by Jim
(USA)
OK, as much as I hate to admit it 😉 here’s my “worst money mistakes” story…
In the late 1990’s, when Ty Beanie Babies were hot, I had gotten a few, not even sure why or how. Then I realized that some were very popular and hard to find. So they were selling for quite a bit above the $5 they cost at retail stores. As I found some of the more wanted ones, I picked them up, and started selling them on eBay.
Great, a little profit for little work. I put that money I made into getting more, and selling more, through eBay and even a couple live Beanie Baby shows. Well, it kept growing, and I kept putting the money back into it, and even spending more of my own. I even bought some collections that people were selling on eBay. Then…
Towards the end of 1999 I think, the Ty company really restructured what they were doing. And suddenly no one wanted these cute little stuffed animals called Beanie Babies. I had (I won’t say how many) 100’s of these Beanies in boxes. And couldn’t even get close to what they cost, mostly $5 or less each.
The most embarrassing part of it…
They’re still sitting in boxes in a storage unit. Anybody want a Beanie Baby? Cheap!