EPISODE 18 ~ MAKE MORE: Used CDs: Use These Sites To Sell Your Old Music Collection For Extra Cash
This time we’re talking about the best way to sell old CDs.
That’s compact disks, not Certificates of Deposit! I know many many people now have everything digitized, so those old CDs could be a source of cold hard cash. Here then, in alphabetical order, are a few different options for “making more” on your CDs.
Number 1: Amazon Trade-In, is best for those who already have accounts on Amazon, which seems like everybody these days. You can search by UPC code or artist and album name to get your offer. If you accept, Amazon emails you a prepaid shipping label.
Number 2: Bonavendi is best for people who want to make sure they’re getting the most for their CDs. It’s an aggregator that checks multiple different sites for you to see what they’re paying for that album. Bonavendi also offers a smart phone app so you can scan your CD UPC codes and make money faster!
Number 3, BuybackExpress is great if you want to sell off a bunch of CDs at once. The site allows you to enter 15 albums at a time, which is ultra efficient.
Number 4, Decluttr, is best for those who want to be paid fast. The site boasts it will pay you the day after it receives your CDs in the mail.
And finally, Number 5 F.Y.E. is a great site for selling unusual or rare CDs. The word on the street is that they pay top dollar when it’s something special that they want.
These links have funny spellings and could be hard to remember, so as always, I have posted them for you. They are at EasyMoneyShow.com/18.
Personally, I still listen to CDs because I like to see the liner notes and all that. If you are retro like me, consider SwapACD.com. This site facilitates trades between individuals. So if you’ve got CDs you don’t like anymore you can trade them for something new to you.
EPISODE 17 ~ EASY MONEY PODCAST
EPISODE 17 ~ MAKE MORE: Car Rental: Create Your Own Small Business By Letting People Rent Your Car Through Turo
EPISODE 17 ~ MAKE MORE: Car Rental: Create Your Own Small Business By Letting People Rent Your Car Through Turo
Today we’re talking about whether it’s a good idea —and whether it’s a lucrative idea— to rent out your car to strangers. Should you get in on the sharing economy? Thanks to peer-to-peer services like Turo, it seems like everybody’s doing it. And one person who is doing it well —and doing well at it— is Turo user Kyle Clark.
Kyle, first explain what Turo is and how it works.
Turn is basically the AirBnB of cars.
What possessed you to give Turo a try?
My dream car is what started the whole thing. Ever since I was a young boy, a black, sleek BMW has been my dream car. I was able to afford it about 3 years ago. I bought it and that left my old Honda Civic with 100,000 miles just sitting there. I didn’t want to trade it in for a bad price so I went online to see what I could do with a spare car. I stumbled across Turo which was branded as relay rides. The Honda was well maintained and clean but high mileage. I put it on the site on a whim, renting it out in my neighborhood and Denver area. It was booked out almost solid.
I think a lot of people are queasy about the idea of renting out their car to strangers or just even interacting with strangers. Did you have to get over that?
Well, I don’t rent out my own BMW. But I have always been the quasi entrepreneurial type. Before I got into Turo I was one of the first drivers on the Lyft and Uber platforms when they were new. That had been a pretty lucrative way of getting some side income. So I was used to the idea of the sharing economy.
So the Honda that you already owned did so well, that you actually decided to BUY another car to rent out, right?
After that we took a look at everything and realized 80% of our people were coming from Denver’s airport. We looked at companies there and they charged a lot. We knew people came here to go to the mountains. So we decided to buy an SUV. It did really well. The idea was we will have a ski vehicle! Soon after that, we sold the Honda Civic.
And then in 2016, you really ramped things up with Turo, right?
Between early 2016 and late 2016, our fleet became 7. We purchased 5 cars in addition to the SUV we had. And then my girlfriend put her car on the system too. We keep them at the airport. The public lots that locals use. I go out at night, make sure they are set up for the renter, and we use a lock box.
And there’s enough demand to support all of these privately owned rental cars?
We are doing great. Denver is one of the busiest markets. We average 80-90% rental days a month. All of our cars are equipped with snow tires. For the mountains it is something that out of towners love so ours are rented. Our 3 SUVS and one minivan are always booked in the winter. We only see some of our cars once or twice a month when they are needed for maintenance.
