Trading used books: The best site is Paperbackswap!

Paperbackswap is a great site for trading books.  I tried several book trading sites and Paperbackswap works the best for me.  You list the books you are done reading, ones that you are willing to trade, and for each one you send off, you can request a book from someone else.  All you pay is shipping on the book you send, $2.09 for most paperbacks.

Here’s how it works:

  • You list all the books you are willing to trade.
  • When someone requests one of your books:
    • you print out the label that Paperbackswap makes for you,
    • wrap it around the book,
    • tape it,
    • add stamps (Paperbackswap will tell you how much), and
    • send it.
  • You get a credit for each book you send.  (You get the credit when the other person receives the book.)
  • Once you’ve listed 9 books, they give you 3 credits to get you going.
  • You can use a credit to request any book any one else has listed.
  • You can also add books to your wishlist so that when someone posts that book, you get an email.  This is how I found out about almost all the books I wanted.

So now when I’m done reading a book:

  • I first decide if I just want to keep it. Am I going to read it again?  Look things up occasionally?  Lend it to a friend who I know would enjoy it?
  • If I don’t keep it, I check on Amazon.com to see what used copies are selling for.  If they sell for over $2.00, I sell mine.  I list it on Amazon.com and Half.com.
  • If I don’t want to keep it and I can’t sell it for much, I list it on Paperbackswap.

So far I’ve listed over 40 books, sent seven books, gotten four and have another three on the way!

Book review: The 4-Hour Workweek

Tim Ferriss’ new book The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich isn’t for everyone but I thought he made some really good points. 

  • We work from 9-5 because we are supposed to work 40 hours a week from 9-5.
  • We are very unproductive at work.  How many hours did you spend this week in meetings, answering emails or surfing the web?
  • We are busy working hard and saving for retirement when we should be figuring out how to do what we want to do now.
  • We have way too much information to digest from blogs to news to email.

What he suggests, among many other things, is:

  • Be more productive.  Figure out what you do when you are not working (like blogging emailing or reading blogs and news) and cut it out.
  • Get lots done in a little time so you have lots more time for things you enjoy.  He suggest working just an hour a day.
  • Outsource anything and everything possible including all your errands.
  • Figure out what excites you so you know what you want to be doing.  (He stresses excitement over enjoyment.  Like I’ve said, too much hanging out on the beach can get boring.)
  • Work towards a positive monthly cash flow instead of a large sum of money you’ll use during retirement.
  • Take lots of mini-retirements or mini-vacations – so save up for those and then do them.
  • He advocates lots of travel and lots of learning – especially other languages.

In order to accomplish all this, he suggests starting a business selling a product.  Then outsource everything from creating the product to marketing to order fulfillment to others.

I bet if you read the book, you’d get at least one really good idea out of it.  I bet most people that read the book don’t end up quitting their job and starting an outsourced product company, but you never know!

Selling used books online

I love books so when I stumbled across a blog post about creating your own online used bookstore, I read it and then googled some more and then read some more.  Supposedly there are people that scout for books at estate sales, thrift stores and used bookstores and then sell those books online.  Sounds kind of fun.  Spend all day looking at books, find treasures and sell them.

What I can’t figure out is how they make much money.  Let’s assume you want to make $50K/yr.  You’d have to make $2K/wk which
means you’d have to sell 20 books a week at $100 profit (how many of those can
there be??) or 200 books at $10 profit (still not a lot) or 400 books
at $5 profit (most likely.)  That means you’d have to find 400 books/week!! 

How many estate sales and garage sales would you have to go to to find 400 books worth $5 used?  Even if you found two $100 books and 100 $10 books, you’d still have to find another 160 books that were being undersold by $5.  That’s a lot of books.

It sounds like a better hobby than a career.

