The choices are limitless on what you can do with that cold hard cash. You could allow it to sit and accumulate all year and use it for Christmas if you wanted to. You could use it to pay the register price on your next deal. You could spend it on something frivolous. What you do with yours is completely up to you, but I'm going to show you what I am currently doing with mine.
I've mentioned it many times before that I have an Ebay account. I've really neglected that account over the past few months and the inventory had dwindled down to around 19 items which is honestly tragic. I've always said that once you figure out your niche and system with selling on Ebay that the majority of the time it is easy money.
Don't get me wrong, it's work. Sometimes it can be a LOT of work but for me it isn't 40 hours a week work. It's a few hours a day here and there kinda work and that's the kind of work that I actually like because I'm lazy that way. Ok, I'm NOT REALLY lazy but I have a lot of things going on that limit how much time I can spend on each thing every day.
So how does Ibotta and SavingStar rebate money fall into this mix? Well... I recently used some of the Ibotta money that has been sitting in my account to make a couple of purchases from a liquidation website. I spend a few minutes examining the manifest to check to see how much the items have sold for on Ebay in the past 30 days, decide if the amount of money that I can make is worth it and if it is, I buy the box.
I'm choosing to use this round of Ibotta and SavingStar money to jump start my Ebay account and get it hopping again. I'm not sure what I'll do with the next round... yet.
For example, one of the boxes that you saw me open today cost $120.51 shipped. That $120.51 came from mine and Cory's Ibotta accounts and there's still money left. After it is all said and done, after a few hours of work, that $120.51 will be turned into $350.00 (ish) over a bit of time on Ebay. It will be more than doubled and it will only take an afternoon of work to get it listed. I believe that is a better return than the money just sitting in an account somewhere or using it to buy crap that has no benefit to us. I can "roll" the profit back into more boxes, increasing the amount of inventory which in return will ultimately increase the amount of money that I make every month on Ebay. I wonder how much money I'll end up with on December 31st? We are definitely going to find out.
And it starts with money from couponing. Who would have thought?
A lot of people tell me that they would do something like this if they had the extra money. Well... a month or two of using the rebate apps together with coupons on things you would buy anyway will give you that money. Just remember to stick to the things that you buy anyway and the money makers, even if it's only 10 cents, and you can do this. Buying crap you don't use that cost money out of pocket for you will not work with this. Spending an extra $5.00 out of pocket on a rebate for something you won't use and don't need so you can get that $1.00 bonus for level one defeats the purpose. They WANT you to do that. It's called marketing to entice sales. Don't fall for it!
There is a method to my madness. Of course we are going to go deeper into the rabbit hole with couponing and rebates but we are expanding. If you read my previous post on residual writing you'll know that I'm going to be talking about more than just coupons and rebates.
I said it last year, I have to show you WHERE to find the money before I can show you what to do with it. Now we are going into the delivery.
Happy Wednesday! Buckle up because it's going to be a fun ride.