Thinking outside the box can help you save a tremendous amount of money in your field. In fact, depending on your situation, it could help you avoid borrowing money altogether.
It all depends on the amount you need and the urgency with which you need it. In some cases, you won’t need to borrow at all. In other cases, you’ll be able to borrow less and reduce your debt.
Here are two effective alternatives to borrow less and make more.
1. Sell Possessions You Haven’t Used in a Year
People’s houses are often filled with valuable goods that they haven’t used in years, including expensive electronics, furniture, and recreational equipment. This happens because people overestimate how frequently they’ll use something, and when they aren’t using it, they justify it with “Oh, I’ll use that sooner or later.”
If you find your house filled with valuable items that you no longer need, consider these options to making that extra cash without borrowing money.
Host a Yard Sale
Nothing brings in money and your community together faster than hosting your own yard sale. It’s an excellent way of sorting through your belongings, discovering what you want to keep vs. sell, and making some quick cash.
Sell and Rebuy
Some items you find will have no sentimental value. Consider selling the one you have and rebuying it at a later date. Then build up more cash now and buy it again later. More cash flow now equals more opportunities later.
Browse Online Marketplaces
The internet is filled with internet marketplaces (Facebook, eBay, Craigslist to name a few) where you can easily sell your items to a wider audience. Best of all, you can easily set up an account and start selling immediately.
2. Learn How to Barter
Learning the art of bartering takes some work, but it has become incredibly popular lately. The idea is to exchange your services for someone else’s.
For example, if you plan to relocate your house, you could offer your dental services to pay for the labor costs. It’s a great way to save money, get practice, and build your clientele.
Here are the three main benefits of bartering.
Maintain Your Cash Flow
By trading your services instead of money, you keep more cash in your pocket because your only out-of-pocket expenses are your hard costs. In exchange, you get services that you’d have to pay full retail for, essentially meaning you get to upgrade your kitchen, re-do your lighting, or add that swimming pool at a huge discount.
One of the keys to building wealth is establishing more cash flow toward you, not away from you. If you can increase your cash flow and experience at the same time, it’s a win-win.
Gain Exposure and Expand Your Audience
An excellent way to expand your audience is to exchange your skills for another’s. Before bartering, a prospect would just be a prospect. After you exchange services and get to know them, you’ll gain a lifelong patient.
Help People Who Can’t Pay but Can Add Value in Other Ways
One big benefit of bartering is that you get to help people who have a valuable product or service but can’t afford high-quality dental care.
There’s nothing better than serving those in need, and this happens frequently for doctors and dentists. For example, someone loves your services but can’t pay. If that prospect helps you remodel your kitchen or gives you piano lessons you’ve always wanted, you’ve just created a reciprocal relationship without money getting in the way.
If you’re interested in learning more about our services, or how we can help you with your finances as a new or training medical professional, contact us here.