More Truth About Penny Auctions

Recently there was a news article about a man whining about losing $14,000 on a penny auction site. He read the terms and condition, he bought the bids (and had to do this more than once to get to a $14,000 loss), he placed bids and then he blamed the web site. There is something seriously wrong with his conclusion.

How many people would invest $14,000 into anything and not research it first? Personally, a significant amount of homework should be completed before making such a decision. However, if there is someone reading this who does not think homework is necessary, could we meet for coffee? I would like to sell you something.

Penny auction websites are an exciting way to buy some of the items you want or need. I have been using them for about a year now, and although just a small fish in this vast sea, I have nearly tripled my money. For every dollar spent I have won almost three times that amount. So what’s the difference between the guy who lost $14,000 and me? Homework and possibly some patience.

Penny auction sites need to be researched. There are a number of scam sites on the web. There are also some very honest sites out there too. That’s something that people need to know and they need to know how to tell the good ones from the bad ones. I purpose to inform readers about the good ones in the weeks to follow because I am a bit tired of the whiners getting all the publicity about these sites.

At the end of this blog is a link to a site where you can purchase bids at a very special deal. But let me say this. DO NOT JUST GO AND PURCHASE THE BIDS! These deals are usually for one day so here’s what you do. Go to the penny auction site that is offering the deal. Scout out the items they auction. Are there things you are interested in? Read their terms and conditions. Go to the closed auction page. (If they do not have one, go to the contact page and send them an email asking why they do not have a closed auctions section). Look over the auctions that have already closed. Examine what the end prices were. (You can see if there are good deals by multiplying the end cost – usually one penny is one bid – by the cost per bid. You will need to find out how much each bid costs). On that closed or ended auctions page make note of the names of the winners. Are the same ones winning all the time? You may want to contact the site and ask about win limits. Do they limit how many times per day, week or month a person can win? You see, there is allot of homework to do. You need to do this homework first and then consider buying bids.

Penny auction sites are getting bad publicity because of the nature of man. For the most part, people are lazy, especially when it comes to the idea of getting good deals. Remember the lottery? That is simply a tax on people who are not good at math. Penny auctions do not function the same way. They require homework and strategy. I’ll discuss that next time.

Click here for the link for the special deal on bids, but remember, you’re not going to just buy the bids, right? Unless of course you have a ton of money laying around, and if you do, you’re supposed to call me for coffee!

amcoffee

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Filed under Penny Auctions with Personal Experience

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