A YouTuber named “Bearded Picker” once pocketed $2,500 in a single day by buying discounted “Monopoly for Millennials” games at various WalMarts and selling them on Amazon for triple the price.
“It’s important to understand: It’s not the items, it’s the process,” he said at the time. “I like the quick hits, the quick profit, the quick flip.”
What’s not to like?
This is known as retail arbitrage, and, as wealthy entrepreneur and social-media star Gary Vaynerchuk points out, it’s become a real moneymaker at a time when side hustles have grown increasingly popular, especially among millennials.
“This is maybe the craziest thing that’s happening at scale in America,” he recently told CNBC. “I am watching people literally go from being homeless to building up $50,000 to $100,000.”
Vaynerchuk, with a net worth estimated at $160 million, explained that this kind of retail “flipping” works especially well for people who are looking for a legitimate way to earn some cash fast.
He described it as “micro-dollaring” for the “young kid in debt,” and he used the realistic example of buying $29 Nikes at Marshalls and selling them for $49 on Amazon.
“This is very real,” he said. “It just takes grinding.”
For more insight on the grind, here’s Bearded Picker doing his thing:
Read original article here…