Money Makeovers: Start Where You Are

[Leah]

LEah, I generally just let the money sit in my paypal account.  Sort of like an emergency fund.  You can either transfer it to a bank account, or they'll cut you a check.  To do an electronic transfer takes about four days from start to finish.  It's about the same as direct deposit into your bank account.  I used to do that all the time.

Thanks Tayana,

Wondered about that as you did mention the PayPal option for interest on the balance.

Like the concept of holding the balance as an emergency fund.

In my case, it's an urgent roof repair as I only have one bucket 

Love, Leah

[JanetLG]

Leah,

When you're just starting, you can sell as a 'Personal Paypal' individual, but if you wanted to do it more as a business, then they prefer you to sign up as a business, so that they don't get accused of encouraging tax evasion. This has repercussions for paying tax (i.e. you've then got to notify Inland Revenue that you've started a business, within 30 days of deciding.) If you're just selling 'attic stuff' then you wouldn't need to register as a business, but if you started to buy in goods specifically to sell on eBay, then that's the point when you'd need to tell the tax people. Getting caught out by tax people is not worth it (3000GBP fine PER INCIDENT, plus 5 years in prison, is the maximum penalty in the UK, would you believe!!).

If you just wanted info about starting a business first, telephone the Inland Revenue people - they are very helpful (they want you to be legal, and help you to get started).

You can have a Personal Paypal and a Business Paypal account at the same time (if you want to do what I do - I buy both for myself, and for my business).

The fees that Paypal take are tiny compared with the fees that VISA and Mastercard take for allowing businesses to take credit cards! (Don't get me started on that one...)

Hope this helps  

Janet

[Leah]

Leah,

When you're just starting, you can sell as a 'Personal Paypal' individual, but if you wanted to do it more as a business, then they prefer you to sign up as a business, so that they don't get accused of encouraging tax evasion. This has repercussions for paying tax (i.e. you've then got to notify Inland Revenue that you've started a business, within 30 days of deciding.) If you're just selling 'attic stuff' then you wouldn't need to register as a business, but if you started to buy in goods specifically to sell on eBay, then that's the point when you'd need to tell the tax people. Getting caught out by tax people is not worth it (3000GBP fine PER INCIDENT, plus 5 years in prison, is the maximum penalty in the UK, would you believe!!).

If you just wanted info about starting a business first, telephone the Inland Revenue people - they are very helpful (they want you to be legal, and help you to get started).

You can have a Personal Paypal and a Business Paypal account at the same time (if you want to do what I do - I buy both for myself, and for my business).

The fees that Paypal take are tiny compared with the fees that VISA and Mastercard take for allowing businesses to take credit cards! (Don't get me started on that one...)

Hope this helps  

Janet

Dear Janet,

Thanks, I am already registered self-employed in any case.  You are right though, I did have much help and assistance in start up.

And am hoping to diversify in the New Year.

It's only to clear "attic" stuff items that I no longer need having recognized that I have been lugging the stuff around in boxes and not using etc.

So I only need stick with my current Personal PayPal account.


Wonder if the Inland Revenue ever audit Ebay in the UK ??  Interesting thought .... from a boring number cruncher!!   


Thanks Janet.

Love, Leah

[JanetLG]

Leah,

"Wonder if the Inland Revenue ever audit Ebay in the UK ?? "

Now, don't go suggesting things like that!!!

You might get quite a few people worried!

(It'd be good, though.)


Janet

[tayana]

Hey Hops.  You could always have a garage sale early in the spring . . . well advertised, it might get you a good return.  ANd only one day's worth of work.  Craig's List is also good for selling stuff, although I haven't used that one.

The Queercents link is geared toward the LGBT community, though I've found most of their posts applicable to anyone.  Wisebread is more about living frugal, so there are a lot of posts about shopping.  However, I've gotten good tips there about how to save money.  They post coupon codes for various items or point out good deals on various things.  It's mostly tips about how to save money.  I like it. 

[teartracks]

Welcome, Leah! 

tt

[Iphi]

My H collected elaborate strategy games and specialty history magazines for years and has a good time unloading them gradually on ebay.  It's amazing how everyone interested in a topic in the whole world can buy what they are looking for now - he has shipped all over the place.

Hops you asked about other personal finance websites.  I like:

http://www.consumerismcommentary.com/

http://www.getrichslowly.org/blog/

http://www.choosetosave.org/

[axa]

Hops,

Well done on your paperwork system.  I know how you have struggled with this.  Hope you are giving yourself a huge pat on the back for such good work.

I am sad that financially things are not easy for you.  I am not great with finances but somehow I have great faith that the universe will take care of me in that area.  Don't know why but I have little insecurity about money.  I am lucky in that house prices went through the roof in this part of the world over the past few years and I sold my house and downsized which meant that I do own my house now.  I have rented it and that is paying for my rent while I am at universtity.  I had some savings and they will get me through the year.  Its been interesting trying to live on a budget.  I am not extravagant but watching the pennies has been hard work and I do forget sometimes.  I would love to continue at university and do a Phd but funding will be the problem.  Anyway, no pension here but I just know I am gonna be okay.  Hope the universe that I trust comes up with the goods!!!!!!


axa

[Hopalong]

Iphi,
I LOVE the Get Rich Slowly website, and haven't even checked your others yet. Thank you so much!

Axa, I am so happy that you own your house. That would be a great load off the mind, I know. It may be that when the time comes I will realize I have to sell this one, and if I decide to turn it into a positive, well there is that option. Not ready, but it can happen. (My greatuncle was the architect, I am attached...but...reality is my ... umm.. what was that?).

And thanks for seeing my summit about the paperwork climb. ((((Axa))) I really appreciate that. If only GS knew too!

Tay, thanks to you too. I am almost positive that homosexual money is almost exactly the same as straight money... eh?  I'll read it with interest. You are really enterprising, beneath that sober facade. Very impressive. Are you a Dave Ramsey fan? I would like to do a yard sale in spring. Will have to see if my back is up to the shlepping of stuff. Most is in the basement.

Janet, Leah...totally solid info, thanks. Y'all should start an EBay thread! I enjoyed learning this much...but would be happy to collect more diverse tips here. (But pop back here to tell of any triumphs please.)

Hope I didn't miss anybody but thank you very very very to everybody who has popped in here. Hope this thread has a long useful life. And spreads lot of confidence and support for this big complicated subject.

love,
Hops

[isittoolate]

Hi Hops

I haven't has much to offer anyone here, but one thing I did do was sell my house when I was alone.

Because I owned it outright, I was paid cash, so I had my lawyer put it in his trust and then we were looking for people who needed loans and I would hold the mortgage on their houses.

One in particular I remember was the son of a friend of mine, 1st mortgage, wanted $29,000.00 to finish his new house. The thing is I did not ever want to have to foreclose and own something that was useless to me (all those steps). But he and his wife paid me $350.00 a month for the 3 years and when the mortgage was due, I received a cheque for just under $29,000.00.

Just shows to go you how much is Interest and how little is Principal.

So I was a mortage lender
 for a while, then ........me........ if it's too good to be true,,,,,,,,,,,, I stopped............ called them all in.   Fear?????

xx
Izzy

My LEVEL house

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[tayana]

I just wanted to pass on another website.  I just found this one, and I can already tell I'm going to be a regular reader.

http://www.getrichslowly.org

[tayana]

Just passing on a couple more links:

http://www.womens-finance.com/

http://www.wife.org/ (Women's Institute for Financial Education)


http://www.womenspersonalfinance.net/