Sunday, January 18, 2009
Daryle Lambert: The first step to help you make money
COMPOUNDING MAKES MONEY
Thanks to www.buildyourlifetoorder.com
If you have read the book that I have written then I would assume that you have opened your new bank account with $100 or slightly more if you wish. This has to be an amount that you will not need until your goal is met. This can't be an account that you co-mingle with your other personal accounts because that would defeat the purpose of what we are going to be doing--compounding the amount of money in our account. You have now entered the Million Dollar Race with the other members of the 31 Club. Our purpose is to make money and have fun while we're doing it.
I just received an email from one of our members stating that the market for even the rare and unusual items is beginning to drop. That may be true but that doesn't change our plan one iota. We must adjust the price we are willing to pay for an item to reflect the new retail price. I will give you an example. Last week I received an email from a gentleman that wanted to sell a very desirable T. C. Steele painting with impeccable provenance. I think that his asking price of $58,000 might have been a reasonable price a year ago but not today. After talking to him at great length about the painting and finding out that it came directly from the family, I told him that $20,000 would be my best offer.
Never over the last few years did I believe that a fantastic T. C. Steele painting of real quality would ever be bought for this meager sum, but things do change don't they? No, I haven't bought the painting yet and I may not, but when I spend the money in my 31 Club account it will only be spent if I can buy following the rules that I have set. I don't have to be in a rush because my goal is to compound my money at least twice a year so I have six months each time to do that. We also have to be willing to change our ideas of what an item is worth to make money. You see even if I thought that I could buy the painting for $38,000 and sell it for $40,000 it wouldn't meet the goals that I have set for purchasing and unless I had it pre-sold I would have to pass.
So today the first step to is to open our account understanding that this account is not to be used for any other purpose other than our new business and never is there to be a withdrawal from it unless it is for a purchase or an expense pertaining to that purchase. Also, our goal is to buy at 25% of the current retail value and not to break this rule unless the item we are purchasing is pre-sold.
Tomorrow we will talk about what to buy and why so that we can continue to make money.
Put a Turbo Charge on your Antique & Collectible Treasure Hunting Skills. Join Daryle Lambert's 31 Club.
Get FREE MENTORING. Learn Inside the Industry Secrets that help you make money buying and selling antiques & collectibles. Then Learn to Grow Your Money Exponentially with Daryle's Strategic Business Plan on How to Make Money Buying and Selling Antiques & Collectibles. Our Members are Newbies to Seasoned Dealers, making more money than they thought possible. Join Daryle Lambert's 31 Club, today.
My 220 page book about how to make money buying and selling antiques & collectibles is FREE with your membership. Join Today!
Check out the new Paintings and new items in our Gallery and Marketplace here.