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Welcome back to another episode of the Resellers Mindset Podcast.

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My name is Mike, also known as the used book guy on YouTube,

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along with my friend and fellow full-time reseller, Johnny B.

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We help people start and grow their reselling businesses

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from the ground up.

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We also have a weekly Zoom call and private Discord

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for all YouTube members.

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Head on over to youtube.com backslash used book guy

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to join the channel and gain access

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to the full-length podcast, Zoom call, and private Discord today.

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Let's get into this week's episode.

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What is up, everybody?

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Welcome into another episode of Resellers Mindset Podcast.

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Mike next to Johnny.

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We have one job as resellers, even though if you're watching on YouTube,

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I have two fingers up.

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I only mean to have one up.

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And that is, Johnny, what is it?

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Take us away.

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Make money.

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Making money.

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That's all we're supposed to do.

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There's no other reason to have a reselling business.

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Or is there?

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I mean, some people, I guess, collect things through reselling.

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I have no idea.

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But being a used book seller, I see this all the time.

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I'm the used book guy.

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So people think I love and I care about books, Johnny.

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This guy is saving every book he comes across.

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And I'm here to tell you, I care less who the author is,

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why the book was written, the year it was published,

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what edition it is.

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All I care about is, is going to make me money.

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That's all I know.

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It pisses a lot of people off because people

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that are passionate about books, there's

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a lot of people that enjoy reading, enjoy collecting.

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They know all this information.

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And maybe they come to my channel like, oh, this guy loves books.

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He loves saving books.

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And I'm like, sorry, unfortunately, that is not me.

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The only reason I sell the books that I sell

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is so that I can profit from the books.

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Maybe I come across some super rare, like, there's only one

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in the world.

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Why would you ever sell it?

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Because I want the money.

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I don't want the books.

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I don't know.

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Dude, what's your opinion on this?

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I'll give it two folds because before I

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joined the reselling business, I did read

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and I actually had a little library of my own.

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I was doing Eastern Press Folio Franklin Library.

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Good Englishman looking library, book collection.

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That was fun.

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I liked reading those because I did like the experience,

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the tactile experience that came with reading those books.

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And they were books I've already read before.

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And they got one reread out of me.

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And then they set on a shelf.

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I get it.

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If that's your jam, you like collecting,

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you like admiring, and you like an experience,

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there's no problem with collecting.

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Everybody's allowed to have their passions and hobbies.

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But when you transfer into reselling,

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guess what happened in that library?

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That went to be resold.

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I've read them before.

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I'll read them again.

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Those exact books, I can get them again if I really want.

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And nothing is irreplaceable.

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It really isn't.

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Even the text, you can get that in a cheaper version

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if it's a really, really super rare book.

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Or save up your pennies to get that really, really rare book

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again.

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Now, you're one of a kind, Sarri.

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That's a little bit different.

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But I'm going to exclude that from this topic here.

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When it comes to reselling, when I look at a book these days,

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I look at the cover art because that's mainly

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what I shill on eBay side of things.

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Cover art looks cool.

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I'll put it up for sale.

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Or if it's very, very interesting subject matter,

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or if it was a book that altered history.

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There's very few of those kinds of books out there.

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But they do exist where they're groundbreaking for at least

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the time period.

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So from a historical perspective,

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those books are cool to me.

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Now, am I married to them?

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Do I hoard on to them?

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Absolutely not.

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I'm about making money these days.

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And again, if I ever want to start my own personal library,

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I'll do it again.

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I technically have my own right now.

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It's called a bookstore.

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And I'm not married to any of those books either.

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Of course, most of the books out there

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are kind of garbage in my opinion.

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But we can admire things, but if we're in the game of making

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money, which reselling very much is, you can't be married to it.

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And that includes on your pricing too, man.

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Don't price it sky high where it'll never sell.

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I know what I got, dude.

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Price is firm.

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Price is firm.

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No, that's BS.

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Sell it.

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Make some money.

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I mean, when I sold a book out of my personal collection

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on eBay first time, I kind of held it.

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I was sad for a minute.

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And then I put it in the poly bag.

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Minute was over.

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Had my minute of, oh, I remember reading you.

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You were good times.

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You were my friend for a couple hours a night.

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I think maybe we come off as like greedy old men, right?

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Because you basically just told, we're not saying,

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you know, I'll tell you right now,

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I do have a book collection.

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It consists of like one, two, three, four, five,

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under 10 books, right?

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So I do have a little particular niche

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that I look for, particular series that I look for,

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the Halloween horror movie trade paperbacks.

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But that is like the extent of it.

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I also have the Jaws.

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Like I'm into horror books.

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They rarely exist.

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But it's not like I have a huge collection.

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And if I had to, kind of bring it back

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to like when I was dead broke.

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We would get a tax return.

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We'd be like, we're spending this money, dude, right?

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So like Deb buys an iPad.

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I get like an Xbox.

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And then like the next month, we're completely broke.

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And we have to sell the iPad and we have to sell the Xbox.

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I think a lot of people get tied to these items.

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And the idea is, what if we took the label off the item, right?

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Like what if the CD wasn't a CD?

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It was the dollar you paid for it.

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What if everything was just like the monetary, the currency

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you paid for it versus what you can get for it?

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So you're not attached, right?

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Like set free isn't like your favorite band of all time.

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You just see it as a dollar bill.

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So basically you see every item based on what you paid for it

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and how much you can turn that dollar into.

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I think resellers would skyrocket

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because we're not attached.

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We're not like, oh my god, I'm not taking this lowball offer.

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Well, if anybody walked up to you on the street today,

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Johnny said, you give me a dollar and I'll give you five.

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But hello, is anybody there?

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Like who is going to say no to that?

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Like it's crazy to me this mindset of reselling is like,

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I got to get all the money all the time.

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And I think it gets on the topic of sell through when it comes

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to our only job is to make money.

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You have to sell items no matter what category you're in.

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Media is one of the worst categories

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when it comes to sell through rates.

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There's some other rough ones.

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Used clothing can be rough, low ASP, things like that.

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You have to turn and burn because think about it.

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I got 3,400 items sitting in Amazon right now.

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My average buy cost is right around a dollar.

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That's $3,400 sitting in Bezos warehouse doing nothing.

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It's just sitting there.

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I basically have over three grand in cash sitting there.

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But we don't think about it that way.

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You say, well, I got $3,000 in inventory.

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So I might sell some.

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Well, think about it in monetary terms.

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You got $3,000 and your money is just

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sitting there doing nothing for you.

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If I said, hey, all right, well, you could sell everything

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and make your set of your $3,000.

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Maybe you're going to make $15,000.

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I'm cashing out today, dude.

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And I think that's what you hit on it before the podcast

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when I was talking about it.

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This is replicable.

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You can go find this stuff infinitely.

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So if we cash out everything today,

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you cash out all your $15,000 plus you have in Amazon.

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And think about that.

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As you scale, your inventory number is only going to go up.

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Sure, Johnny isn't paying close to a dollar apiece.

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But you still have money tied up sitting there.

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There's still fees.

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There's still overhead that come with it.

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Well, it's at least $0.21 to $0.30 just to send it in.

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So there's that.

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Yeah.

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Yeah, so it's the idea that it's fine for items to just sit.

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And I know people rag me behind the scenes about it

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because I'm all about turning and burning through inventory.

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And when I first started, every book I sold

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was like my firstborn child.

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And I wanted to get the most amount of money.

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And now I'm like, well, if I know this thing's

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guaranteed to sell, which we can tell from the data we have

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as Amazon sellers through software,

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and even on eBay, if you go and look up something

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and then you filter to sold and you see there's

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more sold than listed, you're like, oh, yeah,

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we're in the money here.

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This is going to sell pretty quick on eBay.

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We have the data in front of us, but we still

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refuse to take advantage of some of the faster moving.

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And the profit's not as high, dude.

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So people don't get excited.

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Reselling's all about finding a gold bar for a dollar

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and selling it for $3 million.

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And I think that's why.

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Go ahead.

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I'm going to interrupt you here.

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I'm going to go right into it.

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Payments.

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Let's take a look at the transaction view.

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I did over $10,000 last month.

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Let's see what kind of money we're looking at.

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Let's see.

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$20.18.

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$4.18.

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OK, here's one.

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$0.21 I made in that one book.

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A whole $0.21.

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But I sent that in with the other books that did $18.25.

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There's $1.34.

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And then right beneath it is a $51.

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It all adds up.

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You got to look at your month or your week over week

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or your year over year money.

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It just all adds in that monthly pile

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or that yearly pile of money.

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$7, $2, $14, $16, $8, $2.

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$1.57 whole cents.

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$6, $5, $2.

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$0.23 here.

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$1.59, $3, $6, $02, $1.77, $19, $13, $2.91, $38.

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It all added up to over 10 Gs.

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It all adds up, people.

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You need money at the end of the day.

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And it's apparent, especially since we have the media group.

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We do the calls.

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And we got the Discord.

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And we got the Facebook.

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And we do the calls.

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We see a lot of people that struggle with cash flow.

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And the only way to change that is to sell your stuff.

261
00:10:58,360 --> 00:11:05,560
If you go out and spend $500 this week and you send it in,

262
00:11:05,560 --> 00:11:07,160
it's going to take time for it to sell.

263
00:11:07,160 --> 00:11:10,760
But if you're not in the mindset of selling it, and with Amazon,

264
00:11:10,760 --> 00:11:12,960
I mean, on eBay, it's the same way.

265
00:11:12,960 --> 00:11:14,360
Because a lot of people on eBay, they

266
00:11:14,360 --> 00:11:15,760
don't go back and reprice things.

267
00:11:15,760 --> 00:11:17,760
They don't see if someone else came on the listing

268
00:11:17,760 --> 00:11:18,560
and undercut them.

269
00:11:18,560 --> 00:11:22,760
And with Amazon, we have the data.

270
00:11:22,760 --> 00:11:25,360
But sometimes the data is misleading.

271
00:11:25,360 --> 00:11:31,040
Somebody might have this CD priced on Amazon for $100.

272
00:11:31,040 --> 00:11:33,160
And nobody in their right mind is going

273
00:11:33,160 --> 00:11:35,680
to pay for set free $100.

274
00:11:35,680 --> 00:11:37,560
So you find this in a thrift store.

275
00:11:37,560 --> 00:11:38,960
And you say, well, I'm going to go.

276
00:11:38,960 --> 00:11:42,160
I'm going to be the lowest person and price it at $99.99.

277
00:11:42,160 --> 00:11:43,160
Good luck with that.

278
00:11:43,160 --> 00:11:44,040
It's never going to sell.

279
00:11:44,040 --> 00:11:45,160
You just burn your dollar.

280
00:11:45,160 --> 00:11:47,560
You might as well take your dollar out back and just burn it.

281
00:11:47,560 --> 00:11:49,360
Burn it on the barbecue.

282
00:11:49,360 --> 00:11:50,760
Be realistic.

283
00:11:50,760 --> 00:11:52,360
And I try to get this through the people.

284
00:11:52,360 --> 00:11:54,160
And I know I really don't, because there's

285
00:11:54,160 --> 00:11:59,480
no other way to say it besides, what's the value to somebody?

286
00:11:59,480 --> 00:12:00,160
It's a CD.

287
00:12:00,160 --> 00:12:03,040
Sure, there are super collectible CDs for all you people.

288
00:12:03,040 --> 00:12:05,440
There are CDs that sell for thousands of dollars.

289
00:12:05,440 --> 00:12:05,920
Sure.

290
00:12:05,920 --> 00:12:08,560
But I'm talking about your run of the mill everyday stuff.

291
00:12:08,560 --> 00:12:10,840
And I do think this exists with eBay as well.

