Many people have watched the Pirates of the Caribbean films, and know the word parley; which in the film means to have a meeting, “take me to your Captain”.
The reality and other meeting of parley is “is a series of bets in which the money you have won is used as the stake for your next bet”, to take something small and make it into something larger.
Financially, money wise, this is making money grow.
However, or our purposes here, we are going to be discussing how to take a small amount of money and have it grow into a larger amount of money, and this is usually done by selling items on. Items that may have been purchased for a small or lessor amount, and then sold for a larger amount.
The items may have been purchased new at a large discount, or purchased on the cheap and in need of repair or refurbishment, and then sold for a larger amount.
One of the older ways to parley an item to make money is via auctions.
If you have watched the TV show “Homes Under the Hammer” then you have a good sense of this concept.
You buy something at an auction, getting it cheaper than if you were to try and purchase it else where, and then sell it forward for a profit. In real estate or housing terms, this is called “flipping”.
Of course buying property at auction, while a great way to bag a bargain, still means putting out some cash; houses are not cheap.
However, there are other items and bargains to be found at auctions.
Many cities have local auctions and you would be amazed at the items being sold at them, and the item list changes all the time.
Auctions, while a great place to buy something cheap to sell on, can also be tricky. On some days there may be no activity on some items, and on other days everyone is bidding.
So you need to keep a clear head and be mindful of how much and for what you are trying to bid on.
The fact is there is money to be made, and one gentleman has made over £1,000 in the past few years.
There are many ways to save and make money, and with this being the digital age, why would we not turn to the Internet to do so, and so eBay was born.
Ebay is essentially an online auction forum, but it has grown into so much more.
While people can bid on items to purchase, they can also just “buy it now” for the seller’s price.
There are many sellers on eBay who will buy large lots of a specific item cheap, and then sell them onward on eBay. And this is a good way to parley a small investment, into something more.
You can also use eBay to sell your unwanted items you may have lying about the house.
There can be fees involved with selling on eBay, so these need to be taken into consideration, and also you need to consider shipping costs to post off the items to the buyer.
Tried and true, the old fashioned car boot sales, can be a place to buy on the cheap and sell items for more money.
Years ago I knew a person who spent all their time at car boot sales, buying and selling. Initially it was to sell some old unwanted household items, but they then began buying “stuff” at the sales and then just simply moving the items over to their table and increasing the prices by a percentage or an amount higher to make a “few bob” as they used to say.
Actually this concept is easy to apply to auctions or anything; you buy something and then just forward it on at a higher price. You are becoming a “middle-man” of sorts, just pocketing the extra money.