I’m very excited to join the Amazon FBA program as a new business opportunity. But before I go into that, I want to give you a quick update on where I am with my stock accounts.
Betterment – Until I get more comfortable with trading, I put some of my investing on autopilot by having Betterment invest the money for me. I put in an initial investment of $100.00 into a Roth IRA and setup an automatic monthly contribution of $100.00 per month.
E*Trade – I transferred my money from my Rollover IRA that I had with E*Trade to a Rollover IRA account with Merrill Edge. The reason is because my trading fee with E*Trade is $9.99 compared to zero with Merrill Edge. I’m not happy with my current stocks, so I well sell them and start from scratch. But before I do that, I need to improve my stock researching skills.
Merrill Edge – I love that I currently qualify for commission-free trades. I feel more “free” to trade knowing that my retirement funds won’t be wiped out by fees. With E*Trade, I was down $20.00 for every buy/sell or sell/buy. That’s a lot of money when I’m only trading between $100 and $500 at a time.
ScottTrade – This is my non-retirement account. I believe that I should transfer the money over to Merrill Edge to take advantage of the commission-free trades.
Though this isn’t an investment account, I’m treating it as one. The plan is to acquire inventory at a low price and to sell it a higher price on Amazon. There are initial costs involved – packaging/shipping supplies and the inventory. Plus, there are the fees that Amazon gets. Of course, if I want to become successful at this quicker, I can always buy eBooks written by others selling their secrets to Amazon FBA success.
I’m torn about the optional “learning” expenses. On one hand, I found that the Niche Success Blueprint Course (affiliate link) that I purchased to help me with my websites was a great investment. I wish the course was available a year ago when I started my first website because it would have saved me a lot of time from having to learn the process on my own. Plus now, I’m finally getting Amazon Affilliate sales! So, in terms of FBA, I believe purchasing a few good eBooks would save me time over the next few months. But on the other hand, I don’t want to be out $200 in expenses before I even get my first sale.
This is a list of my initial expenses into the program. Luckily, I’m using “free” money to buy them as the husband won a VISA gift card and last week was my birthday. So, some of the VISA gift card and birthday money are what paid for these expenses:
- Profit Bandit App: $14.99
- Poly-Bags: $50.00
- Scotty Peeler: $5.00
- Avery Removable Labels: $17.11
- Digital Postal Scale: $28.95
- Avery Shipping Labels $5.59
- UPS Shipping: $8.98
- Inventory to Sell: $15.95
- Inventory to Sell: $36.00
The grand total is $182.57. Actually a little more due to the sales tax that I paid. At least it was paid with my “free” money.
I do live 10 miles from a no sales tax state, so at least future inventory purchases can be made from there so I’m not paying out sales tax.
My initial goal is to start with making a $500.00 profit each month. I’m a numbers person, so in additional to finding inventory to sell and shipping it off to Amazon, I’ll be crunching some numbers to see what it would take to get to $500.00.
More on that later.
p.s. If you joined the Amazon FBA program, how long did it take you to get to your first $500.00 profit month and do you recommend a specific “learning the secrets” eBook or other course? You can leave a comment below or find me on Twitter or Google+.
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