A Surefire Plan to Make a Lot of Money by Investing in Precious Metals
Many precious metal investors believe that they will make a lot of money if they look for “one big win” in their investing. They will find one batch of gold scrap, platinum scrap or even silver scrap, make a lot of money from it, and then they will be set for life.
Of course, that does happen. (We could tell you stories about times when it has.) But looking for one big high-paying batch of metal is not the most effective way to spend years investing and ending up with a large sum of money from investments.
What works better, and more reliably? Having a plan. Here are some strategies that will work for you.
Remember that a Lot of Small Wins Will Add Up Over Time
That small batch of sputtering targets that nets you $100.00, followed by some old eyeglasses frames that bring you $50.00, followed by a platinum engagement ring that nets you $40.00, followed by a platinum laboratory crucible that’s worth $35.00 . . . you get the idea.
Instead of making that elusive single big windfall, orienting yourself toward making a lot of smaller, profitable investments, will bring you a larger aggregate profit over time. So keep looking, think small, and watch your overall profits grow.
Become a Life Learner about Precious Metals
Simply come back to this blog often, and review our library of previous posts, to increase your knowledge about precious metals. The more you know, the better equipped you are to recognize profitable investments when they come along. Also, spend a lot of time online looking at what is for sale on eBay and other online auction sites. You will occasionally find something on them that is worth buying but maybe more importantly, you will learn about different kinds of precious metal items you might have been overlooking.
And another thing. If you think of precious metal investments as a fascinating hobby – something that really interests you and that you love – you will have the drive to continue investing and keep making money.
Keep Track of What You Own and What You Have Recycled
A spreadsheet that you keep on your computer offers more than a way to keep your records organized for tax purposes. It also provides an ongoing record of what has worked for you, and possibly what has not.
The result is that you become engaged in a process of continuous improvement about your investments. You will keep doing what has worked well and learn to avoid investments that have not worked for you. The more organized and educated you become, the more you will profit.
Keep Records of Where Your Investments Are Stored
It’s amazing that some investors fail to do this. They have a batch of old electronic devices stored in a plastic bin in their garages, a small store of jewelry in bank safety deposit boxes, and maybe even other small items stowed in a dresser drawer. Our experience has shown that keeping an inventory of what you have and where it is located will pay you many benefits. One is that if you become ill or pass away, your heirs will know just where to find your gold, silver, platinum and other precious items. But there are other reasons too. One is that when you are organized, you start to see your investing as a separate, profitable business that you are managing. And when you see your investing as a business, you treat it more seriously and will profit more.
Get Experts on Your Team
The most successful precious metal investors don’t go it alone. They have accountants who can help them increase their profits by filing for taxes in advantageous ways, by gifting precious assets to relatives, by setting up trusts when appropriate, and by taking other steps to maximize the return on the money they have made from their investments. Similarly, a trusted attorney can often be a source of advice that can help protect your investments and maximize the money you get from them.
Another expert? Specialty Metals Smelters and Refiners. We do more than recycle precious metals. We offer proven, expert advice to our customers, and we have been doing that for many years. Put us on your team. Give us a call today at 800-426-2344 and let’s get going.