TL;DR
Someone online claims they’re making $10,000 a month flipping iPhones. A financial writer breaks down the claim and finds it highly unlikely due to logistical challenges, market competition, and lack of evidence.
Story
“10k per month flipping iPhones?” That’s the claim making the rounds, and my inner financial skeptic is screaming. Let’s break this down like we’re explaining it to a five-year-old. Someone online claims they’re raking in $10,000 a month buying and selling used iPhones. They say it’s “very, very simple.” They buy low on Facebook Marketplace and sell high on eBay. Sounds easy, right? Here’s where my alarm bells start ringing, loud and clear. Like a seasoned fraud investigator, my mind races to past financial schemes. Remember the tulip mania? People thought they could get rich quick, but it all came crashing down. Fast forward to today, we see echoes of this in get-rich-quick schemes online. This iPhone flipping story feels eerily familiar. First, the sheer volume of phones they claim to handle—70-80 a month, with 50 on hand—is a huge red flag. Imagine trying to juggle 50 phones while working a full-time job! The logistics alone are mind-boggling—meeting up with sellers, checking the phones, and then reselling them. It’s a full-time job in itself. Then, there’s the profit margin. They claim $50-150 per phone. In a market as competitive as used electronics, that’s incredibly high. Remember, there are expenses involved – time, gas, and the risk of getting scammed or, worse, robbed. And what about the competition? There are countless others trying to do the same thing. It’s like trying to find a golden ticket in a chocolate factory with millions of other kids searching too. Finally, where’s the proof? Extraordinary claims require extraordinary evidence. Show me the 50 phones. Show me the sales records. Until then, I’m filing this one under ’too good to be true'.
Advice
Be wary of get-rich-quick schemes, especially those online. Do your research, look for evidence, and remember the old saying: if it sounds too good to be true, it probably is.
Source
https://www.reddit.com/r/sidehustle/comments/1i5pmqa/10k_per_month_flipping_iphones/