Advice I gave to a man in his early twenties about how to become a coin dealer..

[therealanaconda-migration]

An individual contacted me asking me for advice on how to become a successful coin dealer. I thought the advice I gave might be helpful to someone else, or at least get a few brain cells firing and raise an interesting discussion, so here is the advice I gave him.

 

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My advice to you is that you buy a book called "The Education of Millionaires"...

 

http://www.amazon.com/The-Education-Millionaires-Everything-Successful/dp/1591845610.

 

This book will help you think like a millionaire which in my opinion is step one in becoming a millionaire.

 

Step two is basically how to become rich quick and the most likely way to do that is through the internet, so I recommend a book called "Get Rich Click" by Ostrofsky...

 

http://www.getrichclick.com/.

 

The reason I suggest this is because you will need some serious capital to start a successful coin dealership in this current economy.

 

By the way, it is my opinion that the reason most people are not millionaires is because they don't think like millionaires and therefore have never even considered that it is something they could undertake and become successful at.

 

Secondarily, if they think like a millionaire, they don't have capital to start any business that requires a bunch of capital and the only businesses started today (generally speaking) that can end up making you rich are internet businesses.

 

I have read most of these two books and if you get them and study them and have an above average IQ (as I suspect you have), then you can get the money in two to four years which will allow you to succeed in coins.

 

One other book that is worth getting is a book by Q. David Bowers entitled "How to be a successful Coin Dealer".

 

http://www.amazon.com/How-Be-Successful-Coin-Dealer/dp/0943161053/ref=sr_1_1?ie=UTF8&qid=1358017981&sr=8-1&keywords=how+to+be+a+successful+coin+dealer

 

It is just a little paperback book and it was written before the advent of the internet but it will give you some helpful information.

[therealanaconda-migration]

I would also add that once you get enough capital to start a coin biz, I would specialize preferably in a high demand area like certified type or amazingly toned coins.

 

One last idea. Rather than start a coin dealership, I would shoot for making way more money in coins by starting a biz like CAC but instead of just issuing a sticker to indicate it is "acceptable" or not issuing a sticker for unacceptable coins, issue stickers to indicate eye appeal; rank coins as to their beauty, ranking them on several levels like:

 

I for Incredible

O for Outstanding

A for Above Average

S for Suitable

 

Realize, of course, that as soon as you started this biz, CAC would start competing against you by grading coins on eye appeal. That is ok though, competition is what you get whenever you start a smart business.