292
00:12:10,840 --> 00:12:15,240
Because the problem is anybody can list anything

293
00:12:15,240 --> 00:12:17,600
at any price on eBay.

294
00:12:17,600 --> 00:12:20,840
So if I'm the only person on eBay selling this CD,

295
00:12:20,840 --> 00:12:24,960
and I got a price at $100, and there's no sold comps,

296
00:12:24,960 --> 00:12:27,280
you come along, you find the CD, and you're like, well,

297
00:12:27,280 --> 00:12:30,080
I'm going to price this at $89.99.

298
00:12:30,080 --> 00:12:32,320
And it's going to sell, because it's $10 cheaper

299
00:12:32,320 --> 00:12:33,160
than the other one.

300
00:12:33,160 --> 00:12:36,720
Well, in reality, if somebody Googled set free,

301
00:12:36,720 --> 00:12:38,480
somewhere else on the internet, it's probably

302
00:12:38,480 --> 00:12:39,720
going to have it for $10.

303
00:12:39,720 --> 00:12:42,960
So your item is never going to sell,

304
00:12:42,960 --> 00:12:45,400
because the price is just unrealistic.

305
00:12:45,400 --> 00:12:45,960
I don't know.

306
00:12:45,960 --> 00:12:49,120
For me, I want a price that I think somebody

307
00:12:49,120 --> 00:12:50,680
be willing to buy the item.

308
00:12:50,680 --> 00:12:53,640
Besides the collector's items and things like that,

309
00:12:53,640 --> 00:12:57,520
I like pricing my items $17.99, $19.99 range.

310
00:12:57,520 --> 00:13:00,480
It's almost like my everyday value range,

311
00:13:00,480 --> 00:13:03,720
because people feel like, oh, $17 for a CD, all right,

312
00:13:03,720 --> 00:13:04,760
that's fine.

313
00:13:04,760 --> 00:13:06,280
What's your take on this when it comes

314
00:13:06,280 --> 00:13:09,520
to having a realistic expectation of what you can

315
00:13:09,520 --> 00:13:13,920
actually get for your items, regardless of the data

316
00:13:13,920 --> 00:13:17,800
and the comps you see that are out there?

317
00:13:17,800 --> 00:13:20,200
How much does it cost to go to the movie theater

318
00:13:20,200 --> 00:13:23,880
to buy a large drink and a large bucket of popcorn?

319
00:13:23,880 --> 00:13:27,280
That is the most money I think people would blow.

320
00:13:27,280 --> 00:13:29,840
And that'll change every year as inflation change.

321
00:13:29,840 --> 00:13:33,200
Because going to the movie for a two-hour experience

322
00:13:33,200 --> 00:13:36,000
with a large popcorn and a large beverage,

323
00:13:36,000 --> 00:13:37,880
that's a good baseline.

324
00:13:37,880 --> 00:13:39,680
Or if you don't like movie theaters

325
00:13:39,680 --> 00:13:41,600
and don't know nothing about them, OK.

326
00:13:41,600 --> 00:13:45,160
What's it cost to buy a loaf of bread, ham, cheese,

327
00:13:45,160 --> 00:13:47,920
and a beverage at the grocery store?

328
00:13:47,920 --> 00:13:50,840
That's your average cost of what people

329
00:13:50,840 --> 00:13:55,840
are willing to spend and not think about it, in my opinion.

330
00:13:55,840 --> 00:13:58,720
Again, this is an opinion.

331
00:13:58,720 --> 00:14:01,880
And I'm basing my opinion on what people do every day.

332
00:14:01,880 --> 00:14:03,200
What do they do for entertainment?

333
00:14:03,200 --> 00:14:06,680
We sell entertainment products, books, CDs, DVDs.

334
00:14:06,680 --> 00:14:09,120
So that's why I like the movies more to the groceries.

335
00:14:09,120 --> 00:14:11,120
Because you need to eat, honestly.

336
00:14:11,120 --> 00:14:14,720
So groceries is more of a need versus a want to have.

337
00:14:14,720 --> 00:14:17,920
So in a want to have scenario, what's the average Joe

338
00:14:17,920 --> 00:14:20,800
or average Jill going to pay?

339
00:14:20,800 --> 00:14:23,400
Movie ticket plus the price of popcorn and a beverage.

340
00:14:23,400 --> 00:14:24,720
That's what they're willing to pay.

341
00:14:24,720 --> 00:14:27,560
Or what's a subscription to Netflix cost?

342
00:14:27,560 --> 00:14:29,480
What does a subscription to Hulu cost?

343
00:14:29,480 --> 00:14:31,080
Yeah, there's upgrades to Hulu.

344
00:14:31,080 --> 00:14:32,920
There's upgrades to Netflix.

345
00:14:32,920 --> 00:14:36,200
But you've got to base it on what's the market doing today?

346
00:14:36,200 --> 00:14:38,080
Now, COVID things shot up.

347
00:14:38,080 --> 00:14:41,440
So prices on everything shot up.

348
00:14:41,440 --> 00:14:43,280
Even the mailing stamp has shot up.

349
00:14:43,280 --> 00:14:47,360
And it takes almost six months for average Joe and Jill

350
00:14:47,360 --> 00:14:49,720
to get used to those increases of mail costs.

351
00:14:49,720 --> 00:14:51,400
Why did your prices go up?

352
00:14:51,400 --> 00:14:52,560
I'm used to paying this.

353
00:14:52,560 --> 00:14:53,960
Well, because the stamp went up.

354
00:14:53,960 --> 00:14:59,000
And you're just unaware what stamp prices cost every day.

355
00:14:59,000 --> 00:15:01,200
That's my take on it.

356
00:15:01,200 --> 00:15:05,800
Be realistic and use practical examples in the world we live in.

357
00:15:05,800 --> 00:15:07,560
While it's the United States of America,

358
00:15:07,560 --> 00:15:09,000
if you're listening to another country,

359
00:15:09,000 --> 00:15:10,960
use your country's numbers.

360
00:15:10,960 --> 00:15:16,520
Because instead of dollars, it's pounds or rubles or rupees.

361
00:15:16,520 --> 00:15:20,200
What do you think about the person that comps everything

362
00:15:20,200 --> 00:15:23,640
on their phone when they're reselling and they come across?

363
00:15:23,640 --> 00:15:26,320
Some of these items are, I don't know how it's done.

364
00:15:26,320 --> 00:15:27,640
I don't know the science behind it.

365
00:15:27,640 --> 00:15:29,320
But I've seen some the other day in a thrift store.

366
00:15:29,320 --> 00:15:31,880
I almost took a picture and sent them to you, honestly.

367
00:15:31,880 --> 00:15:33,360
Beanie Babies.

368
00:15:33,360 --> 00:15:34,040
All right.

369
00:15:34,040 --> 00:15:38,720
This Beanie Baby or the Disney VHS Diamond Collection,

370
00:15:38,720 --> 00:15:40,000
Black Diamond, right?

371
00:15:40,000 --> 00:15:43,160
Like, this is going to sell for $3 trillion.

372
00:15:43,160 --> 00:15:46,040
And they go on eBay and they see the sold listing.

373
00:15:46,040 --> 00:15:47,920
And it's like $5,000.

374
00:15:47,920 --> 00:15:49,200
And they're like, oh my god.

375
00:15:49,200 --> 00:15:52,640
Like, I know the majority of people that listen to this

376
00:15:52,640 --> 00:15:54,240
understand that's not the reality.

377
00:15:54,240 --> 00:15:57,800
But there is a large part of the reselling community

378
00:15:57,800 --> 00:16:01,800
that is absolutely clueless when it comes to understanding

379
00:16:01,800 --> 00:16:05,880
market value and understanding the platforms that they sell

380
00:16:05,880 --> 00:16:08,080
on and how sold comps work.

381
00:16:08,080 --> 00:16:10,200
And it's just, I don't know, man.

382
00:16:10,200 --> 00:16:15,000
Like, how do some of these things have sold comps for $5,000

383
00:16:15,000 --> 00:16:17,000
when we know the Beanie Baby's worth a dollar?

384
00:16:17,000 --> 00:16:19,720
If that, you probably can't even give it away.

385
00:16:19,720 --> 00:16:22,560
My guess is money is exchanging hands

386
00:16:22,560 --> 00:16:24,840
between the same hands.

387
00:16:24,840 --> 00:16:26,520
And if you didn't catch on to that scenario,

388
00:16:26,520 --> 00:16:29,440
I think it's money laundering to some degree, honestly.

389
00:16:29,440 --> 00:16:31,200
And they're using some cheap product

390
00:16:31,200 --> 00:16:32,440
to make it legit.

391
00:16:32,440 --> 00:16:35,480
Now, are some Disney, Black Diamond things

392
00:16:35,480 --> 00:16:36,440
worth some money?

393
00:16:36,440 --> 00:16:36,760
Yes.

394
00:16:36,760 --> 00:16:38,000
Do I think they're worth as much money

395
00:16:38,000 --> 00:16:39,240
as we're seeing in the solds?

396
00:16:39,240 --> 00:16:41,640
No.

397
00:16:41,640 --> 00:16:45,360
So I think it's, I'll give a good example.

398
00:16:45,360 --> 00:16:48,320
Ria's resellers are not in the storage game.

399
00:16:48,320 --> 00:16:49,480
There's a gentleman.

400
00:16:49,480 --> 00:16:51,440
And if you've heard the news cycle

401
00:16:51,440 --> 00:16:54,600
in some degree of reselling, I think it's Mile High Comics.

402
00:16:54,600 --> 00:16:57,800
He bought a gigantic collection in the early 90s.

403
00:16:57,800 --> 00:17:00,600
He still has most of it because he's priced them

404
00:17:00,600 --> 00:17:02,280
extremely high.

405
00:17:02,280 --> 00:17:05,240
He's a collector who doesn't want them to really go.

406
00:17:05,240 --> 00:17:08,120
So he priced himself outside of the selling market, more or less.

407
00:17:08,120 --> 00:17:09,280
Does he sell some things?

408
00:17:09,280 --> 00:17:10,280
Sure.

409
00:17:10,280 --> 00:17:12,840
But there's plenty of documentary films out there

410
00:17:12,840 --> 00:17:14,000
on this gentleman.

411
00:17:14,000 --> 00:17:16,080
Dude, who is this guy?

412
00:17:16,080 --> 00:17:18,280
You're calling out resellers on the podcast here.

413
00:17:18,280 --> 00:17:20,240
This is a podcast first.

414
00:17:20,240 --> 00:17:22,480
Mile High Comics?

415
00:17:22,480 --> 00:17:23,520
Yeah.

416
00:17:23,520 --> 00:17:25,600
Now you're going to have me go down the rabbit hole here.

417
00:17:25,600 --> 00:17:28,720
Chuck Roszynski, I think is his name.

418
00:17:28,720 --> 00:17:31,480
Man, he must have you real pissed off, huh?

419
00:17:31,480 --> 00:17:33,600
No, I just find it fascinating.

420
00:17:33,600 --> 00:17:35,000
I look at his warehouse.

421
00:17:35,000 --> 00:17:36,760
His warehouse is gigantic.

422
00:17:36,760 --> 00:17:38,680
It's over a million comic books.

423
00:17:38,680 --> 00:17:41,720
I think maybe close to three million comic books.

424
00:17:41,720 --> 00:17:45,040
There's a lot of them that are just there since he bought them

425
00:17:45,040 --> 00:17:48,760
over going on almost 30 years ago.

426
00:17:48,760 --> 00:17:52,240
We still got six million comics and change.

427
00:17:52,240 --> 00:17:54,760
That's blatant ignorance.

428
00:17:54,760 --> 00:17:58,440
I think another problem is you're a reseller.

