Thursday, December 01, 2005

Tickle Me Elmo-nomics

So I made a great investment last week and I wanted to share the amazing returns that you can get in just a few days. Here is how "easy" it is (easy in quotes because I totally lucked out in getting mine):
  1. Buy an XBOX 360...I got the Xbox 360 Pro Player's Bundle from on Nov. 22, 2005 which is the day that it came out. We paid $1085 for it, which includes tax and shipping.
  2. We not only waited until it shipped, but until we had it in our hands and then we put it up on Ebay to see what we could make (in hindsight, since they shipped it so fast, we could have put it up immediately and made more money since it would have been the release date still).
  3. After a 1-day auction, it sold for $1885, which included shipping.
How amazing is that ROI? I am not getting that in my Vanguard account, I'll tell you that. Plus, it was really exciting watching my auction come to a close. I sat on the couch just refreshing the auciton each second to see what was going to was quite a rush.

Here is how it all went down. There were some big decisions to be made when putting my XBOX 360 up on EBay (the first being can I actually part with it). Do I make featured, bold, boxed in, extra pictures, etc. or just put it up for cheap and see what happens? I eventually chose to make it featured and put some pictures in there of the actual item since a lot of the people selling were still selling pre-orders that they did not have. It took me over 2 hours to finally put it up since I am very much a perfectionist and had ot keep revising my ad over and over.
After I put it up, I couldn't stop checking it all night to see how many people were looking at it. I eventually pried myself away from Ebay and went to bed. First thing the next morning, I checked it and nobody had bid. I was starting to get scared that I screwed up with the pricing because I had started it at only $1100, figuring that it would look more enticing at a low starting price. At first nobody was bidding on my item and I was afraid that I would only be able to sell for about $100 over what I paid for it (which would have stunk because I really wanted ot keep it). Then someone bid it up to about $1400. Now it was starting to go in the right direction. With an hour or so left, it got up to $1500. Then $1600 with 20 minutes left. I thought that was what it was going to go for, but then all of a sudden, a bidding war. In the final minute, it got up to $1825. This is about the point in the evening when I jumped up and down screaming about how excited I was to make about $700.

If only watching my Index Funds was this exciting. Now I just need to find some more to sell like this and keep that money rolling in, but like the rest of the world, I am not having much luck with that.


Post a Comment

<< Home

Listed on BlogShares logo Performancing