by Tricia
A while ago, I mentioned that I had an idea. It was something that had the ability to bring in a very decent part-time income but it will take a lot of work to get going and then only a few hours a week to maintain.
If you are wondering, no it’s not my new blog. It’s something that involves a lot more writing and taking some photos.
There is a digital SLR (not an affiliate link) that I have had in my Amazon shopping cart for a month. It costs a little over $600, but it is a very good camera. A couple years ago I would have “Bought now, thought later” and I would already have the camera in my hands. Not this time. It’s still there waiting until I’m ready.
My idea is still there. I am still excited about it and still trying to find the time to make it come to life. I wish I had an entire day to devote to it, but I don’t. So I do a little bit here and there when I can. I’ll still need the camera but I am going to save up for it.
So far, I have worked really hard and sold some articles (non debt related). That will provide $125 when I get paid. I also wrote a story for a contest and I am hoping beyond hoping I win. It’s for a $200 gift certificate to Amazon.com and any day now I should find out if I won. I also wrote a tip over at Net Worth IQ about reducing your debt. I can win a $50 gift certificate to Amazon.com if I have the most votes for my tip or if NetWorth IQ chooses it as a favorite. I submitted it late in the game, so I am hoping it is chosen as a favorite.
If the contests work out, I would have $375 extra. It is still going to be difficult to not put extra money towards our debt, but it has been a month and I still want to bring my idea to life. It’s not an idea I came across on a whim. It’s real…I still want it.
That’s something I learned with reading about the laws of attraction. You really have to let yourself want something. I am focusing on that camera big time. I want it.
But I won’t put it on plastic!
I just saw your article on NetWorth IQ, and I gave you a vote. It’s a great summary of all the stuff it takes to get out of debt and build financial security. I hope you win and I hope you’re able to get your camera -without charging it 😉 – Good luck!!!
why don’t you just tell us what the idea is?
Good for you! Don’t use that plastic unless you really need to.
Frugal Babe – Thanks for the vote 🙂
sipote – I don’t want to give away my idea just yet. It’s one of those where you don’t want someone else to take it and get it going before you do. I know some are curious what it is so I’ll try not to talk about it much. I am proud of how I didn’t charge the camera so I wanted to share that.
Matt – exactly 🙂
I’ve only read this blog for a couple months so I can’t say I’m completely familiar with the details of the financial situation. However, I do have a couple comments which may help:
1) If the idea is one that will generate income (which is the impression I get), then I think you can seriously consider doing a cost/benefit of charging the purchase. The time you spend saving up to buy the camera in cash is an opportunity cost. Having said this, it’s clearly not a no-brainer to buy the camera on credit — you have to consider how much income you’d make, what the interest rate on the card would be, etc.
2) I would consider buying the camera used. As with buying cars, the immediate depreciation of electronics upon opening up the box is substantial. There are many reputable camera buy/sell forums (I would stay away from eBay) where you can get this exact camera for about $400. True, they are often not under warranty so there is some (but I’d say fairly small) risk there.
3) Independent of comments 1 or 2, if your idea doesn’t pan out, you can resell the camera and recoup a substantial portion of your investment.
4) There are many very tempting “auxiliary” costs associated with owning a digital SLR! You will always be tempted to buy different lenses, more memory cards, extra batteries, accessories, etc.
Just some food for thought! Feel free to email me with questions on specifics…
Good job on resisting the urge to use the plastic right away. I wholly understand that to fight that temptation, particulary when you find yourself in a situation both you and I find ourselves in, is a constant and daily battle. I am VERY curious about what this idea is. I also hope you will share some tips on getting articles published. I hadn’t ever thought of that as a potential income source.
To piggyback the buying used idea – both Circuit City & Best Buy sell open box items on ebay. Circuit City goes by tradingcircuit I believe, and Best Buy’s is something along the lines of best_buy_outlet.
I know you’re planning to shoot debt bloggers for a nude calendar and let me tell you I am 100% behind the idea. I would like to be April, but if that’s not available, I’ll settle for October.
you might want to try out www.ubid.com – – lots of those items are under warranty. I bought a laptop there and was very satisfied!
Question: Does your idea really require you to have a $600 camera? What benefit would this camera have over a used $50 one thats a couple years old?
CK – yes, it will provide income and how much will depend on how hard I work on the project. There is some opportunity cost lost if I don’t get a camera soon. I do have a digital camera, but it is not that good and the batteries do not last long enough. I do have some rechargables, but I would have to buy more sets to have the battery life I need. There’s also the chance that someone could do the idea before me and beat me to the punch.
As for the used, I’m hesitant here. My husband’s video camera just went kaput and thankfully it had the warranty. All we had to pay for is shipping.
As for the “auxillary” costs, I hear ya! Looking at all the lenses gives me sticker shock! For the basic idea I have, the core camera and the lens it comes with is fine. I would buy a UV filter to help protect the lens. We have a 35mm SLR already, so I can use that camera bag, tripod, lens cap, etc. I would like to get more lenses, but that will be for the future and dependant on how well the site does.
Fellowes – the articles are more like paid reviews. It’s a lot of work for very little money. I actually quit doing it for a while, but I’m motivated for this camera so I started back up for a while. If interested, the site is www.blogitive.com . I use it for some older blogs I started and abandoned except for doing the reviews.
shawna – thanks for the open box tip! I’ll have to peek and see what they have and what the conditions are.
basil – HAHAHAHAHAHA!! Not quite my idea 🙂
maureen – thanks for the site. I’ll check that one out as well.
Chris – my idea on a basic level does not need a $600 camera. But to market some things (for income), I need a camera that takes great quality pictures. I do have a 35mm SLR (Canon Rebel) and I loved the pictures I could take with that. However, I do not want to pay the price to have the film developed and I enjoy the digital format. When I think of a camera that would work for what I envision, I think of the digital SLR. I have been browsing around and looking at reviews to see if I can find something less expensive. So far one camera caught my eye (it’s $300) but it’s tough. I know I will want to upgrade to the SLR so do I buy the cheaper camera for the moment and upgrade later or do I buy the one I want outright?
“do I buy the cheaper camera for the moment and upgrade later or do I buy the one I want outright?”
I would go with starting your idea with the camera you have and have the developer give you a CD. $600 can buy a lot of film development. If the idea works, you can upgrade (perhaps use the money from the idea to purchase the new camera) but if the idea is a flop, you aren’t stuck with an expensive camera you don’t really need.
Tricia- I too have been pining over a digital SLR. A photographer friend recommended I look at royalcamera.com as they normally have great deals on cameras. Well, I found one that I really liked but decided to wait a bit. Between yesterday and today the camera (this is a kit! not just a body!) dropped almost $200. The camera I am looking at is the Nikon D80 (http://www.royalcamera.com/nikond80kit.html) but take a peek at the site. They have high quality cameras for lower prices and the package deals (tripod, multiple lenses, etc.) cannot be beat.