Goodwill Outlet Income Experiment Residual Sales - Week 1
Goodwill Reselling Income
We recently finished an experiment in which we went to the local Goodwill Outlet for 30 days in a row. While there, we would search for profitable items to resell and earn a side-hustle income.
Well, just because we stopped going to the Goodwill doesn't mean that the sales have stopped. Indeed, 'residual' income continues to flow from the efforts expended during those 30 days.
It is not exactly passive as the sales still need to be packed and dropped off at the Post Office, but it is easy enough (and quick since my job is about 1/4 of a mile from the Post Office).
During the 30-day experiment we were able to make a profit, after fees and costs, of $1,300.78!
So how much do you think has sold in the 7 days since we stopped going to the Goodwill Outlet?
Let's find out!
Day 31
Total Sales Revenue = $118.95
Day 32
Total Sales Revenue = $118.29
Day 33
Total Sales Revenue = $120.45
Day 34
Total Sales Revenue = $87.47
Day 35 + 36 (Sunday, no shipping)
Total Sales Revenue = $51.42 + $69.92
Day 37
Total Sales Revenue = $18.98
Profit!
Of course, total sales revenue is not profit. I have to subtract costs such as what I paid for the item in the first place, fees charged by eBay and Paypal, and shipping. There are other costs too, but it becomes even more difficult to judge accurately.
"How much money worth of tape did I use on that box?"
Those costs are not included. But doesn't anyone have costs to work that they don't think about or include?
So I don't mess around using my precious time to add everything in. But I think we can agree I estimate everything close enough for what we are doing here.
Profit Day 31: $72.09
Profit Day 32: $84.76
Profit Day 33: $82.19
Profit Day 34: $63.22
Profit Day 35: $37.93
Profit Day 36: $47.18
Profit Day 37: $10.16
Total 'Residual' Profit After 1 Week: $397.53
Add that to the 30-day total and we have made a profit of:
$1,698.31
Hmm, kinda makes you want to hustle up some profit.
What do you guys think, is this hustle worth it? Would you do it? ARE you doing it?
Let me know in a comment below.
its all about hustle where ever you are in life...hustling re-sale at Goodwill or hustling your next customer sale for your small business or hustling your side project into a job if you are a programmer. you can keep going at Goodwill or not but never lose the attitude
I think once a hustler, always a hustler :D
It might not replace a day job, but it's hard to deny the benefit of bonus cash in the budget. What's the approximate time investment here?
Hmm, during the 30 days it took 4-5 hours to drive to the Outlet and back, search for things, clean them up, photograph them and list them.
Now it is simply putting them in a box or polymailer and printing the label. Then dropping them off at the Post Office on my way home.
So in theory, if you worked at it for about 8 hours per day for the same rate of return, $3K/month isn't an unreasonable expectation, and that translates to a decent $36K/yr pre-tax and pre-expenses. Depending on your cost of living and the level of consistency you can maintain, that isn't too bad really.
Oh, certainly. This was just one store. If I made the rounds of all the thrift stores in town and hit garage/estate sales on Saturday I would increase the profits.
This is an enough profit, sir. We cannot earn this amount of money in two months even with a job.
True, this is very good money in many areas of the world.
@getonthetrain of Course the eBay Sales are Worth it. It allows me to Buy other Cryptos and SILVER !!!
😀 mo'money x3
I'm doing it while driving to stores I was already going. Picking up electronics when I find them and making $500/month gross.
I am Probably doing 5-10 hours a week so not great money but good education.
Hey, that's $10-20 per hour on your own terms - that's great!
Gross $500, so like only $250
Oh, well most people just waste their time. You are learning and earning instead!
Hopefully you'll pick this up... that's a great result.... it gives me the idea of trying to think up 6 different hustles for 6 months and seeing if you can match that.
If I had my mortgage paid off, I could live off that for a month no problem, so you've officially escaped the man for a month!
On the computer software sales - I get it... I actually bought 2 second hand ZX81s and 1 Spectrum off Ebay about 12 years ago as speculative investments, they're still in their boxes! There is a demand for these things and their related products.
Good job on the thrifting!
Speaking of mortgages, hows things on your end going? The next place and all.
And yeah, vintage computer stuff is a growing market!
2 weeks since I submitted all the info to my solicitors... still in limbo, although I was warned it'd go dead for a fortnight. Hopefully things'll start moving early next week!
I just wanna move, and take those old computers with me... save them a few more years!
wauhhh...for sure im reallly more than excited to hear that. i know it was really a hustle but you made. i can't imagine that you made it without making losses.
Looking at that money at home here and making it in just a week is just unbelievable. i mean even media can talk more about me. when i just got those big upvotes from my dtube videas, i was the story of the whole university. That has been my best experience ever on steemit.
Those DTube rewards were so big! I was very pleased that you got them.
wauhh...thanks
That's almost another job-worth of money! If you could do that consistently, you'd be earning quite a bit of spending cash. Think of the silver you could buy with that! :)
Heck yea!
A side hustle is good, because with a main source of income covering your expenses, all the side hustle can be used for investments to make you financially independent.
$1600 of bitcoin will be quite a big nest egg.
$1600 of litecoin will be even more.
The only downer about side hustles is how much time it takes from other things. I gave up TV long ago, and don't miss it.
I guess, what i am trying to say, is that you have a BETTER side hustle, do that instead.
Using the 4% rule this money could earn $68 per year for life. If I did it for one year straight, I could potentially see a permanent income of $816 every year for life. Just from this one side hustle.
But yeah better, enjoyment of the side hustle is important. So you need to factor that in. Not much happiness to do a job all day, then hustle on something you dislike afterwards. What I am saying is that money is not the only consideration.
Those were quite hefty residual sales figures and nice revenues. Great figures for a “semi-passive” income! :)
Sure is - and finding the stuff is fun as well!