Looking for ideas on how to generate income quickly

B

black cat

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Looking for ideas on how to generate income quickly. I am in debt but have clarity on what my situation is & strategies for paying it down at an accelerated rate. My major concern right now is that I am not earning anything, apart from rental income on a couple of apartments I own & the rental just about covers the mortgages. I would only consider selling as a last resort as I know that if I was earning I could start to address the debt issues quickly & stabilize my financila situation. I have not worked for a while due to ill health & do not want to work a 9 - 5 job or permanent contract type employment. Am looking for some creative ideas or business opportunites. Any ideas? Hope I'm in the right forum... Any feedback would really be appreciated. Thanks!
 
Sounds like you are asset rich............cash poor.

What is the investment logic of having apartments that only just cover the mortgage and don't give you a return? How much equity could you free up?

Cash is king at the momment. Liquidise your assets sell sell sell.
 
Why is this a key post?

Why not sell those rental properties if you need to free up some cash?
 
I have made a lot of money on the apartments over the years & see them as a long term investment. In 5 years I will have no mortgages on any of them which is why I want to keep them. I am looking for ways apart from selling them to generate income. I believe in holding property over the long term. The same with stocks & shares that I own. Yes, I could sell them but I don't want to. I want to be creative & think of something else. I am an entrepreneur & have an enterprising spirit. I am currently setting up an internet business but this will take a month or two to start generating income. I am NEVER going to "get a job" - I couldn't work for someone else. Sorry...but it just ain't me!
 
This is a very strange thread. You don't want to work for someone else, but haven't said what it is are your talents. What skills do you have?

if we had creative business idea's we'd be doing them ourselves!
 
Could you be a bit more clear.
You have assets, appartments, shares, no job and a heap of debt, yet are starting an internet company that will instantly generate income which would be a world first....

Fill out the money makeover sheet if you want help with your debt.
 
Are you trolling ?

You say your rental income only just covers the mortgages on your rental property, yet later on you say you will be mortgage free on your apartments in 5 years.

Surely if your mortgages are only 5 years from being paid, your apartments would return a positive cash flow ?

You also say you are in debt, with no job and all your capital is tied up in apartments and shares.

OK, you're probably not trolling, but your situation is unusual. What is your internet business area ? You are lucky to have valuable assets, and you should sell them if you can get a better return on the capital from your business.

Also you have answered your own question, you will generate income quickly from your internet business (hopefully).
 
Going into trade is still the best business. You only need to find the right things to buy and sell with a profit.
Unfortunately the highest profits usually comes from trading stuff that is illegal (drugs, weapons), but you would expect to be able to make a very fast buck there.
Note: High return = high risk. Always.
 
black cat said:
Looking for ideas on how to generate income quickly. I am in debt
Click to expand...
What are the details of your debt(s)?
but have clarity on what my situation is & strategies for paying it down at an accelerated rate.
Click to expand...
What are these?
rental income on a couple of apartments I own & the rental just about covers the mortgages.
Click to expand...
Are the mortgages interest only so that you can write the interest costs off against rental income?
 
This is brilliant !!! Won't sell apartments. Won't sell shares. Doesn't want to work, Not him !!! About to start Internet business with What ?? If you are looking for charity try the St.Vincent de Paul. Otherwise there are more deserving people who need cash quickly and do not have your asset profile, but will work to make money, and might not be so laid back if they had an idea. From what you say it wouldn't surprise me if you only get out of bed to go to the bog.
 
I have the perfect solution, low set up cost, minimum work involved, high profits. Just PM me your bank account details & a bank draft for €20,000 (I'll return any surplus) and all will be revealed:D
 
black cat you are being foolish. You are currently ill in some way shape or form but are probably working full time for no pay on a new start up. In the interim before it starts generating the income flow you envisage (which few start ups can guarantee) you are looking for a way to provide yourself with money for day to day expenses (especially to repay loans?) without too much effort on your part (as you want it quickly and you will still need to invest time in your startup) and without any compromise on your part (cos you don't want to be reasonable). Logically the way to do this would be to liquidate an asset and use this (wisely) to support yourself until your new business is up and running.
I think you need a serious reality check though. YOU say that you have debts and no income. You THINK that you can clear this down quickly when you start earning but are basing your potential to do this on a startup business?
I agree with cancan and Clubman, I think you need to list your debts, list your assets, list your arrears (since I am suspecting that you have some, you seem too gung-ho about the whole thing not to) and start dealing with the problem in front of you instead of blue-skying grandiose schemes for yourself. You need to learn to compromise with fate and reality occassionally instead of approaching life like Walter Mitty.

mercman, if he goes to the bog he could cut turf ;)
 
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