Managing your spending and waiting to get paid can be a little tricky at first.
If you’re new to this blog, we’ve been talking about how to list and sell things on Amazon, then buying those items and having them drop-shipped directly from eBay. Leaving you with a small, but generous profit. The following is how I’ve been managing my purchases on eBay, and waiting to get payment from Amazon.
Lets face it, the only reason we’re doing this is to get paid. The following is the process I go through to manage my money coming in, as well as going out. What’s the point of making money online, if you don’t know how to manage your finances? To help you through this process, it’s important to understand how Amazon distributes your payments. They pay out every 2 weeks via direct deposit, just like a regular job. So you need to make sure you can cover all your purchases on eBay for at least 2 weeks. For instance, Amazon runs payroll every other Saturday. You don’t get the money in your bank account until The following Tuesday. Like clockwork. Unless that Monday is a holiday, then you’ll get your payment on Wednesday.
Toward the end of February and the beginning of March, My sales were coming in so fast, that I was no longer able to front the purchase and wait to get paid. I had to start making the purchases on a credit card. Since I don’t usually make so many purchases, my card got temporarily suspended while they investigated for fraud. It was a very stressful time during this transition. During this learning curve, I had to pay some overdraft fees and over limit fees. These fees were accrued because of lack of planning on my part. Hopefully, you can avoid this happening to you. It was either, pay those fees or cancel the order on my Amazon buyer. Obviously, I did not want to do that. In retrospect, although stressful, having those sales come in all at once was a nice problem to have.
Now that I understand how things work, I’ve been able to get a grasp on my finances. Here’s a cool little tip that I stumbled upon. I applied for a credit card that gives me “skymiles.” This way, I get an extra reward for the purchases I’m going to make anyway.
Here are my statistics for the month of March… As you can see, I just surpassed my goal to profit $3,500 for the month of march. I’ve decide my new goal is to reach $5,000 in profit for the month of April. I intend to reach this goal by increasing the number of items I list on a daily basis. I’ll keep you posted on my progress.
Below is a screenshot of my Amazon seller account. I just discovered how to use arrows, so that’s cool too.
You know, as I’ve introduced this idea to new people, more than one person has told me to stop teaching others to do this. They think that there will be too many people doing this, and the market will saturate. I disagree. I believe that the more people do this, the more people will buy from Amazon and eBay. Including us, the sellers. And the more we detach ourselves from being employees to big businesses, the more time we will have to evolve into the people we really want to be. From there, we will evolve new ideas that will change the world. You think the Internet is impressive? You ain’t seen nothing yet. Wait till we really start getting along as human beings. Think of how fast we can evolve with less and less conflict.
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Has this information been helpful to you? Do you have questions for me? email any questions or comments to email@example.com. I’m here to help. Why? Because I have a sincere desire to help people make more money. On top of that, I intend to make a series of training videos and putting them up for sale. Before I do that, I need to prove that others can make money doing this too. I believe we can help each other reach our goals.
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