Believe it or not, I was actually asked to speak to my Sunday School class last week on the topic of personal finance. I am betting that invitation had more to do with my parents being the teachers than any expertise I might have in this area - but I was asked nonetheless. One of my primary recommendations was for people to start a home business - both for the income stream it may generate and for the tax advantages. I've had my CD business for nearly 8 years now and it has helped with my Roth IRA, vacations for my family, and a lot of other things that my primary income would not cover. The problem that people have with starting a business is that they often can't come up with an idea. Today I'm giving you a business idea for free.Two days ago I posted about two sites that give you money for your old electronics - SecondRotation.com and TechForward.com. Given that both of these sites will tell you UPFRONT what the value of the electronics are, you could actually start a business buying electronics on Ebay, Craigslist, Freecycle, etc. and 'flipping' them to these companies that buy the devices. You buy the device and immediately sell it to SecondRotation and/or TechForward and pocket the difference between what you pay and what you sell it for. Pay for the items with your credit card and you can theoretically start the business with no money out of pocket.
If I wasn't already busy with my job and the CD business, I'd give it a shot. If anybody actually tries it, let me know how it works out - and don't say I never gave you anything!
2 comments:
Hey Brent,
What is your CD business?
-B.Volk
I 'flip' cds. Essentially it works like this - I buy cds that are hard to find/rare and sell them on Amazon and Ebay for more than I buy them for. I have a watch list of about 8000 cds that I've developed over the last 9 years and I buy those and sell them to collectors, etc.
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