STEP ONE: What a Loser!

 $2 turned into $2.23

November 2011

LET'S TRY THIS:  I was in a Goodwill store last week. I wasn't looking for anything in particular, but I found something that looked more valuable than it's price tag. In this game, you basically need to find something priced at 1/4 of it's retail value, or half of it's wholesale value. If you can find it, then you can usually sell it at wholesale to the public who expect retail prices. They're happy, and you're rich. 

What I found in the store was a Bostitch staple remover. It's made to remove those nasty heavy copper staples from shipping boxes.  It didn't have the box but it looks like new. It only cost $2. I know I skipped step one with this purchase, but when I came home I looked on Ebay and found several just like it for around $14 with free shipping. Those were listed under completed listings.

If I can make $6 or $8 I'll be happy but really, I just need to make $4.

Let's see what happens!

Bought for $2, sold for $4.23 (minus $2 to cover free shipping)

Project Profit: $0.23

THREE DAYS IN: I've been watching my first auction on Ebay and hoping to see a bid pop up. There's only four days left on the auction and still nothing. If this staple remover doesn't sell, I'll have to go back and restart the process over again. Disappointing if that happens. Another problem is that I'm already looking for things to buy with the profit from this item. In fact, I went ahead and bought an item for $10 which could possibly sell for $200+, but that's getting ahead of myself.

Keeping fingers crossed. 

ENDED: The staple remover auction ended on Ebay. I almost wish I could say the item didn't sell, but it did. I wish I could say I doubled my money. I did but then had to spend half of it. In order to generate bids, I advertised the auction with free shipping. I set the opening bid at $4.95  I got one bid and they won.  I packaged the item in the smallest box I had and mailed it today for $2.73 That left me with a whopping 23 cent profit.

If I'm going to get to a million bucks in twenty steps or less, I'll have to climb a little faster than that.

Step One: $2 turned into $2.23