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☆ A financially independent eBay seller explains how he finds profitable products, including 'home run items'
▼ + stars: | 2024-06-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

Reselling items on eBay can be an effective way to bring in extra cash. For Richard S., who prefers not to share his last name for privacy reasons, eBay was his ticket to financial independence. The eBay expert, who's been reselling on the platform since 2008, recommends starting by listing what you already have lying around your house. I'm buying everyday value items that everybody can afford. "If you go out there with the most amount of information and you give yourself the most amount of opportunities you will run into more of these home run items."

Persons: Richard S, who's, Richard, Ralph Lauren, I'm, Gucci, Louis Vuitton, Roger Federer, Rafael Nadal, that's, He's Organizations: Service, eBay, Technsports, Business, Nike, Louis Locations: Germany

☆ Dolly Parton, 78, says there's only thing that would compel her to retire
▼ + stars: | 2024-06-07 | by ( Amanda Goh | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDolly Parton, 78, isn't planning on retiring anytime soon — and there's only one reason she would ever step away from her career. This story is available exclusively to Business Insider subscribers. Related storiesThe country legend also featured on Beyoncé's latest album "Cowboy Carter," and announced at the CMA Fest that a biographical musical titled "Hello, I'm Dolly" will arrive on Broadway in 2026. I got to get some more groceries on the shelf and sell some more pies and cakes and brownies," Parton said at the CMA Fest, per Entertainment Tonight.

Persons: —, Dolly Parton, I've, Parton, Carl Thomas Dean, Jolene, Carter, Dolly, Vera Wang, Warren Buffett, Queen Elizabeth II, I'm, Wang, who's, Kris Jenner —, Kardashian, Jenner, James Corden, Noah Sheidlower, Kathleen Elkins Organizations: Service, CMA Fest, Entertainment, Business, CMA Locations: Nashville, Rhinestones

☆ A top eBay seller who has earned enough money reselling pre-owned clothes to retire at 40 says anyone can succeed on the platform — but cautions against 2 common mistakes
▼ + stars: | 2024-06-06 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

After turning a broken cellphone debacle into a reselling business that evolved into an eBay empire, Richard S. is convinced that anyone can make money on the platform. The eBay veteran, who is planning on retiring in August 2024 at age 40, started selling electronics in 2008 after getting laid off. He's been studying the platform for 15 years and become the top seller of men's clothing. Accumulating a 'death pile' by sourcing and not listingThere are two main steps to selling on eBay: sourcing items and then listing them. A common mistake is listing items that you think are cool before looking into whether there's demand.

Persons: Richard S, He's, Richard, they're, It'll, Roger Federer, Rafael Nadal, Ford, what's Organizations: Service, eBay, Nike

☆ A single dad who started reselling phones after losing his job and is now financially independent explains how to start an eBay business in 3 steps with zero upfront capital
▼ + stars: | 2024-06-04 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewWhen Richard S. started selling electronics on eBay in 2008, he didn't have much cash. Advertisement"I started buying T-Mobile Sidekicks on Craigslist for 35, selling them on eBay for 70, and I was doing that like a madman. Selling on eBay looks a lot different today than it did when Richard started in 2008. Thanks to smartphones, you can look up what an item is selling for on eBay before you source it. If you found an item for $5 at a thrift store but it's selling on eBay for $4, pass.

Persons: —, Richard S, iPhones, Richard, he's, It's Organizations: Service, eBay, Craigslist, Business, Mobile Sidekicks, BI, Buffalo Bills, Salvation Army

☆ I read the acclaimed book that's helped tons of people achieve financial independence. Here are the 2 main takeaways, who it's for, and who should avoid it.
▼ + stars: | 2024-06-02 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Read previewWhen you cover one topic for many years — such as money, in my case — you start to notice patterns. You start to hear the same advice (invest early), strategies (use index funds), and even book recommendations. His portfolio consists of two index mutual funds (VTSAX and VBTLX) and a money market or bank account to keep cash. AdvertisementFor younger investors in what he calls the "wealth accumulation" phase, the strategy is even simpler: Buy stocks via Vanguard's Total Stock Market Index Fund. Collins is a fan of the Vanguard Total Stock Market Index Fund.

