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How to Turn Your Closet into a Cash Flow (!!!)

If you react like the meme above to shopping every single day, you have an overflowing closet and an empty wallet… this article is for you. Read on, young padawan!

 

There’s a reason why the fashion industry is worth 3 trillion (3000 billion) worldwide: fashion can be transformed into liquid assets (ie: cash), if you know how to wear and market it well. Lucky for the fashion designer students in The One Academy then! Big market for you!

The best thing about clothes is how versatile they are. They can be worn, paraded, donated, kept in the closet, used as fabric for furniture … but why do we still have so much of them that we don’t want? How do we magically ka-ching clothes into money?

Read on for tips that will clear your clothes and boost your spending (or saving) money!

1. Get physical: team up with your friends and organise a flea market sale!

The best and funniest option is to get a bunch of friends and organize and advertise a garage sale for your clothes (throw in other items you have lying around, too!).

If you think garage sales are too private and intimate, and you want to take it out in the public, the few places you could look into selling your items are:

Call these places up and ask for a booth! You can definitely contact your university representatives and see if you can just organize a small market where everyone can pile in their clothes, too, because you have a generous heart, of course.

2. Turn your spare clothes into an online enterprise! Depop.me or Carousell it

If you have a great social media reputation, like most Malaysians do, more people will find the clothes you parade desirable; your value as a fashion expert will skyrocket. Automatically, you’ll get greater orders from your online secondhand sales. Talk about exploiting your fame!

Apps like Carousell and Depop.me help you find people who are looking for clothes you have, so you don’t have to tell your aunties and uncles to spread the word that you are selling your clothes. You can usually price your clothes at 30-50% of its original market value.  And you can do all this in your student hostel! Cool leh no need to go out from your hostel can get money.

3. Get paid to write about fashion

This is a very indirect closet-to-cash flow route, but writing about your overflowing closet and how you plan to re-organize, clean or refresh it may be a great way to ‘cash in’.

You can guest-blog for a fee on local fashion blogs like Shoppr, or try your hand at submitting articles for these international blogs. You’d also be surprised at how many agencies are looking for fashionable people who can also write! Run a quick search on WOBB, Jobstreet, Indeed, StartupJobs, for any freelance jobs where you can literally cash in your passion for clothing.

4. Exchange your clothes for vouchers at retailers

If no one wants to buy your Dora the Explorer-polka dotted sweatpants, look into recycling programs by renown fast-fashion retailers like H&M and Forever 21. H&M offers 15% discount vouchers on one item for every bag of clothes you deposit at any of their outlets, claiming that these clothes will either be recycled to be made into H&M HOME fabrics, or will be remade into new clothes.

While this doesn’t earn you money, you’ll be able to save money when you spend on clothes — or can save money on gifts, if you want to use your vouchers as gift cards for your friends!

Alongside trying to reduce the clutter in your closet, you should also think about the rate at which new clothing items enter your closet, and log down how much you are spending on clothes.

 

 

 

Zuzanna Ch
World traveller, but with the heart stuck in Malaysia.

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