429
00:17:58,440 --> 00:18:01,480
I think we have to change the mindset behind this

430
00:18:01,480 --> 00:18:04,000
because a lot of people join my group

431
00:18:04,000 --> 00:18:08,720
and maybe they expect some kind of book of the week.

432
00:18:08,720 --> 00:18:11,120
Like, oh, I'm reading this book this week.

433
00:18:11,120 --> 00:18:12,520
That is not the case.

434
00:18:12,520 --> 00:18:13,840
I have the group.

435
00:18:13,840 --> 00:18:15,480
It's a business-minded group.

436
00:18:15,480 --> 00:18:16,960
It's not a book collecting.

437
00:18:16,960 --> 00:18:18,200
It's not a collectible.

438
00:18:18,200 --> 00:18:21,640
It's not a save literature group.

439
00:18:21,640 --> 00:18:23,920
At the end of the day, my only focus

440
00:18:23,920 --> 00:18:26,560
is to help you make money selling media.

441
00:18:26,560 --> 00:18:30,240
And as resellers, we have this mindset of, oh, I'm a reseller.

442
00:18:30,240 --> 00:18:33,160
Well, no, you're a small business owner.

443
00:18:33,160 --> 00:18:35,360
You literally are sole proprietor.

444
00:18:35,360 --> 00:18:39,040
Whatever you are, LLC, you go down that whole rabbit hole

445
00:18:39,040 --> 00:18:40,040
of that stuff.

446
00:18:40,040 --> 00:18:41,560
But you are a business.

447
00:18:41,560 --> 00:18:43,360
And resellers don't think that way.

448
00:18:43,360 --> 00:18:44,880
We just think, oh, we're a reseller.

449
00:18:44,880 --> 00:18:48,000
And that is just a mumbled, jumbled word.

450
00:18:48,000 --> 00:18:49,080
And I just Googled it.

451
00:18:49,080 --> 00:18:53,040
10 million comics and over 300,000 comic trade paperbacks.

452
00:18:53,040 --> 00:18:54,920
The gentleman has.

453
00:18:54,920 --> 00:18:56,680
I don't know what his sell-through rate is,

454
00:18:56,680 --> 00:18:59,680
but I'm going to guess it's small.

455
00:18:59,680 --> 00:19:02,920
But no, I mean, you got to detach yourself.

456
00:19:02,920 --> 00:19:04,400
I stopped calling books books.

457
00:19:04,400 --> 00:19:05,680
I call them units now.

458
00:19:05,680 --> 00:19:07,040
I call CDs units.

459
00:19:07,040 --> 00:19:08,480
I call DVDs units.

460
00:19:08,480 --> 00:19:09,680
I call whatever units.

461
00:19:09,680 --> 00:19:11,000
I don't call them what they are.

462
00:19:11,000 --> 00:19:11,720
You can't, dude.

463
00:19:11,720 --> 00:19:13,000
People aren't.

464
00:19:13,000 --> 00:19:14,840
It's too drastic of a change.

465
00:19:14,840 --> 00:19:16,560
No matter if it's books, clothing,

466
00:19:16,560 --> 00:19:18,720
like it's only going to be the Nike shirt.

467
00:19:18,720 --> 00:19:19,400
They're widgets.

468
00:19:19,400 --> 00:19:20,040
They're units.

469
00:19:20,040 --> 00:19:21,400
It's going to be the Polo shirt.

470
00:19:21,400 --> 00:19:22,240
I agree, though.

471
00:19:22,240 --> 00:19:24,640
It would make your life easier if you just had this uniformed

472
00:19:24,640 --> 00:19:25,560
look at things, right?

473
00:19:25,560 --> 00:19:27,320
Now you can just see it as, all right, well, yeah,

474
00:19:27,320 --> 00:19:28,200
I'm selling that item.

475
00:19:28,200 --> 00:19:29,320
Or that dollar's a go.

476
00:19:29,320 --> 00:19:30,800
It's just like what you said.

477
00:19:30,800 --> 00:19:32,200
This is dollars.

478
00:19:32,200 --> 00:19:34,720
But to me, they're units that convert into dollars.

479
00:19:34,720 --> 00:19:37,280
How many units do I need to convert into dollars?

480
00:19:37,280 --> 00:19:38,840
And I love it when I'm talking to people

481
00:19:38,840 --> 00:19:40,240
trying to sell me stuff.

482
00:19:40,240 --> 00:19:43,320
There's blah amount of value in this box.

483
00:19:43,320 --> 00:19:45,680
I'm like, the number of units versus your cost

484
00:19:45,680 --> 00:19:47,080
versus the margin I'm going to make.

485
00:19:47,080 --> 00:19:48,080
That's all I care about.

486
00:19:48,080 --> 00:19:51,040
That has nothing to do with what you perceive.

487
00:19:51,040 --> 00:19:55,960
It's a perception of the value to be and said box or boxes.

488
00:19:55,960 --> 00:19:56,680
I don't care.

489
00:19:56,680 --> 00:19:57,840
I buy stuff for x.

490
00:19:57,840 --> 00:19:59,680
I sell stuff for y.

491
00:19:59,680 --> 00:20:01,360
Z comes in my bank account.

492
00:20:01,360 --> 00:20:03,280
That is all I care about.

493
00:20:03,280 --> 00:20:05,640
You are literally Mr. Krabs today.

494
00:20:05,640 --> 00:20:06,600
And I kind of like it.

495
00:20:06,600 --> 00:20:08,120
I like when you're greedy for money

496
00:20:08,120 --> 00:20:10,560
because someone said that.

497
00:20:10,560 --> 00:20:12,320
I forget who it was a few weeks ago.

498
00:20:12,320 --> 00:20:15,040
Someone commented on one of the shorts

499
00:20:15,040 --> 00:20:16,840
I posted on YouTube of the podcast.

500
00:20:16,840 --> 00:20:19,000
And they're like, everything isn't

501
00:20:19,000 --> 00:20:20,400
about money in the world.

502
00:20:20,400 --> 00:20:22,720
I'm like, all right, hotshot, here we go.

503
00:20:22,720 --> 00:20:25,320
If I want to even have a YouTube channel

504
00:20:25,320 --> 00:20:27,040
or have a roof over my head,

505
00:20:27,040 --> 00:20:29,680
you need something called money.

506
00:20:29,680 --> 00:20:31,480
Unless you're Tom Hanks on your island

507
00:20:31,480 --> 00:20:34,440
with infinite food supply, fuck off.

508
00:20:36,280 --> 00:20:39,000
I understand people get offended

509
00:20:39,000 --> 00:20:41,280
when you sound like a money hungry,

510
00:20:41,280 --> 00:20:42,240
greedy little bugger.

511
00:20:42,240 --> 00:20:43,960
You're like, I just want to make money.

512
00:20:43,960 --> 00:20:45,800
I want to make all the money.

513
00:20:45,800 --> 00:20:48,680
But that's what we do as resellers.

514
00:20:48,680 --> 00:20:51,320
One of my favorite movies is Boiler Room.

515
00:20:51,320 --> 00:20:52,560
And he makes this statement.

516
00:20:52,560 --> 00:20:54,280
It's Ben Affleck walking around the table,

517
00:20:54,280 --> 00:20:57,600
giving these young guns some advice.

518
00:20:57,600 --> 00:21:02,280
Anybody who says that money doesn't buy happiness

519
00:21:02,280 --> 00:21:04,160
has never had any.

520
00:21:04,160 --> 00:21:05,760
That is one of my favorite quotes.

521
00:21:05,760 --> 00:21:07,240
Money does buy happiness.

522
00:21:07,240 --> 00:21:08,720
I'm here to tell you right now.

523
00:21:08,720 --> 00:21:13,720
Or it buys the option to have happiness, right?

524
00:21:16,280 --> 00:21:17,760
Just because you buy a water slide,

525
00:21:17,760 --> 00:21:19,560
does it really bring you internal joy?

526
00:21:19,560 --> 00:21:21,440
No, but how do you know if you can't even buy

527
00:21:21,440 --> 00:21:23,200
the water slide to find out?

528
00:21:23,200 --> 00:21:24,880
That's my point.

529
00:21:24,880 --> 00:21:27,600
Yeah, I think money, the way I look at money,

530
00:21:27,600 --> 00:21:31,920
it takes a lot of stress out of your life, right?

531
00:21:31,920 --> 00:21:34,440
Being someone that used to be so dead broke,

532
00:21:34,440 --> 00:21:36,080
it was pathetic.

533
00:21:36,080 --> 00:21:37,680
Living dollar to dollar,

534
00:21:37,680 --> 00:21:40,040
not even paycheck to paycheck, worse than that.

535
00:21:40,040 --> 00:21:43,600
Credit cards and just struggling to get by.

536
00:21:43,600 --> 00:21:47,880
The big thing money gave me and Deb was peace of mind, right?

537
00:21:47,880 --> 00:21:52,480
If something happens, something happens to the car,

538
00:21:52,480 --> 00:21:57,480
I need to spend $3,000, okay, it's there to spend, right?

539
00:21:57,680 --> 00:22:00,080
Some other kind of emergency happens.

540
00:22:00,080 --> 00:22:02,840
That's the biggest thing with money for me is

541
00:22:02,840 --> 00:22:05,440
it allows you to sleep easier at night,

542
00:22:05,440 --> 00:22:07,080
knowing you have it set aside

543
00:22:07,080 --> 00:22:10,120
and you're not worried for the sky to fall.

544
00:22:10,120 --> 00:22:12,080
Because when you are in that stage

545
00:22:12,080 --> 00:22:14,040
of not having a lot of money,

546
00:22:14,040 --> 00:22:16,240
it always feels like the sky is falling.

547
00:22:16,240 --> 00:22:18,440
Every week, Johnny, there's something else happening.

548
00:22:18,440 --> 00:22:20,320
Oh, I gotta get flat tire.

549
00:22:20,320 --> 00:22:22,000
Oh, I gotta take the cat to the vet.

550
00:22:22,000 --> 00:22:23,240
I don't have money to do this.

551
00:22:23,240 --> 00:22:24,720
And it always, you just feel like

552
00:22:24,720 --> 00:22:26,360
you're in this repetitive cycle.

553
00:22:26,360 --> 00:22:27,520
And that's why as resellers,

554
00:22:27,520 --> 00:22:30,760
you have to get money back out of your items.

555
00:22:30,760 --> 00:22:32,520
And there's lots of times, you know,

556
00:22:32,520 --> 00:22:36,680
Johnny just said 24 cents for some of the stuff he sells.

557
00:22:36,680 --> 00:22:37,800
Okay, you lose few.

558
00:22:37,800 --> 00:22:39,360
You're not gonna win every single time,

559
00:22:39,360 --> 00:22:41,920
but you at least get some money back out of the item

560
00:22:41,920 --> 00:22:44,960
to redeploy smarter in the future.

561
00:22:44,960 --> 00:22:45,920
Exactly.

562
00:22:45,920 --> 00:22:49,320
And some of those items, even on the lower dollar ends,

563
00:22:49,320 --> 00:22:50,600
I mean, those are fast movers.

564
00:22:50,600 --> 00:22:53,280
They sold, they were in the sold section

565
00:22:53,280 --> 00:22:54,720
that I was reading those numbers off of.

566
00:22:54,720 --> 00:22:56,200
They have sold.

567
00:22:56,200 --> 00:22:58,800
Now, another thing to think about is

568
00:23:00,520 --> 00:23:02,640
you go out and buy stuff,

569
00:23:03,640 --> 00:23:06,600
but how much stuff are you bringing back home

570
00:23:06,600 --> 00:23:10,440
and how much time does it take you to A, haul it back,

571
00:23:10,440 --> 00:23:12,280
or B, select what you're buying,

572
00:23:12,280 --> 00:23:14,960
B, haul it back, C, process it,

573
00:23:14,960 --> 00:23:18,640
D, send it in, and E, wait for your money.