Persons: —, JL Collins, Collins, Jack Bogle's, He's, he's, Kathleen Elkins, I'm, you'll Organizations: Service, Business, Vanguard, Vanguard's, Market Index Fund, Market Index

☆ Early retirees and financially independent investors share 3 IRS rules they've used to avoid taxes and improve their finances
▼ + stars: | 2024-05-31 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Business Insider has spoken to financially independent real estate investors and early retirees who have used IRS rules to improve their financial situation. AdvertisementThough there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. "The longer it's sitting in there, the more money it's going to generate, the more taxes you're going to pay down the road. Zeona McIntyre uses 1031 exchanges to sidestep capital-gains taxes indefinitelyBoulder-based real estate investor and author of "30-Day Stay," Zeona McIntyre. There are ways to reduce your capital-gains tax liability, like deducting your property's depreciation.

Persons: —, Mindy, Carl Jensen, Carl, Mindy Jensen, Mindy Jensen Colorado, they've, Eric Cooper, Eric Cooper Eric Cooper, Cooper, Zeona McIntyre, Zeona McIntyre Zeona McIntyre, you'll, McIntyre, There's Organizations: Service, Business, IRS, Independence Locations: Colorado, I'm, Boulder

Warren Buffett has words of wisdom for young people early in their careers. Second: In order to reach your goals, hone your communication skills. Developing communication skills is "a modest improvement that can make a major difference in your future earning power, as well as in many other aspects of your life," Buffett told Gillian Zoe Segal in an interview for her 2015 book, "Getting There: A Book of Mentors." It's an "essential" skill, no matter what job you're in, because you need to be "able to get others to follow your ideas," he added. Understanding how to communicate can help you land a job or a promotion, experts say — and "communication" was ranked No.

Persons: Warren Buffett, —, Buffett, Gillian Zoe Segal, Joblist Organizations: Berkshire

☆ A financially independent eBay seller who's spent 15 years 'studying the platform' shares 3 strategies that helped him turn a hustle into an online business bringing in six figures a month
▼ + stars: | 2024-05-30 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

AdvertisementIn addition to his eBay store, Richard owns a vintage clothing store, The Spot, in Coral Springs, Florida. Advertisement"The customer for a Tommy Bahama shirt is totally different from a customer that wants a Nike skateboard shirt," he said. For example, if you're selling a Tommy Bahama shirt, don't just title your listing "Tommy Bahama shirt," he said. "If your title says 'Tommy Bahama Shirt Purple Monkey Dishwasher,' nobody is ever going to search that," he said. So every single time a customer searches 'Tommy Bahama Hawaiian Shirt,' I show up; 'Tommy Bahama Camp Shirt,' I show up.

Persons: —, Richard, he's, Richard S, It's, Tommy Bahama, Bahama, Tommy Bahama Camp, that's, I'm, I've Organizations: Service, CVS, Circuit, Business, eBay, BI, Nike Locations: Coral Springs , Florida, South Florida

☆ After losing his job 15 years ago, a single dad started flipping cellphones on eBay. He turned the hustle into a six-figure monthly reselling business and plans to retire at 40.
▼ + stars: | 2024-05-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

AdvertisementPivoting from reselling electronics to clothingWhile Richard was making enough reselling electronics to scrape by, "the cash flow was very tight." AdvertisementStill, he called his eBay store Technsports. "You have to put up great items with a great listing, and eBay and the customers will reward you." "I will always have an eBay store. He also plans to grow the YouTube channel he started in 2023 to help other people make money selling on eBay.

Persons: —, Richard S, Richard, I've, It's, Ralph Lauren, Gucci, I'm, Louis Vuitton, Richard's, Technsports, he's Organizations: Service, Circuit, Business, eBay, Craigslist, Sidekicks, Buffalo Bills, Salvation Army, Nike, Louis, BI Locations: Ft, Lauderdale, Coral Springs

☆ An early retiree describes the journey as a 'death march' and shares his top regrets: Working 80-hour weeks 'made us wealthy, but I wouldn't do it again'
▼ + stars: | 2024-05-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Carl spearheaded their financial independence journey after discovering blogs like "Get Rich Slowly" and "Mr. Money Mustache" around 2010. He likens his financial independence journey to "a death march" — and has regrets. Jensen, who has done seven 'live-in flips,' chose to do most of the renovations himself. Advertisement"The whole point of financial independence is to increase your happiness and live a better life," he said.

