While highly unorthodox, I have stumbled across another potential source of passive income. While not purely passive, it is pretty close to it. The other day I was looking to buy sports tickets for me and another person. I really wanted to go to the game, but I couldn’t believe how early the tickets were sold out. As it turns out, most of the tickets for this team sell out right after they go on sale. This doesn’t mean that you can’t buy them though. Instead, you have to buy them second hand through another site. While I was originally frustrated that this happened, I then became intrigued about how people make money buying and selling tickets.
How People Make Money Buying/Selling Tickets
In case it isn’t already obvious, people make easy money by buying tickets early when they are inexpensive and selling them later at a higher cost, when the tickets are in higher demand. It’s not exactly rocket science, but it can be a lot of work to research the going rate. Paying too much for a ticket can be a costly error and eat into your profits. You can also make an error of buying what you think will be popular (for example, one direction tickets) and then coming to find out that interest has waned. Thus, while it may seem pretty easy to earn some quick cash, it takes some knowledge of popular culture.
How Much Money Can Someone Make?
While I don’t know anyone who has successfully made a living, I did a few calculations based on the increase in prices on the tickets that I was looking at:
Original Price of Tickets: $30
Markup Price: $75
Number of Tickets Purchased: 100
Total Profit: $4500
While I imagine that those who do this for a living will buy more than 100 tickets, with even this small amount of income, someone can earn $4,500. The one thing to note is that it does take an upfront investment. Someone buying 100 tickets at $30, will have to spend $3,000. If they are able to sell all of their tickets at $75, that isn’t a bad return at all.
Have you ever considered buying sports or concert tickets for passive income?