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Wednesday, April 20, 2011

How do you manage your ebay income?

When I first started selling on ebay, I was just trying to make a little bit of extra cash to help pay for my wedding. Even before I sold my first item on ebay I knew that I wanted to keep the ebay money separated from our other finances. 

I started by requesting a PayPal debit card.  Once I received the card I started using it to make all of my ebay purchases. After about a month or so my PayPal card started acting up, and would only work at about half of the places I went to.

Mrs. Famous Turtle then had the very brilliant idea to use one of our rewards credit cards strictly for Famous Turtle Treasure purchases. Now whenever I make a purchase I receive reward points through my bank which in turn helps pay for airplane tickets home to see the family. (Just remember to pay off your credit card off on time so you don't get any late fees!)

Having a closed loop system where my sales and purchases come out of the same "pot" helps me keep my the ebay purchases away from our personal bank account.  Of course as Mrs. Famous Turtle would tell you, I am not always the best at taking my ebay card with me, but I try to remember it.

I started out using about $500.00 to purchase items to sell on ebay.  In the 10 months that I have been doing this I have never had to put any extra cash into my paypal account, and my current overall sales is sitting at $20,000.

Not too shabby for part time work.


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Ways to make money selling online

Ways to make money selling online. The Spec Ops Seller's blog on Buying Low & Selling high.