Persons: —, Carl Jensen, Mindy, Carl, they've, Jensen, We've, It's Organizations: Service, Business

☆ An early retiree shares 3 money moves he made to save seven figures, quit work at 48, and still live comfortably: 'You don't have to live on ramen'
▼ + stars: | 2024-05-22 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewFor most of his career, Eric Cooper wasn't pursuing early retirement or financial independence. He used most of his part-time job earnings to pay off the mortgages on his four rental properties. Here are three money moves he made in his 20s and 30s to retire by 48 while still living comfortably. "My net worth was really starting to take off with four rental properties and a nice paying job," he said. So those rental properties buffered that a bit because they allowed me to have that income coming in still and some extra peace of mind."

Persons: —, Eric Cooper wasn't, Cooper, Eric Cooper, I've Organizations: Service, FI, Business, EconoMe Conference, FIRE Locations: Louisville, Egypt

☆ A 50-year-old retiree says his 'biggest mistake' was saving too much in his 401(k). He explains what he would do differently and his work-around for being illiquid when he retired.
▼ + stars: | 2024-05-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewIn his early 20s, one of Eric Cooper's first bosses gave him some sound money advice: Contribute as much as you can to your 401(k). AdvertisementCooper maxed out his 401(k) for more than two decades and accumulated enough to retire in his late 40s. While there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. At some point, we're going to have to start spending that money, and the IRS is going to start taxing it," he said.

Persons: —, Eric Cooper's, maxed, Cooper, maxing, I'm, Cooper maxed, Eric Cooper Organizations: Service, Business, Independence, IRS Locations: Louisville, I'm

☆ Millennials have a fresh take on the FIRE movement, and it's less about taking it easy in retirement
▼ + stars: | 2024-05-18 | by ( Noah Sheidlower | Kathleen Elkins | ) www.businessinsider.com time to read: +12 min

BI spoke to a dozen millennials who have achieved or are on track to achieve financial independence. Brad Barrett, the host of the "ChooseFI" podcast, said "vanishingly few" people with the wherewithal to reach financial independence are retiring early. AdvertisementHe argued that achieving financial independence and hitting a specific number is "the simplest part." Advertisement"I defined myself by the pursuit of financial independence," Sabatier, the author of "Financial Freedom," said. Don't delay figuring out what you really want, why you're pursuing financial independence, and what you want to do after."

Persons: Jace Mattinson, Mattinson, Jace Mattison, Jace Mattison Mattinson, Motley, they're, Millennials, millennials, Scott Rieckens, Brad Barrett, you've, Bill Schaninger, Naina Dhingra, Schaninger, Mitch, —, Brian Luebben, Grant Sabatier, Sabina Horrocks, She's, she'd, Michelle Schroeder, Gardner, Wes, I'm, Lauren, Steven Keys, Steven, you'll, We're Organizations: he'd, Business, FIRE, Facebook, McKinsey, FI, Academy, Marketing Locations: Austin, Minnesota

☆ An early retiree shares the advice he received in his early 20s that helped him retire at age 48 — and how he invested his money to build a seven-figure portfolio
▼ + stars: | 2024-05-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

It aligned with the life-changing money advice he received from a boss in his early 20s. The stock market: from tech stocks to low-cost index fundsCooper's investment strategy has evolved over the years. AdvertisementTo lower his risk, "I am in the process of transitioning my portfolio to mostly low-cost index funds, which are very popular among the FI community." "They're all paid off and bring in about $65,000 a year in rent," he said, adding that they played an important role in his early retirement. Advertisement"I think the easier route is to invest in low-cost index funds," he said, noting that the playbook is much simpler.

Persons: —, Eric Cooper, I'd, Cooper, Cooper's, Roth Organizations: Service, Business, Roth IRA, FI Locations: Louisville, Egypt

☆ A stock trader who consistently beats the S&P 500 and returned 118% in his best year shares how he's investing his money in 2024 — and what ETF he would add to his portfolio if he was a 'set and forge
▼ + stars: | 2024-05-15 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Courtesy of Erik SmolinskiHe says he has a long position in iShares Russell 2000 ETF (ETF, IWM) and iShares 20+ Year Treasury Bond (ETF, TLT). AdvertisementThe portfolio addition for the hands-off investor: the iShares Russell 2000 ETFSmolinski recognizes that, as an investor, he's "more active than I imagine most people want to be." For the everyday investor who wants to be more hands-off, he recommends buying the iShares Russell 2000 ETF. This investment tracks the Russell 2000 Index, which measures the performance of small caps. That would be the next expression, so: looking at strong sectors, strong sub-sectors, then finding the leading stocks within those strong performing sub-sectors."

