So all 3 of my boys (now 10, 13 & 16) have started getting interested in finding inventory for me to sell online. They are all wanting to make some $ and know that this is one way they can do so (although my 10 year old has been setting up a Rainbow Loom bracelet sale on our street too…made $30 one time!).
Why shopping at the thrift store is now stressful for me when the kids come along.
Thrift shopping used to be a leisurely activity for me, but now has become a bit stressful. The kids confiscate my phone (for research purposes) and now are constantly coming to me with items. “Mom what do you think of this?” “Mom this is made in Japan!.” “Mom, isn’t this a cool mug?” “This is going for $9 on Ebay Mom, should I get it?” Last time we were thrifting it seemed that every couple of minutes they were running to me with items they thought might be worthy of seeling on Ebay.
Mom then needs to explain that they should check completeds to see if this item has actually sold and at what price. Did it include free shipping? Or was the selling price with free shipping? Mom then needs to explain that after shipping costs (if free shipping) and Ebay/Paypal fees, there’s not much profit left. I also have to tell them to keep it down a bit too..sometimes my youngest gets a little to excited and starts calling out to me from afar!
They are actually starting to understand how this whole Ebay business works and that you can actually make some $ selling on there.
How do my kids get paid?
Right now they are earning a finder’s fee. I’m paying them about 20% of the sale price.
They have indicated an interest in wanting to handle the entire process themselves: finding the inventory, cleaning it, photographing it and then just having me list it and then I would get a commission for listing it for them. LOL Well, they found a few things and then they have just been sitting there…so we are reverting back to the 20% finders fee for them.
If your kids are involved in your Ebay selling, how do you pay them? What is your process?
Did I ever tell you about this 21 year old kid who makes over $120K selling on Ebay?
A couple of years ago I was listening to Dave Ramsey (you know I love his audio archives) and this 21 year old kid calls in. He proceeds to tell Dave that he has a lot of extra money that he’d like to invest on a monthly basis and wasn’t sure what he should be investing in. So Dave inquires as to how much he makes and the kid says he brings home a little over $120K a year after taxes…that’s PROFIT! Dave always asks what people do for a living, especially making that kind of money and being so young.
The guy explains that he sells on Ebay and Craigslist and that he grew up in the business because his parents were Antique Dealers and sold on there as well. He said he goes to auctions and garage sales, and anywhere else where he can buy items to resell.
I repeat this story to my kids ALL..THE..TIME! But I also tell them that it doesn’t come easy. They actually have to work for money…it doesn’t just magically appear.
Now I don’t know who this person is, but I love hearing these types of success stories. Not only is he good and making the money, but he’s smart as hell to want to save that money so that it can work for him and bring him a passive income..they are his employees after all!
I am loving that the kids are getting interested in sourcing inventory for Ebay. They used to hate going garage saling and thrifting with us. Now they are excited to go.
What about your kids? Are they showing any interest?