It can be a compelling thought that you can buy something for a certain amount of money and then sell it for more. This is the pretense behind flipping things. And, as the responsible adult and head of a household, you can choose a few different ways that you can make this idea work for you. But it’s hard to say whether it’s good or bad for your family without putting it in context.
For a few examples of buying and selling for profit, consider flipping condos, buying and selling in the housing market, or doing a thrift store hustle. Within all of the ideas, you have to factor cost and benefit concerning your time spent on an activity versus time spent away from your family.
If you feel like you can successfully flip condos, there is money to be made. However, if you’re doing this to supplement your family income, be aware of some of the risks. Certain neighborhoods are starting to hit back against people who are trying to flip condos because it doesn’t improve their neighborhood in a way that benefits them. Maybe you make some money, but they are left with different kinds of real estate chaos. Just make sure that you know what you’re getting into if you try this activity in an area that you don’t live.
Buying and Selling Houses
You may think that buying a house and moving your family in, and then selling that house for a profit is something that you could do. The trouble with this is that depending on the ages of your spouse and your kids, that may be a lot for them to handle emotionally. Particularly if anyone is in school age, the concept of moving a lot to make a profit on the house may not make as much sense of them as it does to you.
The Thrift Store Hustle
Family members can enjoy the thrift store hustle on a small level and make some money doing it. Basically, you and your family can wander into a thrift store and see if you can figure out if anything is in good shape that you can turn around and sell for more money. Since the items are donated, they are going to sell for retail value. You have to be able to gauge what you can purchase to sell it some other way and make a good enough profit. This can be a fun activity for families, as long as you don’t get too mired in frustrating details or come out behind financially.
Determining Cost and Benefit
In the end, buying, selling and flipping are only as good as you get more from them that you put into it. And this doesn’t just mean regarding profit. You have to enjoy the time you spend doing it. And your family members need to not feel like they’re being left out of the process.