June 2024 – Change jar flip

Two years ago I decided to take the money in my change jar and buy and flip items to see what would happen. It has been a great success at this point to say the least. I'm going to go through a summary of year two and a summary of the total at this point. Summary of Year Two I am a numbers person so I will walk through the numbers of the year's progression. Initial Starting Amount Year Two: $384.35 Number of Items Sold Year Two: 83 Largest Profit Made on One Item in Year Two: $279.24 Smallest Profit or Biggest Loss on One Item in Year Two: $-21.27 Number of Items Sold I Made Money On: 60 Number of Items Sold I Lost Money On: 23 I've started purging older items I paid small amounts for Currenty Total Inventory Possible: $1931.59- Over 53 times what I started with! At an annual 8% return on my initial amount it would take 51.5 years to reach this level. Total Profit in Year One: $1519.45 excluding gains and losses on stocks Current Number of Items in Inventory: 53 Average Profit on Items Sold: $18.31 Approximate Number of Hours Needed: 30- I was spending no more than ten minutes to find items when I buy them. To pack and ship takes me around ten minutes, as well. Approximate Hourly rate: $50.64 per hour Overall level of satisfaction with this: 10 out of 10 in Year Two Summary of All Years Initial Starting Amount Year Two: $36.38 Number of Items Sold Year Two: 113 Largest Profit Made on One Item: $279.24 Smallest Profit or Biggest Loss on One Item: $-21.27 Number of Items Sold I Made Money On: 87 Number of Items Sold I Lost Money On: 26- I've started purging older items that I paid small amounts for Currenty Total Inventory Possible: $1931.59- Over 53 times what I started with! Total Profit Overall: $1895.21 excluding gains and losses on stocks Current Number of Items in Inventory: 53 Average Profit on Items Sold: $16.77 Approximate Number of Hours Needed: 45- I was spending no more than ten minutes to find items when I buy them. To pack and ship takes me around ten minutes, as well. Approximate Hourly rate: $42.12 per hour Where to Go From Here My goal was to pass $1000 in inventory and I almost doubled that by the end of year two. I hope to be able to double the possible dollar value of inventory again by the end of year three. This would put me at $3800. At $3800 in inventory I may be able to acheive over $200 a month consitently in profit without a ton of effort still. If I get to this level I will have made it to the point where the monthly amount could turn someone into a millionaire if they invested the $200 a month in something as simple as the S&P 500 consistently for around forty years, just by buying some items every month in their free time. I will continue to buy stocks with some of the profits I make as I continue flipping to increase the dividend passive amounts. I've had very good luck finding items which are higher priced where I have been able to double my money on them in the past year or make at least 50% on them. If this trend continues I should be able to double my inventory in the next year. I could definitely pivot at this point and just go for a lot of volume to ensure I could move up the inventory amount, but I do not want to be flipping lots of low priced items, because it requires a different amount of time to ensure I can get enough of low priced items conistently. As well, it requires a lot more time in packaging to make $3 - $5 an item as it does to make $30 or more an item. The final factor is I am trying to limit the amount of space I am using for this venture and a thousand dollars worth of items starts to take up some real space. I am trying to make an effort to maximize my hourly rate, unless I just want to go out and get low priced items because I feel like it at the moment. I am not going to update my inventory on this post because you could read my last update. I've sold three items since then, the Fire King which I lost money on, Matthew Lesko DVD and a pair of Sperry shoes I bought in May. These three items made me $14.40 more in profit with a cost of $10.86. That amount of profit in six days since my last update in May shows again and again why this works. I am going to keep on flipping stuff and enjoying this. If you are reading these I hope you are enjoying reading it. Sperry Shoes sold June 2, 2024