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Saturday, September 8, 2012

How to Turn $20 into $100 in Ten Easy Steps

Below I have jotted down the simple formula which I have used to do just what the title claims - turn $20 into $100.

The steps are easy to follow and the process only requires a bit of time and patience, an eBay account (or any online trading site you prefer) and the product of your choice.

The process works.

Anyone can do it.

So here's how it's done...

Step One: Find an item of interest that you know something about and that you can easily reproduce or purchase at a low cost, preferably less than $10.

Step Two: Use $10 to purchase or manufacture the item.

Step Three: List the item on eBay or any online trading site of your choice. Use the remaining $10 to cover listing and success fees. Obviously, list the item for more than it cost you to purchase or make. On that note, make sure the price you sell the item for is enough to:

1. Cover what you paid for the item
2. Enable you to purchase/manufacture two identical items
3. Leave some profit left over to put in the bank

Step Four: After selling the item, use the money you earned from the sale to reproduce the item twice, in other words if you sold one item then replace it with two similar or identical items.

Step Five: List the two items.

Step Six: After accounting for listing fees, bank the remaining cash from the first sale.

Step Seven: After selling the two items, use the money you earned from the second sale to reproduce the items by two each, in other words if you sold two items then replace them with four similar or identical items…

Step Eight: List the four items.

Step Nine: After accounting for listing fees, bank the remaining cash from the second sale.

Step Ten: Repeat steps seven, eight and nine until you have successfully banked $100

Things to remember:

If in a week you sell less than your total amount of stock simply relist what you did not sell and only replace by two the stock that you did sell. For example if I had 50 books listed one week but only sold five then I would relist the 45 that did not sell and replace the five that did with ten books.

You can of course break the rules, the items don’t all have to be the same thing, as long as they are something that you know something about and can obtain at a price that will allow you to sell them for a profit and easily replace.

If your chosen product does not sell after a few weeks then try selling something different.

Finally – you don’t have to stop at $100!!!

Happy trading

To see this method in action click here to read my blog Pimp My Twenty Bucks for a detailed expose on how I turned my $20 into $100 using these steps. ]

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