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2 years ago, I was 10K+ in debt, and starting a new job after 6 mos. of un-employment.
1.5 Years ago, still same debt, but back on my feet, I created a budget to pay back my debt.
I started with my budget, I sat down with my girlfriend, and her mother, and we created us both a budget. Took away my spending habits, QUIT SMOKING, and started buying groceries. Those 3 things added 200$ a month towards my debt.
The reason for this thread, the 2 things that helped me out the most in losing 10K+ in debt in 1 year while only making 21K in my annual salary.
#2: Garage sales, I would first put aside 100$ a paycheck and the follwing weekend I would go to garage sales, Estate sales, and public housing auctions. I would look for nice lightly used furniture, brand name clothes, rare antiques or collectibles. Not to keep, but to clean up or re-finish, and re-sell. My first time out I made enough money to pay off a 400$ debt. After that it was a snowball effect. I would take from the money I made with selling the merchandise the money I invested plus an additional 100$. I would use this the next time I went out as my buying money. I continued this process until I was willing to spend 500$ a weekend on a sale.
SHOP AROUND! Don't go in to your first sale and blow your allotted money in the first sale. Reminder MOST garage sales are multiple day events, and unless you are getting a screaming deal on something hold off on that item and go to other sales in hopes you find something greater. If not re-visit, and if they have it, and you have the money left then buy it.
HAGGLE! Garage sales are like used car lots, no price is set in stone, and can always come down. My best haggle to date, I saw a solid oak chester drawers the guy wanted 100$ last day of his moving sale, I said I would give him 40$ because of scratches and imperfections I would have to repair it before use. He said 70$ was the lowest he would go, I said I would do 50$, left him a card with my name and number, and walked away. I received a call the next day and bought it for 50$, I cut HIS price in HALF, not mine. I made 550$ off of that chester drawer.
#1 Storage Unit Auctions. Once I was to the point I was willing to spend 600$ a weekend on garage sales and such, I got into storage unit auctions. I watch Auction Hunters religously, and have used their tactics, as well as my own to make this profittable. Again the same rules apply with garage sales, but are still slightly different. I can't haggle price here, I just have to know how to play the auction game. I value the room pre auction, if I feel the room is worth 1000$ my max bid will be 500$ for that room I am only willing to bid half of what I think the room is worth. These tactics are what I learn from watching Auction Hunters. My tactics, buy multiple small value rooms, vs. one "Hopefully" large value room. I would rather buy 3 rooms for 500$, vs. 1 room for 500$.
PATIENCE IS KEY! This game it is all about patience at first while you learn the in's and outs, and what to look for in a room, to give it a true value. My first 2 rooms I made exactly what I bought the rooms for, after that I gained more knowledge.
LEARN WHAT IS GARBAGE AND WHAT IS NOT! Learning what to throw away, and what to sell isn't hard. If it looks like it will take more effort to repair or restore something, throw it away. Some vintage items have more value from being tarnished.
LEARN WHAT TO QUICK SELL, AND WHAT TO HOLD TO INCREASE VALUE! Hard part here is, do I want to keep this item to let it gain more value, or should I sell now to make the quick sell? Tough question, but not really when the time comes. For instance, my 5th room I bought, I found a box full of Baseball/Basketball cards. Took it to a card trading center in my town to have them valued, I sold 4 cards for 500$ combined, junked about 1000 cards, and kept 1. A Derrick Rose rookie Tops Gold card. At the time the value was 1400$, I just had this card re-appraised 2 weeks ago upon the announcement of his MVP award, the value now holds 4500$.
In the end in just over 1 year of garage sales, estate sales, public housing auctions, and storage unit sales. I am proud to say that this month I am paying the remaining 1000$ on my debt off, and my GF who had 15K+ in debt is only 3500$ away from being debt free.
I hope these tactics will help someone out that may be looking for ideas to make extra money.
-Brandon
1.5 Years ago, still same debt, but back on my feet, I created a budget to pay back my debt.
I started with my budget, I sat down with my girlfriend, and her mother, and we created us both a budget. Took away my spending habits, QUIT SMOKING, and started buying groceries. Those 3 things added 200$ a month towards my debt.
The reason for this thread, the 2 things that helped me out the most in losing 10K+ in debt in 1 year while only making 21K in my annual salary.
#2: Garage sales, I would first put aside 100$ a paycheck and the follwing weekend I would go to garage sales, Estate sales, and public housing auctions. I would look for nice lightly used furniture, brand name clothes, rare antiques or collectibles. Not to keep, but to clean up or re-finish, and re-sell. My first time out I made enough money to pay off a 400$ debt. After that it was a snowball effect. I would take from the money I made with selling the merchandise the money I invested plus an additional 100$. I would use this the next time I went out as my buying money. I continued this process until I was willing to spend 500$ a weekend on a sale.
SHOP AROUND! Don't go in to your first sale and blow your allotted money in the first sale. Reminder MOST garage sales are multiple day events, and unless you are getting a screaming deal on something hold off on that item and go to other sales in hopes you find something greater. If not re-visit, and if they have it, and you have the money left then buy it.
HAGGLE! Garage sales are like used car lots, no price is set in stone, and can always come down. My best haggle to date, I saw a solid oak chester drawers the guy wanted 100$ last day of his moving sale, I said I would give him 40$ because of scratches and imperfections I would have to repair it before use. He said 70$ was the lowest he would go, I said I would do 50$, left him a card with my name and number, and walked away. I received a call the next day and bought it for 50$, I cut HIS price in HALF, not mine. I made 550$ off of that chester drawer.
#1 Storage Unit Auctions. Once I was to the point I was willing to spend 600$ a weekend on garage sales and such, I got into storage unit auctions. I watch Auction Hunters religously, and have used their tactics, as well as my own to make this profittable. Again the same rules apply with garage sales, but are still slightly different. I can't haggle price here, I just have to know how to play the auction game. I value the room pre auction, if I feel the room is worth 1000$ my max bid will be 500$ for that room I am only willing to bid half of what I think the room is worth. These tactics are what I learn from watching Auction Hunters. My tactics, buy multiple small value rooms, vs. one "Hopefully" large value room. I would rather buy 3 rooms for 500$, vs. 1 room for 500$.
PATIENCE IS KEY! This game it is all about patience at first while you learn the in's and outs, and what to look for in a room, to give it a true value. My first 2 rooms I made exactly what I bought the rooms for, after that I gained more knowledge.
LEARN WHAT IS GARBAGE AND WHAT IS NOT! Learning what to throw away, and what to sell isn't hard. If it looks like it will take more effort to repair or restore something, throw it away. Some vintage items have more value from being tarnished.
LEARN WHAT TO QUICK SELL, AND WHAT TO HOLD TO INCREASE VALUE! Hard part here is, do I want to keep this item to let it gain more value, or should I sell now to make the quick sell? Tough question, but not really when the time comes. For instance, my 5th room I bought, I found a box full of Baseball/Basketball cards. Took it to a card trading center in my town to have them valued, I sold 4 cards for 500$ combined, junked about 1000 cards, and kept 1. A Derrick Rose rookie Tops Gold card. At the time the value was 1400$, I just had this card re-appraised 2 weeks ago upon the announcement of his MVP award, the value now holds 4500$.
In the end in just over 1 year of garage sales, estate sales, public housing auctions, and storage unit sales. I am proud to say that this month I am paying the remaining 1000$ on my debt off, and my GF who had 15K+ in debt is only 3500$ away from being debt free.
I hope these tactics will help someone out that may be looking for ideas to make extra money.
-Brandon
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