Making $100 Fast (Part 1)

Submitted by Jeff Rose on Friday, December 20, 2013 - 12:00pm
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Everyone needs cash in a hurry from time to time. This first article on the subject shows how to make money selling what you no longer want.

Selling what you own or acquire cheaply ranks as one of the best and easiest ways to make quick cash. It also keeps clutter in your life to a minimum. Here are a few avenues:

Garage sales. Profits of well-run sales average the low three figures per day – earned without even leaving your house.

Flea markets and swap meets. The garage-sale concept hits the road to where more potential customers gather.

Craigslist. This online marketplace, largely free, is especially good for selling large items.

Sell on eBay. Small, valuable items move well here, especially if unique.

Sell other people’s stuff. This takes selling on Craigslist and eBay to a higher level, getting more stuff to sell from friends and neighbors. Give them a cut and your flow of salable inventory likely continues for a long time.

Consignment shops. These shops, which typically take hefty cut of the selling price, work best for furniture and quality clothing. Similar to eBay, the one-time books-only online giant helps peddle such entertainment media as books, music and movies. This eBay subsidiary excels at selling entertainment media and textbooks.

Resell unused gift cards. Check your wallet and dresser for unused gift cards, some even for merchants you never frequent. Get cash back by selling them on sites such as CardCash. One caveat: These sites do pay less than full value for cards.

Sell used cell phones, iPads or Macs. Your used electronic equipment may hold value, particularly if it’s recent and in good condition. Sites such as Gazelle give you an estimate on your equipment and your better stuff fetches real money.

Collect and sell scrap metal. If you own or borrow a light pick-up truck or a good trailer, collect scrap metal from neighborhoods, building sites and junkyards and sell to scrap metal dealers. Check scrap metal prices then Google where to sell scrap metal in your area.

Pawn your stuff. Again, no full retail price for your merchandise, just a quick sale for cash.

Appraise and sell gold and silverware. Taking your gold jewelry and silverware to professional dealers or jewelers likely fetches a better price than going to the gold-buying pop-up stores populating strip malls.

Tap into musical instruments. Stiff prices for new musical instruments fuel a brisk market for used ones that you can sell on Craigslist for top dollar. Music stores also pay quick cash.

Sell homemade crafts. If you can make handicrafts, sell them on such sites as Etsy – where an ongoing hobby becomes an ongoing cash source.

Resell moving boxes. Just a relatively few cardboard boxes likely set you back a few hundred dollars in your last move of an average size household. Someone else may now pay you 50 cents on the dollar for them. Try Craigslist or Boxcycle.

Return old purchases or gifts. If you received gifts you really don’t want – who hasn’t? – and they remain in original packaging, try returning them if you kept a gift receipt. Some retailers take returns up to a year later.

(Next we look at ways to raise cash on and off your job.)

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Jeff Rose, CFP, is the founder of Alliance Wealth Management in Carbondale, Ill., and also is the founder of the website Good Financial Cents and Life Insurance by Jeff.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.


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