Alonzo Peters is
founder of MochaMoney.com, a personal finance website dedicated to
helping people achieve financial independence. (Link: www.MochaMoney.com) Alonzo is part of our #MoneyChat FAM and
always offers practical financial insight. In this post he shares tips he has
used to earn extra money! Sit back, relax and take notes!
A $1,200 BOOK? WHO KNEW?
As a graduate student I made extra money by reselling the
books I found at thrift stores on Amazon. Amazon allows people to sell their
used books. You can check the bottom of their webpages for more info. Of course
you have to sift through the books and you're not always guaranteed of finding
something. Using a smartphone you can type in a book's 10 digit or 13 digit
ISBN code in the Amazon search box. The returned results show you how much the
book is selling for new and used. Use the used price to determine if the book
is worth buying for resale.
You can also use a
professional scouting tool that reads the ISBN bar code with a laser allowing
you to know instantly if a book is worth buying to resale. Check out neatoscan.com or asellertool.com
I'd
generally at least find a few books at each thrift store that I could sell for
$10, $20, $50 or more. One of my best finds was a rare business title which I
bought for a dollar and was able to sell for $1,200 on Amazon. Of course I was
in a big city so I had over 30 thrift stores to chose from.
EBAY'ers?!
The second way I saw people make serious cash was by
reselling handbags and upscale clothes they purchased from thrift stores. I
called them professional Ebay-ers. One older gentleman I got to know would
routinely buy Gucci and other name brand handbags for $30 or $40 bucks and sell
them on Ebay for $400, $500 or more. Of course he had to know his handbags and
had to be able to differentiate the real thing from the knock-offs.
Others did the same thing for high end clothes. One of their
tricks was to wait in the back of the store near where the employees sorted the
donations. Then as the donations were wheeled out to be placed on the store
racks the Ebay-ers would intercept them picking out the best merchandise before
it even got on the shelves. Eventually the employers would just park the rack
with the newly sorted donations right in front of the Ebay-ers and return to
take the rack to the floor after the Ebay-ers were done. This happened at most of
the thrift stores I frequented.
E = MC^2, There vs. Their
Finally, tutoring is a great way to make money. Parents are
always searching for ways to help their children do well in school. It can
cover the basics from simple algebra or English all the way up to AP Chemistry.
Almost anyone is able to tutor something and the pay can be pretty decent. I
would suggest that people tutor at a neutral site just for safety reason.
Libraries make a great location.
Dorethia's
note: When you think of tutoring also think about
other skills/talents you have. Example - excellent at football, basketball,
soccer, swimming, etc.? Parents and young athletes are looking for people like
you to work one on one at a discounted price.
Be sure to connect with Alonzo at MochaMoney.com! Now - GO
FORTH and MAKE THAT MONEY!!!
Join
Alonzo and the rest of the #MoneyChat FAM every Monday night 8-9p. ET. Real
talk about all things money and business!
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