How much do you charge to rent the cars? And is that up to you or does Turo have a say?
We adjust prices seasonally. Our minivan is usually $79/day. On the low end, we have a Nissan hatchback and that rents for $33/day.
Why would someone rent from you instead of from a big established company?
•I think you have to be a certain personality to use the service. Up to 60% of my renters are first time Turo users and they often say ‘I decided to take a chance on you because of glowing reviews.’
•We look at the prices on a daily basis. At Denver International Airport, occasionally you can get a sedan for $15-$20 a day. But under $25, you probably can’t. You can rent my car for $30.
•If you want to drive a Toyota Prius you can’t get that at a lot of big companies, but you can from me.
•In December and January, all cars in Denver are sold out. They could be $150-$200 a day. So our $79 is a good deal.
How much work is it to rent out multiple cars through Turo?
For me it’s about 15-20 hours a week, all in the evenings. Not hard, just time consuming. My full time job is I’m in charge of production of videos for a large software company. That is my 9 to 5 job. Something that has surprised me is that there are only 3 or 4 multiple fleet car owners in our region because it is a bit of work.
What’s the hardest part of the work?
I have had half a dozen flat tires or torn tires or bent rims. I replaced one windshield this year. 3 last year. Rock chips are very common. If a customer has a breakdown or problem they can call me and let me know even though they are supposed to call Turo because they have 24-7 roadside assistance. I was out of town halfway around the world and I contracted with a company to manage cars for me and they let me know a renter had a flat. Turo towed the car to a fit it shop, The renter and I split the cost of the tire 50/50.
What about insurance and liability if a customer gets in an accident?
In most cases, any damage caused by a renter, I will get reimbursed. My insurance company exists merely for state minimums. Their policy is never active. The Turo policy is primary when the car is rented. There’s a million dollar liability policy on all trips thanks to Turo. As long as I meet their terms of service and I’m not negligent, I’m pretty well covered. I’m also covered under the Graves Amendment. The owner of a car who lends it to someone else can’t be held responsible for a death.
So that’s the serious stuff. Do funny things happen too?
Being in Colorado we have a pretty consistent challenge with cannibas smoke in our cars. We have no problem with it but often the next renter doesn’t like it. We have an ozone generator to eliminate odors from closed space and we will run it for an hour if we need it and charge the renter if need be.
Now the fun question: how much money are you able to make renting out cars on Turo?
Last year we grossed $57,000. On a monthly basis, we make about $4,500 gross and $3,500 net after insurance and maintenance. This business is delivering a much larger percentage return than any of my other investments like my 401k.
And you have a plan to make even more money, right?
Yes, in approximately 10 months we will own all of our cars outright. We will pay off our next set of cars faster and our third set of cars we will pay cash for. So we will make profit faster and faster as we go. Because it is a side hustle, and I don’t rely on the money, I am putting 90% back into it.
How meaningful is this extra money to you?
For my girlfriend and I…my multiple nest eggs on wheels is how I feel about it. “I approach it as my small business. It’s how I ensure retirement for my family.”
In addition, I was able to take 8 weeks off and took my girlfriend around the world.
You also say to start small. Why?
Don’t grow too big too fast. Start with one car at a time. Bring one car on at a time slowly. The problems like maintenance and unexpected damage can really throw people for a loop.
You advise Turo owners to respond to renter requests quickly.
Turo uses a 5-star rating system. The quicker you respond to people’s requests, that affects your search ranking and that is what keeps you busy. When people have one of my cars, I always get back to them in 15 to 20 minutes. They are my top priority. People with a trip within the week are my second priority.
And finally, you recommend checking the car yourself between renters.
I visit each car before each trip to make sure they are up to my standards. I give the personal touch to renters by telling them where they can find the cars in the airport lot. Not all owners necessarily visit.
I’m delighted to tell you that Kyle has written a guest blog post with even more nitty gritty tips about ‘making more’ on Turo. Find it at EasyMoneyShow.com/17.
