I had also been watching the TV show Million Dollar Listing at the time, where real estate agents made as much money selling one house as the average American would earn in a year. Thinking back again to the successful commodity traders, I recognized the obvious fact that the reason that these traders became millionaires is because they were trading in large quantities of money. It’s good that I was making some money on the side pretty consistently, but I became hungry for more and started to brainstorm ideas. (At the time, I was looking for a better way to make money in college than working a retail job that paid slightly more than minimum wage.)Īt best, I was making a $10 profit for each item I sold, and at the peak was selling 5 items per week. I was able to make money doing this, but it was nowhere near enough to reach my goal of matching the current paycheck. My First Profitable Flips: Starting with $1 T-ShirtsĪt thrift stores, I could pick up t-shirts for $1 or $2 and sell them for about $10. I started to develop an idea of what brands resold for, and realized that on eBay, brand new items were selling below retail prices, so to make a profit with my used inventory I would have to find a steep discount. With this new strategy in mind, I headed for the clearance racks at local discount clothing stores and thrift shops, looking for brand name items that I could sell at a profit on eBay. Instead, you can piggyback on the popularity of existing brands. And I was attracted to the idea of reselling as a hustle because there is no need to build a brand from the ground up. actually gambling), I should sell things that real people actually buy. I decided that, rather than dealing with speculating market forecasts (i.e. Still the opportunity to make money like traders do, by buying low and selling higher, made a lot of sense to me. ![]() Buy Low, Sell Highīecause I was so inspired by traders, I first tried my luck trading stocks - but ultimately lost money. In this realm, people were paid based on their trading performance, making millionaires out of some from blue collar backgrounds. I had seen documentaries about such environments that were meritocracies like the Chicago Mercantile Exchange, where formal education didn’t matter at all. Where’s the Best Place to Resell Shoes?įrom $1 T-Shirts to $1,000 Sneakers: My Reselling StoryĪs someone who always had an entrepreneurial ambition and a hustler’s mindset, I was craving the right environment to really reach my potential. ![]()
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