As highly requested, here’s a step by step tutorial showing you a way that you can make some decent side money, at any age, with nearly ZERO experience, and best of all…it’s ZERO risk. Enjoy! Add me on Snapchat/Instagram: GPStephan
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So this is a concept that I call “Flipping Money.” Now keep in mind, this isn’t something that’s going to make you rich…this isn’t meant to be like a part time job or anything, BUT, this should be a fun side hobby if you want to make an extra $50-$300 per week, pretty much for minimal work and zero risk.
What many people don’t know is that old American Currency is worth a LOT more than its face value, and many people simply bring them in to banks and exchange them out for newer bills. Many banks hold on to their old currency, so you can “buy” them at face value and resell them for a profit online.
The FIRST thing you need to make sure is that the currency is OLDER than 1990. If it’s newer than this, it generally doesn’t have much of a premium, and it’s not worth your time. My FAVORITE years, if you can find them, are between 1929-1950.
The SECOND thing you want to find is what’s called a “Star Note.” You can tell it’s a star note when you look at the serial number, and you see a Star at the very end. This means that particular “run” of bill printing had an error in it, so governments replace that batch of bills with a “star” serial number to keep track of how many bills have been printed. These make the money worth a LOT more.
The THIRD thing you need to look at is the bill’s condition. Condition is absolutely everything, and need to learn what to try to avoid. Generally speaking, the newer the bill is, the better the condition it needs to be for you to make a profit.
If you’re unsure about what you’re looking at, or if you don’t know how to value it, my recommendation is just to buy it at face value – then look on eBay to determine value. Compare similar condition, compare same year, and compare where the bill is from. You can use PaperMoneyGuide.com to get rough estimates of values. If it’s a star note, you can use MyCurrencyCollection.com to look up the serial number and see how many star notes were produced. Rare production runs of starnotes often mean it can be worth sometimes triple or quadruple the face value.
So now lets talk about fees when using eBay, and this is something you ABSOLUTELY need to consider because this gets expensive. Because eBay and PayPal take payment based on a percentage of the total sale, your $100 bill is immediately worth less if you simply sell it for $100.
eBay will take a flat 10% of the selling price unless you have an eBay store. If you have an eBay store, it’s more like 6.15%, or 5.5% if you’re a top rated seller. But lets just assume you don’t have a store and you pay 10%. That means from $100, you’re left with $90. Then you have PayPal fees…that’s another 2.9% on $100. So now you’re down to basically $87.
Then you have shipping. If you pass this on to buyer, I highly recommend priority shipping, preferably with tracking signature delivery so you have proof of arrival. This costs anywhere from $4-$5.50 or so. If the buyer pays for this, great…if you pay for this, you’ll need to add this in.
Finally, last thing, when it comes to shipping..it’s very important to make sure your envelope doesn’t bend. I’ll cut out two pieces of cardboard and place the bills in between the cardboard, I’ll tape the outside together, and place that into an envelope.
And that’s it! Like I said, this isn’t something you’ll be raking in a ton of money from, but small $20-$100 profits per sale really add up when you start selling 3-5 at a time. And again, WORST case is that if the bill doesn’t sell, you just go and deposit it back in the bank and get something else. That’s it. If it sells, you make money, great!
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
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The Book on Rental Property Investing: https://goo.gl/qtJqFq