To see Kyle’s car rental page, check out: www.rentcarsfromkyle.com.
EPISODE 16 ~ EASY MONEY PODCAST
EPISODE 16 ~ MAKE MORE: Home Improvement: Certain Paint Colors Can Help Your House Sell for Thousands More
Real estate website zillow.com says you can make thousands more dollars when you sell your house if it’s painted certain popular colors. Paint is cheap, so it might even be worth it to change the color!
Zillow found that homes with cool, neutral walls sell for more compared to other colors. If you’re getting ready to sell your home, think hard about the color and consider these incredibly detailed stats Zillow came up with:
•Painting your kitchen a blue-gray pastel can help you sell your home for $1,809 more.
•Neutral beiges, oatmeals, and browns in the living room garnered a $1,926 premium.
•Bedrooms with shades of cadet blue sell for $1,856 more than expected.
•And veer away from the typical white walls in your dining room and go with a slate blue or pale gray to sell for an additional $1,926.
• Interestingly, mellow colors were better than no color at all, as white bathrooms can cause homes to sell for $4,035 less than other homes.
•And get this: while we’re in the bathroom, light blues and periwinkles help houses sell for an amazing $5,440 more than expected.
Tweaking the outside of your home can also help you sell for more than you’d expect:
•Homes with an exterior between beige and gray sold for $3,496 more compared to similar exterior colors such as a soft brown or tan stucco.
•And the finishing touch to prepare your home for the market could be a touch of color on the front door. Dark navy blue doors helped sell homes for $1,514 more.
Bottom line: Whites aren’t good. And vibrant colors that are overly specific aren’t either. Cool, neutral colors seem to attract a wide range of buyers and rule the day! Here is a link to Zillow’s full article.
EPISODE 15 ~ EASY MONEY PODCAST
EPISODE 15 ~ MAKE MORE: Instagram Famous: How To Make A Good Living As a Social Media Influencer
Find out what it takes —and what you can make— as a social media influencer. Yes, if you have thousands of followers —especially Instagram followers— companies will pay you to reach that audience and advertise their brands. Alicia Chew, a style and food influencer who runs the lifestyle blog Alicia Tenise and has 15,000 followers on Instagram and is giving us her success story.
Alicia, this is an accidental career for you, right? How did you get started?
I randomly started a blog in my dorm room. I had interned in NY at Michael Kors the previous summer. I transferred to Virginia Commonwealth University and started a fashion blog to keep connected to the fashion industry. I just started for fun. I never realized I could make money doing it or that I could make it my career. But now I am celebrating my 6th anniversary of blogging.
In fact, when you graduated, you took a full-time job in marketing, but kept blogging on the side, right?
Yes, I was still blogging and working a full time job for a few years before it was too time consuming to do both. Over time I invested in good photography, telling a story and connecting to the audience. Brands started approaching me and it blew up. I got laid off from my full time job in December 2016. I looked at my finances and realized I was making more off of the blog than the full time job! So I decided to make it a full time job.
What did your friends and family think of this leap of faith you were making?
I talked to all of my family and friends and especially my mom. I told my mom if I didn’t make it in 3 months I would get a full time job. My mom totally supported me. She knew I had a talent and passion for it. She did ask me legitimate business questions. Are you going to make this an LLC? And what will you do for taxes and insurance? She asked me grown-up adult questions and helped me through those things and all of the accounting and business aspects.
Was there a tense time when you wondered if it was going to work, or did it click right away?
It worked! Since I was able to start doing this full time, I tripled my income in the first 3 months because I was able to really focus on it without the distraction of a 40 hour work week elsewhere. I really ramped up what I was making and I don’t have plans to go back to a conventional job.
It is working as a full time job. Since I was able to start doing this full time I tripled my income in the first 3 months because I was able to really focus on it without the distraction of a 40 hour work. I really ramped up what I was making.
You’re 27-years-old and you work for yourself. Will you ever go back to a regular job?
I don’t have plans to go back to a conventional job. I never would have thought at my age that I would be my own boss and create my own schedule and dictate my day and decide what clients I want to take on or not. It’s the best job I could have ever asked for and it’s the dream job I never knew I could have.
