This post is for Poshers that want to build something substantial. If you're just "dabbling", this post isn't for you.
With all that money you're making on Poshmark or any other reselling platform, really ask yourself what you're going to do with the money. Squandering it on material items, being a responsible adult and putting it toward bills or reinvesting everything back into your Poshmark operation are just a few ideas. No matter what you do, just understand your choices today will play itself out fully in the future.
Why I Reinvest EVERYTHING
Compounding is why I reinvest everything that I make right back into my Poshmark operation. There's nothing more that I want than for PrettiBone to be at full scale. This means reaching $1,000,000 a year in clothing sales, an embroidery and a DTG printing division, the Valet service to have at least 100 clients and for PrettiBone to have its own clothing line. All of these audacious goals takes a lot of time, work and money but I'm willing to see the whole thing through. To me, this means putting everything I make from PrettiBone right back into Prettibone to accelerate the process. In other words, I'm trying to condense 10 years of growth down to 5 or less to make these goals a reality. August 24, 2019 marks my first year on Poshmark, so I have about 4 years left to make this happen. That's why I have such a no BS approach and a an endless amount of energy for this PrettiBone project.
This Is Where The Hate Comes In
I'm sure there are some people out there that think I'm only able to put everything back into my business because I have a primary source of income. If you don't know already, I'm a Union Hairstylist for TV in Hollywood. These people look at this as an advantage, but what they don't understand is that this just means I have another responsibility to juggle. If they're doing Poshmark full-time, they're not seeing that they're the ones that have an unfair advantage over me as far as time goes. Because I understood at the beginning that I'll have less time than those that do Poshmark full-time, I knew I had to build a system that can work while I'm at work. This is EXTREMELY difficult to do by the way, please don't just brush past that. And when I'm off of work, you can bet that I'm diving right in to catch up on what I missed out on. I even as far as to write my blogs, make social media content or even list items using the drafts when I have free time at work.
I had to say this because some weak-minded people will feel I'm only able to put everything I make from Poshmark back into Poshmark because my full-time job in Hollywood is funding my life. They're saying it as if the money I make doesn't come from me actually working. At the end of they day, these people need to respect the fact that I haven't taken a dime from my Poshmark earnings. But at the end of the day, these people can make all the excuses they want, I'll keep on trucking on.
Back to the Topic at Hand
When it comes to your Poshmark earnings, it's ultimately up to you to decide where you want to spend it. If you're living off of your earnings, spend only what you need and reinvest everything else back. If you have another job that can pay for your expenses, use this position to reinvest EVERYTHING back into your operation. And if you're making money just to spend on frivolous things, just understand you're robbing yourself of an opportunity to expand your current operations. Don't fall into the "making money just to spend it mentality". There's no way in hell I could've saved up $15,000 for an embroidery machine that will make me tens of thousands in the future if I would've spent my reselling profits. More inventory, better equipment and a warehouse is what I spent my money on and if you see it any differently, I just know we probably won't get along in real life as far as reselling goes.
This is the part where I would usually say "all of this is just my opinion" but I'll refrain from doing so because I know what I just said are facts. If you felt that was too harsh, maybe you need to read the very first sentence of this post again.
Again, at the end of the day, it's up to you to decide how you want to spend the money you earned. Just don't be surprised if you're in the same place with no growth a year from now just because you made short-term choices. Really, it just comes down to basic wealth-building strategies, there's nothing complicated about what I just said.
Lastly, I'm not your mama but I'll leave you with this...
"You worked your ass off for your profits, now make your profits work for you"
2 Comments on “How I Look at Profits”
Its so easy for everyone else to count other peoples money. To assume you have some fabulous Hollywood life paying to fund your life so you can grow your business is just ignorant. You have a kid, a business, and a job as a hair stylist? That’s pretty darn amazing. Things are NOT handed to you I can tell.
The people who say otherwise are the ones who have all of the excuses as to why they “cant” do this like you can. Anyone can do it if they wanted to. I came from having nothing, (food stamps, homelessness)and am building something. So when I hear all the excuses or people talking like so and so has it easier, it annoys me.
Keep doing you, you rock, and I think you are amazing!!
Yes, I read something in my comments on instagram that gave me the vibe that some people thought my Poshmark operation is easier to manage because of my full-time job paying for my expenses. They somehow leave out the fact that I actually have to work to make that money which means I have less time than they probably have to work on my Poshmark closet. You’re right, it’s all excuses with these people.