One common definition of money is that it is anything commonly accepted for goods, services, and the repayment of debt. For us here in the United States, money is an coin or paper variation of the dollar.
I was walking down the street yesterday to a local park for a run when I spotted one dime and one penny in the parking lot of a Del Taco. I was stoked, $0.11 in the bank!
Whenever I find money, no matter the amount, it makes my day. Even if I find what I call "reclaimed money" from a freshly washed pair of jeans. I got to thinking, what makes myself and others so exited about finding money?
First: Money allows me to buy goods. If I continued to walk around that parking lot and collected that same amount four more times, I would be able to afford a taco at said Del Taco.
Second: If I have more money, I have to exchange less of my services to gain money. I can spend $0.11 of my time doing something enjoyable instead of working.
Third: If I owe Franky the loan shark 20 G's, I can put this $0.11 towards repaying my debt. Personal finance guru's refer to this as "Snow Flaking".
Found money provides goods and services that you do not have to work for, all while keeping debt collectors at bay.
I consider found money as any money that you receive in which you did not have to work for, or incur significant risk to receive it. The following is a partial list of found money sources:
On the Street
The best thing about finding money on the street is that you have to to zero work, just pick it up. The only risk I guess would be a back injury bending down to get it. The problem with money on the street however is that it usually comes in small increments. It also usually involves a lot of walking around before any significant amount is gained.
High Interest Savings Accounts
FDIC insured accounts only. The only major risk would be a sovereign debt failure. Barring that, you will receive income paid monthly and consistent returns. The problem with savings accounts is that you must have money to make money. Also the Fed has decided to demolish savers, so interest rates are at all time lows.
Cash Reward Credit Cards
You can earn up to 5% back depending on where you shop. Cash back cards are incredibly easy to use, just swipe your card instead of using cash to make a purchase. Usually after some minimum amount is hit you can call your credit card company and request a check. The problem with cash back credit cards is you have to spend money to make money. They are often a little too easy to use and some will start to make purchases that are not necessary.
Gift Cards
If you shop at certain places with regularity, check out your local big box store and see if they have a gift card for that place. Gift Cards at Costco for example are usually sold for around %20 off of face value. I frequently meet clients and friends at the Coffee Bean, a Southern California coffee chain. Costco sells $50 gift cards to the Coffee Bean for $39.99! Most gift cards offer replacement services if you register them, so they are safe to carry around. The problem with gift cards is that you may spend more because you are getting the goods "on sale". Discounted gift cards in this case also require a big box store membership.
Bottles and Cans
If your State has CRV you can collect bottles and cans to reclaim the tax that others paid when purchasing their soda, beer, etc. Collecting recyclables is good for the environment and if you work in a business park or live in a apartment complex, you can set up bins and rake in a significant amount of money. The downside is that there is some work involved in collecting and returning the recyclables so you would want to do it on a large scale. There is also the social stigma of being seen as a scavenger.
What are some other methods of finding free money?
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