So let’s get specific about what you do as a social media influencer. First, what are your venues where you reach out to people?
I consider myself a content creator. I am doing whatever I need to do to create content on a multitude of channels. My blog. Social media is a big part of that. I’m creating content and solutions for brands. My blog and Instagram are more curated as a first impression.
I also use Instagram Stories and Snapchat. That is how I show them that I am a real person. I chat with no makeup on and in yoga pants. I want to show that I don’t always have perfect hair and a perfect outfit and perfect makeup. I can be more candid. I have marble contact paper instead of actual marble. I show people that and they think it is so funny. People get a kick out of the behind the scenes stuff.
So those are your social media “properties.” Now, describe the 4 ways you make a living through them.
- Companies pay a flat fee for a sponsored blog post or Instagram post. I create visuals and concepts to advertise their product. That brings in the most money.
- Affiliate networks. If you see something I wear, I have affiliate links to it and if people click through my post and purchase it, then I get a commission.
- More occasionally I host events – every 2 months or so. I will host and promote an event like a boutique trunk show.
- And finally, companies gift me products, which is another form of value. Although now I only accept gifts if there is no pressure to post anything because that can be a difficult situation.
Give us some examples of companies that have hired you to do sponsored posts and WHAT you did for them.
Banana Republic, Rent the Runway, Pepsi, Brita and Enterprise CarShare, The Ritz Carlton and Visit New Orleans for a sponsored trip to New Orleans. What I do is curate a photo shoot around the product and show how I incorporate the product in my real life. I partner with a photographer and do the shoot and that usually inspires the text I write.
Do you try to keep a balance of your own personal posts and the sponsored posts so that your followers don’t get worn out?
I try not to have a overwhelming amount of sponsored content. My goal is to have about 25% sponsored content.
Do you go after brands you like? Or do they always approach you?
In the beginning I got my work through media groups. You enter a bio and social media channels and they match you up with brands that are doing collaborations. Some other media networks have projects already ready to apply to and you have to make a pitch. I had to pitch a lot at first, but that has evolved. If I have a dream brand I will send a thoughtful, curated pitch to them. But lately I haven’t had as much time to pitch. I’ve gotten contacted by a lot of different companies.
What happens when it’s not a good fit? Awkward!
I have had some interesting requests and if I can’t think of an authentic post to go with it, I have to decline it. I have had some weird requests from agriculture departments and oil companies. Why would I talk about that when I do fashion, food and travel? My readers are female between 25 and 34. They don’t care about agriculture or oil, so I have to stay focused on what my reader wants to read.
Authenticity is crucial, right?
You have to be very careful about sponsored campaigns. Your audience might not respond. You cant appear like you are money hungry. I have to make sure whoever I partner with is true to my brand and won’t throw my readers off.
What is the most fun part of your job?
There’s a lot of travel I have been exposed to because of this career path. I do some travel blogging. I work with tourism boards and have been able to do domestic travel. I just went to Phoenix, New Orleans and Memphis and NC. I’m excited to explore these places in America. I am an only child. My mom is a single parent. There was only so much we could do when I was a kid.
What is the hardest part of the job?
Most of my day isn’t glamorous. I have to look at brands, communicate professionally, convince brands they should pay me, read contracts. When people look at what I do it all looks glamorous but I do my own accounting and book keeping a lot of business stuff. I am self employed and pay taxes on everything I earn so I have to keep track of my expenses and income. You have to be able to do that too.
How do you decide how much to charge?
I have a figure in my head I want to make a month. I can’t lowball myself and I have to go for the highest payment that I possible can. Some companies will say no, but some will say yes. With what I do it’s better to take less sponsors at a higher rate than taking lots at lower rates and creating all that work for myself without as much money. I can negotiate a lot better deals.
I know you don’t like to say how much you make —because you’re classy that way —but tell us, in general, how much successful social media influencers can make.
There are influencers who make six and seven figures a year. I make significantly more than I did in my job in marketing. What I do makes me pretty comfortable. But I get paid on a project by project basis. Sometimes five times a week or every two weeks.
