Looking for ways to make money for the $20 Bill Challenge? Or just so you have more money? Here are ten ideas Paul and I have successfully applied either in the past or directly to this challenge.
- Recreate things that have no value into something valuable.
Paul is interested in CrossFit and in an effort to create a cost efficient home gym he discovered that truck companies actually pay to dispose of the large truck tires.He called one and asked if he picked up the tires for free. The company was thrilled to comply and told him they had two available. He had no use for more than 1, but on a whim decided to list one on craigslist for $100, toting it as a great tool to use for CrossFit. He sold it. Unfortunately for him this was prior to the $20 bill challenge so it doesn't count for his total in our $20 Bill Challenge, but I think he may repeat this idea.
We have ideas for a few other things that are considered of no value, but we haven't tested the waters yet, so I'll save those ideas for another time.
- Sell the things you own.
Paul has long been convicted of the idea that we should give away things that we own that we know friends of ours could use or be blessed by - whether it be cars, clothes, toys or furniture - instead of selling the items he likes to give them away. However there are items we have sold because we don't know anyone who could use it. (That iPod Paul sold for $40? He also refurbished a second ipod and gave it to a friend, in the midst of our challenge. I admire his generous heart.)
Point 3 and 4 are details on venues I have used to sell things.
It really works - it is just tricky figuring out what sells in your city, when to post the deal and what price to start at. A year and a half ago I was trying to come up with $1,500 to buy my camera. It was the exact motivation I needed to get selling things on craigslist and within a matter of days I had made over $300 selling items from around the house.
I had low prices, so I beat out the competition.
I had well lit images.
I made myself available anytime of day for 3 days straight to make pick up times easy for the buyer.
Consignment stores are a great way to get your clothes to a bunch of people who are specifically looking for great deals on second hand clothes (or other items, though I only have experience with clothing) - these shoppers are already in the market for second hand clothes so you just need to figure out what will appeal to the buyer!
Make sure your items are clean, wrinkle free, in season, stylish and still look great. Consider if you would purchase the item if you saw it on the rack - if it's faded, outdated or screams "Grandma" chances are, unless you are Grandma, you wouldn't buy it. (Chances are also very high that the Consignment store won't accept such items from you - they like to maintain their image too!)
A few weeks ago I made $56 profit at a local consignment shop- which has been added to my total for the $20 Bill Challenge.
- Turn your artistic hobby into money.
If you already have the supplies and equipment needed to produce something that you could sell do it! Don't hold back because you think you need bigger or better equipment. If you don't think you can make money off your creation then try bartering it. You can approach bartering one of two ways, as outlined in number 8 and 9.
- Turn your knowledge into money.
Figure out what area you are an expert in and use that to make money. This is a great place to apply tip number 10 - creating renewable income. Create patterns, digital tutorials and ebooks - you will put out the effort once to create these and can then continually sell the same product.
If you are still testing the waters to see if you can actually make cash off of being a self proclaimed expert than try bartering it, as outlined in number 8 and 9.
- Turn services into money.
Think about what services you are capable of doing and what demographic you could market your knowledge to. To serve as a spring board of inspiration you could; do online tutoring, photo shoots, lawn care, minor car maintenance or be a personal fitness instructor.
These are things that can also be bartered. Check number 8 and 9 for more on that.
- BARTERING - Go for Bigger or Better.
Did you play this game as a youth? You start with an egg and you go door to door asking people if they can offer you something bigger or better. The team that comes back with the biggest or best item wins. You can apply this principle to your money making strategies.This applies to either product based bartering, knowledge based bartering or service based bartering. Make available your offer (product, knowledge or service) - I find craigslist to be the best site for this - and state that you are looking for something in exchange for what you have available. In this situation don't be specific about what you are looking for, but do put a price value to the item you are looking for.
Sort through the offers you are sent and determine which item will either a) enable you to trade it up for something else bigger or better b) sell for enough money to have made this effort worthwhile or c) falls into what I cover in number 9.
- BARTERING -Go for something that is of immediate monetary value to you.
When bartering having a specific need or want in mind will be an asset if you are looking to acquire things to simplify or better your life. I would caution against being too specific when it comes to stating what you are looking for as there might be similar options available that you aren't aware of and if you're too specific you could miss a great opportunity.
For example I once listed under the bartering section of Craigslist that I was looking for "Outdoor toys for boys." This was in exchange for a thirty minute photoshoot. Several people contacted me and I picked the toys I thought my boys would enjoy the most. I then saved the toys and gave them to my boys for - eliminating the need to spend cash on their gift and giving them a gift that I otherwise could not have afforded.
If you have already budgeted money to spend on gifts or household items and you figure out how to barter something you have to get those items for free I think you can pay yourself the budgeted money and add it to the $20 Bill Challenge!
- Create Renewable Income.
Find a way to make money without trading your time for money - selling photography on stock sites, writing article, selling ebooks or patterns.
I probably shouldn't even mention this as I have put very little effort into this, but even my very little effort has paid off so I shall mention it - though feeling a little bit of a hypocrite! I signed up with an online how-to site a couple years ago and spent about ten minutes a day for the next two weeks submitting articles. I have occasionally submitted others since then, but with no consistency. With my half hearted effort I have made over $150 in two years. Not a lot of money stretched over two years, but considering what a pathetic effort I put into it (about 4 hours I would estimate) it is worth while!
The safe way to double your money is to fold it over once and put it in your pocket. ~Frank Hubbard
Participating in the $20 Bill Challenge? I would love to hear about it!