Americans continue to make New Year’s resolutions, despite the fact that most of us fail to keep them. If you’ve opted out of making resolutions this year but know that your friends and family are busy making new commitments of their own, you may be in line for a few money-making opportunities. That’s because another person’s failed resolution could mean a chance to capitalize on their loss. Here are six ways you could profit off a friend’s failed New Year’s resolution.
[See: 14 Important Personal Finance Dates to Mark on Your Calendar.]
1. Buy gym equipment on the cheap. Many people make resolutions to stay in shape or lose weight in January. They may have even received gym equipment and other fitness gear as gifts. At the end of January, however, there may already be some gym dropouts. As spring rolls around, it’s likely that many of those resolutions have dropped away, even if the pounds haven’t. You can find lightly used gym equipment on the cheap on sites like Craigslist, or do some dumpster diving to pick up weights and other fitness stuff left at the curb.
2. Get discounted pricing on unused classes. Self-improvement is at the top of the resolutions list for many Americans, but few people will follow through and complete a full course about public speaking, painting, healthy eating or other desired skills. Whether they’re taking a course online or at a local college, there’s a good chance that you can take their spot at a discounted price — or just be their replacement. Keep tabs on friends and family who sign up for these types of classes, so you can take over the course when they drop out.
[See: 8 Big Budgeting Blunders — and How to Fix Them.]
3. Earn extra income helping others reach their goals. When it comes to beating a New Year’s resolution, who couldn’t use an extra set of hands? If anyone you know is struggling to live up to their resolution to declutter, offer to help — at a low hourly rate. Advertise on Craigslist or just put the word out on Facebook. You might even skip the wage income and take your earnings in free stuff, which you can later resell on Craigslist or eBay. The possibilities for a “Resolution Helper” go well beyond home organization. For the couple who resolved to spend more quality time together, offer to babysit. For the family who wants to travel, offer to housesit or take care of their pets.
4. Cash in on discounted travel or attraction tickets. If someone’s made a New Year’s resolution to travel more or bought tickets to games, attractions and other experiences to expand their horizons in the New Year, you could be first in line to pick up those tickets at a discount if they fail to follow through on their plans. Instead of canceling the trip and paying a high cancellation fee, your acquaintance may be able to transfer the ticket over to you and save money. Another option is to buy tickets to games, concerts and other events at the last minute when someone knows they won’t be able to make it. Offer to pay a discounted price, so the individual still gets some money back, and you get to enjoy the event at a lower cost.
[See: 10 Foolproof Ways to Reach Your Money Goals.]
5. Snag cheap hobby supplies. How many of your friends and relatives have made a New Year’s resolution to take up cooking or painting or woodworking? It may not be long before the tools and supplies they bought, or were gifted, become clutter in the garage or attic. When they do, offer to solve your friend’s clutter problem by taking that stuff off their hands. In the months ahead, keep an eye on Craigslist and similar sites for hobby supplies coming on the used market, too.
6. Start a “schadenfreude” fund. Schadenfreude is the German word for the sense of satisfaction we feel when we learn about another person’s misfortune. Turn this dark emotion into a positive by making your own resolution to deposit an extra $10 or $20 in the bank whenever someone you know gives up on a resolution. Later, treat yourself (and possibly your friends) to something nice. And if you fail to keep this resolution? Just leave the money you’ve already deposited in the bank as a reminder to your future self to avoid making promises you can’t keep.
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How to Profit From Other People’s Failed New Year’s Resolutions originally appeared on usnews.com