5/1/07

So I thought about this some more and realized that I was wrong because I forgot about inventory.  From what I’ve read, you can assume 30% of the books you list sell in the first month and that each month you sell 10% of your inventory.  That makes $50K/year much more realistic.  Here’s the logic:

  • To make $50K/year, you have to make $1K/week.
  • Assume 4 weeks/month for simplicity reasons.
  • If you find $4K/month (in profits, regardless of what the books sell for), you’ll sell $1200/month of that.
  • You’ll put the remaining $2800 into your inventory.
  • Assuming your inventory has $28K in profit, and you sell 10% a month, you’ll sell $2800/month of that.  And the stuff you found this month that didn’t sell will replenish that.
  • So you:
    • found $4000
    • sold $4000 ($1200 of what you found plus $2800 from your inventory)
    • maintain an inventory of $28000

So all is good.  And finding $1000/week in profits sounds hard but much more doable than my original assumptions.  Assuming you work five days a week, you can find 20 books a day for a dollar that will sell for $11 or you can find 2 for a dollar that will sell for $101.  Not easy but perhaps possible.

 

How to get others to tag your inventory

There’s a really interesting post on the LibraryThing blog about tags and Amazon.  (Actually the post is about why there are so many more tags on LibraryThing than Amazon.)  I really think it boils down to the reason that resonated with me: you spend the time tagging things you own.  Amazon won’t let me see my library (even though they want to know which books I own), much less sort my library or my tags or even my favorites, so why spend time tagging an entire building of books if my tagged books just get mixed in with everyone else’s?  On the other hand, LibraryThing, and del.icio.us for that matter, let me tag my books or my web pages.  I can then go back and search through my library or bookmarks by my tags.  I have no problem sharing my tags with the world if they are helpful but I tagged them for me.  So I win because I get sorted, searchable books and LibraryThing wins because they get a searchable library for everyone.  (This is different than reviews.  Amazon’s reviews have been successful because people like to share their opinions, get credit for them and have their reviews read by others.)

Things I tag: my books (in LibraryThing), my web pages (in del.icio.us), my posts (in Technorati.)

How to create an awesome bibliography in seconds

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Do you remember bibliographies?  That list of all the books you read or quoted while you were writing a paper?  And they all have to be in a special format with all sorts of rules?  (How do you handle multiple authors and does the year go before or after the publisher?)

Well, now there’s a website that creates a bibliography for you: OttoBib.  You type in the ISBN numbers and it spits out a nicely formatted bibliography! 

Now if it would only handle web pages in your bibliography …

Photo by Olivander (Great Old One).

Book review: Success Mastery Academy

I just finished listening to Brian Tracy’s Success Mastery Academy. (Which I got from Audible.)  While I didn’t agree with everything he said, he had a lot of very good points.  Here are the main ones that stuck with me.  (I listened to it in the car so I couldn’t take notes and I can’t flip back through it.)  Some may seem obvious to you, others may be an "ah-hah," and some you may not agree with at all.

  1. You have to work hard to succeed.  And once you’ve done that, everyone will say "how lucky you are!"  So once you’ve worked 80 hour weeks for 10 years, become CEO of your own company, own a nice home and take nice vacations, people will say "you’re so lucky!" So that was really two points:
    • You have to work hard to succeed.
    • People are unlikely to notice how hard you’ve worked.  Most people just want to "get lucky."
  2. You have to be happy to make others happy.  None of this "I’m sacrificing so my family, friends, etc. can be happy."  You can’t make them happy if you aren’t happy yourself.
  3. Write your goals down.  Not just your career goals, but all your goals for the year.  Start now.  Write down all your goals for 2007.  Think big but be somewhat realistic.  Put them in present tense.  "I got a 5% raise this year," "I run 3 miles a day," "I weigh 125 pounds," … whatever you want.  The more detailed the better.  Even if you don’t do anything with them, writing them down will help.  (If you make them unbelievable like "I won the lottery," "I lost 200 pounds," … they are much less likely to happen than if they are realistic.)
  4. Lists are good.  Lots of lists are even better.
  5. Listen.  Listen to people.  Listen to people more than you talk.  Ask lots of questions.
  6. Treat money like it’s important and you like it.  Dad actually taught me this one.  Don’t play with your money.  Keep it in a safe place.  Value it.  It will "attract" more and you’ll lose less.  Dad even got upset when I got checks with pictures on them.  Checks are money and money is serious. (And the day before I heard this on the tape I was telling our six year old that he needed to keep his money in his wallet in a safe place in his room and not play with it.  I’m not sure I want Frank to learn this one – I make a significant amount of money from wadded up bills in the laundry!)

The book was geared towards people in sales but it had a lot to do with life in general.  If you are in the mood for a self-improvement book, I highly recommend it.

