New Challenge - Double Your Money!

fairyclicks

lucy1005 wrote: »

Hey,was just interested in knowing more about Zopa.It sounds like a really good idea but is it safe? Are you protected if someone doesn't pay you back?

Thanks,Lucy x

Hi Lucy!

Zopa is one of those things that there is always a little bit of risk attached to, however there are various ways of minimising that risk. I have been with them for several years now and have so far thankfully never had any issues with non payers - a couple of late payments - mostly more recently i have to say but Zopa do chase up any late payments on behalf of lenders (its run by Egg so they have plenty of experience in these things). I did write a comprehensive blog post about it which i will find a link for if you would like some extra info?

Monkeynut

Thanks for the directions Nat, I've arrived safely here!!

I remembered about this challenge a couple of days ago when buying something for £1 from someone on Facebook, and Ebaying it for £2! I had the thought of Oooh maybe I should start picking up little bits here and there that I could sell for at least twice what I paid for them. Then I rememebred, Hang on a minute, Fairy had a challenge for that!
I know there are tax implications for buying to sell at a profit, and that's fine. I'm not going to post about what I'm doing on the world wide web, then try and hide behind it!! :A

Am however starting to fall asleep, so will post more in the morning . My eyes keep going :rotfl::rotfl::o:D

jennyjj

Monkeynut wrote: »

I know there are tax implications for buying to sell at a profit, and that's fine. I'm not going to post about what I'm doing on the world wide web, then try and hide behind it!! :A

Don't worry too much about tax on ebay earnings. Tell the taxman about it and even register as self employed to do the whole thing properly. Then have lots of business expenses from office furniture, broadband, Phone, Gas and Electricity, postage and fees etc. If you account for everything there might not be any tax to pay. Heck you might even be due a refund After all, the taxman would not expect you to make a profit straight away..

JJ

fairyclicks

Hurrrrray i made a few wee craft sales over the weekend so £22 to add to my doubling pot I have some more bits and bobs almost finished too so hopefully will sell a bit more soon

Now what was my total and target again???? :rotfl:

Oh just checked Zopa and now have £657.37 in the account!

leictina

Hi all, i have been looking through the boards for ways to help me to supplement my income and found this thread....sounds like a great idea and i would love to join in.....

I have just started a zopa account with £20 (fund transfer started but not yet complete) I have also listed some of my old paperbacks for sale and i am planning on doing the same with some clothes once i have a clear out....

Zopa: current balance £20 (including transfer in) & Cash: £40 = £60
1st target = £120

lucy1005

Hi fairyclicks, me again! Was just wondering how much interest you make on £500 in a zopa account in a month? I have some money I could out in but want to know if it would be worth my while!

fairyclicks

lucy1005 wrote: »

Hi fairyclicks, me again! Was just wondering how much interest you make on £500 in a zopa account in a month? I have some money I could out in but want to know if it would be worth my while!

It depends on what rate you lend it out at Lucy - the interest rate is for you to choose - generally i would divide any loans up into £10 segments to different people to minimise any risk of non payment. I will post a list of my interest payments shortly for your info!

fairyclicks

I have made another few sales of craft things this week and have got 3 orders for goods as well i am pleased that i am starting to see some return on the money i have spent on craft supplies - i really have to update my spreadsheet and see where i am with that though!

I also have bought a small wholesale lot of socks for selling at boot sales along with my other bits and bobs - they cost me £22.49 inc postage and in 1 day at the bootie i got back £9.50 with loads of stock left

nat21luv

Well done fairy

I'm having a quiet spell, a table I bought has been painted and looks great but one of the chairs has broken completely so I can't sell it until I find a replacement. Annoying as its taking up a lot of space.

killerpeaty

Yay! People are posting in this thread again YAY! I love reading this thread:o:o

Fairyclicks, may I ask how much each pair/pack of socks cost and average sell on price? Or is that considered rude? /oblivious.