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People listening are going to be intrigued, so I want to share some of your best advice for being a successful social media influencer. First, you say figure out what makes you different. Explain.
When I show my personality I knew that was what differentiated me. People see me as a person rather than someone always in perfect clothes. I am personable. My readers will email and feel they can talk with me. It’s like I’m their friend. They feel they can shoot me an email or message. Making yourself seem like a person and not a persona takes your brand to the next level.
Second, you say, you need to be a good written and visual communicator.
I am a writer and went to school for communication. Need strong writing skills and to tell a story. I am also a photographer and use a professional grade camera. If it is a shot of me I hire a photographer but I take other pictures myself.
Third: know how to read contracts.
You have to know how to read contracts. Brands will try to slip things in, so you have to really understand what you are agreeing to. A lawyer helped me write a contract that works for me and she helped me know what to look out for in a blog contract to see if something is there that wouldn’t be in my favor.
Fourth tip: learn to save money.
Have to learn to save because it’s an inconsistent pay schedule. There are times when I can splurge and other times when I have to budget because it’s an inconsistent pay schedule. Not having a paycheck every 2 weeks has made me way more savvy financially than in the past.
And finally, you say, do it for love not money.
My biggest piece of advice is do if because you love it. Don’t do it thinking you will make a lot of money overnight. I didn’t make a dime the first year and a half I blogged but I loved what I did and loved working on my craft.
Alicia Tenise Chew, thank you so much for the great content. And, lucky us, Alicia has written a guest blog post with advice for you on how to turn your social media brand into a full time job.
EPISODE 14~ EASY MONEY PODCAST
EPISODE 14 ~ MAKE MORE: Side Hustles: Make More Money The Modern Way
According to TheStreet.com, more than a quarter of people age 18 to 26 have a side hustle, another way of making money in addition to their main job.
And many people over age 26 are getting in on the act as well. Plus, as we’ve seen on Easy Money, people are turning their side hustles into their main gigs when they start making more money or having more freedom thanks to their side hustle. SO, the street.com put together a fascinating list of the 5 most lucrative side hustles that I just have to share.
Number 5: Social Media Influencer. Sure enough, I have a friend who makes a nice living based on a list of about a million politically like-minded people he cultivated on Facebook. But the current trend is to be an Instagram Influencer. If you have a few thousand followers, companies will pay you to promote their products. And actually, on Episode 15 of Easy Money, we talk with a top Instagram Influencer about how she does it and what it takes.
Number 4: YouTuber. If you can create YouTube videos that garner millions of views and subscriptions, you can become a millionaire through advertising or sponsorships. And there’s CRAZY stuff that attracts views. For example, my daughter watches some lady who plays with Shopkins toys on camera and she has 8 million subscribers! The Street gives the example of Colleen Ballinger who has a You Tube channel called Miranda Sings. The YouTube site has gotten her a standup comedy tour, a Netflix series, a book deal and $5 million dollars since 2008.
Number 3: Online dating consultant. What??? Yes, people are paying other people to write clever dating profiles for them, take or choose the best photos of them and even write witty chit chat for them to use when interacting with potential dates. I wish I had known! I’ve written profiles for many friends for free! TheStreet says you can make up to $200 dollars an hour as an online dating consultant.
Number 4: Domain Name Prospector. You know how you sometimes come across web pages that are listed for sale? They’re owned by people who dream up great domain names, register them for a few dollars a year and wait for big business to come a calling wanting to buy that domain. I recently tried to buy a couple of domains myself and they wanted $25,000 for them. Domains are like virtual real estate and they can be ultra-valuable. For example, according to The Street, in 2009 the domain insure.com sold for $16 million dollars! And finally Number 5: Search Engine Optimizer. These are pros who help businesses get more web traffic by choosing the keywords people are searching the most often, helping them get links back to their site from other sites, and staying on top of Google’s ever-changing search rules to take advantage of them. Some also specialize in “referral networks” of professionals who support each other. And how much money can you make in SEO? According to one SEO pro, he can make as much as $100,000 for a single job.
There you have it, an overview of 5 modern ways to ‘make more’ money. I will try to do in-depth interviews with people in each of these fields in the coming months on Easy Money.