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.

It’s now been 2-weeks since this challenge began and progress has been slow to say the least. In this post I’ll be giving you a run down of what’s happened since last week and some of the stuff I’ve learned so far.

Progress

Here are my updated numbers for week 2, these will only include week 2 and not week 1.

Income:

$110ish dollars- Working part-time

$50 ($20ish profit)-Sold shoes

$9.98-Quora partner program

$2.00- Ad Revenue

Expenses:

None

Comments

This week I slowed my roll a little bit. I didn’t buy any additional shoes because I didn’t want all my money tied up. I spent 3 days this week trying to get my hands on newly released shoes that have higher resale values.

The goal was to, instead of making $15-20 profit per shoe, I’d make $150-200. The other advantage to these higher-end shoes, is the better market they have.

Most of these shoes have a lot of hype surrounding them and more buyers willing to pay a premium for their limited quantity. Getting my hands on these shoes would’ve greatly jump started my goal of $1000. But, I greatly underestimated the difficulty in obtaining these limited shoes. With 3 devices and help from my girlfriend I failed to get even a single pair over the course of a week and a half.

What’s Next?

Moving forward I will continue to try to get higher-end shoes because of their great potential profit. I’ve revisited Ross on a number of occasions looking for good deals but couldn’t find any that met my search criteria. I plan on continuing to make trips, hopefully after they restock their stores.

As for my overall goal, $1,000 seems more and more out of reach but I will continue to try and earn money. This may be something I try again in the future with more research beforehand. I’ve learned a lot already and believe I will continue to do so. Be on the lookout for a blog post on retail arbitrage, I will be releasing one soon for those interested in trying it for themselves.

You can check out my previous post on this challenge here.