It’s time again for the $100 challenge! If you’re new to the Equity Mates family, it’s when we brainstorm different ways to save or earn $100 each month – because $100 a month invested over 40 years, accumulates to over $350 000. That’s thanks to the magic of compound interest!
So… what are we doing this month?
Ren tried (and failed) to be a worker at Amazon Mechanical Turk. It’s a crowdsourcing marketplace that enables individuals and businesses to outsource tasks to a distributed workforce. MTurk offers various tasks like labelling data and identifying different points, which are then added to AI training data. Ren enthusiastically looked at some of the tasks which paid at an ok rate, got signed up and was awaiting approval to start working on tasks – before getting declined from the platform. While he can’t go any further – we’d love to hear from any community members who have successfully got through! Is this just another form of online surveys, or does it offer more substantial opportunities?
Then we got the next instalment in Bryce’s dropshipping journey, and the steps he’s following the steps as per his research (which was Google btw).
1. Choose a niche.
2. Perform competitor product research.
3. Find a reputable dropshipping supplier.
4. Build your online store.
That’s kind of where we are at the moment! Bryce initially allocated a budget of $268 to kickstart his business – which included $56 per month for Shopify and $100 for marketing. However, he managed to reduce his Shopify costs to $3 per month, reallocating the saved funds to marketing. Now, he needs to make $368 in sales to achieve a gross profit of $100. So: introducing SummerDaze, Bryce’s very sparse sunglasses e*commerce store. We’ll continue talking about the next steps in his dropshipping adventures in the months to come…
Then we call Equity Mate Nick – a teaching student – who’s been investigating arbitrage betting as a way to make some money over the past few months. Unlike traditional gambling, match betting is a technique that mathematically calculates a profit by taking advantage of free bets and incentives offered by bookmakers. We need to be clear – it’s crucial to be organised and disciplined. Mistakes can be costly, and bookmakers are continually updating their terms and conditions. Therefore, staying informed is key in match betting.
Please remember, if you gamble, chances are you’ll lose more. For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au”
How do you justify an expensive purchase…
Think about the last time you made a big purchase on something you didn’t *necessarily* need. Which do you tell yourself?Think about the last time you made a big purchase on something you didn’t *necessarily* need. Which do you tell yourself?Think about the last time you made a big purchase on something you didn’t *necessarily* need. Which do you tell yourself?
- It’s going to bring me joy, so it’s an investment in future me.
- I’ve meticulously saved for it over the past few months.
- I don’t justify it, I always regret it later.
- I will wait for it to go on sale (it might never come.)
3 questions to ask before a big purchase…
If you’re like us, you might tap your phone or card more often than you’d like, but when it comes to more substantial transactions, the stakes are higher. With a cost of living crisis in the here and now, scrutinising the real cost of things, is more front of mind than ever before.
Nobody wants to experience buyer’s remorse, especially when it involves a hefty price tag. For significant investments, a more in-depth evaluation is worth it to ensure you’re getting your money’s worth.
Before diving into the three crucial questions, ensure you can genuinely afford the purchase. Assess your cash flow and the potential impact on your budget, both short-term and long-term. Any item that pushes you into debt is not wise.
Question 1: What’s the Real Value of the Item?
The first step is to determine the item’s intrinsic value. This doesn’t require complex calculations; it’s about understanding the cost and utility of the item.
Take a $1,000 couch. How long do I plan to keep it? Will I resell it, and what will its depreciation be? If I intend to keep it for just a year, that’s an extra $83 per month. But if I can resell it for $800 later, it might be a worthy investment. If you can’t justify the cost at this stage, it’s probably best to skip the purchase.
Question 2: What’s the Item’s Personal Value to Me?
Hey, it’d be nice if we were all super rational, but we’re not emotionless machines. The item’s personal value—how much you’ll enjoy and use it—often transcends its price tag. Consider its utility and how frequently you’ll use it. A sleeping bag for a once-in-a-decade (or lifetime) camping trip might not warrant the price tag. But a quality coffee machine you’ll see twice a morning could be a different story. Remember, what’s valuable to someone else may not hold the same worth for you.
Question 3: Are There Better Alternatives?
Don’t settle for the first option you see. A higher price doesn’t always equate to higher quality. Before finalising a purchase, conduct a quick online comparison to explore other brands and prices. Focus on the features that matter most to you and make sure you read user reviews for additional insights.
Got a question or a topic you’d like us to discuss?
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