155. Turn $100 into $1 million in less than 2 years time: Auction flipping x4, x8 - Arbitrage trading goods on different websites like Alibaba, Amazon, Ebay and on different less-known auction websites
This is probably the easiest way for you to become a millionaire: auction flipping x4, x8 per transaction!
1. Arbitrage trading on Alibaba, Amazon and Ebay:
Find a product that you can buy on Alibaba.com for 10% to 30% of what you can sell it for on Amazon. To find products that sell well, look for those with a ‘Best Sellers Rank’ between one and 5,000 in the high-level categories.
Save, hustle or borrow to get another $500 to buy your inventory. Try different marketing strategies to sell the product — starting with social media, online advertising and content marketing. Then stop doing what isn’t working and start doing what is working.
To grow your business, focus on increasing the profit margin and the quantity you sell. Eventually, you want to own the brand so you have a valuable asset that produces wealth.
This idea requires you to create a website, however you don't have to if you buy and sell on different auction websites:
You can also buy products on Alibaba.com and resell them on Ebay (check the "sold items" price on Ebay). If you find a big difference (like 10% cost on Alibaba compared to Ebay), buy low, sell high and build your wealth. Rinse and repeat!
2. Arbitrage trading on auction websites and Ebay (fastest money-maker):
Say for example stamps, you could buy a collection of books of stamps for $100 on Ebay, resell them on auction websites for stamps at x4, x8.
Just search Google "auction websites for stamps". Compare prices! It could as well be the other way round, you buy a book of stamps for $100 on auction websites for stamps and you resell them on Ebay at x4, x8.
You can also buy books of stamps (like on Ebay), and sell them sheet by sheet x4, x8 the price of the book of stamps you bought for! Or buy them cheap "on auction", and resell them for real value on Ebay!
In this example, we use stamps, but you can find auction websites even for collectibles, electronics, etc. Do your research and see what works best! You can also buy and sell between different auction sites, like low-priced stamps on one auction site, higher-priced stamps on another auction site.
You could resell Alibaba electronics like flatscreens on Ebay x3, x5 the price (China price compared to American price for electronics).
Another example is buying on Goodwill auctions sites, and flipping on Ebay!
It is obvious, auction websites with less traffic has less bidders per auction, so you have cheap prices so you can buy here, auction websites with much traffic has more bidders per auction, here you have more expensive prices so you sell here.
Also auction websites accross different countries have different prices, for example in Russia, with the cheap ruble, you could buy electronics from auction sites (like Ebay Russia) in Russia and sell them on auction sites in the United States (like Ebay United States). Then you are effectively exporting Russian goods abroad, Putin likes this! For example, American or European stamps or electronics on auction sites in Russia or China (like Alibaba) are cheaper than on auction sites in America or in Europe (like Ebay)!
Also, auctions on Ebay which have less bidders per auction, so are less popular are cheaper than auctions which have more bidders per auction, so are more popular so are more expensive. In other words, buy on auctions that have few bids per item, sell on auctions that have many bids per auction.
Sometimes, if you have the idea, prices are 2x, 4x cheaper from one auction site to another, you can try to buy and sell to see if it works, like buying a book of stamps on one site for $100 and selling the same book of stamps for $400 on another website, or buying and selling clothes at 2x, 4x profit.
You just need 1 good price difference between auction sites and you make your money 4-fold or more per transaction!
Rinse and repeat! Do your research!
You could double $100 each month with arbitrage trading on different websites and in 10 months, you have x1,000, you turned $100 into $100,000! If you double your money every 2 weeks, you are a millionaire in less than 1 year time!
3. Ebay: Buy and sell items from garage sales (this is a slow process to make money):
Go to garage sales and look for underpriced items like action figures or stuffed animals. Then search eBay’s ‘sold’ listings to see what they’re worth. If there’s a large enough price difference, buy it and sell it on eBay for a profit. Use the rest of your $100 to cover transportation and shipping costs.
(You might be thinking: But, that won’t make $1 million! And you’re probably right. But if you try hard enough, you can make, at the very least, $100,000.)
Many people do this idea, but ideas 1 and 2 makes money faster!
Please share this easy become-millionaire money-making idea with your family and friends and on social media!