$10k Challenge: Sell Stuff You Own

I'm on a quest to raise an additional $10k this year in income -- extra income outside my regular job. The numbers I ran show that making this amount and socking it away year after year can yield quite a sizeable next egg.

I've already suggested ways I'm working on this $10k including turning a hobby into an income and making money with credit cards. Today's suggested idea for those of you playing along: sell stuff you own.

As I wrote in How to Make Money: Sell Your Stuff, an AC Nielsen study says that the average American household has approximately 16 unused items worth nearly $2,200. So sell them and pocket the cash!!! Have a garage sale, go on eBay, or put an ad in the paper. However you go about it, sell the stuff you don't need/use and you'll be on your way to $10k.

We cleaned out our home this summer while our kids stayed with my parents and we identified several candidates for sale that could earn us a decent amount including:

• China set with gold plating made in occupied Japan
• Set of family rings that we haven't used in years
• Mini-coin/stamp collection that looks like it has a few valuables in it
• Old comic book collection
• Wedding dress
• Slightly used (but still in good shape) bed

The surprising thing is that I would have never remembered that we even had most of these things if we hadn't done our big cleaning. So if you can't think of anything you might be able to sell for money, you might want to do a big cleaning of your own. It's likely that you could find an extra $1,000 to $2,000 just sitting around waiting to be sold.

Comments

[Katie]

I've been doing this myself and have already made almost $700 on Amazon selling old books & videos. Not only do I have more money, but more room, too. Still have a lot to go through - we are trying to declutter and get back to basics. The stuff isn't making us happy - but the money will! :-)

[DWorth]

My dear wife sells anything that isn't nailed down (i.e. used within the year) on ebay or Craig's list, depending upon the market for the item. She has netted more than $10k from this activity, according to Quicken, over the past few years. Bonus; our place is clean, neat, and non-cluttered. This is the way to go.

For the stuff that has limited market appeal, the charities are also happy to receive old clothes, etc. The tax savings add up; even with the new rules.

[Ciji]

I would never, ever, EVER sell my comic book collection! I think I'd sell off my dog before I give up my back issues of The Flash. ;-)

I used to work at a Warner Bros Studio Store before it closed and I came up on a lot of rare but dirt cheap animation art, which I've sold on ebay. I made an extra $2000 in one week just on one item.

[Savvy Steward]

Whoa, how did you end up with a China set made in occupied Japan?

[FMF]

SS -- From my wife's grandmother. ;-)

[Lazy Man and Money]

I don't know if this really gets you closer to making an additional $10,000. Since you already own the items you are just shifting the value. If I somehow found a way to buy an ounce of gold for $300, I wouldn't have lost $300, but closer to a gain of $300 (depending on the prices today). If I sell an ounce of gold for $100, it's not a gain of $100, but closer to a loss of $500.

[FMF]

If you're not using the item, you are shifting value but also creating -- from something that's worth zero to something that's now putting money in your pocket.

For example, my wife's China set has sat in our cabinets for years. Are they worth something? Sure. Are they giving us anything of value? No. Why not sell them and invest that cash as part of the $10k goal this year?

[cheryl]

I have been doing the same thing. I sold off a piece of property that wasn't appreciating as fast as the upkeep was adding up; along with a coin collection, extra jewelry and some odds and ends collectibles and antiques. Hey, why not.

[kurt]

Selling your own stuff isn't "income" unless you are selling it for more than you bought it for. It may be incremental cash, but just like how selling stocks for less than you bought them for isn't "income," selling your old gym socks isn't either.

[db]

Even if you aren't selling the item for more than you paid for it, you are still recouping all or part of the cost however. This can be as advantageous, since it means you basically got use of the item for free or at a discount while you held it.

DB

[Laura]

A friend of mine at work told me about this service where they help you sell your stuff. It is called auctionPAL.com and so far they have helped me make over $1200. They take care of everything. All I had to do was send them a picture of the purse I was selling then they called me back on the phone. When I say they took care of everything they even sent me a free box right to my house when the item sold. In it was a packing peanuts and prepaid addressed shipping label. It was very easy.

I am a busy professional but this service was so easy I feel like I had to tell someone!

Laura