Joe's Money

Quick update on my experiment.  For those of you that are reading for the first time, the goal was to turn my $52 investment into at least $104 to double my money.

The product has arrived.  I have started to list the items for sale.  I have only listed these once so far.  I did get one response from the initial ad.  The buyer was looking to purchase more than one so maybe I can dump a few.  I will be starting to advertise these more aggressively shortly.

Stay tuned!  I will update as soon as I make my first sale.

Just  quick update on the money experiment.

I have found and ordered my product.  I was able to purchaswe 14 units for a total of $52 including shipping.  I actually bought 2 very similar products.

Based on the $52 investment, the cost per unit is about $3.71.

I am hoping to sell the products for $7 and $9.  Again I have 7 or each for a total of 14.

Estimated revenue, assuming I get the prices listed above are as follows.

7 units of product A = 7 units * $7 = $49

7 units of product B = 7 units * $9 = $63

Total revenues of $112 – $52 cost = $60 profit.  Hopefully, this will hold true and I will double my money.  I’m going to be realistic though, at the end of the month, I might have $52 worth of product remaining.  HA!

So…  Here is the scoop.  I have $105.95 sitting in my paypal account.  This is money left over from a few websites I sold a couple of months back and a little bit of revenue from another site that went belly up.

The plan:  Use some or all of this money to flip a profit by buying a product wholesale and reselling online only.  For every $50 I spend, I want at least $65 in return.  Another rule for this experiment, all business will be conducted from my home.  With the exception of maybe the post office, I will not be leaving.  Hey, at least I get to work in my PJs!  I may try the popular CraigsList or eBay.  eBay is probably out of the question because the site is too saturated.  Yes they have the largest user base, but they also have the most sellers making it almost impossible to find a product I can be competitive with.

Stay tuned.  I will update this as I go.  I will reveal the product after the first round of buying and selling is complete.  This should be fun!