Our friend Ken over at After Reading Rich Dad Poor Dad blogged about cashing in on the Tickle Me Elmo craze! Read about his adventures in discovering, buying and listing this laughing furry monster!
Last week at this time I did not know that a Tickle Me Elmo 10th Anniversary doll was coming out, but I did know that my front brake rotors were jacked and I really didn’t want to pay to fix it. I had been dealing with the wobbly brake shudder for 4 months.But thanks to my friend Rex, an opportunity presented itself. I hoped that I could make enough off of Elmo to pay for my brakes and a Slingbox. The Slingbox costs $230 and I got new brake rotors today for $190, a grand total of $420.
As of tonight I have sold 9 of my Elmos for a total profit of $190. So the brakes have been paid for. I can only hope that my remaining 6 Elmos can bring in $230.
My point is that there are opportunities to make money everywhere. People do it everyday. Every Christmas there is a hot product. I remember my co-workers selling $300 Xbox’s for $800 the day it came out. $500 profit a piece, that’s just incredible. How come I didn’t capitalize on that? Maybe it was because I didn’t want to stand in line at 12am with a bunch of geeks in front of Bestbuy, maybe it was because I’d rather sleep than make $500 an hour, who knows. Anyone can do it, it’s only done by those who want to.
Read about how Ken's auction ended and what the results were.
Another Tickle Me Elmo Update
Read Ken summarize how he was presented with an opportunity and we should learn to see them everyday!
Comments (1)
There is always a little bit of doubt. As I drove home with a SUV full of Elmos I wondered if I just spent $600 on toys I'd be stuck with.
5 days later... I only have 3 left and wished I had bought more. But in all honesty could I have spent $5000 on Elmos last Monday. At what point is the risk to large for the reward?
Risk vs. Reward... it's a ble-yatch.
Posted by Ken | September 25, 2006 1:12 AM
Posted on September 25, 2006 01:12