to mind when trying to avoid foreclosure, is how to save money and how to borrow more money to tide me over until I have sold my house.

The folllowing books and websites always inspire me when I'm in real need of motivation to get up and do something about earning more:

Steve Pavlina - Personal Growth for Smart People

Tim Ferris - The Four Hour Work Week

You Can Only Save So Much....

However, if you think about it, there is a limit to how much money you are able to save. Eventually when you have cut out all discretionary spending, there is not much more you can do. You have to eat. Things like gas and heating and insurance are expenses that can't really be reduced. How much can the average person actually save on their expenses? Maybe 10%? Or if you become terribly frugal, perhaps 20%.....

The site Household Management 101 can help you with ideas for saving money.

Why It Is Easier to Earn More Than To Save

Rationally there is very little to stop you from earning more. There is no ceiling to what a person can earn except their motivation and abilities or skills. And remember if you are short on marketable skills, there is nothing stopping you from learning a new skill. Depending on how much time you have available, and how much energy you are willing to spend on pursuing help for foreclosure, you can adopt a number of different strategies to increase your income.

The more time you have available, the more options you will have. If you are literally facing imminent foreclosure, you will have less options as some possible ways to increase your income can take up some initial time to get them off the ground.

Rent Out Your Home

My favorite way to increase income is to rent out my house. This is straightforward to administer, and can provide immediate relief from debt. Renting your house depends on whether there is a reasonable rental market in your area. It also depends on how willing you are to reduce your lifestyle and to move to somewhere smaller, and in a cheaper area. If you are willing and able to make this sacrifice, then this is a good option for the short term. It will then buy you time to find other ways to permanently increase your income and allow you ulitmately to move back into your home.

Here is an inspirational story: How I generate extra income by letting strangers pay my rent.

Start a Small Business

Another great way to increase your income as help for foreclosure is to start a small business in your spare time. This will take a bit longer, and for some of you it may seem daunting. Many of us have been permanent employees all our lives and starting a small business, especially in times of stress can seem like just too much to take on. But believe me, I have just done it, and it really isn't as scary as it seems. You need to do some research and do your homework properly, and you should have a good chance of succeeding. Remember, in most instances, all you are doing is looking for a few hundred extra dollars. You aren't trying to start the next Goldman Sachs.

Get a Better Job

If you have the option, you can put your resume out there and start to look for a new, higher paying job. Relocating to an area where the same skills are more in demand can sometimes help. Sometimes a slight sideways move to a different industry, but still in the same role can turn your fortunes around. Or alternatively, look for a job that is in the same industry, but in a new higher paying role ie actively seek out a slightly more senior position for your skills. Good interview technique (which can be learned), can often help you with this.

The Job Hunter's Bible is a must visit site for anyone short of money. The site is run by the author of the classic What Color is your Parachute which is an absolute inspiration for anyone who has even the remotest interest in improving their earning potential.

Click here for many more ideas for making money online (Opens a new window).


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