You may think that you’re good with money. You may feel that you have the future planned out financially down to tiny details, and you can handle whatever comes your way. But at some point, there may be a time that you need to get extra cash fast. So it’s better to prepare for that occasion than assume that it will work itself out without additional effort on your part.
Consider for example several instances where quick money would be a necessity. It could be that you have to bail yourself or someone out of jail. Maybe you are short amount behind on income and have to get a payday loan to pay a bill quickly. If you have medical expenses or a medical emergency, that may require fast cash. And, if there is any damage to expensive equipment that you own, it may need an infusion of finances to fix or quickly replace.
There are times when people get caught up in issues where they end up in jail. Maybe it’s their fault. Perhaps it’s not. Regardless, you may have to come up with the bail money to get them out of jail. Ideally, you’ll get the bail money back eventually, but still, if it’s outside of your budget, you may have to find some quick way to procure that cash to get someone out of a sticky legal situation.
If you are slightly behind in your bills, You may have to take out a payday loan. This is a high-interest rate loan that ideally you only need to have for a few days or maybe a week. It’s terrible to get caught in the payday loan cycle, but if you don’t have any other options, especially for a small amount of money, it can be precisely what you need to make sure that you don’t fall behind further on some necessity of yours.
Medical Expenses or Emergencies
Medical emergencies can be costly. Depending on what kind of health insurance plan you have, any sort of event that requires you to go to urgent care or hospital can have a bill in the thousands of dollars very quickly. Most people don’t have the kind of savings to handle this kind of immediate expense, which is why you need to prepare in advance for a way to procure the cash as necessary.
Damage To Expensive Equipment
If you have any expensive equipment that you use for work, it can be a devastating experience if a piece of it is damaged somehow. If you have a job coming up where you require that equipment, it may take a quick influx of cash either to repair your gear or replace it quickly.