Comments on: Cultivating Domain Knowledge and Hobbies for Fun and Profit

By: partgypsy

partgypsy — Mon, 30 Aug 2010 21:52:18 +0000

I’m not mad at you but mad at that mom in the second example. I’m SURE the son knew how much those cards were worth and was probably heartbroken when he returned from break and found out his mom sold all his cards for $5. My uncle had an entire trunk filled with old comics (1940′s-1960′s) but after he moved out of my grandparents house they disappeared, probably thrown out. Moms out there please do NOT do this! Please ask your kids before you get rid of their “junk”.

By: Dustin

Dustin — Mon, 30 Aug 2010 21:23:42 +0000

Hey, great post. I do agree that you can turn a nerdy hobby into something with profit. I used to enjoy painting warhammer mini's and now I have been buying unpainted ones, and turning them into painted jewels that many online would pay money for. I enjoy it, and it doesn't bore me. I also do purchase items like personalized stationery. Found some cheap stationery items from the clearance section at www.giftsin24.com and use them to create some nice sympathy cards that people do appreciate.

By: Matt

Matt — Mon, 30 Aug 2010 20:33:53 +0000

One of my hobbies is biking. That already pays off a bit in that I bike to work (and got rid of a car). However, I’ve also started picking up used bikes (yard sales, craigslist, etc) that need a bit of work or a couple new parts, fixing them up, and reselling them. I haven’t gained much yet – I’ve bought 4 bikes and sold 1 so far – but the 1 I did sell I made quite a bit of money on, and as I sell the others I expect to break even at worst. The good part is that even if I don’t end up making much money overall, I’ve still gotten to pursue a hobby and gain experience!

I would say that your rule that an item must be immediately saleable at a profit doesn’t have to be true all the time. That would be true of a couple of the bikes I’ve found – but for others, I’ve gotten a fair price given the condition. However, with a couple hours work and maybe a couple new parts, they’re worth much more.

The danger is of course that I could end up losing money if I don’t follow through on the fixing-up and resale. However, I’m keeping a basic spreadsheet and minimizing the total “inventory” in order to combat that.

By: Matthew

Matthew — Mon, 30 Aug 2010 18:57:45 +0000

One of the best articles ever written. Every one of my hobbies is a something I enjoy but can also turn into money. Poker, Art, Cars, Collectibles.

By: Julie

Julie — Mon, 30 Aug 2010 03:16:35 +0000

There is nothing unethical about buying something at the undervalued price it is being offered for and selling it for its true value. The person is willing to sell it for that price, had a chance to research it, and clearly didn’t – the price they are asking is one that they will be happy to receive.

What is unethical is approaching someone with something of value (friend, coworker, stranger) and offering to buy something that wasn’t originally for sale for a ludicrously low price, making out like its worthless and you’re doing them a favour by paying something for their “junk”. Antique dealers used to go around taking advantage of people this way. This is clearly wrong. If you are the one initiating the sale, or are in a position of setting the price (ex. consignment or video game shop) where there is a trust that you will value items fairly and honestly, then you must do that.

By: kristine

kristine — Sun, 29 Aug 2010 15:28:49 +0000

My rule of thumb for my hobbies is that they must break even. They cannot cost the family money. Gardening- I spend about 100 a year, and get well over that in produce, give herbs and homemade food form the produce as gifts. No to mention the hours of what I consider entertainment: gardening and cooking!

Biking- I put about 100 into my bike every year, and I save at l least that in gas and it keeps me healthy!

And so on…

By: Kate

Kate — Sun, 29 Aug 2010 12:49:41 +0000

Finding “deals” at yard sales, thrift shops, and jockey lots and reselling them has been going on for a long time. I think that it is ethical to purchase something that someone wants to get rid of and resell it at a higher price–the seller could have done some research before they sold the item. My husband bought a bag of toy cars from a coworker for a very low price many years ago. He eventually sold several of them on ebay and paid for part of our summer vacation. Should my husband have tracked down and given part of that profit to the coworker? I don’t think so…my husband saw the eventual value of the cars and the coworker didn’t (or actually his wife didn’t–she wanted the cars gone and would have given them away if she had to).
Finding items in the closets of a deceased relative is another matter and I don’t even want to start writing about that.

By: Steve R

Steve R — Sun, 29 Aug 2010 12:46:14 +0000

In the past I’d buy lot bags of toys at the local Goodwill. I’d sort through them and often found gems in the lot. These sold well on EBay. Also, I took advantage of the Baby Boomer market by re-selling old board games.

As for the ethics of re-selling…if someone wants to sell an item for THEIR price there is no issue. If someone wants to buy the item at a price THEY want to pay…there is no issue.

By: Ajtacka

Ajtacka — Sun, 29 Aug 2010 10:31:05 +0000

A friend of mine left a couple of boxes of comics at my mum’s house for storage a long time ago. We dropped out of touch years ago, and my mum no longer has space. I know something about comics, but I live in a diferent country now and I’ve never bothered looking through the boxes. My mum knows it’s possible there’s something of high value there, but finds the thought of even taking them to a comic shop too much. So they’re in her ‘garage sale’ pile and possibly someone will buy them and make some money.

I don’t think it’s unethical to do it, it’s the choice of the seller not to research it. Possibly the woman selling her son’s cards just wanted them gone, and knew they could’ve been sold for more. Otherwise, it’s not hard to find a comic / card / coin / stamp shop and take them in.

