If you are living from paycheck to paycheck, you may find yourself coming up short for the monthly bills. Since charm, your degrees and your fabulousness won’t keep your gas, heat and lights on, you may have to resort to some extreme measures to make those ends meet. Here are five extreme ways to increase your income. I rank them from the least extreme to the most extreme; use them at your own discretion.
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5. Rent Your Style:
Maybe one of the reasons you are short on cash is because you have invested a lot of money into your cultivating your impeccable style. If you are okay with renting your shoes, accessories, bags and outerwear, dishes, or the like to your friends, you can bank that cash for your bills.
To get this enterprise started, start with people that you know and trust, set the pricing and expectation for returns and damage, and draft a simple contract to make the agreement binding.
You think I am joking? Jennifer Hyman and Jennifer Fleiss, co-founders of Rent The Runway are making a killing off this concept.
4. Sell Your Gold:
After I called off my first engagement, I was left with a man’s (unwanted) wedding band. Last year, there was a Cash For Gold store that opened up in my neighborhood and I carried the ring in and was able to get a close to $200 dollars for it. If you are short on cash and have jewelry from ex’s or only one side of several earrings, don’t be afraid to trade them for some dollars. You can even host parties and be paid a portion of your girlfriends’ payouts. Check your local listings for stores near you.
3. Sell Your Hair:
Based on institutional racism and Eurocentric ideals of beauty, this option may only be viable for those of us with certain textures and grades of hair. Selling your hair is nonetheless a surefire way to make money. But don’t be fooled, there are stipulations attached. To earn upwards of $4,000 for your silky mane, your hair usually has to be at least ten-inches long, “virgin” (meaning never dyed, hardly heated, or damaged), and considered healthy.
On the flip side, for those of us curly girls in need of some money but outside the parameters of conventional myopic standards of beauty, don’t fret. You can save your pennies by cutting all of your hair off and rocking a sexy fade. You could use the money that went to paying (and tipping) your stylist and buying products to attend to your financial priorities.
2. Don’t Go Food Shopping Until Your Cupboards Are Bare:
One of the reasons that you may be short on cash by the end of the month is because you are buying food that you don’t need and end up wasting it. To nip this overspending in the bud, hold off on grocery shopping until all of your food in your refrigerator and pantry are gone.
1. Sell Your Eggs:
Use your fertility and youth to your advantage if your income is not coming in the way you want. Healthy women between the ages 18-32 can expect to earn as much as $15,000 for donating their eggs. In order to receive this payment, you have to endure a lot emotionally and physically. If you are okay with undergoing an extensive background check, therapy sessions, self-administered hormone injections, and the egg retrieval surgery, then this may be a lucrative and extreme way to pull yourself out of the red.
Beauties: What extreme measures have you employed to make money? Would you employ any of these?
Check Out This Gallery Of Income Tax Questions You’ve Probably Asked:
1. Your Income Tax Cheat Sheet
Even if you decide to handle the filing of your taxes solo, it is always important to know and seek the advice of a tax advisor/accountant, who can offer valuable information and point you in the right direction for optimum returns during tax time. This includes proper deductions, organizing year-round and reducing your tax stress. You're welcome.
2. Be Mindful Of Holiday Bonuses
It's always a great feeling to have that bonus check in hand, but sometimes it may not be the optimal scenario for your tax accountant. Boosting your income by a slight margin could shift you to a higher tax bracket for the year, offsetting your bonus and then some. Consider if it's better to realize your bonus in 2013 or 2014 and inform your employer accordingly.
3. Consider Charitable Donations
Giving to charities can carry tax deductions, helping you save on your IRS payment. If you need to get in a gift during the year of 2013, you can count the donation via credit card as long as you sign up for the payment by December 31. Just be careful of fraudulent charities, which the IRS has been warning people about for years.
4. Prepare For Tax Season
If you have a few extra minutes away from work and the family, maybe you can unwind over some tax documents. While it isn't most peoples' idea of a good time, creating a tax checklist and gathering together all relevant documents for the year before next year's become scattered everywhere can be a serious time saver come April.
5. Keep Track Of Deadlines
Deadlines can creep up at any time and in any shape or form. Some deadlines for income considerations can be at the year's end, so there's certainly plenty coming up in the near future. While the official filing deadline is April 15, the work doesn't start then — and shouldn't start the day before that — so plan out your time to meet the different deadlines of various parts of the tax code.
6. Don't Forget Retirement Savings
A great way to save money on taxes is by having a properly structured retirement plan. Both 401K and Roth IRA plans carry tax implications of various shapes and sizes, and planning ahead for retirement isn't the worst thing to do, either. By balancing contributions, the savings can really add up once tax bracketing is considered.
7. Consider The Child Care Credit
The IRS published an entire post about the child care credit earlier this year, in which the agency explained exactly how to use the credit and under what circumstances it is appropriate to file for it. Since it runs year-round, there's no better time to jump on board than now, and you just might save a dollar or two. Child care credit: http://1.usa.gov/1gKgeFf
8. Lump Medical Bills
There are thresholds for which medical bills become deductible if they total a certain percentage of your gross income (10% for most people is standard; however, it varies depending on circumstances). If you can lump your medical bills into this year or the next, you may become eligible for the effective tax deduction. This could involve prescriptions, getting new eyewear, extra checkups and prepaying plans.
9. Rashida Maples, Esq.
Rashida Maples, Esq. is Founder and Managing Partner of J. Maples & Associates (www.jmaplesandassociates.com). She has practiced Entertainment, Real Estate and Small Business Law for 9 years, handling both transactional and litigation matters. Her clients include R&B Artists Bilal and Olivia, NFL Superstar Ray Lewis, Fashion Powerhouse Harlem’s Fashion Row and Hirschfeld Properties, LLC.