Finance guru Mark Bouris reveals tips for making money by selling pre-loved goods

Finance guru Mark Bouris reveals the savvy side hustle that can help families generate thousands at a time when many are feeling the pinch.

Mark Bouris has joined the push to sell unwanted items from our homes after a report revealed Aussies can make $5300 per household offloading goods they don’t need.

The finance guru says unlike his peer group, younger generations can’t afford to and don’t want to hold onto possessions like furniture, clothing or shoes.

About 43 per cent of us sold unused, pre-loved or unwanted items in the last year instead of binning them or sending the to the tip, with items making the most money identified as clothing and accessories (20 percent), electronic goods (14 percent) and home decor or furniture (13 percent), according to Gumtree’s Trading in the Circular Economy Report.

And 87 per cent of us have at least 21 items we can sell to make $5300 in an income side hustle while many families are feeling pain, the report says.

Mark Bouris has revealed his two tips on how to cash in from stuff lying around at home or in storage.

Bouris says that as a result, generations within families can help each other by sorting clutter and posting it for sale to help reduce landfill and encourage the purchase of quality new products that can last generations.

The 60-year-old says: “I spent time in Covid looking at all my stuff to see what I really needed. I had a big clear out and I know as soon as I stop using the gym equipment I bought in lockdown, my sons, Dane especially, will say, ‘Hey Dad, I’ll sell that for you on Gumtree’.

“My generation tends to hang onto things we don’t need but that’s crazy because we don’t have the space or desire to use these things and that’s a lot of extra cash lying around.”

Here businessman Bouris offers his two tips on how to cash in from stuff lying around at home or in storage:

GET THE KIDS INVOLVED

“Educate them about a marketplace - show them a traditional market and then show them a selling platform they can access with your guidance and help them make a few dollars. Tell them to talk to .grandma and grandpa and see what they’ve got that your son or daughter can sell to get the whole family involved. Clutter costs money. My response is just get rid of it but this generation says no, sell it. We’ve got to show them the access to the market Kids learn about the evolution of animals - what about the evolution of buying and selling of how commerce works? Teach them that reusing is a good thing. As a kid, there was a tip behind my house where I got my first bike from. It was ok - it just needed a new front tyre and rim.

Look at what sells and prioritise selling those items - gardening equipment, for example which is well made can age well and is expensive to replace. Previously we’d have to book a market stall. This is so much easier.

BE AUTHENTIC

“If you’re buying something new, you make sure it is designed for repurposing so you can sell it on. When you post something online to sell, demonstrate the provenance of that item - show them the back story and the history of what they are buying. For example, I bought this table in 1983 - here is our family having dinner around it. Or this dress I bought for a friend’s wedding - here’s a photo of me wearing it. It’s a unique thing you are selling not junk. Buying online is no experience but you can make it an experience by the way you describe it. There’s provenance in that - people need to think about this. It is very powerful. “

Bouris says Covid has forced him to reassess possessions

“I spend my time thinking I haven’t been up at my farm for a while - it’s an inefficient way to live . The world is moving much more into efficiency with possessions weighing you down . Everyone says.’Oh you’re lucky with three homes and that’s (homes) is what I always wanted but I’m not sure I really want all that stuff.

“Do I need it? Does it add any more value to my life? Probably not. Two places in Sydney plus the farm near Ballina. What’s the point of that? It’s stupid to be honest with you. People think because you can afford it is it ok but it doesn’t mean you should do it.”

Budding entrepreneur Marcus Moffat set up his campervan hire business Wander Campervans last May using materials he sourced on Gumtree and estimates he saved about $10,000 by snapping up excess wood and other materials that were surplus to building jobs .

Moffat now has three renovated vans for hire and advises his peers to set up product alerts and follow sales by builders to cut costs. “I’ve saved loads by going for unwanted or second hand items. It was very easy.”