The weight I’m referring to is the weight put into a lot of objects. Lets say you have a candelabra. The main cylinder base isn’t all silver. It will usually be hollow then filled with a weight so it doesn’t tip over. Some other items that have weights in them are cups, goblets, salt/pepper shakers, etc. You generally won’t have to worry about anything flat like plates, silverware, medallions, etc.
So lets say you find a really need set of candelabras that you are interested in. You look all over and find that it is stamped “sterling” on the base. You also look at the base and notice that it isn’t a seamless solid piece. It looks like there is a round plate that can be popped out. It will be very obvious if this is the case. You’d then ask the owner if you can remove the plate and the inner weight. If they say no or you don’t feel comfortable doing this without damaging the item then just really hedge your price. If it is a really large piece and it weighs 8+ troy ounces with the weight in it assume 1 to 1.5 troy ounces are the 92.5% silver. So 92.5% (sterling) multiplied by 1.5 = 1.3875 troy ounces of silver. YOU MUST REMEMBER A TROY OUNCE IS DIFFERENT THAN A STANDARD OUNCE. So if your scale doesn’t have troy ounces you’ll need to convert regular ounces to troy ounces. I don’t remember the ratio offhand but the info isn’t hard to find.
He even takes pieces of sterling and smashes them flat and sells/trades them. I’ve only bought pieces that I’d be interested in keeping. Maybe one day if my home is overflowing with silver I’ll smash them flat to save up space. If you watch any of his other videos about survival, etc you can see he has some really nice silverware displayed all over his house.
I haven’t tried gold yet because it is expensive and I’m not nearly knowledgeable enough to be comfortable trying it. There isn’t a huge incentive to try and disguise something as silver since it would still be quite affordable and it isn’t as easy to fake like gold. With gold I’d be willing to buy it but only at a huge discount, and I’d be wondering why they would sell it to me for so cheap when they could go to one of many “we buy gold places” and get more cash. Also, since gold is so soft there really isn’t the opportunity to buy that many items besides jewelry, coins, and bullion. I’ve got to imagine if they made a gold spoon substantial enough to not lose its shape easy that the user would get really strong in their eating arm. That’s our billion dollar idea. We will make and market super heavy gold spoons. You’ll grow your portfolio while loosening your waist. GENIUS!!!
InvstrPaul,
About that survivalist website…along with all the verbiage about our money not being good any more is a very offensive photo-shopped picture of President Obama–dressed like Adolf Hitler, salute and all.
You’ve lost credibility with me.
There used to be a couple of other guys on this site that were into that survivalist stuff. Look back in the posts about one year and you will have someone to talk to. Someone else extremist.
How do you get top dollar for scrap silver? What is a good refining rate and place to send it to to get it stamped sterling? Like say I have a bunch of Morgan dollars, which has about $28 worth of silver at today’s rate? Who refines and stamps it if I want it melted to bricks? What wpuld their cut be on Morgan dollar, for instance? What is a reasonable rate that they charge to refine and stamp it? Who has the best rates?
Most beginners try everything and the fact is that there is way too big of a learning curve to try too many strategies in too many markets in too many industries. It is hard enough to wrap your arms around the information and skills needed to succeed in one of each. Focus, focus, focus. Improve and become a master. Once you have become a master then automate and delegate. Then you will free up time to do like Javipa recommends and use complimentary skills to start a new strategy. If you are a wiz and buying and selling houses then you can easily buy and sell cars on craigslist. If you can fix and flip in your market and have it all dialed in then try become a master at it in another market. If you are doing great in rentals then try bigger units.
I recommend you write down exactly what you do, what you are good at and what you enjoy. Then find ways to use what you documented to create additional income streams. Most beginners will spin their wheels trying every option available and they will be the same person in 5-10 years sitting on the sidelines trying to overcome those comfort barriers. All they need to do is simplify by focusing and becoming a master.
Great post, I notice many of you in this thread have good posts on this forum. See you guys on the next thread!
I too am a HUGE believer in multiple income streams.
My wife makes a good professional salary from her j-o-b
I make a very large income off my main business (well into the six-figure arena)
My rental properties make me some money
My new (2nd) business makes me some money
I used to make $$$ off the stock market too, but I liquidated those assets to buy real estate. LOL. Now is the best buying opportunity ever.
The key thing is … all of my assets are passive or semi-passive income generating assets. I do not have to “be there” to earn money. My money works for me — I do NOT work for money.
I used to HATE Robert Allen … I pretty much dislike all get-rich quick scammers … but he had an audiobook called Multiple Streams of Income - go figure - that I enjoyed quite a bit. It actually motivated me to invest in other things, and so far so good! Checkout http://www.amazon.com/Multiple-Streams-Income-Robert-Allen/dp/0471381802
The key thing is ... all of my assets are passive or semi-passive income generating assets. I do not have to "be there" to earn money. My money works for me --- I do NOT work for money.
