Can You Retire with Less Than a Million? Reselling to Boost Your Savings
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- Опубликовано: 18 сен 2024
- Thinking about retirement but don’t have a million dollars saved? Reselling might be the solution!
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I sold smaller similar sewing patterns for around $7-15 each
Sell them individually first, what ever is left over, sell them in lots
Hi Mike! Love the show. I'm 68 years old and living comfortably. Everything is paid for so it makes life so much easier. I love the old saying. A man with no debts is a rich man.
@@josephmankus9738 nice. If you’re debt free then life can so much easier. Thanks for the comment
I sell some patterns that I find at estate sales. I lot up by size/item/decade. Example I would lot up size medium tops pattern from 1980’s all together or lot up skirts size 8 from the early 2000’s. Most patterns have a date on the back side or flap (very tiny). If you have dress/coat/craft patterns try to sell separately first and if do not sell then lot up. If any patterns are vintage make sure you take picture of measurements on back of pattern for the listing as size measurements are different in 1980 vs. current. Also if patterns have not been used put that the patterns are “uncut” in listing. Congratulations. Great find.
Thank you for the idea. Appreciate you watching.
Reselling is in my bones now, I will be picking and selling for a long time. I see so much value out in the world, it is hard not to grab it.
Yeap, perfectly said. Thanks for watching
Hello, I’m 62, my husband is 67, we both work and enjoy our jobs but we started EBay and have slowly been building it up to supplement our Social Security. We are debt free except for a couple of small cc’s . We have a family member in the USAF and going to visit is our big expense. Have to figure out the best way to save up for those trips. Love your show, we love selling on eBay. Thank you for all you do. Our family member is In Monterey California,we fly into to San Jose and last time I shopped at Savers when we landed.
@@stephaniebirkner762 That’s the savers I hang around. Monterey is amazing. Thanks for the comment. Out reselling is truly a great way to supplement our incomes.
I would purchase your patterns individually. I would not want a lot unless it was a significant savings over buying them individually. I do use those types of patterns.
Mike for me Im 54 and I went from sales to reselling on eBay so the transaction was easy for me. Also I learned to be a stock options writer. As an options writer you make money by the days passing. It’s too much to explain but it adds a whole new level to the income. And it’s easy after you get it.
My Mom is 77 and she is just getting into reselling this year it’s expensive just to live! I’m also reselling and working FT
Thanks for the comment and watching my channel.
Savings makes me sleep better! We don’t touch it, have decent SS and another income too. Reselling part time more for a few dollars to spend on grandkids.. healthcare costs are the scary unknowns! Medicare is only 80% and that 20% sure is increasing!
Nice deal on the sewing patterns - quite the conundrum though - I wouldn't put them all up at once for sure especiallt if other similar ones are already up - selling similar after a sale would be easy enough - could definitely lot some different ones for someone that is trying to add to or maybe start a collection. I'm not sure there is either a best or wrong answer. Keep us posted for sure Mike.
Yeah, this one could be tricky. Going to take a while to sell these.
Sell the patterns by lots, easier that way. And NO you do not need a million dollars to retire, you can manage with less savings, living frugally. Life was meant to be enjoyed not to just live to work and save money.......and then what you die? Worry less, live more. Love your videos
Thanks for the comment and the words.
Im 56 and using reselling to help pay off debt but I love it so I plan on continuing even during my retirement years as long as I can physically.
Nice. I think so many would really benefit from what we do. Extra cash and everyone can do it.
CalPERS - Cal State University retiree selling on ebay/amazon. 70 yrs old and its my hobby with a little extra fun $ coming in from reselling.
You have what my wife has. Thanks for the comment.
I’m 68 and feel you need at least 1 million or more to retire. Everyone out there that is reading this needs to ck out this stock. NVDA. I’m not a financial advisor but this has been a great one for us!!
Nivida is a big company in my area. Big AI player.
Hey Mike, Chris from NC here! It was great meeting you and Adam at my garage sale last weekend!
