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Being between jobs and without an income is one of the most stressful situations any of us can ever experience. It gets worse when you also have to face selling your possessions or borrowing money to get by until that new job finally comes through,

At a time like this, you're extremely vulnerable. This is when you need to know the five mistakes to avoid when raising cash quickly.

Giving in to Panic

Recognize that you're under stress, and stress can lead to panic. Panic clouds your judgment and leads you to decisions you'll later regret. What you need is to calmly sit down and make a plan.

Start by taking a deep breath, or even a relaxing walk to clear your mind. Then sit down in a comfortable chair with a pad of paper and start making a plan. Think it through, set it aside, and revisit it in the morning. You may even need to do a little research to finish putting your plan together. When you have it, begin executing it methodically.

Avoiding Creditors

Having bill collectors constantly breathing down your neck doesn't help alleviate that panicky feeling.

You can avoid fire sales and rash decision making if you buy more time from your creditors. Talk to each one and be blunt about your situation and your plans. If you've talked to them before, talk to them again. Offer a token payment. Tell them you'll call them back in two weeks.

Most creditors will be cooperative and extremely happy that you're calling them and they don't have to put out a skip trace on you. You'll be amazed at the sense of relief this brings you. With a little more breathing room, you'll be able to get better prices for the goods you need to sell or be able to negotiate better terms for money you need to borrow.

Accepting Low-Ball Offers

When selling various assets, it's tempting to take the first offer you receive even if the buyer is taking advantage of your situation. You need competitive offers to be sure you receive a fair price for what you're selling. This is where planning is important especially when selling valuable items.

Research the value of your for-sale item so you know its fair price. Don't be afraid to discount your price a little for a quick sale, but be wary of pricing it too low. Buyers will actually steer clear of something priced too low out of fear that it's somehow defective.

Spruce up whatever it is you're selling. Be sure it's clean and in the best condition possible. Put a little dab of paint on imperfections. Polish it, if that's warranted. Place it somewhere where it will

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