Find the Money

Begin Today to Find the Money:

15 Ways

How to use this document: Highlight top 5 ways, take one week and maximize the amount of money you can create out of those 5 methods and report to your mentor. If not enough money was found, highlight the next 5 ways to focus on for the next week. Repeat for third week if necessary.

Credit Cards

1) Call current credit cards and ask to extend the limit and lower the rates. "I'm about to make a large purchase that I will pay off relatively quickly. How high can you extend the balance?" Remember your negotiating phrases when it comes to lowering your rates, "Is that the best you can do?" "Still sounds high..."

New small business credit card:

2) Capital One Business Platinum 0% for one year. This will report on your personal credit report and you cannot have a bankruptcy to be approved. You will have a minimum monthly payment 45 days after your purchase is made.

a) When you open the account, you can call and ask for a line of credit be extended.

b) Generally, the account will be opened with an available line of $2,000-$5,000.

3) American Express Small Business Blue Card 0% for 15 months. This will report on your personal credit report and you cannot have a bankruptcy to be approved. You will have a minimum monthly payment beginning 45 days after your purchase is made.

a) Because AMEX caters to business, they are the MOST flexible about increasing credit limits. After receiving the card, call and ask to extend the limit. I had my line increased from $5,000 to $20,000 within 3 minutes.

b) Generally, the account will be opened with an available line of $2,000 to $5,000.

4) Advanta Small Business 0% for 18 months. They will CHECK your personal credit but ONLY report on your business name. This is an excellent way to begin to build corporate credit that will be reported to Dunn & Bradstreet, Experian Business and Equifax Business. You must have a company name, it does not have to be incorporated (S-corp or LLC) or a tax ID# with the IRS. However, I do recommend that you register the name of the company with the Secretary of State. (Click here for a link to all Secretary of States to find your state.) You don't want someone to steel the good credit you will be creating! It does require your personal SS# and it will reflect on your personal credit if tragedy strikes and you default.

5) Refinance your home.

6) Take out a personal line of credit or a business line of credit against the equity in your home.

7) If you have an existing business with two years of business history, you can begin to build your corporate credit with new business lines with local and national banks like Wells Fargo and Key Bank.

8) Personal loan from your 401(k), a family member's 401(k) or friends' 401(k).

a) Whoever you borrow from with thank you! Currently 401(k)'s are reflecting the stock market and aren't doing well. You will be paying yourself (or family or friends) interest.

b) A minimum of quarterly payments are required.

c) Call the 401(k) administrator and ask for more information on getting a personal loan on your 401(k), if they ask what it is for, it's is for business start-up NOT education.

d) For a personal loan, there is NO tax consequence. If you cash-out, that is a taxable event. Such an event can have a hefty tax consequence. Be aware and do not make that mistake unknowingly.

9) Take out a loan on a vehicle

10) Joint venture with someone who has the money. Create a win/win. Ideas include payment back with interest plus 50% of your first $20,000 made or first real estate transaction.

a) Get the joint venture signed and notarized. Be clear about expectations and time frames. Document when terms of the contract are satisfied. If changes need to be made, document and notarize.

11) Find family, friend, boss, coworker, neighbor, stranger who believes in you and will lend you the money. Create a win/win with generous interest repaid. Give yourself a minimum of 6 months to repay the loan, preferably without monthly payments to give yourself flexibility. Document the transaction with a promissory note and record it at the County Recorder's office.

12) Find a tuition partner. Talk amongst the community, advertise on Craig's List, find someone to share the investment.

a) Be aware that one will be the primary and will have access to the student login with access to audio files, online classes, and download-able class manuals.

b) The primary will also be responsible for paying the resort fee before scheduling classes and will be the one to schedule classes.

c) Put the agreement on paper and get it notarized.

d) Tuition partners are NOT business partners. Being tuition partners does not link the individuals together as Independent Student Advisers. If each wants to participate in the marketing opportunity, each will sign his/her own ISA agreement and certify separately.

13) Unsecured "signature" loan. Contact your local or national bank, with good credit it can be extended based on your promise to pay. Monthly payments required.

14) Cash-out stocks, mutual funds, CD's.

15) Ask people in the local community how they found the money. Remember, how quickly you decide to invest in yourself, and how creatively and diligently you work to find the money will inspire others you meet and everyone you share this opportunity with.

"While the difficult takes time, the impossible takes just a little longer."