The timed adage “you need money to make money” is undoubtedly true. After all, it’s tough to grow your net worth if you don’t have anything to grow.
However, people might not tell you that you don’t need a lot of money to start your wealth-building journey. So many people start with a tiny amount and work their way up through grit and dedication.
One way to increase your wealth with only a little bit of cash is to flip money. The process of how to flip money involves buying something for cheap and then reselling it for more. Though it might seem complicated, some creative methods of flipping money legally could yield lots of returns. So let’s get right into it.
What is Flipping Money?
A lot of people hear the terms “flipping” and “money” in the same sentence and wonder, “is flipping money legal?” The simple answer is, yes, it is.
Flipping money is buying something and then selling it for a higher price. In the past, this primarily included physical objects, but today with the advance of the internet, you can even flip money online.
One way to flip money fast is to buy a couch from a garage sale, clean it up, and then resell it on eBay for more than what you paid. Twenty years ago, this entire process would have taken a couple of weeks to perform (as you had to find buyers and advertise the couch in person).
Today, you can flip money quickly by advertising this couch on the internet and getting immediate responses from buyers.
In short, flipping is buying and holding something (an object, contract, or online item) for a short period before selling it for a profit.
How to Flip Money
It’s easier than ever to flip money today. Here are some creative methods you can consider to turn your money into profit.
Real Estate Flipping
One of the best ways to flip money is to buy a piece of property, fix it up, and then sell it for a marked-up price (one that will cover your renovation costs and then some).
Though real estate investing and the real estate business may seem scary, there are plenty of ways to begin flipping real estate without putting in too much legwork. This reality is made possible because of digital real estate.
With real estate crowdfunding, real estate investors don’t need to seek and acquire properties themselves. Instead, they can pool their resources and flip real estate together.
Some real estate crowdfunding platforms even make it possible for individual investors to gain a stake in a commercial real estate flip (Imagine the profits on that!)
Of course, it’s essential to understand where your money is going with any investment. Make sure to do your research to find undervalued real estate properties.
Flip Domain Names
Believe it or not, there is a massive marketplace for domain names on the internet. Many people want to start a blog or website and have just the right keyword and title in mind for it.
However, when they grab the domain name, they find that someone has already acquired it. Often, these people are eager to pay a good bit for the domain name they want.
The first step to flipping domain names is purchasing domain names that people might want. Then, you’ll want to search for people who might be interested in acquiring the domain name you have.
Finally, you’ll need to negotiate with potential buyers and ensure they pay you more for the domain name than you paid. Do this a couple of times, and you’ll be able to sell domain names for profit like a pro.
Become a Flea Market Flipper
Just because there are many new ways to flip money nowadays doesn’t mean that traditional methods don’t work anymore. Many flea market flippers make a lot of money in today’s day and age.
Flea market flippers will scour through different items at flea markets and garage sales until they find something they think is underpriced. Then, they will often clean up the things and market them on their social media accounts (some flea market flippers even have established social media platforms).
Though many people will avoid ads posted by flea market flippers (out of fear of the many social media scams running rampant), there will be a couple of responses, and flea market flippers will be able to sell items and profit.
Bank Account Farming
Bank account farming (otherwise known as bank account churning) is when you open up a new bank account, receive all of the signup bonuses, and promptly withdraw your money and close your bank account.
Bank account farming allows you to make extra money quickly if you have enough capital to meet the minimum requirements. Remember that some banks will mandate that you deposit a certain amount of money and keep the account open for a certain amount of time to earn the signup rewards.
Just keep in mind that while you might be able to make money fast through bank account farming, banks are not big fans (because they would ideally prefer you to stay a customer with them), and you’ll likely only be able to do this once for every bank.
Also, remember to read the fine print in bank statements so that you don’t accidentally incur any penalties.
Flip a Spare Room
If you have a room you don’t use in your house, one way to start making money is by flipping that room.
Consider giving the room a minor renovation (maybe changing the color of the paint) and then finding people who will rent it out. Flipping a spare room offers passive income potential and can be a great way to earn extra money.
Think of flipping a spare room as a more fancy way of renting out a part of your house that you’re not using.
Flip Art Shares
One new way to flip money legally is to buy art shares before an artist is famous and then sell those shares once the artist gains more recognition.
In the past, you’d need to attend art auctions and buy pieces of art for thousands (if not millions) of dollars. Nowadays, many online platforms make flipping money online more accessible by letting you buy a share in an art piece that you can hold onto and potentially sell for a profit.
Flipping art shares is a new way to profit with your money, but it’s certainly not one that you should overlook.
Things to Watch Out For
In the world of flipping, there are good ways to make money, but there are also many scams.
Some people might offer to flip your money and ask you to transfer money to them via a Cash App account, PayPal account, or Visa gift card. Some might even promise free money hacks if you send over money to them. Often, these people are scammers (in fact, the Cash App scam is well-known).
Flipping money fast takes time and practice. It’s not just something you can achieve by sending a stranger some money.
Always research thoroughly before flipping and only attempt to flip things you understand. Also, sending money to strangers and expecting to get cash in return rarely works out.
Recap: How to Flip Money
Nowadays, flipping makes it easier than ever to make money online and offline. Lots of flippers buy items (or online merchandise) and sell them for a much higher price for a profit.
From domain name flipping to flea market flipping, there are tons of ways that you can get started and make money flipping. Just be sure to research and not fall into a money flipping scam.
So why are you still waiting? Contact your network and start learning how to flip money for profit! Practice for a bit, and you’ll soon be able to flip money offline and online like a pro!