574
00:23:18,640 --> 00:23:23,240
So the reason I broke it down like that is each phase,

575
00:23:23,240 --> 00:23:25,760
you have to evaluate your profit per hour

576
00:23:25,760 --> 00:23:27,280
or your profit per day.

577
00:23:27,280 --> 00:23:28,680
Oh, you're gonna piss people off, dude.

578
00:23:28,680 --> 00:23:31,320
People don't like the profit per hour talk.

579
00:23:31,320 --> 00:23:33,160
Well, I'm sorry.

580
00:23:33,160 --> 00:23:35,120
I'm here to help people make money.

581
00:23:35,120 --> 00:23:37,160
Okay, I'm not sorry at all.

582
00:23:37,160 --> 00:23:38,400
You're gonna sit back and listen

583
00:23:38,400 --> 00:23:39,680
for the next couple of minutes,

584
00:23:39,680 --> 00:23:41,000
podcast listeners.

585
00:23:42,320 --> 00:23:44,600
So if you go out and buy a hundred books

586
00:23:44,600 --> 00:23:47,000
and the end result is you get a hundred bucks

587
00:23:47,000 --> 00:23:50,360
in your bank account, okay, that's not great.

588
00:23:50,360 --> 00:23:53,040
So you go out and you buy another set of a hundred books

589
00:23:53,040 --> 00:23:55,160
and you get a thousand dollars in your bank account.

590
00:23:55,160 --> 00:23:56,720
That's even better.

591
00:23:56,720 --> 00:23:58,720
But you shouldn't just stop there.

592
00:23:58,720 --> 00:24:00,960
You should always be thinking, okay,

593
00:24:00,960 --> 00:24:05,200
how can I make more money doing the same thing?

594
00:24:05,200 --> 00:24:07,720
We always have to be thinking that, even me.

595
00:24:07,720 --> 00:24:11,160
I mean, I'm pretty set on sourcing and stuff I have come in,

596
00:24:11,160 --> 00:24:14,240
but if there's an opportunity where I can make more money

597
00:24:14,240 --> 00:24:15,520
buying the same amount of,

598
00:24:16,560 --> 00:24:17,400
can't see it right now,

599
00:24:17,400 --> 00:24:20,160
but there are air quotes happening, units,

600
00:24:20,160 --> 00:24:24,240
and getting them back and making double the amount of money

601
00:24:24,240 --> 00:24:26,600
I normally have, I'm gonna take that opportunity.

602
00:24:26,600 --> 00:24:30,320
And that's an opportunity cost and opportunity analysis.

603
00:24:30,320 --> 00:24:33,080
And I may be using some higher level businessy terms,

604
00:24:33,080 --> 00:24:35,360
but I'm speaking to people who are running a business,

605
00:24:35,360 --> 00:24:39,800
not a hobby. To the hobbyist people though,

606
00:24:39,800 --> 00:24:41,760
I would apply the same methodology.

607
00:24:41,760 --> 00:24:42,920
You can make your hobby,

608
00:24:42,920 --> 00:24:45,720
you can make your part-time job very profitable

609
00:24:45,720 --> 00:24:48,240
doing these kind of simple, they're not simple.

610
00:24:48,240 --> 00:24:49,520
I won't say simple.

611
00:24:52,120 --> 00:24:54,480
What's a good work, Mike, for if you put the time in,

612
00:24:54,480 --> 00:24:55,680
you'll get the results back.

613
00:24:55,680 --> 00:24:57,000
Maybe I'll just say it like that.

614
00:24:57,000 --> 00:24:58,400
Yeah, that's a good way to say it.

615
00:24:58,400 --> 00:24:59,680
I don't think there's an actual term for it,

616
00:24:59,680 --> 00:25:02,800
but I do agree because even when I was a hobbyist,

617
00:25:02,800 --> 00:25:06,280
I'm like, if I go spend 20 bucks,

618
00:25:06,280 --> 00:25:08,680
that's 20 bucks I wanna make some money on.

619
00:25:09,520 --> 00:25:12,200
And I needed to sell those hobbyist items

620
00:25:12,200 --> 00:25:14,680
so I could go buy my Pizza Hut pizza.

621
00:25:14,680 --> 00:25:17,440
Cause if I'm a hobbyist, I'm just doing this for fun money.

622
00:25:17,440 --> 00:25:20,080
Maybe I buy collectible with the money I make.

623
00:25:20,080 --> 00:25:22,040
But if you don't sell the stuff you buy,

624
00:25:22,040 --> 00:25:26,440
even if you're a hobbyist, what even is the point here?

625
00:25:26,440 --> 00:25:27,840
There's no point even doing this

626
00:25:27,840 --> 00:25:30,440
if you're not in it to make some kind of money.

627
00:25:30,440 --> 00:25:32,800
Right, I mean, even if it's your vacation money

628
00:25:32,800 --> 00:25:34,960
you're using reselling for, great.

629
00:25:34,960 --> 00:25:38,640
But instead of roadside Motel 6,

630
00:25:38,640 --> 00:25:40,880
somewhere in the outskirts of Vegas,

631
00:25:40,880 --> 00:25:43,280
you can be hopping it up in the Flamingo,

632
00:25:43,280 --> 00:25:47,040
even though I think they're demolishing that place now.

633
00:25:47,040 --> 00:25:52,040
But you can change your experiences to have a better life.

634
00:25:53,800 --> 00:25:57,080
You can have more fun opportunities for yourself.

635
00:25:57,080 --> 00:25:59,480
Give yourself some more fun chances.

636
00:25:59,480 --> 00:26:01,440
By doing your hobby and your part-time

637
00:26:01,440 --> 00:26:03,520
and or your full-time job better,

638
00:26:03,520 --> 00:26:05,920
more efficiently, more profitable.

639
00:26:05,920 --> 00:26:08,080
This is all about profit.

640
00:26:08,080 --> 00:26:09,160
If you spend a dollar,

641
00:26:09,160 --> 00:26:12,000
what do you think is a reasonable return on your dollar?

642
00:26:13,000 --> 00:26:13,840
In our game?

643
00:26:13,840 --> 00:26:14,680
Yeah.

644
00:26:16,080 --> 00:26:19,680
Reasonable return, $17.

645
00:26:21,640 --> 00:26:23,320
So think about it like this.

646
00:26:23,320 --> 00:26:25,120
You just said you wanna make,

647
00:26:25,120 --> 00:26:28,280
you wanna turn your dollar into over a $10 bill.

648
00:26:28,280 --> 00:26:29,720
Yeah.

649
00:26:29,720 --> 00:26:32,000
What about the mindset of,

650
00:26:32,000 --> 00:26:34,920
you find a highly desirable item,

651
00:26:34,920 --> 00:26:36,600
you pay a dollar for it,

652
00:26:36,600 --> 00:26:38,320
you make $2 on the item,

653
00:26:38,320 --> 00:26:40,000
but it sells all the time.

654
00:26:40,880 --> 00:26:42,720
That's not appealing to resellers.

655
00:26:42,720 --> 00:26:43,560
No, it's not.

656
00:26:43,560 --> 00:26:46,640
No reseller is gonna get excited about that.

657
00:26:46,640 --> 00:26:48,400
But if I have the data in front of me

658
00:26:48,400 --> 00:26:50,680
and I'm buying a book for 50 cents,

659
00:26:50,680 --> 00:26:52,520
and I'm gonna make $2 and 50 cents,

660
00:26:52,520 --> 00:26:53,760
and you know what's gonna sell, right?

661
00:26:53,760 --> 00:26:54,600
Cause we have the data,

662
00:26:54,600 --> 00:26:58,400
we see it sold multiple times every single day on Amazon.

663
00:26:58,400 --> 00:27:00,760
I would take an infinite supply of those.

664
00:27:00,760 --> 00:27:01,880
Yeah, it's free money.

665
00:27:01,880 --> 00:27:05,000
It's your license to print money at that point.

666
00:27:05,000 --> 00:27:06,600
But resellers don't wanna do it.

667
00:27:07,840 --> 00:27:08,800
You're right, they don't.

668
00:27:08,800 --> 00:27:11,160
And I think they're bullish for not.

669
00:27:11,160 --> 00:27:13,480
I mean, nobody likes,

670
00:27:13,480 --> 00:27:15,760
it's not fancy to say I doubled my money.

671
00:27:15,760 --> 00:27:18,160
I tripled it. Especially on a dollar.

672
00:27:18,160 --> 00:27:20,760
But if you double a million dollars

673
00:27:20,760 --> 00:27:23,680
to now have $2 million, that's something.

674
00:27:23,680 --> 00:27:25,600
And let's do it again, two into four,

675
00:27:25,600 --> 00:27:30,440
four into eight, eight into 16, 32.

676
00:27:30,440 --> 00:27:31,640
Continue the ladder.

677
00:27:33,120 --> 00:27:36,080
Now you gotta hold back some to pay for your overhead,

678
00:27:36,080 --> 00:27:37,560
the cost of goods again.

679
00:27:37,560 --> 00:27:39,800
So it's not exactly a true doubling,

680
00:27:39,800 --> 00:27:42,520
but you're getting closer every time

681
00:27:42,520 --> 00:27:44,720
and it just compounds and compound.

682
00:27:44,720 --> 00:27:45,960
And it's very simple.

683
00:27:45,960 --> 00:27:47,920
It's the banking compounding interest.

684
00:27:47,920 --> 00:27:49,640
You can go Google that one.

685
00:27:49,640 --> 00:27:51,440
You can go watch some YouTube videos on that one

686
00:27:51,440 --> 00:27:54,400
if this conversation's above your head.

687
00:27:54,400 --> 00:27:57,000
But the power of compounding your money

688
00:27:57,000 --> 00:28:00,200
is the best it'll ever be in the world of reselling.

689
00:28:00,200 --> 00:28:02,840
Not even the stock market has the kind of

690
00:28:02,840 --> 00:28:05,960
compounding effect as resellers.

691
00:28:05,960 --> 00:28:08,160
Yeah, you figure stock market, your money doubles,

692
00:28:08,160 --> 00:28:12,600
I think every seven years at around 10 to 13%.

693
00:28:12,600 --> 00:28:15,680
And we're sad that we can't do it in 90 days.

694
00:28:15,680 --> 00:28:16,520
Yeah, yeah.

695
00:28:16,520 --> 00:28:19,160
And I think a lot of resellers grow

696
00:28:19,160 --> 00:28:21,440
before they really can sustain their cashflow.

697
00:28:21,440 --> 00:28:22,880
I think that's another thing.

698
00:28:22,880 --> 00:28:25,360
And you've grown from just being you,

699
00:28:25,360 --> 00:28:28,040
now you got this warehouse, you got an employee.

700
00:28:28,920 --> 00:28:32,120
If there's no cashflow in the business, you can't grow.

701
00:28:32,120 --> 00:28:33,960
I mean, you can grow, but you're gonna go bankrupt, right?

702
00:28:33,960 --> 00:28:35,840
Like Johnny B goes away if he decides

703
00:28:35,840 --> 00:28:37,800
to hire 20 employees tomorrow, right?

704
00:28:37,800 --> 00:28:39,080
Like, god.

705
00:28:39,080 --> 00:28:41,480
And we were kinda talking about this before the podcast.

706
00:28:41,480 --> 00:28:44,280
It's like, grow at the speed of cash,

707
00:28:44,280 --> 00:28:46,160
as dumb as that sounds.

708
00:28:46,160 --> 00:28:49,120
What do you have coming into the account consistently?

709
00:28:49,120 --> 00:28:52,160
What other things can you do to increase that?