By: Starshard0

Starshard0 — Sun, 29 Aug 2010 10:08:17 +0000

I used to be an avid collector of Pokemon cards, then Yu-Gi-Oh!, then Magic. Eventually I just sold them all, entirely at a loss. When I see some old rare cards being sold at a premium it bums me out that I didn’t hold on to some of the more valuable ones. That’s life I suppose.

I’ve tried to avoid getting into collecting as a hobby due to some of the high costs associate with them. Maybe a rock collection is more up my alley. Come to think of it, I used to have a rock collection but then I swallowed one (Quartz, I think it was), and that was pretty much the end of that.

By: David/moneycrashers

David/moneycrashers — Sun, 29 Aug 2010 08:48:01 +0000

Knowledge truly is money–on both ends.

That’s why before you go to sell things at a garage sale (like baseball cards and the like), you should also know what you’re selling. If you don’t, have somebody take a look at it so you’re not giving your item(s) away

By: moom

moom — Sun, 29 Aug 2010 05:07:08 +0000

Paying $5 for something worth $1000 does look like unethically taking advantage. Of course the time and knowledeg needed to sell the goods for the high price should be rewarded. But is that worth 99.5% of the final price?

By: jen

jen — Sun, 29 Aug 2010 05:06:15 +0000

Probably my best deal was finding a spinning wheel for $50 on craigslist – seller was downsizing and happy to sell it and give me a bunch of other stuff for “free”. I took it apart, cleaned and lubed it, then after spinning on it for a while, resold it for $250.

Ditto buying things from goodwill/value village and reselling on ebay.

By: Hannah

Hannah — Sun, 29 Aug 2010 04:53:04 +0000

I’m a college student, and at the end of the semester sometimes other students will just give away any text books that the book store on campus won’t buy back. Amazon gives credit for a lot of textbooks if you mail them in, so I have made a few bucks that way.

By: kristine

kristine — Sun, 29 Aug 2010 04:33:58 +0000

Laura,

Now I wish I held back the paperbacks- I just donated a huge laundry basket full of books to the library! They just sell the paperbacks anyway.

By: Laura In Atlanta

Laura In Atlanta — Sun, 29 Aug 2010 01:28:28 +0000

I found an antique teacup and saucer at a local Goodwill for $2.
Sold it on ebay for $45.

Someone at work was dumping a large number of paperback books . . . i scooped em up and listed on paperbackswap.com and immediately was able to get 7 credits. Awesome.

I love little scavenger hunts that can net me a prize at the end!

By: Lisa

Lisa — Sun, 29 Aug 2010 01:16:29 +0000

This is a great post! I also started doing this recently. The past year or so I’ve been really interested in fashion. I am now quite knowledgeable about fabric, designers and trends. Sometimes I come across an item at the thrift store (where I find all my stuff) that is too hard to pass up even if it doesn’t fit me. I found a $600+ designer black wool coat for $10 which looked brand new. It was a little small for me but knew my local consignment shop would take it. I talk to them and have learned what they want in their stores. I have had a few incidents where they haven’t needed what I was offering, so I went on Ebay and sold it. I know I could make more selling on Ebay but for now I’ve been making money through consignment.
I also bring in some items that I have worn for awhile and am done with which is even better! When the time comes and money is really tight, I will start selling a lot more on Ebay.

By: Maureen

Maureen — Sun, 29 Aug 2010 00:49:12 +0000

Yes John, it is worth it to have a hobby even if you don’t profit dollar wise.

If you enjoy the activity, particularly if it is creative, you will get health benefits from the relaxation. I think that gardening, for example, is a wonderful stress reducer. There is nothing like sitting on the patio and drinking in the beauty of a perrenial border that you cultivated. Gardening can be a wonderful moderate exercise.

Sometimes you get social benefits if you find others that also enjoy a particular hobby. It can be a pleasant way to connect with others.

Lastly, many people find a way to give back to the community by using their ‘hobby’ skills. You could teach children about your hobby or craft items that used in charity fundraisers. For example some ladies get together and sew a gorgeous quilt for charity raffles or craft cute Christmas decorations that can be sold at bazzars.

By: Rebecca

Rebecca — Sun, 29 Aug 2010 00:26:17 +0000

i do this when shopping second hand stores. I have worked for years in high end retail, I love shopping and I know brands. So when I see a pair of high end shoes at goodwill that originally sold for $150 to $200, if they are in good shape, I pick them up for $4 and resell them for $30. Someone else gets a brand name pair they want for less, and I make some money for my family doing something I love to do.

By: valleycat1

valleycat1 — Sat, 28 Aug 2010 23:55:41 +0000

Re Ryan – getting deals at yard sales & estate sales, I don’t have a problem with. The items are being sold because someone doesn’t want them & doesn’t want to bother shopping the items around for various buyers. [I'm in the #7 camp, though - would much rather just donate or trash my items rather than going through the hassle of the yard sale for a small return. In our area $2 for a video game is a pretty high price!)

But my reaction to the "help clean out homes of the deceased" was the same as Marsha's. Unless you're [at least] splitting any profits with the family of the deceased, that’s pretty cold unless in the unlikely event you’ve prearranged to take anything you want. A better idea would be to continue offering to help out, plus letting them know up front you’d be happy to handle selling any items of value if they’d like, with the proceeds being returned to them.