Today we’re going to talk about multiple streams of revenue. We’ve been talking about it for the last 2 or 3 shows. I’m doing this for a reason. We want to make sure that we give you, the listener, good information as to how to build additional income. This is Financial Freedom Radio. We want you to achieve financial freedom. Stay tuned.
From Philadelphia, the home of the Liberty Bell, Financial Freedom Radio starts now. Here’s your host, Raymond Jewell.
Today we’re going to continue with our series on Financial Freedom Radio of multiple streams of revenue. I want to thank you all for coming and downloading. We’re having a little technical difficulty today, so bear with us. We want to also ask you to please share, like our shows because we build our reputation off of referrals. We would like for you to pass this on to other people and have them subscribe and please ring the bell because that makes sure that you get notified when our shows go live. Again, I tell you we’re having some technical difficulties. I don’t know if Steve can come in here and talk. Is that you, Steve?
That’s me, Ray. Stop bringing attention to all my technical difficulties.
You’re breaking up a little bit.
Only on your end. Everybody hears me fine on my end.
Well, that’s important that everybody hears me on your end.
We’re having some technical glitches. I apologize upfront if things don’t run as smoothly as they normally do. I think I can work with it.
We’re going to continue. Steve was giving us some enlightenment in multiple streams of revenue. Let me tell you why we’re doing this. There’s a lot going on in the world today if you haven’t noticed. If you haven’t noticed, you’re probably living under a rock. There’s a lot of political stuff going on and the economies gone crazy. Depending on how the election goes, we’re going to have to redo our thinking, financially. We’ve had a good four-year run and that can be put in jeopardy. So we need to talk about protecting you and making sure that you’re insulated against these problems that could occur. One of the great ways of insulating yourself is to make sure that you’ve got other streams of revenue because if the economy goes down and chances are and the predictions all say it will, if a Democrat gets into office. I know that people think that there’s one that’s been elected, but the whole picture is not settled down. For those of you that are scholars of elections, you know that the state legislators can call this in favor of Donald Trump. If it doesn’t, Joe Biden will get it. Either way, you have to posture yourself. If Trump gets in, the economies going to maintain the same as it’s been doing in the past, even though we had the downturns for Covid. If Biden gets in, predictions are you’re going to see a downturn in the economy because of the tactics that are run by Democrats. They are inflationary and they are postured in a way that will cost you money with higher taxes. I don’t need to go into all that.
Make sure that you’re protected on both sides. One of the ways of protecting yourself is to have another stream of revenue. Today, we’re still talking about multiple streams of revenue. Steve is explaining his Amazon business and eBay business that he uses and makes money through arbitrage. Arbitrage is when you buy a product at a low price and then you sell at a higher price. Some people find an issue with that, but there’s nothing wrong with it. It’s the free market doing what it does, working at it’s best. So when you buy a product at a lower price and you take it to Amazon or eBay and you sell it at a higher price, you make a profit. Some vary. You’ll make more of a profit than others. He’s explained that Amazon takes a cut, but yet they’ve got a huge platform and it covers the world. I don’t know if he sells all over the world or not. We’ll let him explain that when we get him in here. eBay on the other hand, is a different marketplace. So he leverages each marketplace to suit his business and to net the highest possible revenue he can. There are people doing this all across the world and making a really nice income. It’s one way to do it.
Another way is network marketing. In the past, we’ve talked about that model. We can revisit it at some point, but in insulating yourself against economies that can drop and if we get into this COVID thing, another round of COVID, and they shut down, lock down the people, the businesses are going to go under. THey’re already talking about it in some states, locking them down. The businesses will suffer and people will be unemployed. We don’t want to see that happen, but some states seem to believe it’s better to do that than others. That being said, that’s pretty long-winded, isn’t it Steve?
Yeah, you went on for a bit there.
Let’s wrap up your arbitrage Amazon and eBay business. Can you explain, wrap it up for us so that we get a good idea if they’re listening to all 3 shows and get an idea as to where to go and what to do and how to get this information?
That’s kind of a broad question. I started this with no money. That was one of the most appealing things. One of the reasons people go for different types of business or a network marketing business as opposed to a franchise or opening a brick and mortar store is because of the small upfront capital. I always tell people this is the easiest business to start because of the low upfront cost and the fact that most people have stuff in their attic, their basement, and their closet. They no longer need it or want it. So you already have inventory. It’s really just a matter of taking it out. I don’t recommend people start with Amazon. If you’re going to start down this road and do everything I did, was all YouTube learning. Watch YouTube videos, retail arbitrage on YouTube. It’s very simple to get started. If you use the eBay app on your phone, it’s even easier. The website’s a bit tricky to set up a new product sale on eBay. You can literally use your phone and in less than one minute have something for sale on eBay.
I recommend everybody take this as an opportunity to get started. Take something you no longer want or need, list them on eBay, find one that’s being sold already, and get an idea of the price that it goes for. Everything’s that’s sold on eBay says sell one like this. If you hit that button, then all the information for you is filled in already. All you have to do is give a description of your particular item, your shipping, your price, and then hit list and it’s done. Listing on eBay is super simple. The challenging bit would be when it sells, you have to ship it. I have a full-on shipping station with all kinds of accouterments that’s been built over time. Ray likes to make fun of me. I dumpster dive for boxes and packaging. I would go behind a Gamestop. First off, I don’t advocate dumpster diving. Check your local authorities whether or not it’s illegal. In Delaware, it’s not. I went there and I grabbed boxes of different sizes, bubble wrap, and craft paper. I just stocked up on that. If you don’t want to do that or you’re not comfortable doing that, when you buy something on Amazon, carefully open the box, save the box and all the packaging. If you don’t want to go that route, you can go to USPS.com, go to the Post Office’s website. They will literally send you boxes for free, but priority boxes. You pay more for them. It’s a way to get started.