Persons: —, Erik Smolinski, he's, Smolinski, He's, Russell Organizations: Service, Business, Marine, Treasury Bond, Nasdaq Locations: California, Norway, iShares Russell

☆ A former Google employee who was laid off shares 3 'red flags' that could signify your company is going to let people go
▼ + stars: | 2024-05-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWhen Shao Chun Chen was laid off from Google in February 2024, the news didn't come as a complete surprise. He told Business Insider that a layoff isn't dissimilar to a breakup: "It was like saying goodbye to an eight-year relationship." He joined Google in 2016 as an account manager and was leading a sales team when he was let go. Shao, who had prepared for layoffs and had a seven-figure investment portfolio to fall back on, shares three red flags he noticed.

Persons: —, Shao Chun Chen, Merrill Lynch, Shao, sprees —, that's Organizations: Service, Google, BI, Business Locations: Singapore

☆ An early retiree explains the IRS rule he uses to withdraw $20,000 a year of his retirement money penalty-free even though he hasn't reached age 59 ½
▼ + stars: | 2024-05-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Courtesy of Eric CooperThe idea of early retirement didn't start to percolate until 2019. "That's when I found the Mr. Money Mustache website and this article that explained the simple math behind early retirement and the 4% rule." According to the 4% rule, which helps retirees determine how much they can spend without running out of money, Cooper had a big enough portfolio to stop working. Using Rule 72(t) to access his retirement money without penaltyWhen you contribute to retirement accounts like a 401(k) and IRA, you can start taking penalty-free withdrawals after age 59½. He rolled over $300,000 because that's about how much money he'll need for a $20,000 annual distribution each year until he's 59 ½.

Persons: Eric Cooper, Cooper, I'd, Cooper's, didn't, I've, It's, you've, That's Organizations: Business, Google, IRS Locations: percolate, Louisville

☆ A '9-to-5 millionaire' shares 2 ways to increase your day job income — and the 'offense-defense' strategy that propelled him to financial independence
▼ + stars: | 2024-05-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Shao Chun Chen built wealth by sticking to simple principles: live below your means and invest early and regularly. Shao shared the strategies he used to increase his income while working his day job, plus the formula he used to achieve financial independence. Shao Chun Chen worked at Google Singapore for eight years. Shao Chun Chen"I forced myself. To play good offense, start by evaluating your day job.

Persons: Shao Chun Chen, He's, Merrill Lynch, Shao, you've, You've Organizations: Business, NTU Singapore, Google, BI, Google Singapore, National University of Singapore Locations: Singapore

☆ An ex-Google employee shares the 3-part strategy he used to prepare for layoffs and achieve financial independence
▼ + stars: | 2024-05-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAfter eight years at Google, Shao Chun Chen was laid off on February 14, 2024. "A big part of your identity is where you work," Chen, who was leading a sales team at the time, told Business Insider. He says he focused on three things throughout his 20s and 30s to grow his investment portfolio and achieve financial independence. He about tripled his salary at Google and worked his way up to making six-figures, according to employment verification letters viewed by BI.

Persons: —, Shao Chun Chen, Chen, He'd, Merrill Lynch, It's, you've, WIMUT THAMMAKESORN Chen, you'll, it's, Chen wouldn't, he's, Shao Chun Chen Chen Organizations: Service, Google, Business, BI, National University of Singapore, NFL, NUS, BMW Locations: Singapore

☆ 5 financially independent individuals and couples share the book that changed their investment strategy
▼ + stars: | 2024-05-04 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

When you invest in an index fund, you're essentially buying a basket of stocks that represents a broad market or theme. "That book makes a really good case for index funds." They own the Vanguard 500 Index Fund Admiral Shares Fund (VFIAX), the Vanguard Information Technology Index Fund ETF (ETF, VGT), and the Fidelity MSCI Information Technology Index ETF (ETF, FTEC). Note that ETFs, like index funds, offer an easy way to diversify and bundle several securities into one investment. Since index funds are passively managed, they typically have lower costs than actively managed funds — and, historically, they outperform active funds.

