Thanks for joining me dolans.com family members. In this recession if you're not one of the many who’s scampering around trying to find a place to find some money for this year, if I had to have I’ll tip it off to you because you're one of the minorities.
A lot of people are scampering trying to find places where they can get some extra money to kind of tie them over until this whole mess has passed. Well what I'm going to talk about for just a couple of minutes here are places where you should not be looking for extra money if you're in the need of it. Starting right off with your IRAs and your 401k. At some point you're going to want to retire and if you're going to start money out now unless it’s for an absolute medical emergency or they're going to foreclose on your house leave your retirement accounts alone.
Also be very careful there are so many scams out there that tell you you can make $5,000.00 sitting on your butt in your house doing relatively no work at all. These work at home schemes they always come with some sort of pitch send us $50.00 and we’ll send you the materials, send us a $100.00 and we’ll send you the workbooks don’t do it. To a get a job you shouldn’t have to pay for the job. Avoid those work at home schemes they are all a bunch of bellowing.
Credit card advances. You don’t want to touch this credit card advances they had very high fees. They're very high interest rates and it starts immediately the minute that that money hits your hand they're charging that interest on a daily basis against you.
Also from the credit card companies some of them are still sending those convenient checks. I don’t know for a fact because I contacted all my credit card companies and said, “don’t ever send me one again or I'm canceling the card”. Because they're dangerous they end up in the wrong mailbox, somebody put your name on it and the next thing you know you're being billed for money that you never even got your hands on. These convenient checks are easily stolen. The interest on them starts immediately and likely credit card advances they have a very, very high rate of interest often 20% or more.
So if you need to find things, take a look around the house of stuff that you're not using anymore. Familiarize yourself with e-bay and how to sell your junk to someone else as a treasure. I mean these are ways to do it. Go through your budgets see where you got that sort of draft where the money flies out and it’s not even going for something important. But by all means leave your retirement accounts alone, don’t get involve in work at home schemes, don’t take credit card advances and don’t fill out those convenience checks. We’ll all get through this together.
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