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Thanks to - Watch.box.co.uk
More and more, I am told that there aren't rare and unusual Antique and Collectible items to be found. In fact, a new friend by the name of Tom told me a few weeks ago that he was going to try buying more expensive antiques and collectibles because he felt ready to take the next step up. Yes, he was listening to my message that there will always be more money in items that bear higher prices. However, I believe he misunderstood what I was saying a little.
If you buy 10 items for $100 and sell them for $200, you have met our goal of compounding and added $1000 to our bank account. That isn't all bad, but what if you bought a painting for $1500 and sold it for $15,000? Which would you have preferred for yourself? On the second trade, you would have made $13,500 on a $1,500 dollar investment while on the first trade, even though you compounded your money, you would have only made $1,000 on a $1,000 investment.
Here is a story Tom told me. He purchased a lady’s watch for either $1 or $2 and a jeweler told him it was worth $350. After researching the watch on eBay, he figured it would sell for $50 to $100. If he had continued to misinterpret what I was saying about not staying with cheap items, then he would have never purchased the watch. But yesterday, I told him what a wonderful trade he was going to make.
Here is the correct interpretation of the program I espouse. The key to getting rich is compounding your money as often as possible. But if you are only using simple compounding on cheap items, that might be the long way around. No, I wouldn't want to continue buying something for $1 and selling it for $2 when, if I am patient in my buying, I can purchase a watch like Tom did for $1 or $2 and then sell it for $100. If you stay with $1 items, pretty soon you will have to buy 1000's of them and then sell those 1000's for two dollars to continue compounding your money. So, as your bank account grows, try to buy few items that are more expensive and continue to at least do a simple compounding when you sell them. This will be much simpler than having to deal in 1000's of $2 items.
Yes, I would always buy something for a dollar or two if it would bring me $25 or more, but that wouldn't be what I was looking for and you can bet that item would be on eBay the day I bought it. But would I buy an item for $5 to sell it at $10? My answer to that question would be no.
If this doesn't make sense to you, please email or call me so that we can discuss it. The thing that perhaps makes me the proudest of what is happening at the Daryle Lambert's Antiques and Collectibles Club is the degree to which our members are acquiring the knowledge to really change their lives. I hope that all of you will continue what has been started and each will complete the race to the million.
My 220 page book about how to make money buying and selling antiques and collectibles is