Raising children has always been expensive and, if you’re the parent of a teenager, you’ve probably noticed that the task at hand is more expensive now than it has ever been. In the beginning, you opened your wallet for jarred baby food, diapers, and endless shopping trips for clothes and shoes. Sixteen years later, your spending has shifted to laptops, iPads, cell phone bills, and still the endless shopping trips for clothes and shoes! Outwardly, you can smile and laugh about it; after all, you love and enjoy your child. But, inwardly, you might feel a little concern about those major expenses that your teen is relying on you to provide for. Expenses like that airfare and hotel bill that would allow your little darling (whose not so little anymore) to enjoy a few summer weeks in Paris, France with the high school’s Social Studies Club. Expenses like the registrations fees, costume costs, and traveling fare for that once in a lifetime opportunity to participate in a professional dance workshop and showcase in New York City--after all, you were the one who thought it a great idea to enroll your little mini me into that dance program at the age of three. And, too, expenses like a car and auto insurance might be fast approaching. Not to mention what it will cost to take care of your college enrolled kid the moment you wave goodbye at the start of the freshman semester one soon coming autumn.
If up until this point, you’ve managed to keep your finances in order and your head above water, chances are that you’re in the habit of prioritizing and keeping a budget. But with the growing needs of your child and the nation still picking itself up from the recent economic hardships, you might feel hard pressed to withdraw funds from your life insurance policy, pension, or investments. Before you make such an important change to your financial portfolio, you should consider what unused assets you possess that you can sell for cash. For example, if you own a boat that hasn’t run in a number of years, you could sell it to a private buyer or at auction to someone who is willing to repair it. If you own antiquated pieces of art that are collecting dust in your attic, those would probably sell well at auction, too. Or, if you own raw land that you aren’t using and don’t plan to develop, you can sell it to a land investor—at no cost to you—for quick cash. Some land investors, like Lucas Properties LLC, will pay you cash for your land in a matter of one week. Taking the time to explore your options will help to alleviate the mounting pressure that you might feel to keep up with financial demands. You might find that things look better than you imagine they do.