Alternatives To Supplement Your Income

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Different Ways of Supplementing Your Income

Los Angeles is one of the most expensive cities in America, where the cost of living is 43% more than the national average and cost of housing is more than Two times the national average. This has led many people residing here to live under debt or impatiently wait for their pay cheque every month. Many people are looking for alternatives to supplement their income. The gig of short-term work is on the rise. Selling your stuff on the internet to increase your income is a great way. Thanks to the internet, A lot of options are available for people to sell particular belongings either online or offline for cash.

Know Everything about Selling Stuff Online

Many online marketplaces are thriving thanks to the internet boom. In case you wish to sell stuff online, some of the popular options include:

  • eBay — Here any object is sold at a fixed price auction to the highest bidder. The stuff that is mostly sold on eBay combines vintage merchandise, niche products, collectors’ items. It is important to remember that there are a number of fees associated with the site listing fees, final sale fees, Paypal processing fees, etc.
  • Craigslist – IS a common choice for one-off sales. Listing and selling here are free where most sales are completed personally unlike eBay where the entire transaction takes place online.
  • Facebook Marketplace – Here, You are selling to people you already know. FB Marketplace accounts are linked to Facebook profiles so you are aware of the identity of the buyer as well as a seller here, Unlike Craigslist where there is anonymity.
  • Amazon – In case you have a number of the same type of products to sell, Amazon is a great option.
  • Etsy – Etsy is the preferred listing and selling the place for all creative and crafty items.

Since first-timers often end up making some mistake while attempting to sell stuff online, it is important to be aware of tips which can help make more money.

  1. Never ship product till payment is received. If you are selling stuff online, trusting the other party is important, However, Not at the cost of getting fooled or being cheated. Blind faith while selling the stuff will result in you being in for a monetary loss. It is important to see that the payment is credited before dispatching the stuff.
  1. Keep margin for shipping costs. Shipping off stuff requires money. You need to be aware of how much money you will require to spend on shipping before actually putting a price on your stuff. U.S. Post Office postage cost calculator comes in handy in such cases.
  1. Ensure personal safety. In case an online business deal is to be completed in person, It is important to ensure your personal safety. Choose a public place during normal business hours for the meet. In case a local police station offers SafeTrade Stations where online buyers and sellers can exchange goods and cash that is a better option. If you do not wish to share your address with strangers, You can always rent a P.O. Box from the local post office.

Everything about Selling Stuff Offline

In case you wish to sell your stuff directly without any additional charges like shipping costs, transaction fees and avoid any shady people you meet online, then offline selling options are also available. Offline sale options include:

Garage sale – If you wish to sell off stuff the traditional way, holding garage sale is an excellent option. All you need to do is find out the local rules to figure out the details and advertise about it. It is a great way to get rid of all your unwanted stuff.

Pawn shop – If you want instant cash for your stuff, pawn shops are your best bet as they pay you immediately. However, The price that they pay is generally below the market value of the item.

Consignment shops – Though they might appear similar to pawn shops, consignment shops are different. In this case, your property is under your ownership till it is sold. The proceeds are split with the shopkeeper once it is sold.

Trade-ins – People can use this way to sell off the automobile and similar stuff to reduce the price. Many businesses allow people to trade stuff (gaming consoles, old video games, smartphone, etc.) at a discount, in-store credit or cash.

Taxes are an integral part of your pay. When you work for an employer, Your employer cuts taxes at source, however, When you make any earning as an independent contractor or a freelancer or even by selling your stuff, every penny you earn is yours. It is important to remember that you do owe taxes in this case too. You need to assure that your income is set aside and provisions are made to cover the income tax bill as well as the self-employment tax. Though there probably won’t be any form listing available for the money you earned by selling your stuff, You are required to report the same to the government. Understanding what you had originally paid for the stuff can help as you can deduct that amount while paying income tax.

Though both online and offline selling methods are lucrative, it is important to make a decision regarding the best one for you. In case there is an urgent requirement for cash, then pawn shops or trade-in are a good option (Sometimes, Facebook Marketplace or Craigslist can also give quick results). In case, time is not short, then all options are open for you. If monetary problems are the reason why you are wishing to sell your stuff, then it is important to consult bankruptcy lawyers. They might find another way where you don’t have to sell your prized possessions and yet get out of trouble. Consulting with lawyers makes you aware of your options vis-à-vis bankruptcy and clearing debt problems without losing any property.