Roth IRA 2014 Goal February Update

Dollar Flipper Blog Update, Profits 5 Comments

Here’s a quick update on my profits/Roth IRA goal for the year so far.

Roth IRA – Room for Improvement

If you look to the right of this site, I have this nifty graph:

02Feb2014 Roth IRA Update

Still a long way to go…

As noted in one of my first posts of the year, I’m planning on fully funding my Roth IRA – $5500 – with only sales from eBay and Amazon. On average, I’ll need to contribute $458.33 a month to do this. By updating every month, I’ll be able to keep tabs on how far I’ve come and look at any reasons why I am or am not hitting these numbers.

Excuses – I’ve got plenty!

Here’s some good quotes about excuses from The Quote Garden:

The only man who is really free is the one who can turn down an invitation to dinner without giving an excuse.  ~Jules Renard

Excuses are the nails used to build a house of failure.  ~Don Wilder and Bill Rechin

Don’t make excuses – make good.  ~Elbert Hubbard

Now that I’ve lifted my spirits a bit, let’s go over some of my excuses and see if we have any reasons to be worried about not hitting the yearly goal. I can look at each excuse and decide if there are any actions I can take to course correct. I hope everyone doesn’t mind if I’m using this blog as a way to hold myself accountable! Berating me in the comments will also be accepted.

I crushed it in January.  I added $615.75 to my Roth IRA! BAM! That’s about $160 over target. On the other hand, it’s halfway through February, and I haven’t contributed any money into my Roth IRA so far. Yucko. Here comes excuse #1/2 – I bought a TON in February.

What have I bought so far – office supplies/equipment (excuse # 1) and inventory (excuse # 2)!  Here’s the breakdown (there are a few affiliate links here, but I uses these items daily and LOVE them): The office equipment I bought include a DYMO Label Writer 450 Twin Turbo label printer, (The reason I bought the Twin was because I planned on using it for regular package labels and Fulfillment By Amazon labels, but I won’t be doing that any time soon), 6 DYMO-Compatible 99019 Postage Labels, (Shh, don’t tell Dymo that I’m not using their uber-expensive self branded labels.  The ones I linked to have worked flawlessly), and a Wire Shelf to hold the new label printer (drilling holes in a wall is about where I peak on the DIY landscape. I only had to watch 3 YouTube videos to feel comfortable about it).

On top of the equipment purchases, I dropped ~$370 on inventory.  YIKES!  So tallying that all up, I’m somewhere around on the plus side of $500 going out of the biz.  DOUBLE YIKES.

Now, the label printer, the rack, and the extra labels are more of an investment.  It’s sped up my process a ton, I’m using less printer ink, I don’t have to cut each individual paper and tape the label on, and I feel pretty badass (I have set a pretty low bar).

Excuse # 2 – I dropped $300 on a huge load of clothes from someone who bought them knowing that they’re worth a lot, but didn’t realize the extra work involved dealing with clothes.  If you don’t have a system in place to handle them, they’re a bit of a burden.  I’ll hopefully be able to include a few posts on some of the types of clothes that I’ve done well with in the near future!

For the final excuse (#3), I need to list all of the new crap I bought.  I drained my purchase money to $0, so that was a good kick in the ass to get moving. Now, I’ve gotten my purchase buffer back to a reasonable amount (I like to have a certain $ amount on hand to be able to jump on any opportunity that might come up) and I plan on NOT buying unless it’s a large rummage sale or church sale.  I need to fill my coffers while I can before garage sale season.

So to reiterate, right now, I’m behind on February by about $300.  I still have a lot that needs to be listed and a little less than half a month.  Not a great position to be in, but I have a ton of unlisted inventory which should help me make up any lost ground in this snow riddled month.  I’m going to try to keep these updates at the end/very beginning of the month to make the #’s more concrete in the future, so expect one towards the end of March/beginning of April.

Thanks for keeping me honest!

-Dollar Flipper

 

Comments 5

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      Author
  1. For a lot of good info on selling clothes, check out Raiken Profits on youtube. He is a full-time reseller who sells almost exclusively mens clothing.

    I would consider myself an intermediate clothes seller, and if you are going to sell a lot of clothing, I would consider these mandatory: http://www.ebay.com/itm/Female-Dress-Male-Child-And-Toddler-Mannequin-Dress-Form-Set-White-Color-/201030077522?pt=LH_DefaultDomain_0&hash=item2ece538c52

    Makes a huge difference in presentation. For now I still just hang pants, shorts, and skirts, because they look better hanging flat than shirts and tops.

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      Author

      Raiken Profits is one of the few guys I follow on youtube/twitter. Gotta love those Pendletons! Would never have heard of them without him. 🙂

      For the mannequin, I’m still waiting. We don’t have a ton of space where I live now, so I can’t use it. I just have a white or black foam board that acts as a decent background. Not ideal but I can fold them up and hide them behind the tv stand!

      Now if I can get one no the cheap in garage sale season… my wife might just have to deal with it! Although the item you linked to really is inexpensive. Only $50 shipped for 4 mannequins!

      1. The ‘mannequins’ I use (which I posted a link to) aren’t full manequins, they are just dress forms which are actually concave on one side and nest together for storage, so they don’t take up a lot of space.

        You can certainly sell clothing without them, as I did for a long time, but they do make a big difference, especially on certain items.

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