I’ve made _$ of PROFIT So Far in 2024 Selling LOW END Sports Cards
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- Опубліковано 5 лип 2024
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In today’s video I go over every single expense and ever single revenue I have incurred during my sports card selling journey during the first 6 months of 2024. I will talk about the good, the bad, and the ugly when selling sports cards. Sometimes you will lose money when you buy sports cards, but what it’s all about is growing, learning, and improving overall your sports card knowledge, your profits over time, and your collections as well. Sometimes it’s difficult to look at the exact numbers you might be making and think about all the people who have done more than you and have sold more than you, but what everyone who sells anything for a living should know is that all that matters is you love your career and that you see yourself improving, growing and building something that can be bigger than where you are at during the current moment. I lose on sports cards more than most people, and I’ve considered adjusting everything I do when purchasing sports cards to resell for my own self / future business. It’s difficult to look at numbers early on in your reselling journey and get caught on everyone who makes a set amount of profit because they buy stuff a certain way, but the thing to remember is that in the long run you’re building something for yourself, you’re building something sustainable, and you’re building something that doesn’t rely upon others to stay afloat in a market that changes so rapidly. Trust me I’m going to consider doing certain things and adding certain methods and techniques to my selling cards journey that I haven’t done before, I just hope that in the future we’ll look back at this video and think of how far we’ve come from this moment in time. #sportscards #nfl #cards #whatnotseller #cardseller #viral #fakecards #footballcards
I had to break all this down to my wife. I was net negative of about 1000 bucks at the time, but I have boxes of inventory for sale. Essentially I'd have to give away thousands of cards and make no money to lose money in this business. If you're willing to do the tedious work, cards can be very profitable even on thr low end stuff. Thanks for the video
I hope you decide to subscribe so you can enjoy more content I upload in the future :) I have a ton of videos currently out that you might enjoy also! Luckily I don’t have anyone to explain myself to, except my mom 😅😂 but it’s really reassuring knowing that you are doing the right things and staying cash positive and maintaining cash flow! Yes the inventory that you have stashed away can be very very nice to have as extras; my main examples are I have an entire Barry bonds toploaded box probably about 4-500 or so just purely Barry bonds cards. I’m located in California and even I LOVE Barry Bonds to the point where I don’t mind having a nice little collection of him… but I have also decided the best idea 💡 to move the inventory and to get the MOST amount of money with them is just to do a complete 1$ box of Barry Bonds cards and I’m already in profit on the year and I would be in profit on the buy at probably around 50 cents a card for that particular buy I did.. and I have about a 100 or so nice baseball cards I got from that lot! Examples being a Tommy John autograph, Enrique bradfield auto, both being around 20$ cards in and of themselves :)
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I sell comics and just started flipping some cards this year. My best flip was a Prizm Cason Wallace /99 I won for $15 and sold for $80 couple weeks later. I been buying low print numbered basketball lately, that market will thin out soon. Also buying Marvel Platinum singles as well, even the sports channels were ripping it. Sold out everywhere. I got some to send off to CGC and try for some Pristine 10s.
I appreciate your support, make sure if you haven’t already that you subscribe so you can enjoy more content in the future and Nice :) yea I’ve never graded before I’m actually trying to prepare my first psa submission here in the next days hopefully get that sent off but the cool thing about cards is you can do it so many different ways :)
I wouldn't mind talking about my numbers but I'm also not sure where I am with everything this year. Might be my sign to figure that out, somewhat tough though because I rip a lot.
Yea it’s given me a nice little starting point for when I do go to file my taxes :) also helped me realize how much profit I’ve made and with the amount of inventory I still have I feel good with it
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Love the video, just subscribed. Question.. you pay taxes on your sales, specifically eBay and Whatnot… are you able to tell me how the write offs work? If you spend $10k on inventory/shipping supplies/other business expenses which are “write offs,” and you sell $10k on eBay, are you on the hook for any taxes in that scenario? Or would you need to have over your write offs in net profit to owe taxes on those sales? Also, the taxes owed depends on the money you cash out on eBay? What if I sell on eBay, never cash out, and just use that money to buy other things on eBay? Do you know if taxes would be owed in that scenario?
I appreciate your support very much! Okay, soooo there’s a bit to it. My complete and honest recommendation would be to ask an accountant / your accountant about any questions related to taxes, but typically most answers can be answered online as well. Not in particular answering your questions but given the scenarios that you’ve said, The way taxes work is it wouldn’t matter if you decided to “cash out” (eBay doesn’t even really have the option to “cash out” or keep the money on the platform to spend Mooney on it [at least to my knowledge]) on eBay or not because you’ve still had that revenue occur and it wouldn’t matter what you spend your money on, unless it was for more inventory that you do end up selling, certain other tax write offs, and the main thing that matters is usually you’ll want to actually “write off” the tax “write offs” after you’ve sold the item associated with the deductions. Again ask an actual accountant and don’t listen to me at all for anything associated with your own personal finances. Also you only pay taxes on the “net revenue / profit” that you incur when selling items, so in my own instance if I did determine I had no more actual revenue or expenses I would file my taxes and say my net profit / net income was 3,4__.__$ and pay the taxes associated with that amount of money. Again ask a licensed accountant and someone who would be able to give you a forsure answer.
