| |
Ebay Thrills - The Financial View
By Riggs Owen
Have you ever bought a big ticket item on Ebay?
The experience is truly one of a kind and when you're talking about purchasing big ticket items, it is not for the faint of heart. I don't think many people do a great job of achieving financial freedom working the Ebay auctions because it seems like there will always be a winner and a loser. The winner either bought/sold something for a great value, the loser either overpaid or did not sell merchandise for enough money. Somebody has to be on the losing side of these financial transactions. It's just like the stock market. It is a zero sum game. For every buyer, there is a seller. For every winner, there is a loser. Wealth is built by understanding the value of your assets. For more information on this, view this link: http://www.unchainyourlife.com
We entered an auction for a 2001 Volkswagen Beetle about 4 days ago. At that time, the price was $3,383. Many of you who know about the quality of cars know that the Bugs are in demand cars because of their unique style and statement they make for those who choose to drive them. Funny thing is, we were purchasing this car for my daughter but since I don't have a car and she isn't going to turn 16 until December of this year, i get to drive this bright yellow 'statement' around town for the next 8 months.
Anyways, we have been watching day after day as other bidders started to bid up the price on the Bug. Today as we approached the last 5 hours of the auction, the price hadn't moved up much, only to about $3700. Then the fun really started. About an hour before the close we started to see the Ebay professionals come in and make their bids, these are the people who spend most of their life buying and selling stuff on Ebay, making a profit when they 'flip' the merchandise.
As we approached the last 10 minutes of the bidding, sure enough, all the pros who were trying to 'snipe' or steal the car from out under us started making their bids and driving the price up. Before we knew it, the bid was at $4900. At about the 1 minute mark we put in our final bid of $5,200 and fortunately this was the winning bid.
The key for these auctions (as i am beginning to understand it) is the last few hours. The selling price can literally double in those last few precious minutes because all the folks who have automatic bids in are starting to come in to play. They key to win is to first have a very strong conviction that the merchandise you are purchasing is worth your target price. If you are unsure about this critical point, you will not have a nice bidding experience. Why? First, if you win the bid, you'll be second guessing yourself as to whether you overpaid for the item. Second, if you lose the bid, you will always regret the fact that you let a great deal slip out of your fingers. Invariably, those who lose the auction say to themselves, "i would have paid more for it" but because they didn't have a target price in mind and the conviction that what they were doing was right, they lose.
Be prepared going in to the bidding process on what you're target is and don't waver from this stand. Make sure that you've researched the merchandise and information regarding the seller so that you are as certain as you can be that you are not dealing with an unscrupulous seller who is selling you some piece of crap.
Again, the markets dictate the price of what your merchandise is worth. Example, when it comes to real estate, how much is your house worth. Is it the amount that it was appraised for? NO! It is worth the amount that someone is willing to pay for it. Winning financially is about understanding what the real person would buy/sell something for, not what some assessor thinks they will pay for it.
The reason that pro Ebayers can make good money is that they know the amount that they can purchase an item for and how much they can turn around and sell that same item for and make money living on the margin. They'll include costs like shipping and paying for the listing fees in their target sell price to make sure their margin is enough to make a decent living.
So whatever you do, if you're trying to achieve financial security by flipping merchandise on Ebay, be careful!. Make sure you do the necessary research so that you don't end up getting stuck with a bunch of worthless frequent flyer miles for an airline that no longer exists!
For more information on how to achieve financial freedom and security, visit http://www.unchainyourlife.com
Have you ever heard of making money reading e-mail? It's an astounding development in the on-line marketing realm, you can learn more about this here:
http://www.hits4pay.com/members/index.cgi?tpthunder
About the Author
Riggs Owen - renown internet marketeer.
visit him at:
http://www.unchainyourlife.com
Article Source: http://www.simplysearch4it.com/article/26807.html
| If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/26807.html" as shown above and make it hyperlinked. |
| Some other articles by Riggs Owen | Bankruptcy Shame - Or is it?
This bankruptcy story keeps getting better and better when you peel back the onion.
Does everyone remember the big ...
Why are we so lazy?
Have you noticed how lazy we've become lately? I think Andy Rooney did a small blurb about this on 60 minutes a couple of months ...
|
|
| |
|
|
|