Book review: Vital Friends

In Vital Friends, Tom Rath makes two main points. 

  • One is that having friends at work is very beneficial to the employer.  With a best friend at work, you are much more likely to be productive.  Without a best friend at work, there’s only a 1 in 12 chance you’ll feel engaged!  With three good friends at work you are 96% more likely to be extremely satisfied with your life.  (All the numbers are from a Gallup poll.) 
  • The second point he makes is that you can’t expect all your friends to be all things to you.  He says different friends fullfill different needs and describes the different types of friends:
    • Builders
      • Motivators and coaches
      • They push you
      • They know our strengths
      • They provide moral support
    • Champions
      • Stand up for you
      • Sing your praises
      • "Thrive on your accomplishments and happiness"
    • Collaborators
      • Share similar interests, ambitions and passions
      • Do a lot with you
    • Companions
      • Always there for you
      • Make sacrifices for you
      • First person you call
    • Connectors
      • Always introduce you to others
      • They seem to "know everybody"
    • Energizers
      • Your "fun friends"
      • Make good days, great
      • People you call to have a good time or to relax with
    • Mind Openers
      • Ask good questions
      • People you share ideas and express yourself outloud with
    • Navigators
      • Give advise
      • Steer you
      • Share dreams and goals

Interestingly, he says that in friendships we don’t play the same role
to each other.  So you might be a mind opener to your friend and your
friend might be a champion for you.

This book was an easy and interesting read.  You can easily read it in
a day. (I read it on a two hour plane ride.)  However, I would have
liked a lot more detail and depth.

So you want to own a bookstore

I think owning a book store would be one of the coolest jobs – especially a used book store.  I know it doesn’t pay very well but being around a lot of books, especially well read, well loved books just really appeals to me.   This woman’s story about how she started an online bookstore and is now expanding to a real world store was very inspiring.  She buys books wholesale and sells them through her eBay store.  Her inventory has expanded so much she needs warehouse space and she discovered an opportunity that allows her to rent retail space for the same amount of money, so she is opening a store!

Book review: The Long Tail

The Long Tail is a must read for anyone wondering how the Internet works or how it’s changing the world as we know it.  In the book, Chris Anderson, the editor of Wired Magazine, explains how one simple principle is behind so many of the social and economic changes we are seeing with the internet.  The Internet makes it possible for many people to produce and publish cheaply and for many other people to find those "amateur" works easily.  For example, until the Internet, the only music you had access to was the top 40 on the radio or maybe the top 500 albums at the music store and maybe a local band at the bar on weekends.  Now you have access to hundreds of thousands of songs written and produced by anybody and everybody in the world.  Not only that but they are easily searchable in many different ways.  So a you don’t have to listen to just hits anymore and you don’t have to be a world wide hit to be successful.  That’s what is changing the world.  Niche markets are growing (around all of these non-hit works) and at the same time the way we share and find these niche products is becoming easier and easier – creating new communities online.

Chris Anderson explains it much better than me and I highly recommend the book if you’ve noticed that the Internet is changing the world and wondered why.

Book review: Social Intelligence

I realized I never told you about one of the best books I read last year!  Social Intelligence.  Daniel Goleman, the author of Emotional Intelligence, has written a new book that focuses on how humans beings connect to each other and how those connections are learned or formed.  He does a good job of balancing very interesting anecdotes with descriptions of how all of this works at the biological level.

He spends a lot of time explaining how these social connections are learned as a child and how what we do or don’t learn when we are young affects us later.  As a mom with a new baby, some of the experiments were actually scary!  He talked about how some moms can naturally tell when their babies need a break and leave them alone for a while and how others continue to "get in their face" and how this changes how the baby interacts with people as an adult!

If you’ve ever wondered how you knew someone was annoyed when they didn’t say anything (or how someone else did and you didn’t) or why you seem to connect so well with some people and not others, or how you could tell if someone is lying, or how much of our behavior is nurture versus nature, … well then you should definitely read this book.  It’s much more of a "why" book than a "how-to" book and it makes for some fascinating reading.

I just found out last week that Daniel Goleman used to teach at the massage school I’m studying at, Boulder College of Massage Therapy.  I wish I’d had a chance to take a class from him! (He now writes books and writes for the New York Times.)