Sunday, July 28, 2013

Creating a Business Multiple Revenue Streams-30 Day and 45 Day Update

Well I haven't created the next Google or Nike, but I have doing well with my side hobby(can't call it a business just yet).  My goal if I didn't type it the computer("the files are in the computer", name that movie?)  was to sell 1K worth of items on eBay, i switched that about 2/3 of the way through to make 1K profit, because for all anyone knew I could be spending 4K but selling 1K worth of items, that's not very impressive.

Well Said Sir, Well Said
I am happy to report I failed!  Well not exactly, I did reach my original goal of 1K in sales, but it did take me and extra 5 days to reach the 1K mark.  I have had over 100 items listed in my store called GQ Casual , give it a look if you would like, pretty much all Men's Clothing.

I would love to say I bought some used clothes yesterday and threw them on eBay the next day and I made a killing.  I have been doing this off and on since college, mostly with new clothes in college and used clothes over the last couple years.  I used a lot of trial and error, research, and knowledge about brands, sports, and what guys like to wear(hint I don't buy skinny jeans).  It took me time to develop a template for the items and change things like adding logos, telling why I sell on eBay "the man fund", and I even used to wash and steam almost every item I had, crazy amount of time.

Headquarters, Beats Me
EBay is not for everyone, taking the pictures, finding the items, shipping, listing the items this all takes time, but I enjoy 90% of it(listing it, not so fun).  As of right now I know this can make me money, not quit my day job money, but enough to have some extra money on the side to be used for whatever I want, whether it's paying off debt, going to a comedy show, or buying something I like and want.  Only time will tell on what I plan to do with this stream of revenue, but I do know it's currently coming in and I'm happy doing it.

Is there a business or hobby on the side that you do that makes money?  Tell me more about it, I love to see comments.

Wednesday, July 17, 2013

Cutting Back is Great, Winning is Better, and Earning More is Best

Sprint #1 and My Victory Pose

Everyday many of the personal finance blogs preach cutting back and living frugal.  I agree with and do my best to practice many of the principals talked about on a daily basis.  I however lean more towards the Big Wins and most importantly Earning More is the best.

I tend to look at it with examples, I can cut back on my groceries for $40 less a month, I can research on buying my next TV and save a $200 for the big win, or even better I can start a side gig and make an extra $500 month.  All are great, but as I prefer I'd rather go out and kill something and drag it back, you know earn the extra money.

I can't stress this enough, the best way to pay off debt, live comfortably, and be happier overall is to earn more, simple right. (I'm a work in progress and always remember you can't outearn your spending). This can mean so many things.  I turned to eBay to buy and sell items which earns me an income.  This just happens to be something I'm comfortable with, that I know a good amount about or have learned over time.  I work at a bank so it really has nothing to deal with my current job, just something I enjoy. I started doing this for fun, little extra money for going to a Daniel Tosh stand up, nice dinner for the wife and I, since it felt like what my Dad like to call his "beer money" fund, it is great.

So the question is Why can't you go out and do something similar, maybe you are a mechanic full-time, why not earn more by doing oil changes on the side, something simiple.  Let's say your a nurse, why not teach part time on the side.  There is a 101 different things you can do to give your income a boost.  I'm not just talking about your everyday full-time job working the 9-5, which you can also do Overtime, Bonus, Raises.  We can all make a little extra money and I am a great example of just trying something out that I figured out how to make extra money, who knew it would be eBay.

On that note I am very proud to announce, Sprint #1 has been completed, with some money to spare. 

I just paid the last little bit off and I am officially at a $0 balance on my student loan.  It's not a debt free scream, but it makes me happy to know I can do it.  I paid off over 3K in 4 short months!

It's been awhile between writing, but working overtime and eBay will do that, but as always expect more and more because this feels great and I want everyone to know it and share.

Please share an example of how you worked a side gig whether it was to pay off debt or buy an ice cream cone, I love hearing it.  Thank you!!!