How to Flip Money to Make Extra Cash
Flipping money is when you make a certain small investment and later "flip" it for extra money. That is, making a profit with the same old item or, in simpler terms, selling for more than you had paid for.
There are numerous ways to flip money. Some of them are better than others, others may be downright money-flipping scams (we will cover that later on in this article). These are our selections on the best ways how to flip money to gain some extra cash. Learn how to flip easily!
Table of Contents
Flip your spare change
Flipping your spare change would mean going to a shop with $10, spending $9.50, and putting the $0.50 you have left into a piggy bank. After some time, say, a year or so, cracking it open and checking out how much you have collected. Then you put this money to good use: purchasing something new, investing, and so on.
With paper money losing its popularity and more people switching to debit cards, an easier option appeared to do the same and even more. Quite a few card issuers have apps that automatically round up the price of your purchase and put the excess into a virtual piggy bank, eliminating the need to carry a bag of coins with you once you break the real piggy bank.
Acorns app goes a step further, though. It allows you to invest using your spare change without any interruption to your usual cash flow. It works in a simple way, too. Basically, you connect your card of choice to the Acorns app, and each time you make a purchase, the app automatically rounds up the price (e.g., you spent $8.30, and Acorns rounds it up to $9) and automatically invests this excess for you.
Instead of keeping this money in some virtual vault, you should be able to grow those few cents into a few dollars, and as time goes by, all of it might turn into big money. What would you buy with $0.20 or $0.10 anyway? Better not think about it and let the app do the trick, bringing you passive income.
Flip used items
Buying second-hand items usually have one goal - to get some item that you need way cheaper than buying it new. However, you should consider scouting various online stores as well as flea markets, garage sales, and other similar places for some items to buy, even if you do not need them.
Why would you do so? People usually want to sell things that they no longer need. As they need to get rid of them, they will sell them for a reasonably smaller price. You can buy those items and proceed to sell them for way more than you had purchased them for.
Some items may become highly-priced in the future, whereas others are being sold for cheap as the seller does not do good enough research to find out that they can sell the same item for way higher price. Or they just don't want to go through all this hassle and need to get rid of the said item as fast as possible.
You can take advantage of this situation and make some extra money easily, like that man who bought a painting for $25, which turned out to be worth way more, thousands of dollars more. On the other side of things, scouting such places may land you a thing that you actually need for way cheaper, so it is a win-win, both in savings and in flipping money.
Flip websites and domain names
Just like with other ways to flip money, flipping websites and domain names is the process of buying a website or domain name with the intent of reselling it at a cash profit.
Considering the vast amount of enterprises that are available on the internet, it would not be possible to go and just purchase a well-known website such as Google or Amazon, but if you have enough money saved up, you could go for a few auctions to buy other desired domains that would go for a profit after reselling.
Also, it is important to be patient and wait for the right opportunity to buy a website or domain name at a low price. You should check out the trends, what keywords are up and coming, and what products might explode in the near future.
Website flipping is a different ordeal. Basically, in this case, you would hire someone to build a website for you. It could be dedicated to something or just a collection of various templates that a future buyer would like to fill out themselves. After creating such a website, you can resell it to a potential buyer as-is or couple it all with a domain name and sell it for even more.
In the end, the flip happens because you paid some money for someone to do a job, and you sell the result for a profit. Website flipping is easy enough once you know how to do it.
Arbitrage is the process of buying a product at one price and then selling it at a higher price to make a profit. This can be done with books by buying them from one store at a lower price and then selling them at a higher price in another store. Basically, flipping money once again.
The first step is to find books that are being sold at a discount. You can do this by checking online stores, such as Amazon, or by looking in bookstores for books that are marked down. You can also visit the aforementioned garage sale, some flea market, and even a thrift store or two. They usually have loads of books for very low prices.
Once you have found some discounted books, the next step is to find a store that will sell them at a higher price. Online stores are a good option for this, as they often have higher prices than physical stores, and, to be frank, not a lot of money could be made via selling at physical shops since they do not often buy books at all.
Finally, once you have found a store that will sell the books at a higher price, simply do it. As easy as that sounds, it is money-flipping. You should, however, keep a spreadsheet or some other thing at hand where you can calculate your profits and see if the deals you are making are viable.