Box up your item, use your regular printer to print out a label, cut it out with a pair of scissors. When I started, I used scotch tape to tape the label onto the box. It was very janky, but it worked. I kept reinvesting into buying my own boxes and buying my own packaging and buying my own bubble wrap. I bought a thermal printer that prints peel and stick labels. It’s all about getting started, getting the ball rolling, getting a feel for the process, getting a couple of wins under your belt. My son has started and he loves doing it because I’m sitting at my job and my phone goes off and I make money. I wake up in the morning and I look at my phone, and I’ve had 3 sales overnight. You can literally make money while you sleep or make money at your real job. So once you get bitten by that bug, then you have the discipline to make the money, reinvest, and make it bigger. I’m at a point where I’m blessed where I took last week’s check and I’ve done $30,000 in sales this year alone. I got off the phone today with a wholesaler. I’ve gone from eBay to eBay plus Amazon. Now I’m looking at getting a wholesale account where I can buy new products at full-sale price and start reselling that way. It’s all about scaling up overtime at a pace that you’re comfortable with and literally this has been a self-building business. My son started with $50 and I think he’s up to over $500 and he’s only been doing it for 2 months.
It will over time get bigger. You’re taking that money and reinvesting. It’s not difficult to do. You just have to do it.
I know you’ve done very well and yes I will own the dumpster diving comment. I literally had pictures of mind of Steve in the dumpster of feet hanging out, trash coming out.
I’ll tell this embarrassing story. A place where I would normally go. They had a dumpster where I could reach to the bottom. They got taller dumpsters where I couldn’t reach very far. I took a wire coat hanger and I made a straight long hook so that when something was at the bottom of the dumpster, I’d take the coat hanger and fish it out. One time, I actually lost the coat hanger in the trash. The next iteration was a coat hanger with a hook that wrapped around my wrist. So I put it on like a long claw so I wouldn’t lose it. I had a metal hook arm to fish out bubble wrap and craft paper. They’re just throwing it away and I’m recycling. I didn’t see anything wrong with it.
I’m still waiting for my pilot joystick for flying airplanes. The reason for going through this, again is to reiterate that we’re in some turbulent times right now. We need to make sure that we’re prepared financially against anything that can happen. People that went unemployed for the lockdown suffered financial setbacks. You don’t need to do that. There are many places you can go to build multiple streams of revenue. If you’re interested, just in get in touch with us and we’ll be glad to point you in the right direction.
Steve also does network marketing. I’m a fan of the arbitrage instead of network marketing. I’ve tried that, but I’m not a big fan of it.
This is a very good point if you think outside the box. Here’s what I mean. When we had the first lockdown in March, what was the number one thing people were looking for and couldn’t find? Toilet paper. The great toilet paper shortage of 2020.
Once everything got over with, people ignored it and they went back to normal lives. We’ve learned that this happened once and could happen again. So guess who has an entire closet full of toilet paper and doesn’t have to worry about this problem. I got a closet full of toilet paper. Every time I buy one, I buy 2 because I learned from the past. The reason I bring that up is we went through the lockdown once. We learned that our job and our livelihood is very fragile. Because of that, I took the opportunity to make sure fool me once, shame on you. Fool me twice, shame on me. How many people took the opportunity to protect themselves from losing their job or losing their income? I bet most people didn’t. My point of bringing that up is it looks like we’re heading in that direction again. If you had a job and you managed to keep your job, are you going to be able to keep your job in a 2nd lockdown. Did you learn from the first one how precious and how fragile that paycheck is and how the loss of one paycheck is going to set you back. That’s why we did our pieces on budgeting and multiple streams of revenue. We are about to enter a dark winter according to some people. If you didn’t learn then, you’re going to be in big trouble now.
This is the best opportunity to start looking for other ways to protect yourself. I wanted to share that thought because so many people didn’t learn their lesson last time. People didn’t learn their lesson. Here’s your chance. I’m telling you it’s going to get worse before it gets better. If you don’t take the action now, you’re going to regret it later.
I think your microphone’s been cutting in and out.
It sounds great on my end.
Okay. We’re going to wrap this up because of our technical difficulties. It seems to be on my end or your end, I don’t know which. For everybody that’s listening, multiple streams of revenue is one of the areas that you need to pay attention to. If you want information, please contact us. I think we have a link. RaymondJewell.com/meet. Leave a message there even though it’s setting up an appointment, you don’t have to do that. Just send a message in the timeslot and we’ll make sure we answer you.
You can also email [email protected].
That’s typical background stuff I don’t understand. I didn’t know we had that.
Now you’re echoing. This is a bad episode.
Thank you all for coming and downloading. There’s a good book that I put out you may want to get a hold of. Why the Rich are Rich. We advertise it at the end of the show. Anyway, see you next week. FinancialFreedomRadio.com. Take care. God bless.
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