Can you get rich or make money doing this?

[mrmopar]

I always find myself justifying the purchase price of something in relation to what I make at my job per hour. Say I wanted item X and it was $Y. I'd then tell myself that I will need to work for Z hours in order to pay for it. It's a little goofy, but it helps me keep what I buy in a real word perspective.

I find myself using this model with my kids too. Telling them how long I will have to work to buy something they want. They don't understand the concept well enough yet, but hopefully it will sink in over time and they will begin to see and appreciate the value of money vs. time more so than the average kid.

I think this was mentioned a little before, but if you take away all the variables and just assume you can sell as many items as you want with a $1 profit, the question just becomes the dollar value of your time. Figure out the average amount of time it takes you for each transaction, between listing, answering any questions, dealing with nonpaying bidders, sending reminders, and packaging/shipping. Somebody mentioned 3 minutes per auction before...if that was the case, you'd be making $20 an hour. If it's worth it to you to spend 5-10 hours a week selling that would normally be leisure time in order to get an extra $100-200, go for it! Adjust the formula up or down if the variables change, like if you can make $1.50 profit, or it takes 5 minutes per auction.
Richard

 

[Yankeeswin]

I always find myself justifying the purchase price of something in relation to what I make at my job per hour. Say I wanted item X and it was $Y. I'd then tell myself that I will need to work for Z hours in order to pay for it. It's a little goofy, but it helps me keep what I buy in a real word perspective.

I find myself using this model with my kids too. Telling them how long I will have to work to buy something they want. They don't understand the concept well enough yet, but hopefully it will sink in over time and they will begin to see and appreciate the value of money vs. time more so than the average kid.

Yes, there is an economics term for that called "opportunity cost." Basically if I can make $40/hr doing something but can't pursue an opportunity for $50/hr in the same time frame, my opportunity cost exceeds the value of the job.

 

[richloughlin]

I have been buying and selling on a small scale for years. You can make "a few dollars"; and that is literal! It's already been mentioned on this thread, but quick turnover of your inventory is your best goal. As a dealer friend of mine once said, "I'd rather make a fast nickel than a slow dime." I also find that when I buy large lots, I usually make my money back and in the process, get to keep cards for my collection. So in essence, they're free.