THE POWER OF EBAY – BAD DEBT REPAYMENT

EBAY – A POWERFUL TOOL FOR RAISING MONEY

During my quest in getting free of bad debt, I found Ebay to be one of the most powerful resources for quickly raising additional funds.

I can assume that most people reading this are already experienced in selling items on Ebay but if not, then please comment and I will write a significant easy to use guide on the subject. I have been selling on Ebay for years so I am fairly experienced in this field, not as a job but as a means to raise additional funds quickly and efficiently.

As I stated to in my initial blog, I have a history of running up massive debts in my past and one of the main reasons for this was due to being a consumer junkie ! I spent years buying what can only be described as “STUFF”. I bought anything and everything.

My definition of “STUFF” is pretty much crap that is bought and rarely if ever used. As you can imagine, a person like me had accumulated a lot of STUFF over the years.

On your journey of eliminating your BAD DEBT (A major step towards accumulating wealth)- take a look around your home, I am sure you will be amazed at just how much crap you have lying around. All this STUFF can be sold and the proceeds put towards paying down your bad debts. I am amazed what people throw out or put to charity shops etc – all these items are a way to make money.

The message here is simple – STOP BUYING STUFF YOU DO NOT NEED – SELL THE STUFF YOU DON’T NEED and pay down your bad debts.

Ebay can be treated as an asset if used correctly, obviously it does take some of your time to sell things but once you get the hang of it, it becomes a fairly passive income stream.

I learned the ropes selling stuff on ebay and eventually progressed to sourcing and selling in niche markets fairly successfully some years back. I have progressed onto bigger things nowadays but Ebay is a great tool for raising funds and ALSO teaching you simple business principles which will become invaluable in the months and years ahead. One of your main goals when building wealth WILL BE to build a business at some stage so start with Ebay it really is worth it from an education and experience point of view. Ebay will unlikely be your business of choice but as I have said it will teach you the very basic principles of business – BUY LOW – SELL HIGH.

Ebay has probably been mentioned a thousand times on financial “gurus” websites so excuse the topic here. I mention it as a TOOL and a LEARNING opportunity so it is not something to be ignored.

There are lots of selling platforms these days, Etsy, Amazon blah blah blah but honestly Ebay is probably the easiest to use so start with it.

Please feel free to comment or ask questions regarding this particular post and I will always answer based on my own personal experiences – good and bad.

So what are you waiting for, get on Ebay and start selling NOW – raise the funds and start really attacking the bad debt list from this angle. The more ways you find to make money and attack your bad debts the better – you will be amazed if you stick at it.

Set a GOAL – Something along the lines of “I WILL RAISE £XXX.00 BY THE END OF THIS MONTH AND ALLOCATE THE PROCEEDS TO THE NEXT DEBT ON MY LIST” Remember to make the list of actions and score them off as you go – this will keep the momentum going.

 

WCTW.

 

 

 

PIGGY BANKS – IS IT WISE TO SAVE CHANGE ?

How many of you save change at home ? I bet nearly everybody in one way or another. Giant empty whisky bottles, piggy banks, terramundi pots, tins, jars……….the list is endless.

The first rule of the rich is this – “Always ensure that your money is working for YOU”. Remember this phrase, think of money as a TOOL not a commodity. It took me many years to realise this and I use the piggy banks as a simple example that everyone can identify with.

The point is this, how on earth can your money (change in this example) be working for you if it is sat in a container in your house ? The answer is IT CAN’T.

Without getting too technical here, the average INFLATION rate in the UK over the years is lets say around 2% – in simple terms this means that it takes 2% more money to buy anything this year than it did last year. In other words your money is being de-valued all the time. I always have to laugh at people who boast of having thousands in the bank (earning an interest rate of 1% in most cases)..Do these people not realise that they are effectively throwing money down the drain doing this ? The secret is to invest money at a rate well above inflation.

OK back to the piggy bank scenario. Years ago, I took great pleasure counting all my pennies when the fateful day of cashing in all my hard earned change came. On one occasion I think I had over £1000.00 in change. This was in a huge whisky bottle that I had been pumping change into for a couple of years.

That money if invested periodically over the two years would now be worth around £1,150.00 so by storing this money in my walloping great whisky bottle I effectively threw £150.00 down the drain. This is just an example so please do not be underwhelmed by the measly £150.00 – it is just to make a point.

Nowadays, I never let my change build up, I cash in as often as possible and invest in crowdfunding websites. One of my favourites is http://www.fundingcircle.com . This is basically where you lend money to businesses for an annual interest rate return of anywhere between 4% and 20% – the higher the return the higher the risk so please research if going to do this. You can lend as little as £20.00 to a business and watch your £20.00 GROW – This is the key here, YOUR £20.00 will grow……..interest is accrued daily so you can log in to physically watch your money growing.

Obviously there are thousands of ways you can invest money but I am just using the above scenario to MAKE A POINT.

 USE MONEY AS A TOOL TO WORK FOR YOU !

 

WCTW.

HOW TO SECURE YOUR FIRST ASSET

DEFINITION OF AN ASSET = SOMETHING THAT PUTS MONEY IN YOUR POCKET IF YOU WORK OR NOT

The absolute key to wealth is to acquire as many income producing assets as possible. An income producing asset is defined as something that pays you every month regardless of whether you work or not. Assets are such things as Savings, Rental income, Stocks, Bonds, Businesses, Royalties etc – I will write more on this in later blogs.

Ok, so you are probably saying to yourself, how can I, the normal working person start to secure assets………..it takes money to make money, right ? Not necessarily. The easiest way to secure your first asset is to do the following (this is how it all started for me) which anyone can do –

SWITCH BANK CURRENT ACCOUNTS

If like me, you have been with your bank since childhood it may seem daunting to do this. We all have a favourite current account that all our direct debits etc come off – right ?

Trust me here, there are so many banks offering you to switch nowadays that it is simply money for nothing. I used the Halifax reward account switch http://www.halifax.co.uk , I simply entered my details and they switched accounts for me within seven days and they took care of transferring all the direct debits etc over – the process is easy. Now, I received £125.00 lump sum for switching and now earn a whopping £5.00 per month on this account if I stay out of my overdraft.

Now you may be laughing and saying to yourself “what is a measly £5.00 per month”. REMEMBER – This will be your first truely passive income and first income producing asset. The point here is to show you how easy it is to secure an asset if you use your brain. I now have 3 current accounts with Halifax and they all pay me £5.00 per month (£180.00 per year) for doing absolutely nothing (Plus the. I use this money to pay for the TV licence – this means I can take that particular liability off my list because my Halifax asset is now paying for this. This is how the rich do things but obviously on a grander scale but hopefully this will have opened your eyes as to how the rich think and do things.

CONGRATULATIONS – You have just secured your first INCOME PRODUCING ASSET !

I will be posting a lot more about securing assets in future so please follow me to get up to date blogs and thanks for taking the time to read.

WCTW.