Some of us ‘older folks’ are more cautious and only try something that is tried and true – but you know what, you can not make money that way. Just doesn’t work – you really have to think outside of the box.
My wife and I are trying VERY hard with our son to put the entreprenurial spirit in him – and it is slowly working. When he is done playing some of his WII games or DS games, rather than leave them in a drawer he asks if we can try and sell them to buy other games…
I actually had commented on one of his posts, and as I was writing the comment I thought it would make a good post – so here is the comment, modified to fit as a post.
If you want to read the post – simply visit the site and read the post http://theuniversitykid.com/whats-up-with-me/
I recently sold some saris on Craigslist for 3x what I paid for them. One of my family members doubted it could be done, and why would anyone pay so much if they could get it for less. It comes down to convenience. I bought something well designed, good material AND I did all the leg work. The people that bought them didn’t have to do anything.
I purchased them for around $500 and sold them for $1500. They will be used to decorate walls in their loft.
Over the last few months, I’ve made a lot of spare change doing just this. Here is an idea for all of you out there – toys. I recently bought about 50 sets of some toys from Wal-Mart for CHEAP (around $10.00 each) – however what I did not know is that another LARGE toy company discontinued this and cleared them out around $60.00. I ended up selling all these sets for about $40.00 a set and people were screaming for more!
I frequently check out WM and other retailers for discounts and if it “feels right” will buy them and sell the stuff off.
I am not getting rich doing this, but the more I do it – the more trends I see, and my eye becomes sharper for the right thing to buy.
I bought some Star Wars figures – actually they were keychains. They were selling retail around $20 and they were being discounted and discontinued for $10. I picked up about 10 sets and sold them for $50. I went back to the store about 3 weeks later, and they had cleared them out for $5 – I got 50% of my money back. People were willing to pay MORE than they were worth retail! One mans garbage is another mans treasure or something like that…
I’ve also got their store policies on my side; I have 90-days (in most cases) to sell the stuff. If I can’t – I return it only to find that sometimes the price is halved again and I can now afford to keep it and try one more time.
Also if you can get a dept. store card, go for it! Many dept. stores will extend to 90-days (if not longer) your return period if you use their card. There is no risk to you – pay it off in 30-days. If you can’t sell the stuff – return it, although there is a credit on your account; they will promptly send you a refund cheque if you ask for it.
Thinking out of the box is what helps you get ahead – stay cooped up inside the box and you stagnate and end up a zombie.