A teenage university dropout is making $170,000 a year – by selling baby products from the comfort of his bedroom.
Andy Mai, 19, from western Sydney makes money by ‘dropshipping’ – taking orders from buyers, purchasing them from manufacturers and then delivering them without actually holding any stock.
The entire process can be carried out online, and has become increasingly lucrative with the growth of websites such as AliExpress, connecting buyers directly with manufacturers in China.
Andy Mai, 19, from western Sydney makes money by ‘dropshipping’ – taking orders from buyers, purchasing them from manufacturers and then delivering them without actually holding any stock
The entire process can be carried out online, and has become increasingly lucrative with the growth of websites such as AliExpress, connecting buyers directly with manufacturers in China (Pictured: Mr Mai sales figures)
Mr Mai – the son of Vietnamese refugees – said he has been obsessed with making money since he was eight years old.
His parents divorced when he was young and he watched his mother struggle to raise her three children on a low income.
He began playing video games, buying and selling virtual items to other players.
‘I was obsessed with making money in the game instead of playing normally. That’s how I got my first taste of negotiating, of arbitrage, buying low and selling high,’ he told news.com.au.
He then moved on to buying and selling clothing on Facebook and Gumtree.
‘I’d buy a Nike jacket for $40 and sell it for $80, or a North Face jacket for $50 and sell it for $120.’
He graduated high school and began a actuarial studies degree at university while selling action figures and fitness gear online – but soon ran into trouble, losing $5000 in four months.
He eventually had success selling baby products, where ‘everything clicked’.
Mr Mai – the son of Vietnamese refugees – said he has been obsessed with making money since he was eight years old
When he was earning $500 a day from dropshipping he decided to drop out of university and focus on the business full-time.
Now his dropshipping business is ‘completely automated’ and operates out of the Philippines.
He earns $70,000 from dropshipping and another $100,000 coaching others in how to do it.
Mr Mai said his goal is to make another $50,000 a year so his mother can live comfortably.
‘She’s in her mid-50s. I don’t want her to wait until she’s old to buy nice clothes.’
When he was earning $500 a day from dropshipping he decided to drop out of university and focus on the business full-time (stock image)