Interesting topic! I’m extremely fortunate to have been able to retire from the military recently so the pension will make a huge difference for my family going forward. All plays into the long term numbers but everybody’s situation is different.
Nice. Nice meeting you too. Great area to live in. Adam and you have the military in common. Going to be great for you to have that pension income to help your over all lifestyle. Always fun to meet people when I 'm out. I've met several in NC in my back and forth. Thanks again for watching and saying hi.
Good video Mike! The way I look at retirement, a 4% withdrawal rate on your saving is pretty standard. If you have a million, 1,000,000 x 0.04 = $40,000 per year, or $3,333 per month. Ask yourself if you can live on that. Don't forget, if it's in a 401K, that $40K per year is taxable, so your take home might be 20% less. Not much, is it? Especially if you live in a high cost state like we do here in CA. I'm planning on retiring at the end of the year, so I've started selling on eBay in March of this year to learn the ropes. Started out slowly, but hopefully by the end of the year, I'll be running on all cylinders! The goal is to supplement my income by $1,500 to $2,000 a month until I reach age 70. That's when I plan to start my Social Security... when it maxes out!! I'll probably still keep selling for quite a while tho. Gotta stay busy! Keep up the good work, Mike!
Similar plan. Thanks for the comment and watching.
There will be a lot of moving targets, until both you and your wife reach full retirement age.
There are tax breaks available for Social Security benefits, but not for you. Unless you lower your other income dramatically.
My reselling income has killed my tax breaks for a few years now.
I have about a decade on you, so I have been scaling back a little to lighten the work load and tax burden.
We don't have $1 million set aside.
We do have real estate assets in the hundreds of thousands. Two houses.
When we were only doing $3k reselling monthly, we lived pretty comfortably back then.
With inflation figured in, a little reselling on the side should fill the bill in a few years from now.
Then, its anyone's guess.
It really is everyone is different. I guess we just don't want to end up relying on others to keep us going.
I am 69 and work part time and resell part time. I consider myself to be gearing up to resell in a bigger way when I retire my 70’s.
thanks for watching and thanks for the comment it helps others.
You absolutely do not need 1 million and I'm living retired proof. I did it on around 750k almost 3 years ago to the day, and today my retirement account has just over 880k in it.
Thanks for the information. I think so too. All about money management and being able to be debt free.
If they get away with the unrecognized capital gains tax how will that effect you and will that influence your decision to keep the Cali home? I’m still trying to wrap my head around it. I’ve been listing on EBay like crazy as we wait and see lol . We are in our early 50’s and are still working. Love the videos!!!
I think the number for that is like 100 million in assets before that would kick in.
Another good video Mike. Heavy tried variation listings for selling Ur patterns, cheers Graham
I thought about going that way. I might have my wife do that.
@@goldenstatepicker the good thing about variation listings, someone might come to buy one and end up line 6 or 7 of them.
Mike I'm 58 this month, been reselling part time while having a full time job for 3 years. My plan is to retire by 62 and keep reselling as long as I physically can and as long as it's still fun. I've got a 401k and pension. Reselling will basically pay for health insurance during those gap years.
That's me right now the medical is the tough issue. From 60 or so on.
Still have mortgage- 60 years of old. It’s been rough. I do resell, however, that’s not too much.
Hi Mike like the vids. I have a question got a return shipped from pa to cal first the lady said that the box was damaged by the p o then she said that I packed it bad and now it’s damaged e bay tells her send it back any help
Pretty much a tough situation. If she hits return do to damage etc. Ebay will probably side with her. It really suck being held hostage with stuff like this. Not much you can do. Not an expensive item?
is your flea market closing?
Not that I know of.
I am 68 now. I may retire in three or four years. I want to retire and sell on eBay, so I won't really be retired.
If you're 68 you're missing the boat reason you can collect social security at 67 and make a million a year and still collect you know right?. Go to the Social security website join it will ask you for your SS number just go through the process get in on the site and check out what you are eligible for don't miss out you paid in now get what is yours years of interest .
First!!!🎉🎉🎉
About time.