The whole tax situation is definitely a hard one to discuss just because of the importance and implications behind it, so definitely ask someone who is fully licensed and able to give advice for certain situations, sadly I didn’t finish school for accounting but I’ve completed 3/4, but definitely not enough to give a stamp of approval or to say anything forsure, again I’m stressing this information please ask a licensed accountant regarding anything to do with taxes :)
Great video. I recommended your channel to a friend who is starting off with low end cards. I also keep a record of all my expenses and sales. Since I do not usually buy lots and buy more based on arbitrages, I am able to record my purchase and calculate how much I make per hour. Last year, it was roughly $30 per hour (before taxes). Have you ever wonder how much you make per hour? I think it is somewhat important to know this because time is also a very valuable resource.
I did the math for a different comment down below here; if you are referring to all time spent on getting inventory, all time spent on recording videos (which increases the audience I have to sell my inventory to) and the amount of time it takes me to sell the cards I’ve estimated it’s probably somewhere close to 3$ an hour (in pure profit) if only talking about the act of selling it’s closer to 11$ an hour. Since you say before taxes I’m guessing you mean the gross income / taxable revenue incurred.
But that’s not including all of my pc, all of my eBay stuff I still have put aside, the cards I’ve shown in the video and a bunch of other inventory as well that I haven’t sold yet / have other plans for :) that all at this point would be the boost that would get me to see bigger earnings
Love the videos thanks for breaking all the numbers down
Glad you like them :) I appreciate your support very much glad you found it to be a good video
Thanks for the video. Would you say you get the best deals at shows? Or by winning auctions? Do you buy singles or lots most of the time?
Most definitely you can find some amazing deals every now and then online, but the more consistent deals come from card shows forsure. I’m in California, so there’s not an abundance or plethora of value bins that will absolutely knock your socks off, but I’m sure not every show has the best of the best value bins. I usually 95%+ of the time buy lots. And I don’t typically win many auctions anymore tbh.
Great honest breakdown. Thanks
Glad you enjoyed it :) if you haven’t already subscribed make sure you do so you can enjoy more content I post in the future :)
To finish up your business value you can add up your card and supply inventory. It just helps to determine where you stand financially so you know if you need to adjust your buying.
I appreciate your support, make sure you subscribe if you haven’t already so you can enjoy more videos in the future :) Yea I wasn’t technically doing business value, I was just saying what I’ve made profit wise, what I’ve bought and what I’ve sold in first 6 months of this year. I have about 3-4 different collections I’m working on over time also that are actually starting to stack up pretty decently, inventory wise I’m doing really well also :) I figure the more inventory I have stashed away the less hectic it becomes for buying and the less impulse decisions I might make that I don’t need to :)
How many hours did it take roughly to sell the inventory to get those numbers?
@MissingWilson that’s an amazing question! Uhmmm it would depend if you mean just selling them or the act of getting everything ready to be sold and packaged up also or even the sourcing aspect too, but in short my guess is it has taken me to sell and package up all the orders I’ve had this year about 300 hours! The way I estimated that was 10 hours each week for strictly whatnot orders and I’ve done that for about 25 or so streams; some didn’t take me 10 hours sometimes it was quicker, and I usually just ship everything out on the day I do my whatnot streams now, but I haven’t posted much on eBay so listing stuff has been minimal time wise this year for me. Sourcing inventory would be probably be around an hour and a half a day; sometimes I do more sometimes I don’t search for inventory at all, sometimes I spend all day looking for stuff at shows. So probably another 300 hours for sourcing inventory or so; but when you consider I pretty much only work one day and could easily increase the work I’m doing threefold if I had the proper access to inventory then you can see a lot more increases in sells and time spent too :)
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@@ruffasportscards definitely
Have subscribed and I am learning so much from you!
How does the tax’s work bro? You get taxed for the total amount or just the net revenue?
@@Kmac23YT well I’d make sure to ask an accountant for your own personal taxes, but based off of what I’ve learned at school and online you only pay taxes on your gross income, which would be the amount of money you make minus certain taxable deductions. Net revenue / income typically refers to your revenue / income after you’ve paid your taxes. But again ask a licensed accountant for a forsure answer regarding anything to do with your own taxes. I accidentally said the wrong term in the video, but I just meant pre tax net revenue. But yes a lot of things for the tax code and questions people might have are easily searchable on google, again I’m just answering for my own situation / scenario and please ask an accountant or do your own research.
I have a bunch of 1990s footbal cards and basketball cards i wonder if they are worth anything
I’ve heard from someone that the 90s is in right now, but honestly a lot of the time you have to have the right cards and type of cards for them to be worth much more than the cardboard they were printed on. It’s always worth a shot to look up some of them, I’ve found some hidden gems in that era no one probably wanted to consider buying
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Good stuff tho man hope to be there one day as well love the videos 🙏🏼
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Last two videos were good thanks and good job 💪
Thank you for the kind words! Super appreciative of your support and glad that you enjoyed the videos :) make sure you subscribe if you haven’t already so that you can enjoy more content in the future :)
Cool video
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