710
00:28:52,160 --> 00:28:56,400
And part of it is being A-okay with lowering

711
00:28:56,400 --> 00:28:59,400
the amount you make per item if it has a faster sell curve.

712
00:28:59,400 --> 00:29:02,680
So imagine that anybody, eBay, Amazon seller,

713
00:29:02,680 --> 00:29:05,760
have I told you, if you priced everything

714
00:29:05,760 --> 00:29:08,200
you're sending in this week by $5 less

715
00:29:08,200 --> 00:29:10,360
that it would sell within a month,

716
00:29:10,360 --> 00:29:11,560
everybody would do that.

717
00:29:11,560 --> 00:29:14,640
Every single, and if not, you're a fool, I don't care.

718
00:29:14,640 --> 00:29:16,680
If you're not willing to part ways with everything

719
00:29:16,680 --> 00:29:20,120
for five less dollars, you're a fool.

720
00:29:20,120 --> 00:29:21,080
No, absolutely.

721
00:29:21,080 --> 00:29:24,680
Now, I did an experiment when I first got into Amazon.

722
00:29:24,680 --> 00:29:27,040
First month, high is ASP.

723
00:29:27,040 --> 00:29:29,560
I think my ASP was like 30 some odd dollars,

724
00:29:29,560 --> 00:29:31,080
a ridiculous amount.

725
00:29:31,080 --> 00:29:33,840
And then I said, okay, I'm gonna do it differently

726
00:29:33,840 --> 00:29:36,560
this month, and I pretty much halved my ASP,

727
00:29:36,560 --> 00:29:38,160
so now we're at 15 bucks.

728
00:29:38,160 --> 00:29:40,800
I made double the money, double,

729
00:29:40,800 --> 00:29:42,760
because I was selling through things faster.

730
00:29:42,760 --> 00:29:45,400
Now, what I'm doing now is kinda like a hybrid

731
00:29:45,400 --> 00:29:46,560
between those two.

732
00:29:46,560 --> 00:29:49,840
I'm setting it high and then gradually lowering it.

733
00:29:49,840 --> 00:29:54,040
But knowing that things sell faster

734
00:29:54,040 --> 00:29:57,080
if priced appropriately and or accurately,

735
00:29:57,080 --> 00:29:58,440
that is very powerful.

736
00:29:58,440 --> 00:30:01,760
That is a good tool, probably your primary tool,

737
00:30:01,760 --> 00:30:03,720
outside of getting the goods itself

738
00:30:03,720 --> 00:30:06,080
in our industry of reselling.

739
00:30:06,880 --> 00:30:10,280
It will sell at the right price, no questions asked.

740
00:30:10,280 --> 00:30:12,360
It will sell if priced correctly.

741
00:30:13,280 --> 00:30:14,960
All right, I know you're the eBay guy,

742
00:30:14,960 --> 00:30:18,120
so I wanna hit on eBay a little bit here is,

743
00:30:18,120 --> 00:30:22,680
not only do you have to find your item at a good price,

744
00:30:22,680 --> 00:30:24,480
have a sell through.

745
00:30:24,480 --> 00:30:27,240
With eBay, you have to understand

746
00:30:27,240 --> 00:30:30,360
what the platform expects from your listings.

747
00:30:30,360 --> 00:30:34,040
And I know it's not fun, but it's pretty straightforward.

748
00:30:34,040 --> 00:30:37,000
You need quality listings and a quality item

749
00:30:37,920 --> 00:30:39,360
if you wanna sell it on eBay.

750
00:30:39,360 --> 00:30:40,640
That's all it comes down to.

751
00:30:40,640 --> 00:30:43,280
There has to be some desire to this item.

752
00:30:43,280 --> 00:30:45,120
It has to be at a good price.

753
00:30:45,120 --> 00:30:47,000
And not only that, you gotta make sure

754
00:30:47,000 --> 00:30:49,840
your specifics are right, your title is correct.

755
00:30:49,840 --> 00:30:53,760
And I think if you lose one link in that chain,

756
00:30:54,720 --> 00:30:57,480
it's gonna take way longer than it has to

757
00:30:57,480 --> 00:30:59,400
for that item to sell.

758
00:30:59,400 --> 00:31:02,040
Right, most things you list will sell.

759
00:31:02,040 --> 00:31:04,080
How long that period of time,

760
00:31:04,080 --> 00:31:06,360
there's a bajillion factors that go into that.

761
00:31:06,360 --> 00:31:08,480
It could take five years for that thing to sell,

762
00:31:08,480 --> 00:31:10,720
but it probably will sell eventually.

763
00:31:10,720 --> 00:31:11,960
We don't wanna wait five,

764
00:31:11,960 --> 00:31:13,360
we're not playing the stock market,

765
00:31:13,360 --> 00:31:15,080
we're playing the reselling game.

766
00:31:15,080 --> 00:31:17,640
We wanna sell it as quickly as we can.

767
00:31:17,640 --> 00:31:21,000
Now, I'm gonna trim it back down to books.

768
00:31:21,000 --> 00:31:23,880
Let's take books as a very good example.

769
00:31:23,880 --> 00:31:27,760
Me listing a Nora Roberts book at $20, not gonna sell.

770
00:31:27,760 --> 00:31:30,640
Me listing a Nora Roberts book at $5,

771
00:31:30,640 --> 00:31:34,000
it's probably gonna sell, probably within the week.

772
00:31:34,000 --> 00:31:35,160
Here's the one even better.

773
00:31:35,160 --> 00:31:40,160
I put that Nora Roberts $1 auction, they pay for shipping.

774
00:31:40,160 --> 00:31:43,160
It's gonna sell probably within the auction cycle.

775
00:31:43,160 --> 00:31:48,160
Now, would Nora Roberts sell at $20?

776
00:31:48,160 --> 00:31:52,120
At some point, I can't tell you when, may take a decade.

777
00:31:52,120 --> 00:31:55,120
But yeah, another example, let's take a premium product.

778
00:31:55,120 --> 00:31:56,880
Let's take an East Impress book.

779
00:31:58,280 --> 00:32:01,120
It's going, let's say it's worth $100.

780
00:32:01,120 --> 00:32:04,520
You price it at $200, it's gonna take forever to sell.

781
00:32:04,520 --> 00:32:07,520
You price it at $100, it's gonna sell at the decent rate.

782
00:32:07,520 --> 00:32:11,680
You price that at $90 or $80 below market value,

783
00:32:11,680 --> 00:32:13,400
it's probably gonna sell within the week.

784
00:32:13,400 --> 00:32:16,800
Because people, the buyers, the consumers,

785
00:32:16,800 --> 00:32:18,440
know that it's worth $100.

786
00:32:18,440 --> 00:32:20,560
So when they see it for $80, it's like,

787
00:32:20,560 --> 00:32:23,160
oh my God, here's my money, take it all.

788
00:32:23,160 --> 00:32:24,200
And that's what we want.

789
00:32:24,200 --> 00:32:27,720
We want them to throw the money at us.

790
00:32:27,720 --> 00:32:30,040
I'm that guy, dude, you just hit it on the head, right?

791
00:32:30,040 --> 00:32:34,160
So I'll get my own, my library will call me,

792
00:32:34,160 --> 00:32:36,280
I'll go pick up books and like come across

793
00:32:36,280 --> 00:32:38,440
some valuable antique books, right?

794
00:32:38,440 --> 00:32:41,720
Like Atlas Shrugged, and it's like whatever edition.

795
00:32:41,720 --> 00:32:45,120
And I'm like, somebody's got listed for like 250 bucks.

796
00:32:45,120 --> 00:32:46,760
And mine's just a little bit beat up.

797
00:32:46,760 --> 00:32:49,320
There's one sold com for like 170.

798
00:32:49,320 --> 00:32:52,240
Dude, I put it at 129.99 and it sold within the day.

799
00:32:52,240 --> 00:32:55,720
Like, I got it for free or I got it for a dollar.

800
00:32:55,720 --> 00:32:59,240
Like I understand, okay, everybody's like,

801
00:32:59,240 --> 00:33:01,200
you're leaving millions and trillions of dollars

802
00:33:01,200 --> 00:33:02,600
on the table.

803
00:33:02,600 --> 00:33:04,560
The table ain't in my house, right?

804
00:33:04,560 --> 00:33:06,840
My pockets, my pockets in my house.

805
00:33:06,840 --> 00:33:08,440
I don't care what imaginary number

806
00:33:08,440 --> 00:33:10,760
we possibly could get for the item.

807
00:33:10,760 --> 00:33:12,560
What can I get for it right now?

808
00:33:12,560 --> 00:33:15,440
And if that means I can get my money quicker,

809
00:33:15,440 --> 00:33:18,480
and I'm only into, we're only into this stuff for like,

810
00:33:18,480 --> 00:33:20,080
you know, pennies on the dollar.

811
00:33:20,080 --> 00:33:22,840
We're so greedy, we want all the money all the time.

812
00:33:22,840 --> 00:33:23,680
Why?

813
00:33:23,680 --> 00:33:24,840
No, stop it.

814
00:33:24,840 --> 00:33:27,680
Take some of the money, reinvest your money,

815
00:33:27,680 --> 00:33:29,560
get more items and do it again and again,

816
00:33:29,560 --> 00:33:31,840
compounding, compound your money.

817
00:33:31,840 --> 00:33:35,240
Now, we mentioned him a ton because he says

818
00:33:35,240 --> 00:33:37,760
these exact same principles all the time.

819
00:33:37,760 --> 00:33:40,000
Tech's got open public videos right now

820
00:33:40,000 --> 00:33:43,080
explaining this very fact with a marker board.

821
00:33:43,080 --> 00:33:46,240
And I still see people today who watch that video

822
00:33:46,240 --> 00:33:47,600
and don't understand.

823
00:33:47,600 --> 00:33:50,400
I don't know how to make people understand this.

824
00:33:50,400 --> 00:33:55,160
You buy it for low, you sell it for not high, but medium,

825
00:33:55,160 --> 00:33:58,640
and do it over and over and over and over again.

826
00:33:58,640 --> 00:34:01,080
So, dollar into 10.

827
00:34:01,080 --> 00:34:02,680
Okay, fine.

828
00:34:02,680 --> 00:34:03,720
You're left with five.

829
00:34:03,720 --> 00:34:06,960
Okay, take double that.

830
00:34:06,960 --> 00:34:09,760
So now you're gonna spend two, you pocket three.

831
00:34:09,760 --> 00:34:12,600
Do it again, compound it, compound it over and over again.

832
00:34:12,600 --> 00:34:15,960
If you need to listen to this segment of the podcast

833
00:34:15,960 --> 00:34:19,200
20 times until it clicks, you need to write it out.

834
00:34:19,200 --> 00:34:20,840
You need to put us in slow mode

835
00:34:20,840 --> 00:34:23,880
to understand that basic principle, please do it.

836
00:34:24,840 --> 00:34:29,840
How many eBay sellers have inventory they have listed

837
00:34:29,840 --> 00:34:31,760
that's over six months old?

838
00:34:31,760 --> 00:34:34,440
Give me a percentage between one and a hundred.

839
00:34:34,440 --> 00:34:36,080
All of them, a hundred percent.

840
00:34:36,080 --> 00:34:40,160
Come on, dude, there's gotta be some outlier, all right?

841
00:34:40,160 --> 00:34:41,480
99%.

842
00:34:44,320 --> 00:34:46,240
So- I mean, there are people trying to target

843
00:34:46,240 --> 00:34:48,360
a 90 day sell through rate, sure.

844
00:34:48,360 --> 00:34:51,040
Do they sell within a hundred percent of their inventory?

845
00:34:51,040 --> 00:34:52,960
No, there's always something that's left over

846
00:34:52,960 --> 00:34:55,000
for some unexplainable reason.

