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One Slice of Cheddar - A Friendly Competition

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  • One Slice of Cheddar - A Friendly Competition

    Post #1: The "cheesy" motivation behind it all
    Post #2: The original project that spawned the idea
    Post #3: Ground rules, and the Spirit of the Law
    Post #4: GAME ON! I've made my move... your turn!


    Post #1

    For some of us, life can be hard. You can get knocked down, have everything taken away, and when the dust settles you have to stand back up - sometimes with nothing more than a "lesson learned" to show for it.

    But no matter where you are in life, you always have the gift of Choice. You can either plod along with life as it is, or you can make an effort to change things. Even if you can't always control where you end up, you can ALWAYS make the effort to point yourself in the right direction.

    Like it or hate it, for most of us money is a requirement to be able to function in our society. It follows, then, that part of your efforts to keep yourself pointed in the right direction should include attention to your finances. True: having a lot of money can't buy happiness. But also true: a lack of it sucks. Some people are trying to make sure they can put food on the table, while others may simply want to pad their vacation savings... But no matter your situation, nearly anyone could appreciate some extra cash.

    So, here's the game plan. I'm going to start a year-long project and I invite anyone interested to join me. Over the span of 1 year, I'm going to see how much money can be generated starting with only $1. Or, as I like to call the project: One Slice of Cheddar.

    It may sound crazy - but I know from experience that it can work. Modest beginnings combined with a sprinkle of focused effort CAN end up influencing lives. Two years ago I started with free stuff and slowly - with a few mistakes along the way - it has morphed into an eBay store that grossed $17,000 in sales last year. (I have since given the store to my grandmother, so I'm looking to start anew!)

    This project was born out of a desire to inspire action. People are amazing creatures, and we're all capable of more than we could ever imagine - provided we make the choice to get TRY. I want us to feel like we can take control... do something (or do more) to help get ourselves to where we want to be. We all have different destinations in mind, but for all of us part of the journey includes dealing with money. Let's make a little cash, have some fun doing it, and see if we can end up making our lives even just a LITTLE better in the end.

  • #2
    Post #2

    Short History of my First Project:
    This whole idea came from a project I started a couple of years ago when I had come back from working overseas for a non-profit organization. I wanted to raise funds to donate to the cause - but I hate asking for money. I didn't mind earning it, however, so I got started by selling magazines on eBay that I had gotten off of Craigslist for free. One thing led to another, and I ended up restoring and selling vintage appliances. (You'll soon find that starting a project like this will open doors and lead you to places you never knew existed!) Restoring these old machines, I quickly found that parts were rarely available - and I wasn't the only one looking for them. After searching for DAYS, I ended up finding a large lot of useful parts - I used what I needed, and sold the rest. And slowly, by selling what I had and reinvesting the money to buy more stuff, I built up my inventory.

    Everything was going great until my grandmother found out she had cancer. The treatment isn't cheap, so eventually she had accumulated an outrageous amount of medical debt. She lives on a fixed social security income, so these bills were absolutely impossible to keep up with. I decided then that I would give the "business" over to her so the profits could be used to help pay for the treatment. She has since recovered extremely well and is back to leading a normal life - so she is able to run the eBay store completely on her own. My only role now is to help with sourcing her inventory. Last year, her first full year "on the job", she had more than $17,000 in revenue. It has completely transformed her financial situation, and she did it all from her bedroom.

    It's a new year, and I'm looking to prove that you can start from nothing and do something significant. Is it foolproof for 100% of the world's population? Of course not. I don't expect starving children in Africa to restore vintage toasters or sell mixing bowls on eBay. But 99% of the folks in a developed country should have some access to the internet... thus putting everyone on equal ground with an equal opportunity to participate.

    Comment


    • #3
      Post #3

      This project is about asking, "How can I?". It is NOT about finding excuses why you can't. I don't care if you make $3 or $30,000 this year - it's not about the outcome. It's about whether or not you tried.

      The project is called "One Slice of Cheddar" and for a while I was fixed on the idea that one HAD to start with a single dollar. But after a while I realized that I was missing the "spirit" of the project. The idea is to start with an amount of money that if you were to literally flush down the toilet, you wouldn't miss.

      Let's keep the number capped at around $10, as I'd like to keep the barriers to entry as low as possible to make sure that anyone with any budget can join in on the fun. Of course, you can also start out by using something you got for free... or something you have around the house... I don't really care. Just don't "risk" anything to start.

