Make Your Closet A Cash Cow

A drop in retail sales proves we just can't hit the stores like we used to. But you can find your own fortune without even leaving your home. Larry visits a typical couple and reveals the money savers hiding in your closet - from renting out your wedding tiara to selling those summer items on eBay - the money will soon be rolling in!

READ MORE AND VIDEO AFTER THE JUMP...

Lamont's Closet
- Cufflinks / eBay
Lamont works as a personal trainer so it's rare to find him wearing cufflinks. Therefore, he doesn't have to have so many pairs lying around the house that could otherwise mean money in his pocket. Cufflinks are actually doing very well on eBay. Selling on eBay is super easy because you don't even have to leave your house.

- Nike White Label limited edition t-shirts / INA NYC MEN
Nike White Label was a limited edition and is now highly coveted. These are a terrific find and could sell very well at a consignment store that specializes in men's clothing. I love INA NYC Men on 262 Mott St. which specializes in designer men's clothing. The way most consignment shops work is that you don't receive money on your clothing until it sells. Once someone buys it, the store gets 45%, while you receive 55%.

- Sweat suits / Housing Works
Housing Works is definitely my favorite thrift store! They have numerous locations around the city and it's super easy to donate clothing. For Lamont, he can bring any items of clothing that he doesn't wear and are in good condition, from track suits to tennis shoes, and receive a tax write off. The best part is you are the one that estimates the value of your clothing, meaning more money in your pocket.

Jenelle's Closet
- Vintage handbags / Legacy NYC
Jenelle is such a Fashionista! She has amazing designer labels (Chanel, Prada, Marni, etc) and can make a ton of money off of them. For example, Jenelle paid $3,000 for this vintage mulberry luggage bag. She could easily get at least $2,000 at a designer consignment shop such as Legacy NYC in Soho which is a great female focused consignment store. Tip: Accessories such as handbags and jewelry are the best selling products at consignment stores because there is no size involved and they usually keep in good shape.

- 10 coats / Shop and Swap
Jenelle has ten amazing coats, but she doesn't need them all. To make some extra money and space around the house, fall is a great time to get rid of your extra coats and jackets that you don't wear anymore because women are shopping for them. Keep your favorite essentials then sell the rest on eBay or plan a "Shop and Swap" with a group of your girlfriends. A "Shop and Swap" is when girlfriends get together and swap clothing. Everyone gets something new while there is no money involved - a win/win situation for everyone.

- Wedding dress / Craigslist
There are places where brides to be can rent wedding dresses from Bridal Houses but why not rent your own? Craigslist is a great place to start. Even posting a rental listing on a forum such as on theknot.com or brides.com could work as well. Try also putting out a newsfeed on your facebook page.

And a special thanks to Pamela Pekerman for pointing out those hidden money-makers. For more information check out: http://bagtrends.blogspot.com.