That’s the ticket!
Surprising how one little statement can turn a light switch on….
From Rookie:
Currently I have 37 income streams for 2011
That simple statement told me he probably has a close handle on each and every one of them….
What I’ve done recently is to organize my own sources into a SINGLE 3 Ringer Binder.
The binder has a TOC, (Table of Contents), which I created in Excel.
The TOC only has two columns:
a)Description Column, (identifying the particular income source)
b)2nd column which has a numerical reference to the source’s index tab to flip to…
Behind this TOC are the corresponding numerical index tabs:
Sorry if you don’t like the guy’s website. Just linked to a video that showed exactly what I was talking about. If you don’t want to sift through the sand to get the treasure that’s your decision. Personally, I just go to the guy’s site for the gardening and food storage/canning info. As far as you calling anyone extremist that’s a kettle meet pot situation. You’re extremely left wing, nothing wrong with that, but how do you judge the opposite view point from your own? “THEY are the EXREMIST not yourself”. I’m not trying to infuriate you or anything like that. All I’m trying to point out is lets keep an open mind and not immediately shut down.
I also like the fact how you call me an extremist when you know virtually nothing about me. All you know is that I like a few of that guy’s videos. You’ve already judged, sorted, and profiled me based off one link. I’m not sure if I’d call that extreme but it’s probably at least an overreaction. Anyways, wish you the best and I truly hope you still consider Silver as an investment. I’m already up 30% for the year on the few pieces I hold.
The answer to most of your questions depends on where you live. You can find companies online to submit your items to but I wouldn’t trust them. Always make sure your items are weighed and tested in front of you and not in a back room. A lot of places may try to rip you off and use a bad scale, shave some of your silver off, or replace it for a cheap forgery. Also make sure to weigh your items ahead of time so you know if there numbers are way off.
As far as coins and bullion go you won’t want to take that to refiners. US coins are technically legal tender and are illegal to deface. This doesn’t mean refiners won’t smelt them and it doesn’t mean you’ll actually be prosecuted but might as well not take the chance. Plus the big deal with coins is that they can be collectible and they demand a higher premium over the spot price. A lot bullion is the same as far as the premium. So you really only want to be taking junk silver to the refiners. Old sterling items that are too worn for use or some sterling that you just don’t want to keep. You can also just skip the refiners and sell it to investors, precious metal, and pawn shops. You could also sell it online but ebay does have it’s own set of problems. Oh and if you are feeling really adventurous you could smelt your junk silver at your house and make your own rounds, bars, and/or pellets. If you decide to do that though make sure you do a bunch of research so you don’t burn your house down.
As of right now I only have some coins, one ounce bars, and some sterling silver that I’ll probably end up keeping. I’ve only found sterling that has been in good condition so it would be a waste for me to send it to the refiners. Once I get a full sterling tea set that closely matches then I’ll probably start considering selling. I have a plain sterling serving platter but it looks stunning when it’s properly polished.
I would have agree with staying in areas you can specialize in. I have been rehabbing properties for investor’s and accumulating REI knowledge. I am about to buy my first property soon and begin building me empire! So while I rehab properties I have also gotten into selling off the fixtures. Door knobs, hinges, cast iron light fixtrues, etc. Not a huge amount of money, BUT I then take the PayPal money and use it to buy marketing products. Bandit Signs, Business Cards, my web site. Not a huge amount of money but the over the top capital i needed. A couple hundred bucks will not get me in business with “The Donald”, but it has generated leads for homes that my investor picked up the in turn genearted wholesale commision.
Rather than complain about funding and money. I do what I can and build on each skill. Investment capital can be generated in many ways. Every dollar can be used to create an exponential amount of income. All the income streams are meaningless unless you have a plan to use it to create more income. The most important thing is to be active and get involved. Provide solutions to those who money and make them money.
I have a lawn care customer that at $75 per month has reffered more than $100K of good work my way. I’ve earned a small amount on a wholesale deal and truned around and made thousands cleaning them out and renovating them.
I have been looking for additional income as well that would be able to provide me with a residual income as a side to my wholesaling business. As a fan of Robert Kiyosaki I had been looking into Network Marketing, but never seemed to be able to find a company that was a good fit.
I have been looking for multiple streams of income for years as I’m sure many others have been doing the same, especially in this economy. The only thing is finding the right one for you. I’ve been in the mortgage industry for over 12 years and I’ve made my share of money but I’ve been looking for residual income. Like pamperedchef a network marketing company, I’ve joined many companies and have failed. Instead of thinking about the money all the time, I found out that it is more about helping people then anything in my opinion. The more unselfish you are the more money you can make. I found a company that compliments mortgage/real estate which is my passion and I really enjoy seeing realtors, investors and clients benefit from the info I provide.
Zig Ziglar had a line (hope I get this right) “you can get anything you want out of life, if your willing to help enough other people get what they want”,I think I butchered the saying but you get the idea