photo credit: MNgilen
Sometimes a passive income idea is looking at you and asking to make you some extra money. In this case we’ll look at taking ordinary items at your local store and turning them into cash for your family. You might look at your next shopping trip a little differently and you probably will be smiling the entire time you’re out hunting for passive income. Just to be clear, this will require your time to buy the items and also some up front cash. If you don’t have a savings account or emergency account established, I wouldn’t suggest you try this passive income idea. You can start out small until you have amassed a nice little savings account to use for this new source of extra income.
So what is it? It’s not as glamorous as investing in stocks for passive income and it doesn’t require you to spend hours writing an ebook. You will visit the same stores you normally visit during the week, but now you’ll add some items to your shopping list. The Sunday paper or your weekly ads from major retailers will provide all the necessary information you need for this passive income idea. This weekend I found a name brand flash drive that retailed for $19.99 that had a manufacturer rebate check for $19.99. Total cost for the flash drive was $1.70 to cover the 8.5% sales tax here in California. I then fill out the manufacturer rebate to receive my check in the mail for $19.99. At this point the flash drive has only cost $1.70 and I can list the item on ebay. Name brand items sell wonderfully on ebay and look for tech gadgets and software. I have been able to pickup copies of anti virus software and resell it on ebay for a nice $30 profit. Again, make sure you have funds to cover the time it takes to receive the manufacturer rebate check. You don’t want to be paying 19.99% interest on a credit card balance while you are waiting for your item to sell on ebay.
Look for ads in your local newspaper and circle items that have rebate checks from the manufacturer. Best Buy, Radio Shack, Rite Aid, and Walgreens all offer rebate checks. This weekend I even found a blood pressure kit that was free after a rebate at Rite Aid. This could be a great source of extra income to cover some of your household groceries or even a meal out once a week.
You will need to be organized and timely with your rebate check submissions. Don’t forget to read all of the fine print and what is needed for the rebate process. Do you need the UPC code and a copy of your sales receipt for the rebate? Some retailers offer electronic checks so that the process is much more automated. You might want to start with a Walgreeens or Rite Aid and research what they offer first.
How much can you realistically make doing this? We have an electronics retailer called Fry’s that has numerous manufacturer rebate offers during the week. The retail value for this weekend at Fry’s would equal between $100-$200. Rebates were offered on hard drives, anti virus software, books, and flash drives. See if you can find some passive income ideas in your newspaper.