If you need money right now, then you can consider the following ways to retrieve money from assets you already own.
Here are 4 ways you can do just that:
1. Liquidate your life insurance policy (whole life)
If you own a Whole Life insurance policy, you can liquidate it and get money for it. You'll want to take a hard look at the pro's and con's of doing that. If you're really in a pinch for money and there is just no other viable option, consider doing this. You'll want to contact your life insurance company to speak to them about how the process works.
2. Cash in a Certificate Deposit (CD) early
If you own any certificate deposits, you can cash them in early to get access to your money. You will pay a penalty for breaking your agreement. You may lose around 6 months worth of interest. But, if interest rates are low, the actual cost of cashing in your CD may be negligible.
3. Return any items that are returnable
Something people who need money right now often overlook is returning items they own. Whether it's a recent gift or an item still in its box, you can often get money back for items even beyond their return policy. Many companies have a very relaxed return policy and are willing to take returns past their return date or without a receipt to keep you a happy customer. So check those closets and see what you can find!
4. Borrow money from your IRA
If you own any type of retirement account, you can sometimes borrow money from it or completely take the money out. You will pay penalties and be subject to taxes. These fees are typically very high and may really hurt you in the long run, depending on how much you take out and how badly you deplete your investment retirement funds. But, if there is simply no alternative and you need money now, then consider doing this. The good thing is that this money is already yours and you won't have to pay any interest or potentially ruin your credit.
