My first attempt to increase my large net worth of $20 will begin with the familiar site Ebay. I personally sell items on Ebay every year and use it as a way to make a little extra walking around money and help de-clutter my life. I know that Ebay has been around since 1995 and this will be an overused topic so I will try to make it concise and informational.
Ebay is the largest online Auction site in the U.S. if not the world (I don’t feel like checking the stats). Forbes.com ranks them #59 on the World’s Most Valuable Brands list. With over 14.07 Billion in annual sales I figured this would be a good venture to start with.
Ebay allows the user to create an account to buy and sell anything they can imagine. Obviously there are restrictions, see below. I began using Ebay in college to make additional income and have continued to use it for years. I would not be considered a power seller but I have always enjoyed it. I like the ability to list items as a standard auction, fixed price, and even add reserve pricing. I found the list of prohibited items especially entertaining; I have listed the ones I thought were best even though they just killed my first investment ideas:
- Drugs and drug paraphernalia (obviously)
- Nazi paraphernalia (Mein Kampf had a ton of listings)
- Intentionally soiled underwear (There goes my weekend)
- Human body parts, organs, and remains (Toe nail collections excluded)
- Military hardware such as working weapons or explosives
- Any object of Iranian, Cuban, or North Korean origin
- Enriched uranium, plutonium, and other fissile material
- Souls, ghosts, and other “items whose existence cannot be verified”(what if they are refundable) are prohibited
The first item I will be selling is an old Apple Macbook power cord. I reviewed some previously sold items and similar ones have sold for an average of $30. I received the cord for $5 from a coworker who no longer needs the cord. I listed the product for $15 with free shipping. I currently have 4 days left and will update the blog once the item has sold. Let’s see what kind of return we can make on our first adventure.