847
00:34:55,000 --> 00:34:59,080
Either the market trend shifted, this is more in clothing,

848
00:34:59,080 --> 00:35:02,080
or you did something wrong with your pricing

849
00:35:02,080 --> 00:35:06,760
or your listing and you missed the notification,

850
00:35:06,760 --> 00:35:08,680
the memo down in the basement, if you will,

851
00:35:08,680 --> 00:35:12,200
that, oh, it was $30 this month, it's now $20 this month.

852
00:35:12,200 --> 00:35:15,800
And once you make the correction, it's gonna sell again.

853
00:35:15,800 --> 00:35:20,640
If you sell bars of gold, is a good example, or iPhones,

854
00:35:20,640 --> 00:35:23,040
it's probably the most example I hear mentioned a lot,

855
00:35:23,040 --> 00:35:25,680
it's going to sell as long as it's priced correctly

856
00:35:25,680 --> 00:35:27,680
at or below market.

857
00:35:27,680 --> 00:35:29,480
If it's priced below market, it's gonna have

858
00:35:29,480 --> 00:35:33,280
the shortest window of time that it takes to sell.

859
00:35:33,280 --> 00:35:36,680
The items I send into Amazon have six months.

860
00:35:36,680 --> 00:35:38,720
That's why I put the six months label on it.

861
00:35:38,720 --> 00:35:39,560
Yeah.

862
00:35:39,560 --> 00:35:40,400
Six months to sell.

863
00:35:40,400 --> 00:35:43,400
From the second I send that item to Amazon,

864
00:35:43,400 --> 00:35:46,720
it's got six months or it goes to the Amazon landfill,

865
00:35:46,720 --> 00:35:50,120
whether that's liquidating, wherever that is, I don't care.

866
00:35:50,120 --> 00:35:50,960
So think about that.

867
00:35:50,960 --> 00:35:53,680
If you have an item in your eBay store over six months,

868
00:35:53,680 --> 00:35:57,000
I never have an item over six months

869
00:35:57,000 --> 00:35:57,840
in my Amazon business.

870
00:35:57,840 --> 00:36:01,680
So this book, I buy for a dollar,

871
00:36:01,680 --> 00:36:04,600
it's got 180 days to make me more than a dollar.

872
00:36:04,600 --> 00:36:09,240
If not, it gets liquidated, I might lose 50, 75 cents.

873
00:36:09,240 --> 00:36:11,920
But that might be mind blowing to people

874
00:36:11,920 --> 00:36:13,800
that have a lot of items sitting in their store

875
00:36:13,800 --> 00:36:16,000
for over six months that,

876
00:36:16,000 --> 00:36:17,640
he's only given his items six months

877
00:36:17,640 --> 00:36:19,880
and myself has been sitting here for two years.

878
00:36:19,880 --> 00:36:21,880
That business model does make sense.

879
00:36:21,880 --> 00:36:24,080
You kind of operate that type of business model,

880
00:36:24,080 --> 00:36:27,000
but six months, it's all those books got to sell

881
00:36:27,000 --> 00:36:29,000
and then it's gone and I don't care where it goes,

882
00:36:29,000 --> 00:36:30,360
it ain't coming back here.

883
00:36:30,360 --> 00:36:32,320
Like if this book shows back up,

884
00:36:32,320 --> 00:36:34,680
I'm not bringing it in the house,

885
00:36:34,680 --> 00:36:37,400
I'm throwing it right back into the middle of the street.

886
00:36:37,400 --> 00:36:41,120
That's it, six months, no extra time, no extra nothing.

887
00:36:41,120 --> 00:36:42,800
I probably leave money on the table.

888
00:36:42,800 --> 00:36:45,280
I know I leave money on the table,

889
00:36:45,280 --> 00:36:48,000
but I wanna turn and burn through inventory

890
00:36:48,000 --> 00:36:51,520
more than I wanna play the game of hanging on

891
00:36:51,520 --> 00:36:54,120
and waiting it out and hopefully some items sell

892
00:36:54,120 --> 00:36:55,760
and some items will sell.

893
00:36:55,760 --> 00:36:57,880
We'll see proof of that in your business,

894
00:36:57,880 --> 00:36:59,720
but I'm just a one person operation.

895
00:36:59,720 --> 00:37:02,200
I wanna get my money back, I wanna get my cashflow back.

896
00:37:02,200 --> 00:37:04,400
And when Amazon liquidates some of these books

897
00:37:04,400 --> 00:37:07,480
or CDs or DVDs, I might make a few cents, right?

898
00:37:07,480 --> 00:37:09,840
So I get my initial investment out,

899
00:37:09,840 --> 00:37:11,440
I make a few pennies on top of it,

900
00:37:11,440 --> 00:37:14,840
I can redeploy that money into more of these types of items.

901
00:37:14,840 --> 00:37:17,640
Yeah, I mean, I think when I first did Amazon,

902
00:37:17,640 --> 00:37:20,360
my liquidation, I did like 900 liquidation,

903
00:37:20,360 --> 00:37:21,800
I got 30 bucks back.

904
00:37:21,800 --> 00:37:24,200
Now, did that account for all that storage time

905
00:37:24,200 --> 00:37:26,320
that was in there for that six month lockdown

906
00:37:26,320 --> 00:37:27,800
that we were all experiencing back then?

907
00:37:27,800 --> 00:37:31,320
I don't think so, but it could have been worse.

908
00:37:31,320 --> 00:37:33,280
I could have gotten a bill for $30

909
00:37:33,280 --> 00:37:34,960
versus them giving me $30

910
00:37:34,960 --> 00:37:37,200
and that'd be additional money out of my pocket.

911
00:37:37,200 --> 00:37:39,400
But going back onto here, I mean,

912
00:37:41,200 --> 00:37:42,120
here's some perspective,

913
00:37:42,120 --> 00:37:43,960
because I don't wanna get blasted in the comments

914
00:37:43,960 --> 00:37:46,080
by the cranky old eBay community.

915
00:37:46,080 --> 00:37:49,480
And books, the average sell through,

916
00:37:49,480 --> 00:37:51,480
and I've talked to a lot of book people,

917
00:37:51,480 --> 00:37:52,960
we think it's about two years.

918
00:37:52,960 --> 00:37:54,480
Do we have concrete data?

919
00:37:54,480 --> 00:37:56,920
No, but if a book's been on your shelf

920
00:37:56,920 --> 00:37:58,320
for more than two years,

921
00:37:58,320 --> 00:38:00,200
it's probably time to reconsider

922
00:38:00,200 --> 00:38:01,440
doing something with that book,

923
00:38:01,440 --> 00:38:02,480
whether that's getting rid of it,

924
00:38:02,480 --> 00:38:04,360
getting it out of your inventory,

925
00:38:04,360 --> 00:38:07,440
and or is there something wrong with my listing?

926
00:38:07,440 --> 00:38:10,240
Did I miss the memo down in the basement perhaps?

927
00:38:11,280 --> 00:38:14,800
Now, on the other end, for the more higher end,

928
00:38:14,800 --> 00:38:17,000
book collectors or book sellers rather,

929
00:38:17,000 --> 00:38:20,000
they're doing the 100 to 500 to $1,000 books,

930
00:38:20,000 --> 00:38:22,760
you might have to put a five-year timeframe on those books

931
00:38:22,760 --> 00:38:25,760
because those require the right customer at the right time

932
00:38:25,760 --> 00:38:27,400
and with the right wallet.

933
00:38:27,400 --> 00:38:29,480
There's no way, dude, I'm out.

934
00:38:29,480 --> 00:38:33,960
Yeah, if you wanna play the eBay antiquarian game, cool.

935
00:38:33,960 --> 00:38:34,800
There's people who do it.

936
00:38:34,800 --> 00:38:36,720
There are people who are very successful doing it,

937
00:38:36,720 --> 00:38:38,720
but you gotta be prepared to wait a very, very,

938
00:38:38,720 --> 00:38:39,960
very long time for that.

939
00:38:39,960 --> 00:38:41,920
Now, if you have enough of that stuff,

940
00:38:41,920 --> 00:38:43,480
you're gonna get daily sales.

941
00:38:43,480 --> 00:38:46,360
But that is a different book eBay model

942
00:38:46,360 --> 00:38:48,160
than I even want to fool with.

943
00:38:48,160 --> 00:38:50,280
It's a very specialized market.

944
00:38:50,280 --> 00:38:52,440
But if you're just a general book seller,

945
00:38:52,440 --> 00:38:54,360
you need to give it about two years

946
00:38:54,360 --> 00:38:56,880
and you need to list a metric ton of it.

947
00:38:57,920 --> 00:39:00,880
I think resellers are too broke.

948
00:39:01,800 --> 00:39:05,360
I think as an overall group,

949
00:39:05,360 --> 00:39:08,160
resellers should be rolling in the money, right?

950
00:39:08,160 --> 00:39:12,000
They should, you know, we have such an opportunity

951
00:39:12,000 --> 00:39:15,160
to make a lot of money from a little money.

952
00:39:15,160 --> 00:39:17,840
And reselling doesn't take a lot of money, right?

953
00:39:17,840 --> 00:39:19,720
As you grow, sure, you'll have bigger expenses,

954
00:39:19,720 --> 00:39:20,840
but you should be making more money.

955
00:39:20,840 --> 00:39:23,320
But starting out, the cost is super low.

956
00:39:23,320 --> 00:39:24,400
You're going to thrift stores,

957
00:39:24,400 --> 00:39:26,720
you're going to yard sales, garage sales,

958
00:39:26,720 --> 00:39:28,560
paying pennies on the dollar.

959
00:39:28,560 --> 00:39:30,840
Why are so many resellers so broke,

960
00:39:30,840 --> 00:39:33,080
like struggling paycheck to paycheck?

961
00:39:33,080 --> 00:39:35,120
Like, I can't make this work.

962
00:39:35,120 --> 00:39:37,960
If you can't make reselling work as a business,

963
00:39:37,960 --> 00:39:41,320
I don't think you can make any self-employed business work

964
00:39:41,320 --> 00:39:46,320
because the profit margins here are just astronomical.

965
00:39:46,320 --> 00:39:49,200
Okay, let's see if I can name a general five.

966
00:39:50,280 --> 00:39:52,080
You're over buying, you're spending more money

967
00:39:52,080 --> 00:39:53,000
that's coming in.

968
00:39:54,000 --> 00:39:56,000
You don't have any good business sense

969
00:39:56,000 --> 00:40:01,000
and you're not knowing how to do reinvesting of your money.

970
00:40:02,120 --> 00:40:06,760
Number three, you're probably going to try something

971
00:40:06,760 --> 00:40:07,760
that does not work

972
00:40:07,760 --> 00:40:12,760
and you're going to put money in that's a bad investment,

973
00:40:12,760 --> 00:40:15,720
more or less, and you're going to have to learn from that.

974
00:40:15,720 --> 00:40:20,720
Number four, you are trying the same thing

975
00:40:21,240 --> 00:40:23,560
over and over again, expecting a different result

976
00:40:23,560 --> 00:40:24,680
and not pivoting.

977
00:40:24,680 --> 00:40:27,000
You refuse to pivot because you believe in something

978
00:40:27,000 --> 00:40:28,840
that'll never work, unfortunately.

979
00:40:29,800 --> 00:40:31,840
The five, last one here,

980
00:40:31,840 --> 00:40:33,640
you're not asking for help from others

981
00:40:33,640 --> 00:40:35,400
who have been at it for a minute

982
00:40:35,400 --> 00:40:37,200
and know a thing or two about it.

983
00:40:37,200 --> 00:40:39,000
You're refusing and you're being stubborn

984
00:40:39,000 --> 00:40:41,960
and it's okay to ask for help when you really need it.

