Happy New Year and How to Become Wealthy Buying Thrift

Here we are in 2024.  

My longtime readers know that because I am back at college, I will sneak in references to what I will be studying. 

This is how you prepare when you are a 60+ year old student, my class Women in Art begins in March but I began reading the textbook now. 

Let's go on to my topic of becoming wealthy buying thrift. To give some background, I have been shopping at second-hand stores for over 50 years. The majority of those years, I just bought for myself, friends, and family. There is one proviso-I shop in upscale communities.

A few years ago, I decided I had enough items in my personal collection to list for sale on eBay. I already had an eBay account for selling my used college textbooks. I also had a somewhat extensive vintage sewing pattern collection. At the time, I was scanning in the pattern packet fronts and sharing them as a Pattern of the Day on this blog. 

Having moved out of management and into public service in my job, I didn't require the professional wardrobe I had before. My clothes choices turned to casual and most items were bought at thrift. 

I am sort of a clumsy person when it comes to mugs and dishes. I break them on a routine basis. I have replaced our stoneware pattern at least three times, all through thrifted pieces. I love coffee mugs and as a Seattle native am a regular coffee drinker. Our mug collection comes from thrift.  

Pyrex, when you find it in the wild, is very popular to sell. I keep a few pieces I have found for my own use. 

China plates, etc. you can nearly find for the taking, seems no one entertains large groups anymore. Last year I picked up at Goodwill some Christmas-themed plates at 99 cents each. 

The point being you can furnish your house, kitchen, bedroom, buying thrifted items. There are deals in furniture (avoid fabric upholstery), lamps, linens, and artwork.

You can clothe yourself and nearly your entire family with thrifted clothing. Our hospice thrift occasionally has $1 clothing items sales. How can you beat that? I pick up the best items and then take those to a clothing reseller who will give me $5-$6 per item. 💥BOOM, money just made. 

I am a business major with a legal background. The idea, and you may have heard this phrase before, is Buy Low and Sell High. As an example, I can buy sewing patterns for 25 cents to $1 each. Each pattern will then sell for $5 to $25. Multiply that by the thousands of patterns I have listed - it generates an income of $500 a month of clear profit. I am not going to detail all of the costs of selling here but those who have their own businesses know there is the cost of time and opportunity. 

What are opportunity costs? I define it as something you have to give up in pursuit of something else. In other words, rather than pursuing fun, leisure activities, you choose to invest in work. 

My last tidbit on money management. The financial area where most people run into trouble is in the purchase of a new vehicle. Dealers are loathe to outright sell the vehicle and will steer a consumer into a lease. That lease will cost the consumer double the cost of the vehicle. After the lease is over, the consumer can then buy the vehicle. In some cases, the total cost exceeds $200,000. How is that problem solved? You save until you have the purchase price of the vehicle, or have it financed through a credit union. 

In sum, keep your funds close and your friends even closer. Have a Happy 2024 with more 💰in your pocket!