I decided not to put any lesson, gigging, or family money into the art of the flip. My family and I survive on our income here in California, but there is not a lot of extra money to learn lessons with (that is a euphemism for losing money cuz of bad decisions).
This something worth paying attention too...
I have put no money into learning the art of the flip.
My immersion into the craft of the flip began when I sold some extra gear I have not used in a few years. I sold the first cymbal in mid July, and have since received over $400 in exchange for crash cymbals.
I'd love for you to get this important point!!!
There is a market for everything you no longer want. Such items are begging you to convert them into money. As a practitioner...
Do the work
Get the results
Gain the recognition
That is the order of life
R l r r L r l l Remember?
It is not enough to convert an item into cash...
What are your plans for the cash that arrives?
Here is one approach to managing the extra cash today. It will most likely get adjusted as I go along
There is no beer and pizza money, no new video game money, no new shoes and purse money in this system. Just three categories...
- GOD MONEY (20%) - my wife and I created this category in October 2015. We were very frustrated over our inability to give and help people with money and or gifts. So we dedicated 10% of our income for that one purpose. It has been amazing... liberating! We spend this money on other people and never worry about where we'll take it from later on.
- FLIP MONEY (60%) - this is the money used to buy under-priced items to sell for a profit as well as pay for the logistics: shipping, packing materials, promotions, gas, etc
- INVESTMENT MONEY (20%) - I have not fully decided on this one yet. It will most likely go into debt service first.
Create your own categories and percentage splits. The point here is
- Craft your plan for the new income
- Faithfully execute your plan
- Tweak it along the way to improve your performance.
Being a practitioner of a craft demands your commitment and discipline. You're getting better at drums cuz you play every day, and focus your attention on skills you want to improve.
Mastering the Art of the Flip is no different: commitment, discipline, and focus are the first of the practitioner's tools you must learn to use.