It is a great way to flip money fast online, especially if selling at a place that offers online auctions (such as eBay). It may turn out that the cheap book you got is worth a lot of money and is in high demand.
Flip sign-up bonuses
A lot of services nowadays offer a certain sign-up bonus or bonuses for making a certain action. You can use this to flip money and earn doing so.
This is one of the great ways to flip money if you are interested in investing and similar things since investment platforms, more often than not, provide a bonus to your first deposit to their system or for similar action.
Once you make an initial investment or deposit, the investment platform might provide you with a bonus that you can spend on their apps, such as on stocks, cryptocurrencies, and other things. It can be considered money flipping as you are investing a small amount of money in order to get a bonus that you can further expand by using it smartly.
In cases where the sign-up bonus is provided to you just for signing up, technically, it is not money flipping, but still worth a shot since you would be getting some extra money without any investment whatsoever.
Flip referral bonuses
Flipping referral bonuses is one of the best ways to flip money if you have a lot of friends or a big family (or just large social media platforms presence).
Similar to the aforementioned sign-up bonuses, referral bonuses are rewards that you receive for inviting other people to join a certain service. Some provide a certain percentage boost to your overall earnings, whereas others provide a bulk sum bonus for each referral.
In order to do some profitable flipping, you should focus more on those services that provide a bulk payment for each new referral. One thing you should check carefully, though if there are any terms and conditions to receive those bonuses.
A lot of times, the referral has to do some action in order for you to receive the bonus. This can sometimes turn into a win-win situation for you and your referrals. Let's say some service offers a bonus for making the first deposit and gives you some extra money for referring friends. This way, your friends have the incentive to join and make the initial investment to get some money themselves, whereas you will get some money for referring.
Keeping an eye on services with a referral system is one of the easiest ways to make money and to flip money online!
Flip digital real estate
Flipping virtual real estate is very similar to flipping physical real estate. However, it requires way smaller investments.
With the rise of the metaverse and similar virtual world experiences, you may notice that in those virtual worlds, people are buying and selling lands, real estate, and other various goodies. Researching trends and checking out tech news could be a great way to earn some extra cash.
In order to flip virtual real estate successfully, you would need to check out what new and rising platforms are appearing that utilize the metaverse approach. The earlier you jump in, the lower the prices will be.
Once you figure out which virtual world is skyrocketing in popularity, buy real estate there. It could be houses, could be land, could be basically anything with value. Once the popularity of that service rises, you will be able to pull the classic buy low, sell high approach, thus making a flip potentially worth thousands of dollars.
You do not really need to do anything besides the purchase, you do not even have to engage in interaction with other players. Simply making a purchase and holding it is good enough to earn money. Flipping houses went virtual!
Flipping clothes is one of the best legitimate ways to do some money flipping, and to visit that one thrift store from time to time.
Basically, flipping clothes is very similar to flipping books, except instead of books, you will be flipping, well, clothes. It could be more advantageous to flip clothes rather than books as there are many clothes shops, both online and offline, where you can purchase cheap but still high-quality clothing.
Doing some scouting around those places could bring you gold. Not actual gold, but money by flipping. Simply make cheap purchases of items that still seem to be looking good and not too worn out.
Afterward, list them on various online stores for a bigger price than you had paid. If you buy a lot of clothes in bulk, even selling these clothes for $1 more can bring much money in the long run. And in case the sale is not successful, and you like the item you bought, you can use it yourself and save money too. It is an awesome side hustle that you can engage in if you are interested in fashion, clothing, and, to a degree, the environment.
How to avoid money flipping scams
Just as with any other way to make money online, money flipping also has its scams. There are a few tips on how to avoid them.
A money flipping scam is when someone promises you a large return on your investment, usually through a binary options or penny stock investment, but instead takes your money and runs. In order to avoid being scammed, it is important to know what to look for.
The most important thing to remember is that if it looks too good to be true, it probably is. If someone promises a huge return on your investment with little risk, they are likely trying to scam you. Additionally, be wary of investments that require you to send money upfront. Legitimate investments will not require you to send money before you start making profits.
Finally, do your research. Before investing in anything, be sure to read up on the company and its history. If the company seems shady or if there are complaints about it online, it is best to stay away.
Money flipping can indeed be very profitable, but it may take some effort, depending on which method you choose. What does not require any effort is Honeygain. Earn some extra cash without doing anything, and enjoy passive income at its finest!