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How to Make Money From Ebay and Amazon Without a Product to Sell

How to Make Money From Ebay and Amazon Without a Product to Sell

For as long as I can remember, I have been around professional sellers on Ebay and Amazon. They have been selling 6 to 7 figures worth of items every month for the past few years.They generally purchase products from China, label them with their own brands and sell it on Amazon. Some of them now have well-established brands. I have seen them working hard, procuring, organizing, sorting, labeling and shipping stuff day-in and day-out. While I wanted to be able to have a business that makes money like they do, I could never see myself putting in 18 hours a day for my business. Call me lazy if you wish. I call work-life balance.

I was once talking with a friend (who happens to be a hardcore techy) about the possibilities with Amazon and Ebay and how my other friends were making bank. He did not believe in selling online as he was never into customer service. However, he did tell me something that changed my work-life forever after that moment. I now put in a few hours a week on a side business and make decent income without having a product of my own.

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How to buy and sell without a product

I am buying and selling online, but I do not have a product. I sell about USD 3K a month. No, I am not selling a consultancy or service either. I am selling used textbooks — but I do not have to keep books with me or procure them like any other seller has to, or wait for a buyer to purchase from me. My model is as easy as 1-2-3 and it has been working great.

My process is simple:

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  1. I find a book being sold by website XYZ.
  2. I find website ABC that is buying that book at a price higher than XYZ’s selling price.
  3. I place an order at XYZ, get the book, and sell it to ABC.
  4. I keep the difference.

The secret is finding books that are being bought by websites at higher prices. This is extremely tough to do if you do not have a technology aide. However, thanks to my techy friend, I was introduced to such technology — called Flippiness.

This is not a get-rich-quick scheme

Flippiness allows users to find special combinations that we call a flip. Flippiness has a free plan where you get flips that make you less than 5 bucks per flip. But if you are serious about making money this way, I recommend no less than the Gold plan, which costs 100 bucks a month.

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Like any other business, you need to be careful. You need to understand that a website will only pay you if you send them a good book. No one is going to pay you what they quoted if you send them a book with any of the following flaws:

  1. Different edition (international or an older edition)
  2. Different cover (hardcover vs. softcover)
  3. Poor condition (some sellers have torn books or loose leaf books)
  4. Different ISBN (ISBN is the number that uniquely identifies books)

You will still make these mistakes knowingly or unknowingly for the first few times. You will, however, learn from your own experiences. There is a helpful community of people who reply on Flippiness. If you are a Facebook user, you can join it too and get some help when you have a question.

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Is this for you?

You are the only person who can answer that. I’d recommend that you not put in $100 a month to start with. Sign up as a normal Bronze user and flip a few cheap books. Decide on how much you want to invest ($50 is good to start with), and only buy a book cheaper than that. Send the book out and see if you made any money. You will also get acquainted with the process and the amount of work it requires from you.

Once you have flipped a few books, then you can decide if you want to continue. If you feel this is for you, then you can start putting in more time and money — and reaping the benefits.

Featured photo credit: Pexels via Splitshire via pexels.com

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Mukesh Agarwal

Professional Blogger

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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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