985
00:40:41,960 --> 00:40:44,520
So I would say those are probably a good five

986
00:40:44,520 --> 00:40:47,160
of why you're failing to make money and you're broke.

987
00:40:48,480 --> 00:40:53,480
People think my under a dollar buy cost,

988
00:40:53,800 --> 00:40:55,800
for a while there I was on this whole

989
00:40:55,800 --> 00:40:58,360
getting your buy cost down as low as you possibly could

990
00:40:58,360 --> 00:41:00,400
and for a while I was around like 70,

991
00:41:00,400 --> 00:41:02,600
I was in like the 70 cent range per item

992
00:41:02,600 --> 00:41:04,800
across the board, CD, DVD, book.

993
00:41:04,800 --> 00:41:06,600
I think, think about it this way,

994
00:41:06,600 --> 00:41:08,520
I said I have 3,400 items.

995
00:41:08,520 --> 00:41:10,640
My buy cost is only around a dollar.

996
00:41:10,640 --> 00:41:12,320
Now imagine you have double the buy cost

997
00:41:12,320 --> 00:41:13,880
or triple the buy cost.

998
00:41:13,880 --> 00:41:15,640
That's even more money tied up

999
00:41:15,640 --> 00:41:17,680
and that should even motivate you more

1000
00:41:17,680 --> 00:41:19,400
to wanna sell through your inventory.

1001
00:41:19,400 --> 00:41:21,560
What are you doing to sell your old inventory

1002
00:41:21,560 --> 00:41:22,400
that's been sitting there?

1003
00:41:22,400 --> 00:41:24,440
And by old, I mean it's been sitting there for a month

1004
00:41:24,440 --> 00:41:27,240
because if it hasn't sold in a month on Amazon,

1005
00:41:27,240 --> 00:41:28,760
all right, maybe something's going on.

1006
00:41:28,760 --> 00:41:29,840
Maybe we gotta go back.

1007
00:41:29,840 --> 00:41:32,400
Maybe we gotta look at repricing our stuff.

1008
00:41:32,400 --> 00:41:33,240
The same with eBay.

1009
00:41:33,240 --> 00:41:34,960
I'll tell you right now when I was an eBay seller,

1010
00:41:34,960 --> 00:41:37,200
I never went back and looked at to see if anybody else

1011
00:41:37,200 --> 00:41:38,960
hopped on the listing to undercut me

1012
00:41:38,960 --> 00:41:39,800
for any of these items.

1013
00:41:39,800 --> 00:41:41,840
Like how many do they have?

1014
00:41:41,840 --> 00:41:43,640
Maybe you have this one item

1015
00:41:43,640 --> 00:41:45,200
and you think you're the only person,

1016
00:41:45,200 --> 00:41:48,200
then Johnny hops on and he's got 5,000 of these things

1017
00:41:48,200 --> 00:41:49,480
and he's got a better price

1018
00:41:49,480 --> 00:41:51,200
and he's got better handle on time.

1019
00:41:51,200 --> 00:41:53,280
You're never gonna sell that item.

1020
00:41:53,280 --> 00:41:55,760
You gotta stay up with the business

1021
00:41:55,760 --> 00:41:58,320
and look at why isn't your stuff selling?

1022
00:41:58,320 --> 00:42:00,400
There could be a million different reasons why

1023
00:42:00,400 --> 00:42:01,760
and if you're not willing to go buy stuff,

1024
00:42:01,760 --> 00:42:03,680
there could be a million different reasons why

1025
00:42:03,680 --> 00:42:05,520
and if you're not willing to go back in and say,

1026
00:42:05,520 --> 00:42:07,880
hey, this is why this item's not selling

1027
00:42:07,880 --> 00:42:10,840
or you're not fine just getting rid of stuff.

1028
00:42:10,840 --> 00:42:12,680
I mean, when I got out of eBay,

1029
00:42:12,680 --> 00:42:15,000
like it all went in the trash, man.

1030
00:42:15,000 --> 00:42:18,040
There was no like trying to, you know, oh my God.

1031
00:42:18,040 --> 00:42:21,360
At some point you gotta just get rid of it.

1032
00:42:21,360 --> 00:42:23,360
Yeah, I mean, I'm in the process of doing that right now.

1033
00:42:23,360 --> 00:42:25,480
Yesterday I pulled about 200 books

1034
00:42:25,480 --> 00:42:28,840
that when my awesome employee comes in on Tuesday,

1035
00:42:28,840 --> 00:42:30,960
she's gonna unlist those couple hundred books

1036
00:42:30,960 --> 00:42:34,760
because I had to go out and sell the one hundred Press

1037
00:42:34,760 --> 00:42:37,960
and I had to expose them and I didn't want,

1038
00:42:37,960 --> 00:42:39,680
I could do no harm Airlines,

1039
00:42:40,080 --> 00:42:42,680
I was open to it when I went out to TW.

1040
00:42:42,680 --> 00:42:44,000
I was closed off from streaming

1041
00:42:44,000 --> 00:42:46,600
and I had to prove that they should never been listed

1042
00:42:46,600 --> 00:42:51,120
in the first place or they were too damaged to be listed.

1043
00:42:51,120 --> 00:42:52,640
So they never need to be listed in the first place.

1044
00:42:52,640 --> 00:42:53,600
I was looking at things.

1045
00:42:53,600 --> 00:42:56,760
I was like, this thing is water damaged the hell.

1046
00:42:56,760 --> 00:42:59,640
It looks cool but there's water damage.

1047
00:42:59,640 --> 00:43:02,880
and learn and that's the whole thing with what we do.

1048
00:43:02,880 --> 00:43:05,600
We try things, didn't work or didn't work as well

1049
00:43:05,600 --> 00:43:07,860
as we thought it would and we need to pivot

1050
00:43:07,860 --> 00:43:09,160
and make adjustments.

1051
00:43:09,160 --> 00:43:11,800
I'm slimming down my eBay business

1052
00:43:11,800 --> 00:43:13,860
and I'm making it a very lean operation.

1053
00:43:14,760 --> 00:43:16,860
And in those changeovers,

1054
00:43:17,980 --> 00:43:20,820
the stuff we're injecting in our store,

1055
00:43:20,820 --> 00:43:23,240
I mean, I still price a little on the high end

1056
00:43:23,240 --> 00:43:25,360
on my eBay store, but that's because I do a little bit

1057
00:43:25,360 --> 00:43:27,140
extra work out from my listing.

1058
00:43:27,140 --> 00:43:29,440
So I'm peeling to that kind of customer set.

1059
00:43:30,640 --> 00:43:34,160
If I were to price my items at market value,

1060
00:43:34,160 --> 00:43:36,120
I wouldn't list those items in the first place,

1061
00:43:36,120 --> 00:43:38,040
to be honest with you,

1062
00:43:38,040 --> 00:43:41,480
because my little paperbacks, they're worth, I don't know,

1063
00:43:41,480 --> 00:43:44,880
anywhere between five to $50, depending what it is.

1064
00:43:44,880 --> 00:43:47,880
And you got some outliers that are in the $100 range.

1065
00:43:47,880 --> 00:43:49,940
Those are few and far between.

1066
00:43:49,940 --> 00:43:52,280
But I like listing them, I enjoy listing them.

1067
00:43:52,280 --> 00:43:54,920
So eBay is kind of more of my funsie store these days

1068
00:43:54,920 --> 00:43:57,380
and my funsie store is still thousands of items.

1069
00:43:59,040 --> 00:44:03,480
But back to the point at hand, we have to make money

1070
00:44:03,480 --> 00:44:05,000
and we get money two ways.

1071
00:44:05,000 --> 00:44:09,120
We sell better profitable items or we lower our expenses

1072
00:44:09,120 --> 00:44:11,020
and you honestly should be doing both.

1073
00:44:11,020 --> 00:44:13,320
Figure out way to lower your costs

1074
00:44:13,320 --> 00:44:18,320
and sell things for more money, more profitable items.

1075
00:44:18,700 --> 00:44:23,040
Now there is something to be said for buy cost,

1076
00:44:23,040 --> 00:44:24,440
as you mentioned that.

1077
00:44:24,440 --> 00:44:27,420
I look at the video game market and what those guys pay.

1078
00:44:27,420 --> 00:44:29,880
They don't pay dollars per unit.

1079
00:44:29,880 --> 00:44:32,680
They pay a percentage of current market value.

1080
00:44:33,520 --> 00:44:36,820
If we did the same in books, CDs and DVDs,

1081
00:44:36,820 --> 00:44:38,820
we'd literally have all the inventory coming to us

1082
00:44:38,820 --> 00:44:40,880
because we're paying the best prices.

1083
00:44:40,880 --> 00:44:43,880
Now, are our margins per unit going to be smaller?

1084
00:44:43,880 --> 00:44:48,400
Yeah, but when you have all of the inventory coming to you,

1085
00:44:48,400 --> 00:44:49,240
doesn't matter.

1086
00:44:51,180 --> 00:44:52,860
Now, do those guys buy everything?

1087
00:44:52,860 --> 00:44:54,300
I don't think they buy everything.

1088
00:44:54,300 --> 00:44:56,240
There's certain things they don't buy.

1089
00:44:56,240 --> 00:44:59,600
But with video games, and here's the point of desirability,

1090
00:44:59,600 --> 00:45:01,880
I think they have 100% sell through rate.

1091
00:45:01,880 --> 00:45:02,720
Yeah.

1092
00:45:02,720 --> 00:45:04,320
This is a book or a CD or DVD

1093
00:45:04,320 --> 00:45:06,420
which may not have 100% sell through rate.

1094
00:45:06,420 --> 00:45:07,640
Video games do.

1095
00:45:07,640 --> 00:45:09,680
And the video game guys sellers, they know this.

1096
00:45:09,680 --> 00:45:11,120
So they'll pay up.

1097
00:45:11,120 --> 00:45:12,560
They're actually paying up.

1098
00:45:12,560 --> 00:45:16,160
They're paying what resellers and video games pay,

1099
00:45:16,160 --> 00:45:18,100
which is a percentage.

1100
00:45:18,100 --> 00:45:20,760
Oh, I'll give my final example here to wrap it up.

1101
00:45:20,760 --> 00:45:22,440
So I'm an eBay seller.

1102
00:45:22,440 --> 00:45:24,640
I listed my little T-Y sloth here.

1103
00:45:24,640 --> 00:45:26,360
For those watching on YouTube channel,

1104
00:45:26,360 --> 00:45:29,380
I have a little beanie baby sloth, right?

1105
00:45:29,380 --> 00:45:31,160
Cause I'm like a sloth some days.

1106
00:45:31,160 --> 00:45:33,080
So this guy, I'm an eBay seller.

1107
00:45:33,080 --> 00:45:34,920
I list them, I sit them on my shelf, right?

1108
00:45:34,920 --> 00:45:36,560
He's like looking at me all the time.

1109
00:45:36,560 --> 00:45:38,920
I'm like two years past,

1110
00:45:38,920 --> 00:45:41,200
the sloth is still staring at me in the face, right?

1111
00:45:41,200 --> 00:45:44,480
Like at what point do I just want to grab this sloth

1112
00:45:44,480 --> 00:45:47,360
and just rip his head off and throw him in the trash?

1113
00:45:47,360 --> 00:45:48,520
I want to rip his head off.

1114
00:45:48,520 --> 00:45:49,760
That's what I'm saying.

1115
00:45:49,760 --> 00:45:53,240
But we get so content with just, well, I listed it

1116
00:45:53,240 --> 00:45:55,620
and it's in a tote or it's on a shelf.

1117
00:45:55,620 --> 00:45:59,040
So it can just sit there forever.

1118
00:45:59,040 --> 00:46:02,380
Now I say, all right, this sloth's already pissing me off.

