Turned Hobby Into A Method To Make Money
- 5 Comment
Everyone has their own hobbies and interests where they will begin to gain knowledge and expertise in whatever that activity may be. Some love playing sports, some collect stamps, and some prefer to grow their own plants and vegetables. Often, hobbies and interests are areas where many people’s careers revolve around. Sports players go pro, video gamers become programmers, and collectors open their own stores. Hobbies can be an opportunity to make money.
I was an avid collector of exclusive sneakers, namely Nike Air Jordan. Exclusive sneakers have created a culture among many of the youths that are out to make a fashion statement. I could look at someone’s shoes and tell the price range of the shoes.
What is unique about these sneakers is the amazingly large demand for a rapidly growing consumer base, which makes these sneakers appreciate in value since they are released in certain styles and colors for limited times in limited amounts. People get on lines in front of sneakers stores many hours before release time for a chance to own a pair of these exclusive shoes. A brand new pair of Nike Air Jordan III White/Cement (as shown in the picture) retailed for $100 in 2003 would now sell for more than $350. THAT IS A 250% INCREASE IN VALUE!! There is no mutual fund out there that can match that type of growth.
How I Make Money From My Hobby
I’ve spent hundreds of dollars on these sneakers and I’ve stopped buying them as I grow older. But luckily, many of the pairs that I still have are brand new. Since I’m home from school, I have put them up for sale and business is going great. One pair that I bought last year for about $145 was sold for $170. Sure, it may seem like a bad idea to tie up cash on a pair of sneakers for a whole year but I’ve come to see it as buying a share of stock with a 17% increase in stock price. If I had bought many pairs (as in buying many shares), it seems to be a much better option compared to the many low cost index funds available, which lately carries no stable guarantee.