testmktllc
New Contributor
- Joined
- May 8, 2008
- Messages
- 5
$1, $1000, $10,000, $100,000 or $1,000,000 it just won’t matter how much you have if you are not the master of it.
If you are totally lost with your finances and are looking for a way to dig out, I would like to tell you what I am doing.
It doesn’t matter if you are in debt beyond your means and only have $1 to start with.
It just requires creativity and willingness to step outside your box and exercise some discipline.
Buy/Sell
That’s right. You are going to buy something and re-sell it for more than you paid for it.
It does matter what it is however. What I did when I first started out was track items of personal property in the classifieds. I called the owners of the items that had been up for sale for more than a week and asked if the item was still available or sold, and what price did it sell for.
In this way you will get a feel for the market without having to expend any capital. Once you have tracked some items and know the price range, quality and how quickly they sell for,
you go ahead and make your buy offers based upon what you know you can sell the items for. As a rule of thumb I look for a minimum of a 25% to 50%+ mark up.
You will need a cell phone, a way to get around and an internet connection is helpful.
It really is as easy as searching the classifieds (1hr), buying your item(1hr), making a Craigslist ad (15min), negotiating with potential buyers and making a cash sale (2 hours).
Once you start selling items that are over $2000 your hourly income gets what I call decent ($100/hr+). You capital is your earning limit. Use discipline and grow your capital.
There are a million different techniques and details that we could get into if there is any interest in this thread.
There are many who have used this technique, it could be a baseball card or multi-million dollar house, it’s the same game.
Ok, it’s hard to make a system out of it, so there is really no way to turn passive income.
But you can start with nothing and with some work to get yourself into larger money deals. (There really is no upper limit…)
If you are totally lost with your finances and are looking for a way to dig out, I would like to tell you what I am doing.
It doesn’t matter if you are in debt beyond your means and only have $1 to start with.
It just requires creativity and willingness to step outside your box and exercise some discipline.
Buy/Sell
That’s right. You are going to buy something and re-sell it for more than you paid for it.
It does matter what it is however. What I did when I first started out was track items of personal property in the classifieds. I called the owners of the items that had been up for sale for more than a week and asked if the item was still available or sold, and what price did it sell for.
In this way you will get a feel for the market without having to expend any capital. Once you have tracked some items and know the price range, quality and how quickly they sell for,
you go ahead and make your buy offers based upon what you know you can sell the items for. As a rule of thumb I look for a minimum of a 25% to 50%+ mark up.
You will need a cell phone, a way to get around and an internet connection is helpful.
It really is as easy as searching the classifieds (1hr), buying your item(1hr), making a Craigslist ad (15min), negotiating with potential buyers and making a cash sale (2 hours).
Once you start selling items that are over $2000 your hourly income gets what I call decent ($100/hr+). You capital is your earning limit. Use discipline and grow your capital.
There are a million different techniques and details that we could get into if there is any interest in this thread.
There are many who have used this technique, it could be a baseball card or multi-million dollar house, it’s the same game.
Ok, it’s hard to make a system out of it, so there is really no way to turn passive income.
But you can start with nothing and with some work to get yourself into larger money deals. (There really is no upper limit…)
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