1119
00:46:02,380 --> 00:46:05,400
It's only been here for like 30 seconds on the podcast.

1120
00:46:05,400 --> 00:46:08,720
I'm like, hey, you walk him by, you got a dollar?

1121
00:46:08,720 --> 00:46:10,400
You can have my sloth for a dollar.

1122
00:46:10,400 --> 00:46:12,240
I don't want to see his face no more.

1123
00:46:13,120 --> 00:46:17,200
Okay, Mike, eBay plus shipping, dollar auction

1124
00:46:17,200 --> 00:46:19,560
and wave sloth boy goodbye.

1125
00:46:19,560 --> 00:46:22,960
Wave him goodbye, get a little bit of money back out of it

1126
00:46:22,960 --> 00:46:24,160
and move on.

1127
00:46:24,160 --> 00:46:26,560
Storing the stuff isn't cool.

1128
00:46:26,560 --> 00:46:30,360
You're not cool because you have a garage full of shelving

1129
00:46:30,360 --> 00:46:34,040
and all these bins and all these nice cardboard boxes

1130
00:46:34,040 --> 00:46:35,920
with Ziploc bags inside of them,

1131
00:46:35,920 --> 00:46:40,560
number to 55 million because you just have 55 million items

1132
00:46:40,560 --> 00:46:42,100
that are never going to sell.

1133
00:46:42,100 --> 00:46:43,960
Make money today.

1134
00:46:43,960 --> 00:46:46,760
I can't emphasize it enough.

1135
00:46:46,760 --> 00:46:48,220
Sloth agrees.

1136
00:46:48,220 --> 00:46:50,880
Yes, sell your stuff, please.

1137
00:46:50,880 --> 00:46:52,560
I want a new home.

1138
00:46:52,560 --> 00:46:53,800
Well, he ain't going to have a new home

1139
00:46:53,800 --> 00:46:55,320
unless you price your stuff right.

1140
00:46:55,320 --> 00:46:56,840
And does anybody even want sloths,

1141
00:46:56,840 --> 00:46:58,440
like are sloths even cool anymore?

1142
00:46:58,440 --> 00:47:00,960
Like, I don't know, but people don't care.

1143
00:47:00,960 --> 00:47:03,240
We don't go back and look, we go spend our money.

1144
00:47:03,240 --> 00:47:04,760
We list it, we forget it.

1145
00:47:04,760 --> 00:47:06,100
It sits there for 10 years.

1146
00:47:06,100 --> 00:47:08,960
And then I see it on, you're having a garage sale

1147
00:47:08,960 --> 00:47:10,800
and then some other reseller comes along

1148
00:47:10,800 --> 00:47:11,940
and buys the same junk.

1149
00:47:11,940 --> 00:47:13,460
It's like some of the stuff.

1150
00:47:13,460 --> 00:47:14,960
I wonder how some of these items,

1151
00:47:14,960 --> 00:47:17,420
how many different resellers eBay stores

1152
00:47:17,420 --> 00:47:18,720
has the same item been in.

1153
00:47:18,720 --> 00:47:20,160
I bet there's Beanie Babies out there.

1154
00:47:20,160 --> 00:47:24,480
It's probably been in like 10 plus serious reselling

1155
00:47:24,480 --> 00:47:26,520
eBay stores because nobody can sell it.

1156
00:47:26,520 --> 00:47:28,680
And then they closed their reselling business.

1157
00:47:28,680 --> 00:47:30,320
And then Johnny comes along and says,

1158
00:47:30,320 --> 00:47:32,080
oh, cute sloth for a quarter.

1159
00:47:32,080 --> 00:47:33,960
I can sell them for 10 bucks.

1160
00:47:33,960 --> 00:47:35,000
And then he doesn't sell.

1161
00:47:35,000 --> 00:47:37,240
It's like a never ending cycle with inventory.

1162
00:47:38,240 --> 00:47:39,080
Okay.

1163
00:47:39,080 --> 00:47:41,400
I'm going to give some actionable things

1164
00:47:41,400 --> 00:47:44,360
for you people to do as my last little tidbit

1165
00:47:44,360 --> 00:47:45,360
of our podcast today.

1166
00:47:45,360 --> 00:47:47,120
And I may go off in our morning call,

1167
00:47:47,120 --> 00:47:48,480
but I haven't decided yet,

1168
00:47:48,480 --> 00:47:49,520
but you may have it coming

1169
00:47:49,520 --> 00:47:52,160
if you're listening to this a couple of weeks later.

1170
00:47:52,160 --> 00:47:53,480
So little too late.

1171
00:47:53,480 --> 00:47:55,760
You didn't get the memo in the basement.

1172
00:47:55,760 --> 00:47:56,600
All right.

1173
00:47:56,600 --> 00:48:00,720
So one, I want you to go through your eBay inventory.

1174
00:48:00,720 --> 00:48:03,940
If you have things listed at $30 or under,

1175
00:48:03,940 --> 00:48:05,800
decide if it should even be in your eBay store

1176
00:48:05,800 --> 00:48:06,640
to begin with.

1177
00:48:06,640 --> 00:48:07,840
Toss it, get rid of it,

1178
00:48:07,840 --> 00:48:10,960
put it on dollar auction plus shipping and wave it goodbye.

1179
00:48:10,960 --> 00:48:12,960
Send it on down the road.

1180
00:48:12,960 --> 00:48:16,840
Take it out back old Yeller style and make it go away.

1181
00:48:16,840 --> 00:48:18,460
Two, on the Amazon end,

1182
00:48:19,800 --> 00:48:22,000
go look at your bottom line.

1183
00:48:22,000 --> 00:48:23,480
You do all the math.

1184
00:48:23,480 --> 00:48:26,040
If your bottom is 20 bucks,

1185
00:48:26,040 --> 00:48:29,480
but yet you have items that, I don't know,

1186
00:48:29,480 --> 00:48:31,280
could sell for 12 to 15,

1187
00:48:31,280 --> 00:48:33,200
maybe decide re-lowering your bottom.

1188
00:48:33,200 --> 00:48:36,640
Second actionable item for your Amazon guys.

1189
00:48:36,640 --> 00:48:41,080
Sort your active inventory from low to high

1190
00:48:41,080 --> 00:48:45,560
and look at your lower end items

1191
00:48:45,560 --> 00:48:48,320
and decide if you should just go ahead and liquidate.

1192
00:48:48,320 --> 00:48:53,080
Rescan the triggers on the ISBN or the ASIN there

1193
00:48:53,080 --> 00:48:55,080
and do the reverse from your high to low.

1194
00:48:55,080 --> 00:48:56,440
Maybe you priced it too high

1195
00:48:56,440 --> 00:48:58,000
because you're the only Amazon listing

1196
00:48:58,000 --> 00:48:59,720
and you priced it for a million dollars.

1197
00:48:59,720 --> 00:49:01,540
It's never gonna sell for a million dollars.

1198
00:49:01,540 --> 00:49:02,660
It'll sell for 20 bucks.

1199
00:49:02,660 --> 00:49:04,960
So maybe think about repricing it to 20 bucks.

1200
00:49:04,960 --> 00:49:06,560
Make it go away.

1201
00:49:06,560 --> 00:49:08,000
Make money.

1202
00:49:08,000 --> 00:49:08,820
Yeah, I agree.

1203
00:49:08,820 --> 00:49:12,860
And eBay sellers, turn and burn through your inventory.

1204
00:49:12,860 --> 00:49:14,800
I know that there's times when it's tough

1205
00:49:14,800 --> 00:49:17,320
and you feel like you're up against a wall,

1206
00:49:17,320 --> 00:49:18,880
but I guarantee you,

1207
00:49:18,880 --> 00:49:21,280
your significant other, husband, wife,

1208
00:49:21,280 --> 00:49:24,920
will appreciate not seeing Mr. Sloth

1209
00:49:24,920 --> 00:49:27,400
for the next three years of their life.

1210
00:49:27,400 --> 00:49:28,520
There's a lot that goes into,

1211
00:49:28,520 --> 00:49:29,720
and then you start making money.

1212
00:49:29,720 --> 00:49:31,800
All of a sudden, Johnny, you start making money.

1213
00:49:31,800 --> 00:49:33,920
Hey, the sky's the limit with this business.

1214
00:49:33,920 --> 00:49:36,080
And taking the quick dollar,

1215
00:49:36,080 --> 00:49:38,800
turn your dollar into two, three, four, five,

1216
00:49:38,800 --> 00:49:39,960
even greedy like Johnny,

1217
00:49:39,960 --> 00:49:42,960
he wants 17 for one of his dollar bills.

1218
00:49:42,960 --> 00:49:44,760
You don't have to be that greedy.

1219
00:49:44,760 --> 00:49:46,440
Just multiply your money.

1220
00:49:46,440 --> 00:49:48,280
It's like an infinite money hack, right?

1221
00:49:48,280 --> 00:49:51,200
Oh my God, you just keep turning dollars into more dollars.

1222
00:49:51,200 --> 00:49:53,640
It's just like investing, like he said.

1223
00:49:53,640 --> 00:49:55,160
But the only thing here is,

1224
00:49:55,160 --> 00:49:56,840
you gotta make sure you do the work

1225
00:49:56,840 --> 00:49:58,280
to turn that dollar into more.

1226
00:49:58,280 --> 00:50:00,600
So there's many steps that go into this,

1227
00:50:00,600 --> 00:50:02,240
but it's possible.

1228
00:50:02,240 --> 00:50:04,440
I think every reseller should make money.

1229
00:50:04,440 --> 00:50:06,440
And I've dealt with plenty of resellers

1230
00:50:06,440 --> 00:50:07,720
that don't make money.

1231
00:50:07,720 --> 00:50:09,440
And it's just a problem of figuring out

1232
00:50:09,440 --> 00:50:10,600
what's the root cause of it.

1233
00:50:10,600 --> 00:50:12,760
Sometimes it's one thing, sometimes it's multiple,

1234
00:50:12,760 --> 00:50:15,040
but self-reflecting and understanding,

1235
00:50:15,040 --> 00:50:16,960
you are a small business owner

1236
00:50:16,960 --> 00:50:19,280
and not the stupid term reseller

1237
00:50:19,280 --> 00:50:20,880
will send you far in this game.

1238
00:50:20,880 --> 00:50:23,000
So that's gonna do it for this week's episode.

1239
00:50:23,000 --> 00:50:25,480
We will, wait, I just ruined this ending, man.

1240
00:50:25,480 --> 00:50:26,320
That was terrible.

1241
00:50:26,320 --> 00:50:27,360
Like it threw me off.

1242
00:50:27,360 --> 00:50:28,200
I don't know.

1243
00:50:28,200 --> 00:50:29,240
I'll give you a do-over.

1244
00:50:29,240 --> 00:50:30,080
You can have it.

1245
00:50:30,080 --> 00:50:31,680
All right, I got a do-over.

1246
00:50:31,680 --> 00:50:33,840
That's gonna do it for this week's episode.

1247
00:50:33,840 --> 00:50:36,720
And we will talk to you all next week.

1248
00:50:36,720 --> 00:50:38,320
Thanks for listening to another episode

1249
00:50:38,320 --> 00:50:40,360
of the Resellers Mindset Podcast.

1250
00:50:40,360 --> 00:50:42,680
Today's full episode and all previous episodes

1251
00:50:42,680 --> 00:50:44,800
are available to all YouTube members

1252
00:50:44,800 --> 00:50:47,600
along with the weekly Zoom call and private Discord.

1253
00:50:47,600 --> 00:50:50,800
Head on over to youtube.com backslash to use book guy

1254
00:50:50,800 --> 00:51:13,800
and consider joining for as little as 2.99 a month.