      Basic Rules
      1) Start with $10 or less. Do ANYTHING (legal) to turn that $10 into more money. It doesn't matter what, where, or how... just start something NEW. This is for EXTRA income - your day job doesn't count. Provide a service, sell stuff, make stuff, write stuff, whatever gets you excited! ENJOY WHAT YOU DO OR YOU WON'T KEEP UP WITH IT.
      2) Now you have more money than what you started out with - no spending it on personal stuff! Use that new amount of cash to fund round 2 to go bigger and better. Repeat!
      3) The game is only over when you give up. Since you shouldn't be risking anything to start, there shouldn't be any reason not to try again if you lose your initial "investment."
      4) SHARE EVERYTHIG YOU DO! We can only learn from each other if we take the time to tell others what we do. You made money? Awesome! Let's hear about it! You lost money? Dang-it... 'tis the nature of the beast. But let's hear about that too! There is NO shame in "losing" money... you started with next to nothing after all! You've got no skin in the game.
      7) Have fun. Seriously. If this ever becomes a chore, or a heartache, or an emotional drain - stop. If you want to hate something, go get a 'normal' job - let's enjoy this.
      8) To win the game, all you have to do is play. The amount of money that you make means very little - what you learn in the process of trying is the treasure.

      Of course, these are all loose guidelines... do what works for you. Just START and SHARE!

      Comment


      • #4
        Post #4

        So, here we go. First move.

        I'm starting with a vintage cookbook I found at an estate sale for $2. I'm going to list it on eBay and see what happens.

        I'll update with the totals!
        Attached Files
        Last edited by jdom07; 01-10-2014, 07:56 PM. Reason: Added photo

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        • #5
          I don't know why, but the last post doesn't seem to be showing my photo (probably because I don't have enough posts). But the results are IN!

          The book I purchased for $2 just sold on eBay for $41 - here's a summary of the money:

          $41.00 Sale Price of the book
          -$ 2.00 Cost of the book (paying myself back! Now I have $0 invested!)
          -$10.00 Cost of shipping, eBay fees, PayPal fees, packing materials
          $29.00 TOTAL PROFIT (Can now be used to fund more money making ventures!)


          Not bad for round 1 - more than I expected. Now there's a little cash in the pot to use for making money in round 2!

          Comment


          • #6
            Left off with $29.00 after selling 1 item I found while spending some time out with my grandma.

            Since selling that vintage cookbook worked so well, when I found another last week I had to try again. I used the money I made from the first book to purchase this one for $2 as well and it sold for $26.75... Here are the figures:

            $29.00 (current profits)
            -$ 2.00 (cost of the book)
            +$26.75 (Revenue from selling the book)
            -$11.00 (Shipping cost, ebay fees, paypal fees)
            $42.75 (Total year to date profit)

            Not bad... that means $42 of profit have been generated from 2 items that cost $4 and I have $0 of my own money invested.

            A gain of 950% in a couple weeks! (Wouldn't it be cool if you could do that with larger sums of money!!?? )

            But seriously. The goal is to keep adding to your pot of available funds so that when the bigger opportunities arise, you can reinvest those profits and really grow your money!
            Last edited by jdom07; 01-27-2014, 02:42 PM. Reason: formatting

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            • #7
              Since the object of this exercise is to only spend money that you've made (can't be dipping into your personal wallet!) I'm going to start posting everything I buy with the intent to sell so I don't ever over-spend.

              $42.75 (current profits)
              -$ 3.00 (vintage Texas A&M yearbook I found)
              -$ 4.00 (another cookbook)
              -$ 3.00 (gardening book)
              -$ 0.35 (6 funny vintage signs)
              $32.40 TOTAL AVAILABLE FOR FUTURE INVESTMENTS

              Keeping in mind that everything I've purchased has essentially been "free" since I'm not using any of my "own" money - only the profits from previous sales.

              Comment


              • #8
                Don't forget to reserve money to pay taxes on your sales

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                • #9
                  I'll be sure to pay taxes on my PROFITS, once they amount to something substantial (:

                  Comment


                  • #10
                    Purchased more stuff today... here's the update:

                    $32.40 Profit available for 'investing'
                    -$ 8.00 Box of vintage books
                    -$ 3.00 Box of craft supplies
                    -$ 3.00 New-In-Box over-the-sink shelf
                    -$ 3.50 Wooden boxes I plan on refinishing
                    $14.90 NEW AMOUNT AVAILABLE FOR INVESTING

                    Comment


                    • #11
                      Sold another cookbook a couple of days ago!

                      Already deducted the cost of the book from my profits, so here are the numbers:

                      $14.90 Current Profits
                      +$25.00 Sale price of book
                      -$ 9.90 Shipping cost and ebay/paypal fees
                      $30.00 NEW AMOUNT AVAILABLE FOR INVESTING

                      And now I've got a pile of items that are currently for sale, or need to be listed for sale - all of which have been paid for entirely out of profits.

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