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How to Achieve Financial Independence FIRE Reselling on eBay Poshmark Amazon & Mercari ResellerFI
Early retirement isn’t feasible for most people unless you earn a very high income
Save $1500 a week for 10 years, and earn 6% interest investing in Vanguard. That’s a million dollars.
Most people don’t even earn $1500/week, so I propose a more achievable plan for the “average reseller.”
Every $10k you earn is $250k less you have to save according to the 4% Rule
$10k listed is $10k annual Income According to My Personal Reselling Experience (Just double your money once)
A. Double your money on your investment once
or B. If 1/3 of Revenue is Profit, Sell Your Items 3x a year or turn your inventory every 4 months.
If you want to replicate the 4% rule for $1 million dollars producing a $40k income. $1k/week pre-tax income, you can theoretically have a working retirement if you invest $13-$40k into listing popular products in your online stores. If your turn is faster, you don’t have to invest as much.
There’s very little creative or new ideas on eBay. Most people make money online selling what’s already selling. They are riding the coattails of only about 20 different categories. (Electronics, books/media, video games, home goods, necessities, clothing(half of all online sales), shoes (specifically Nike), vintage, collectibles, rare items, celebrity, nostalgia, Americana, coins, currency, bikes, memorabilia, musical instruments, cell phones, laptops, stuff for kids, babies and special events). Become world class at 1-3 of these categories.
If you want to get rich, “faster,” there’s 3 ways to do it.
1. Better Judgement (Less, but better concept)
More exposure/research in different categories.
More focus on less categories. Mile deep vs mile wide.
2. More Leverage “Give me a lever long enough, and a place to stand, and I will move the earth.” – Archimedes
Money
People
This is really challenging, most people are horrible managers or are reselling in the first place to avoid dealing with people, reselling is a solo gig for most people.
3. Lower Cost of Replication (Selling similar items or the same item saves time, money and labor.)
Seek to put your reseller profits into wealth, or vessels that earn money while you sleep. Rentals, real estate, stocks, bonds, securities. Online selling as a version of this because your store is always open.
Arm yourself with specific knowledge, accountability, and leverage. I believe growth is taught through community and apprenticeship. I host a mastermind group of like minded people, and I now offer coaching. I know exactly how to help you reach your reseller goals, and if you’re not happy for any reason, I’ll give you your money back. http://patreon.com/dailyrefinement.
You’re not going to get rich renting out your time. You must own equity – a piece of a business – to gain your financial freedom. This is why you will meet friends and family that want to invest in your business, but don’t want to participate.
Pick an niche where you can play long term games with long term people or businesses. Even thrifting is fine, because Goodwill is going to be around for a long time.
Reselling has a massive number of related ways to make money. Reselling is a career, and there are dozens of ways to make money that are related to reselling. I define a career as a set of opportunities.
Work as focused as you can. Ruthlessly eliminate people and distractions in your workplace environment. Bill Gates and Warren Buffett both stated the number one reason they are successful is “FOCUS.”
Listing is faster than learning how to list. Start listing, then improve your process.
Pick people around you that have high intelligence, energy, and, above all, integrity.
Get rid of cynics and pessimists and complainers. Their beliefs are self-fulfilling. I not only unfollowed certain people, I blocked certain people.
I believe education should cost money, but not be out of reach for most people. That’s why this episode is sponsored by my reseller field guide, it’s all the basics of building an online store. It’s $70, and you get half off with code: youtube. $35 really helps me continue to make these guides.
Thanks everyone, like, comment and subscribe, and I’ll see you on the next episode.
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★ Background Song by Frank Lofty, 2007. He wrote it for me in college for a different project before he became Frank Ocean. HA! I am the verified owner of this song. The song and my cannot be reproduced without my permission.
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