One of the ways to maximize your monthly income is through side jobs and investments. However, a second job may easily take you away from your family for two to four extra hours. And even if you get to work from home, you still have to be focused on what you do.
This leaves us with the investment options. It may be riskier than a second job, but if you do your homework, you should be fine. Even more, there are investments that don’t pose that much risk, such as personalised number plates (aka vanity plates).
I’m sure you’ve seen them around since the clever combination of letters and numbers is oddly attractive for the eye. Furthermore, because our brain is wired to recognize patterns, you pay attention to the number plate whether you want to or not. In my opinion, this is one of the reasons why people enjoy buying them: personalised plates get you noticed!
But how can this become a good investment?
It’s a Product that Doesn’t Lose Value
Unlike properties or vehicles, a number plate doesn’t lose value the moment you bought it. Even more, they don’t need maintenance and don’t occupy that much space (so, no need to pay for storage).
At the end of the day, you have the option to sell for the same price you paid, so your investment will return in full. Still, with a bit of creativity and willingness to research for the best combinations, it shouldn’t be that difficult to get some profit.
True, the profit won’t be as significant as when you’re selling a house or a vehicle, but there have been some incredibly expensive plate sales where the final price exceeded expectations. But these occasions are rare and special number plates can be difficult to come by.
Still, there is room for people who want to make some side money without investing too much time and effort.
The Process is Simple
The entire process can happen online and can be done from the comfort of your home! There are dedicated sites that give you access to all the possible combinations available and notify you on auctions and possible sellers.
Your only job is to do some research to find the rarest and most desirable combinations. The most popular ones are names, hobbies, funny words, countries or regions, and the list could go on. But if you’re just starting, I would recommend selecting number plates that can translate to some of the most used names in your area.
Many people buy these plates to offer as a gift to their children or friends, which is why names are so popular.
Initial Investment is Small
Unless you’re going for in-demand number plates (such as ELV 1S, which was £75,000 in 1990) the initial investment is completely affordable for the regular guy or gal. However, depending on your source, some plates may be more expensive than others.
For instance, the DVLA usually organises auctions for the plates they think will bring more money. Also, some plates may come directly from owners, so you will have to pay the price they ask (if it’s in your budget).
As you can see, number plates do sound like a good investment. The only limitations you’ll face stand in your creativity and power of research. Also, you should take into consideration the time factor. Some plates will go faster, while with others you may have to wait for their desirability to increase. Regardless, make sure to plan ahead and always be up to date with upcoming events that may produce a shift in popularity.
This is a collaborative post.