Persons: Carl, Mindy Jensen, JL Collins, Mindy, it's, They're, Collins, Jamila, Ali, Josh Lupo, Josh, Jack Bogle, Warren Buffett Organizations: Business, Independence, Apple, Microsoft, IRA, FIRE, Fund, Vanguard Information Technology Index Fund ETF, Fidelity Locations: American

☆ A couple that built wealth from 'live-in flips' shares 4 strategies they use to flip homes for a profit, including: Find the 'dumpy house in the great neighborhood'
▼ + stars: | 2024-05-03 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

A live-in flip, unlike a traditional flip, is when you rehab the home to increase its market value while living there. Related stories"One thing that we have always focused on is finding that dumpy house in the great neighborhood," said Mindy. For example, the Jensens' current live-in flip has a pool. "So no one wanted this house, but it's in a great neighborhood, and it would be very easy to get rid of the pool." Do a 'live-in flip' to avoid capital gains taxThe Jensens prefer 'live-in flips' to traditional flips because it lowers their risk.

Persons: —, Carl, Mindy Jensen, they've, they're, Mindy, There's, Carl Jensen, We're, flipper Organizations: Service, Business, YouTube Locations: The Colorado, Colorado

☆ A financially independent couple that has built wealth doing 7 'live-in flips' has paid zero capital gains taxes on their property sales, thanks to an IRS rule
▼ + stars: | 2024-05-02 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

"One of our big strategies was 'live-in flip,'" Carl, who retired in his 40s and runs the financial independence blog "1500 Days to Freedom," told Business Insider. The Colorado-based couple is wrapping up their eighth live-in flip, in which they buy a house, rehab it while living there, and then resell it. While they haven't earned more than $500,000 on a flip yet, they could on the sale of their current live-in flip. To avoid paying capital gains taxes, "we're actually considering putting one of our daughters on the title," said Mindy. That way, they'd have three individuals on the title and could shield up to $750,000 from capital gains.

Persons: —, Carl, Mindy Jensen, Jensen, they're, it's, they've, Mindy, we're, they'd Organizations: Service, Business, IRS Locations: Colorado, New York City

☆ A financially independent couple that built wealth doing 'live-in flips' is pivoting to private lending. It's more passive and earns them 'about 12%' — but you need 2 things to get started.
▼ + stars: | 2024-04-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

When he was working full-time while also DIY home flipping, Carl recalls putting in 80 hours a week. Shifting to a more passive real-estate strategy: Private lendingThe Jensens started experimenting with private lending in 2016. "The private lending generates such a nice return that it's difficult to be like, 'No, we don't want to have the easy money. To get started in private lending, you need capital and a network. They're confident in the people that they're lending to, "and that is the most important part about lending out money: lending it to somebody that's going to pay you back."

Persons: —, Carl, Mindy Jensen, It's, they've, Mindy, We've, who's, I'm, Let's, we're Organizations: Service, Business Locations: Colorado, New York

☆ A couple that grew their portfolio by $4 million in 11 years explain how they invest their money, including the individual stocks they own
▼ + stars: | 2024-04-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

They'd been smart with their money, Carl had maxed out his 401(k) every year, and they'd made money flipping homes. With a specific early retirement goal in mind, however, they revamped their investment strategy — and they started seeing results. He and Mindy, who works part-time as a podcast host for BiggerPockets, have grown their investment portfolio from $586,000 in 2013 to $4.6 million in 2024. "Almost all of our new money goes to index funds at this point in our life." Courtesy of Carl and Mindy JensenAs for general investing advice, "If they want to be completely passive, they should do index funds," said Carl.

Persons: Carl Jensen, —, weren't, They'd, Carl, maxed, they'd, Mindy, Carl Jensen They're, who's, I'm, Let's, we're, we've, Collins, Jensen, Mindy Jensen Organizations: Independence, Business, Google, Vanguard, Fund, Vanguard Information Technology Index Fund ETF, Fidelity, MLS Locations: Longmont , Colorado, It's, Colorado

☆ Saving in a 401(k) can come with unexpected tax bills. Here's what to check right away to avoid a surprise and 4 ways to reduce your taxes as you withdraw.
▼ + stars: | 2024-04-24 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Depending on your tax bracket at the time of withdrawal, your 401(k) money could be taxed at around 20% or 30%. Note that if you have a Roth 401(k), which is funded with after-tax dollars, you won't be taxed when withdrawing. The longer you can wait to touch your 401(k) money, the longer you'll delay owing taxes. Finally, there's the "non-taxable portion," he said, which would be money in accounts like a Roth 401(k), Roth IRA, and HSA. Or do they have a Roth IRA that they can take it from tax-free to benefit them?"

Persons: —, Grant Neiland, there's, you'd, Roth, Neiland, you've Organizations: Service, Business, Carson Wealth, IRS, Roth IRA

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