Aside from budgeting, my biggest money issue is that I do not have diverse streams of income. Considering that most of my free time is accounted for between growing MyFabFico and Graduate School, a part time job isn’t really an option at the moment. That is if I want to keep my sanity.
So when I heard about Poshmark I was down to give it a try. What is Poshmark? According to the founders it is a fun and simple way to sell fashion. It’s essentially a stylish app that allows you to sell items in you closet from your phone. It’s like Beacons or Platos Closet 2.0. Think eBay meets Instagram. I have been using it for a little over a month now so I guess that’s a decent time frame to give a review.
Poshmark is super duper easy. Astonishingly easy. Shipping is built into the price. They have a camera with filters to make your items look great. Within my first two weeks I have made $100. No complaints here.
For me the downfalls were:
A) The amount of sellable items I have in my closet. I am habitual closet cleaner and clean out my closet before every move and after every season. Living in NYC doesn’t afford one the most closet space. Compared to other women’s closet from middle America and other parts of the country with 100 item closets, mine is bite sized with 20 items. I think some of these women shop just to have items to put up, which totally defeats my purpose for signing on to Poshmark.
See what Im saying? 217 items! Note her kid on her hip. I’m guessing she’s a stay at home mom.
B) You have to commit. I’m talking photoshopped pics, hosting online shopping parties, and going the extra mile to show your appreciation. People even gather offline and have parties.
I don’t have time for that. I’m too busy creating life changing workshops with the Frugal Fab 5.
C) People on Poshmark are cheap. Well at least my buyers are. They will try to pay you $10 for a dress that cost you $150. I spend a lot of time telling people no, I wont go down in price, or no, I don’t want to trade with you. You’re not going to make a lot of money on here unless you are selling luxury items or volume.
Despite those downfalls, I’ll continue to use Poshmark and list items I am willing to part with. ITs so quick and easy, and people are really nice on there. Going forward I am also going to decide what to put my revenues towards. Whether it be paying down debt or dropping it into my savings.