Date Created: Sep 07, 2005, 01:11 PM
It's been awhile since I've posted a Personal Finance Tip so I apologize. This time around I'm going to briefly discuss past-times and hobbies. They can help alleviate the normal stress and anxiety from a full day's work and reach that much sought-after Zen state, but often they can also drain our wallets. You don't have to end up in bankruptcy to follow your dreams. Whether it's stamp collecting, photography (my new/old passion), or collecting shrunken human heads, you can not only pursue your hobby thriftily, you can even make some money from it as well.
One of the keys to saving money and still having a hobby is to make sure you only purchase what you need. Do you want a piece of Hobby equipment because it's "cool and has GheeWhiz Technology" or is it something that is relatively affordable and something you would really use? Most hobbies have specific retail sources that would love to sell you the latest greatest machinery and gadget that's a "must have". Do you really need the "Examiner 3000" high powered magnifier with super bright ring lamps to check out your stamps when a regular table magnifier with light from Staples will work just as well and at 1/4 the cost? In some cases, a somewhat more expensive option to cheap alternatives may actually be a good purchase because of the quality of work or the longevity of the product. In my case, I purchased a Macro lens even though cheap extender tubes and filter-like magnification lenses were available because they just wouldn't be able to match the quality, efficiency, and longevity that a Macro lens would provide. Lenses also have good resale and reuse value (especially now with prices for camera lenses going up) when they are made for popular camera bodies. It's up to you to decide what equipment you'll really need for your hobby.
Once you know what you want, you need to know where to buy it. Resist the urge to just walk into a random store and buy the piece of equipment without some research first. Depending on the item, you may be able to save a significant amount of money. This is where the Internet can be both your friend and enemy. There are many search engines that have retail search capability like Google's Froogle.com and Amazon's A9 and they can definitely find you the best priced merchants for the product you're looking for. The problem is that the cheapest price may not be from the most reliable merchant. Worst case scenario is that you'll order a product from a scam artist who disguises himself as a legitimate business. Just perusing this site of Brooklyn "store fronts" for online stores can scare you from buying anything online. The best way to find out if the online store you want to purchase from is legit is to look for mentions of it on forums dedicated to your hobby (or if you find none, you can ask forum users if they ever bought from so-in-so store) or if your hobby deals with electronic or photo equipment, you can check for it on ResellerRatings.com. Also make sure that you make note of any taxes or shipping and handling fees that your order will incur. I also never buy from a merchant that doesn't support SSL encryption on their site (look for a lock or key icon on your browser). It's not foolproof, but it's better than having my credit card number being passed un-encrypted.
I mentioned earlier that you can make money from your hobby. Usually there are more people than yourself involved in your hobby and they typically have already formed online forums. If you join those forums, you'll find many ways of monetizing your hobby. Whether they recommend Ebay, a forum marketplace, auctions, or in some cases commercial sales, you should be able to find a way to trade in the merchandise or hobby materials you work with. In some cases, such as in Photography, there are actual career paths open to you after much practice and with some skill & talent. The entry into Sports Photography, Portrait Photography, Event Photography, or even Artistic Photography as a career choice isn't all that far off for someone who's heavily involved in photography as a hobby. Though many professional Photographers went to school for Photography, the majority actually pursued other careers before getting behind the shutter.
|
Technorati Tags: personal finance tip, hobby, money, photography, save, resellerratings