The Young Money Club

This month I’ve challenged myself to make some extra money. My goal for the month is to side-hustle my way to $1,000 in any way possible. My main strategy to do this was to flip items for profit because it can be used to generate a good return in a short period of time. I’m only a week in and I can definitely see some issues that have come up that I didn’t plan on or forsee.

Progress

Here is a breakdown of what I did in this first week, the progress I’ve made towards my goal as well as the money I had to spend to buy shoes to flip.

Income:

$75ish – Working part time

$28.47- Quora Partner Program

Expenses:

$290- Shoe Purchases

These are my numbers for my first week. I knew going into this I would likely have to tie up a lot of money in shoes and I was definitely right. Currently, for the week I’ve netted -$186.53….at face value, no bueno… or so it seems.

These purchases I’ve made could go one of two ways. They could all sell and make me $200 profit in the next month or flop and I’m out almost $300. If everything goes perfectly and they all sell that would result in a 69% return on the original $290. Not so bad after all.

Being realistic I expect SOME of the shoes to sell but not necessarily all of them. Even if a little more than half the shoes sell in the next 30 days I should at least break even on my original $290.

The biggest issue thus far is my inexperience with ebay and the time it takes to flip shoes. I’m unsure if it’s normal for the shoes to take a year to sell or if I should expect them to sell almost immediately. I’ve decided that thus far I should just be patient and see how things work out before jumping ship, after all it’s only been a week.

Plans Moving Forward

Moving forward into the next 3 weeks my plans are to branch out from shoes and possibly flip some furniture locally on craigslist/facebook marketplace. I’ve been doing research but am still working out the logistics.

I plan on waiting for some of the shoes I’ve already purchased to sell before going any further with buying more. With the 10 shoes I already have up for sale, it shouldn’t take too long to see if my current method will yield results.

I look forward to continuing this challenge and hope to share some valuable insights about my journey in the weeks to come.

If you’re interested in checking out some of the shoes I have up for sale, you can see my Ebay page here.

To check out my previous post where I discuss the challenge in more detail you can click here

George Carrington

I’m a 23 year old founder/blogger at The Young Money Club – A blog that provides young, motivated individuals with personal finance tip on earning, saving, and investing.