Advertising
Advertising

How to Have a Successful Garage Sale

How to Have a Successful Garage Sale

Spring is coming and with it comes spring cleaning! This is the ideal time to make some side cash, because you can gather everything you don’t use and sell it in a garage sale.

If you are really serious about making money from your garage sale, there are several tips and techniques that can help you get there, and we’ve listed each and every one of them below. Follow these tips, and you’ll be well on your way to having a few hundred dollars in your pocket.

Give Yourself Time

grab a box

    There’s no way that you can have a successful garage sale if you are rushed and stressed. Setting up a sale takes time and effort. For example, today would be a great time to start if you want to have a sale a month or two from now.

    Go through every room in your house one by one—spend a weekend on each if you need to. Grab a big box and a garbage bag to bring with you when you clean; everything that’s trash goes in the garbage bag, and everything that’s for sale goes in the box.

    Advertising

    Store your boxes of items from each room in the same place.

    Organize and Clean

    organize stuff

      Now that you have all your boxes in the same place, it’s time to organize.

      Empty the boxes and pack like items together. All kids clothes go in one box, while all toys go in another. Wipe down items with mild soap and water to ensure they are clean and look their best.

      Price Everything

      Advertising

      price tag

        Most people will not want to ask the price of something, so if it’s not clearly listed, they might walk away. In order to make sure that you earn the most money possible, be sure to put a price tag on every item.

        If you have a lot of smaller pieces, you can put them all in one box with a clearly marked label. For example, you can say “All Books $1” or “All clothing items $5 each.” This saves you time and lets the buyer know what you are expecting.

        Have Your Sale On a Saturday

        shutterstock_57712210

          Garage sale enthusiasts plan their Saturday mornings around them, so, it’s best to choose a Saturday in the spring so that you have a better chance of selling everything. Start your sale very early in the morning, but be sure to actually set it up even earlier than that. My most successful garage sale officially started at 8, but I sat outside early and sold almost 30 items before that time even rolled around!

          Advertise On Multiple Channels

          Advertising

          Businesswoman at her desk using a digital tablet

            With the Internet age, it’s important to advertise your sale in multiple ways.

            First, you should make signs to put around your neighborhood. Don’t choose small signs with small writing, since no-one can see them! The letters on your signs should be as big as a ruler: any smaller, and cars passing by won’t be able to read what you have on them!

            Also, be sure to put an ad on www.Craigslist.com with a picture of your big-ticket items. This could include your sofa, or a stack of hardback books. Ads without photos are easy to ignore, and most people won’t even bother to look at them, so make sure that you have a big, bright picture that’s enticing to buyers. You can also post a reminder ad on the morning of saying, “Sale going on right now!”

            Pro TipDon’t forget that old-school methods like putting an ad in your local newspaper are also an effective way to get buyers to come to your house.

            Accept Low Offers

            Advertising

            shutterstock_111349808 (1)

              People go to garage sales to get quality items for low prices. They will bargain with you, and you should definitely haggle with them. It’s hard to pinpoint exactly how low you should go, but just remember that the entire goal of the garage sale is to clean out your house and make money. So, if someone offers you $10 for a side table that you spent $60 on, that’s okay—remind yourself that you didn’t want it anyway, which is why it’s out on the curb. You’d be surprised at how much you’ll make when these little items add up, so be generous and accept low offers.

              Only Take Cash

              shutterstock_99602420

                This seems like a no-brainer, but it’s an easy one to forget. Many people might try to pay you with a check or offer to pay you online but don’t accept it! Although most people are likely genuine, you don’t want to be scammed. Cash in hand is the best and the only approach. Even if people have to drive to the bank to withdraw cash from the ATM, go ahead and let them do so for your own security.

                Donate the Rest

                shutterstock_67513879

                  When your garage sale is over, pack up the leftover items and donate them to a local thrift store. Be sure to pick up a receipt for tax purposes so that you make a little extra money at the end.

                  We hope that these tips help you to have a successful garage sale this year! Good luck!

                  More by this author

                  Catherine Alford

                  Catherine is the go to personal finance expert for educated, aspirational moms who want to recapture their life passions.

                  11 Reasons Why It’s Important to Follow Your Dreams How to Make Money Right Now How to Have a Successful Garage Sale 30 Money Questions to Ask Your Fiance BEFORE Marriage 42 Amazingly Free Things That Will Make You Smile

                  Trending in Money

                  1 How to Invest for Retirement (The Smart and Stress-Free Way) 2 How to Nix Your Credit Card Debt in Less Than 3 Years 3 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2019 4 How to Use Credit Cards While Staying Out of Debt 5 How to Use Debt Snowball to Get out from a Financial Avalanche

                  Read Next

                  Advertising
                  Advertising
                  Advertising

                  Published on May 7, 2019

                  How to Invest for Retirement (The Smart and Stress-Free Way)

                  How to Invest for Retirement (The Smart and Stress-Free Way)

                  When it comes to stocks, I bet you feel like you have no idea what you’re doing.

                  Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

                  Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

                  You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

                  Here’s how to invest for retirement the smart and stress-free way:

                  1. Know Clearly Why You Invest

                  Odds are you already know why should invest for retirement.

                  But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

                  • Will you spend more time with your family?
                  • What does retirement mean to you?
                  • Are you looking to launch that business you’ve been holding off for years?

                  Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

                  Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

                  2. Figure out When to Invest

                  “The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

                  It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

                  The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

                  Advertising

                  A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

                  Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

                  3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

                  Investing your money well depends on your emotions.

                  Why?

                  Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

                  Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

                  Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

                  Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

                  4. Open a Reliable Retirement Account

                  Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

                  If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

                  You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

                  1. Vanguard
                  2. TD Ameritrade
                  3. Charles Schwab

                  5. Challenge Yourself to Invest Consistently

                  Committing to invest for retirement is hard, but continuing to do so is harder.

                  Advertising

                  Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

                  That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

                  Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

                  A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

                  6. Consider Where to Invest Your Money

                  The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

                  Robo Advisors

                  Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

                  Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

                  Bonds

                  Think of bonds as “IOUs” to whomever you buy them from.

                  Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

                  Here are the different types of bond categories:[5]

                  1. Treasury bonds
                  2. Government bonds
                  3. Corporate bonds
                  4. Foreign bonds
                  5. Mortgage-backed bonds
                  6. Municipal bonds

                  Mutual Funds

                  Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

                  One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

                  Advertising

                  Real Estate

                  Yes, buying a home is an investment when done correctly.

                  Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

                  This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

                  But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

                  Savings Accounts

                  Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

                  7. Master Disincline to Dodge Short Success

                  Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

                  So how can you master delayed gratification?

                  By building your discipline.

                  Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

                  Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

                  8. Aggressively Invest on This One Investment

                  I’ve mentioned several types of investments but haven’t covered the most important one.

                  It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

                  Advertising

                  More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

                  But, how can you invest yourself?

                  Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

                  Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

                  But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

                  Retire Happy with Excess Money

                  The key to a secure financial future doesn’t only belong to financial experts.

                  It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

                  I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

                  Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

                  One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

                  More Articles About Making Wise Investment

                  Featured photo credit: Matthew Bennett via unsplash.com

                  Reference

                  Read Next