So in a previous post, I wrote about fattening my purse, or increasing my savings account to $4,000 by September. In short my goal was to add to my savings account, which I already have $1200 dollars saved, about $400 dollars a month to get to $4000 by September. This would then put me at $4000 in my savings account.
I wanted to do this, to increase my buying power for opportunities that may arise.
Of course I will continue to allocate $400 a month to my savings.
but what if I could grow my savings account faster?
So in the past I used to buy shoes for about $45 and sale them for 100% profit. Sometimes I would sale them for more. Now I know you ask, what happened to all that money I was making.
When I was selling the shoes, I was not putting any money away. I would merely sale a few shoes and spend the money that I made. I would not even put any money away. The reason why I was doing this back then was because, I had to take care of a family of 3. My wife, my son, and her son (in which I thought he was my biological son, later found out that he wasn’t).
I was just trying to make ends meet. Every profit that I made went to food and shelter.
I have learned what I did wrong. All the money that I made should have went back into my savings. I should have made that money work for me, and continue to work until I reached a goal. I had no goal back then.
But now I have a goal
I will continue to allocated money to my savings from my business efforts. Starting tonight I will do my due diligence on what shoes are currently hot in the market. If I can get them at a discounted price, I will buy them and sale them at a profitable rate. The rate will still be below the market price, so I and the buyer will both benefit from the deal.
Now before I dig in my purse
I need to find out where I can sale these shoes, and what shoes sale. Also I need to undercut the market price point so I can assure that they sale. I don’t want to lose any money. Since this has already been tested in the pass, I am pretty confident that I can sale the shoes. I just have to make sure that I am buying a demanding shoe.
I also want to work harder on developing websites for clients. Believe it our not, that is where I made a significant amount of money. I would usually do a site for a user for no less than $500. And the thing is, these sites required minimum time.
The point is, is that I want to increase the size of my savings much faster, with minimum risk and that is what I intent to do.