1p to £1000?

jjennison

Happy Wednesday Chilly Morning!

I don't know if this thread has already been done, so I apologise if it has.

However, my dad once told me a story about a guy who found a pen, sold that pen for 20p, invested the 20p and sold those for a profit and so on and so forth.

So really, this thread is an open question or advice for whether or not this can be done in more literal terms and how?

Example: I've downloaded an app on my phone that gives you points for playing games which you can turn into PayPal deposits. I've withdrawn about £5 worth up to now and all it's cost me is my time. I play games on my phone sometimes to pass the time anyway, so it's not a huge time loss.

So my question is, how can this free £5 be turned into thousands? Could I buy 100 of something on a cheap wholesale for example, and sell them for £1 each on another platform.

Has anyone tried to use this method before, the above is just general ideas, nothing set in stone.

iarniee

IMO yes it can be done but would it be worthwhile time?

No.

I imagine it'd take a long time to do and if you worked it out as an hourly rate it'd be mere pennies per hour.

Just my opinion though.

PasturesNew

See Dave Gorman sketch "combs, combs, combs".

There was a chap who started with a paper clip and swapped it ... and kept swapping up until he had a house.... in Iceland. Most of it was social media/PR pushed and fed ... else we'd all buy a paperclip.

jjennison

I appreciate that initially it would be pennies earned. I suppose I'm talking about in very basic terms, and there could be so many different avenues to go down.

Following on from my above example:

£5 = 100 items
100 items sold at £1 each = £100
£100 = 2000 items
2000 items sold at £1 each = £2000

Obviously, this is hypothetical but I'm just thinking of it in very simple terms. Could £5 be made into £7.50, then £7.50 made into £15 and the money is continuously invested to generate higher profits which would potentially be huge in the long-term.

jjennison

PasturesNew wrote: »

See Dave Gorman sketch "combs, combs, combs".

There was a chap who started with a paper clip and swapped it ... and kept swapping up until he had a house.... in Iceland. Most of it was social media/PR pushed and fed ... else we'd all buy a paperclip.

Thank you! I'll look into that, I think that's what my dad was talking about to be honest it's all very fuzzy as I wasn't very interested 15 years ago!

PasturesNew

jjennison wrote: »

Thank you! I'll look into that, I think that's what my dad was talking about to be honest it's all very fuzzy as I wasn't very interested 15 years ago!

He's got a Wiki page
"fourteen online trades over the course of a year."

https://en.wikipedia.org/wiki/One_red_paperclip

lincroft1710

PasturesNew wrote: »

See Dave Gorman sketch "combs, combs, combs".

There was a chap who started with a paper clip and swapped it ... and kept swapping up until he had a house.... in Iceland. Most of it was social media/PR pushed and fed ... else we'd all buy a paperclip.

Yes I read that book. I think the guy was based in Canada and as you say, social media (and news media) propelled it into the limelight. Can't see it working a second time

lincroft1710

jjennison wrote: »

Could I buy 100 of something on a cheap wholesale for example, and sell them for £1 each on another platform.

Isn't that the business model of Poundland (and similar shops) except they probably buy in the thousands.

culpepper

There is a book on amazon which you can read free if you do their kindle unlimited free trial, It's called free country and describes how he (George Mahood) and a friend ,cycled the length of the UK starting with nothing but their underwear (no bikes ) and accumulated their gear on the way, which runs along a similar vein.

droopsnoot

It's certainly do-able, the challenge is to think of how to keep increasing the profit. It's relatively easy to earn a fiver, and it might just be your time involved, but how much of your time have you spent to get that fiver, and would you have been better off doing something else?


There's a chap on another forum I look at who is doing a £1000 to £500k challenge. So far, he's dropped lucky on buying a car with a minor fault from someone he knew, fixing the fault, cleaning the car and selling it on, and he's swapped his starting £1k for £1700. That's a great result, but it's not a quick way to half a million, because it doesn't scale, and it's taken nearly a month to do. Also selling used cars regularly brings other requirements and costs with it.


He (and you) need the next gain to be higher than the first one, and keep increasing it. And as you need to increase the return, you'll have to increase the amount you risk/invest.


People do it all the time, I'm sure, it's just trying to think how that's the problem.

ARod12

Just 14 trades in 12 months!!!! :T:T:T