Lessons Learned from Money Challenge #1….and new challenge!

It’s been a week since Money Challenge #1 ended. It was quite humbling to come up short by almost $200. But I learned some valuable lessons to help aid me in accomplishing future challenges:

1. Don’t stop the winning streak. I quit collecting money everyday on Day 12 of my last challenge and never fully got back on board. That was a mistake. Taking a break made me lose the momentum needed for achieving the objective. In the future, there should be a daily blog post to stay motivated.

2. Be reasonable with goals. The Beard thinks it was silly to set a random dollar amount in the last challenge. When I told him I wanted to somehow make $500 in 31 days, his response was, “How did you come up with that amount as a goal?” I didn’t have a good answer. I guess it’s better to set smaller, more realistic goals.

3. Stay motivated. I could have psyched myself up more to help myself stay motivated during the last half of the challenge.

So I’ve decided to take on a similar challenge with different goal points. Plus, this one combines my love of accruing extra money with my desire to downsize my belongings in hopes of embracing a more minimalist lifestyle.

So the new challenge is:

Everyday Listing/Selling for 31 Days

That’s right. I have to list or sell something every day. Every day, I need to put something on Craigslist or Ebay or Facebook to sell or I need to somehow sell something by taking it to a resell shop.

Although I haven’t created the rules of the challenge yet, I’ve already decided to list something. So, as of Day 1, I’ve listed this brooch on Ebay:

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This kickstarts Day 1 of the challenge. Hopefully with a daily goal as part of the challenge I’ll actually be able to achieve it!

Day 23 of Money Challenge #1: $500 in 31 days – What to Sell

I called in sick to work today because I felt awful. Perhaps my illness has contributed to my lack of finding anything useful to sell around the house. Today, all I found was a leather LARPing cloak and a 90s film noir shirt.  Not anything that’s gonna bring me $250 in the next 8 days.

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I’m hoping to get around $100 for the leather cloak and $15 for the top. But I realize I’m being optimistic.

Only time will tell…

 

Day 10 of Money Challenge #1: $500 in 31 days – Ebay Bidding Blues

Last week I listed an expensive dress and skirt on Ebay in the hopes of seling them for a hefty profit to pull me ahead in the challenge. Unfortunately, this didn’t happen quite as planned. The dress and skirt sold for a profit of only $10. At retail price, they’d sell together for around $280. I guess that’s what makes ebay such a great site for bargain shoppers. 

But today I’m only $10 richer. I guess it’s a fitting number for day 10!

Day 10

Today’s gain: $10

Total amount accrued: $142.50

Left for the win: $357.50

Day 7 of Money Challenge #1: $500 in 31 days

I was walking around a new thrift store, thinking about how overpriced the stuff was until I came across the fabric section and saw two oddly fuzzy pieces of fabric hanging from the line for only 99 cents.  I was curious about what the hell this was, so I inspected the strange fuzzy fabric and found this:

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The gold tag, not the white. It says “American Girl” and that means it’s worth more than 99 cents in great condition. So I bought the strange pieces of fabric with the intent in reselling them on ebay. Alas, I made $10.51 profit today with that instinct to resell them!

Finding weird things at the thrift store and reselling them is always a gamble. Luckily, I’ve been doing it for about 8 years so I’m finally at that point where I know what I’m doing. And trust me, it took all of 8 years to get to this point. But even a total newbie can see that American Girl is a seller.

And that’s how I sold these…

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They’re some kind of bedding/rugs/faux animal hides for the now retired Native American Girl doll Kaya. They sold for $13 + $4 shipping, but after ebay fees, Paypal fees, and shipping costs, and what they cost me, I made 10 buckaroos.

Moral of the story: check out the fuzzy fabric at the thrift store….er, just keep an open mind when figuring out what you can sell for extra dough.

Day 7

Today’s gain: $10.51

Total amount accrued: $63.27

Left for the win: $436.73