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Another entreprenurial idea for you money grubbers.
ANACONDA
Posts: 4,692 ✭
My brother in law is an internist....a medical doctor whose specialty is internal medicine. I also know many, many doctors because of
my lineof work in my other life (personal injury lawyer). They all complain that their incomes are going down. Most of them also
want an additional source of income without having to put a bunch of time into it.
Buying and selling coins for them on eBay is a natural. You don't even have to have any coins. You would need stability, a good credit
report and some start up money - a couplf of thousand dollars would probably do it. You buy the coins for them and charge them
3-5%. Then you offer the coins on eBay for them. They roll the money back into the coin market after you take your commission of
half of the margin. You keep track of the records. Present them with a quarterly accounting.
You could do direct mail to doctors in your area. Set up appointments with them (you will have to be persistent) and act as their broker
on coin transactions.
You could also set up meetings at hotels so that a number of different people interested in having you handle their coin transactions
could hear your lecture/presentation at once. Se up at coin shows.
You would have to have an impecable reputation, references and connections with big coin dealers.
Start out small, develop a few loyal clients, make them money and the word will spread.
Doctors are naturally drawn to coins but often lack the time to pursue opportunities in the area. They often just buy (from the wrong
people) and don't do anything more than that. They are usually bestowed of fairly copious quantities of scratch. If you treat them
right, they will be your salesman.
adrian
my lineof work in my other life (personal injury lawyer). They all complain that their incomes are going down. Most of them also
want an additional source of income without having to put a bunch of time into it.
Buying and selling coins for them on eBay is a natural. You don't even have to have any coins. You would need stability, a good credit
report and some start up money - a couplf of thousand dollars would probably do it. You buy the coins for them and charge them
3-5%. Then you offer the coins on eBay for them. They roll the money back into the coin market after you take your commission of
half of the margin. You keep track of the records. Present them with a quarterly accounting.
You could do direct mail to doctors in your area. Set up appointments with them (you will have to be persistent) and act as their broker
on coin transactions.
You could also set up meetings at hotels so that a number of different people interested in having you handle their coin transactions
could hear your lecture/presentation at once. Se up at coin shows.
You would have to have an impecable reputation, references and connections with big coin dealers.
Start out small, develop a few loyal clients, make them money and the word will spread.
Doctors are naturally drawn to coins but often lack the time to pursue opportunities in the area. They often just buy (from the wrong
people) and don't do anything more than that. They are usually bestowed of fairly copious quantities of scratch. If you treat them
right, they will be your salesman.
adrian
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Comments
OK, hey I'm only ribbing you. Odds are the doctors would love Kennedies and ASEs. I learned a long time ago that to make money, you don't have to know much, just more than the person across the desk from you.
and it sets us apart from practitioners and consultants. Gregor
You already have an established coin dealership, work it for a few years with them and give us a report later!
I've worked on their boats for over 25 years and it always seems that their time and money is always worth more than yours!! Attorneys included!
NEVER LET HIPPO MOUTH OVERLOAD HUMMINGBIRD BUTT!!!
WORK HARDER!!!!
Millions on WELFARE depend on you!
Endo
I am a doctor, work 60-70 hours/week and have one home, no boats, and a six year-old Subaru.
Anaconda,
I think you have a very good idea. I have thought about getting physician friends into gold coins (with the stock market down and other "investment" opportunities not doing very well). My concern is that if I approach them to sell them coins, I fear that I will be considered a huckster of sorts.
Robert
{P.S. Unless your like an orthopedic friend that has 5 kids all going through the University of Fla. But he has three boats, a huge house on the water and owns several in the Gainesville area, not to mention lots in Sharks Tooth developement}
NEVER LET HIPPO MOUTH OVERLOAD HUMMINGBIRD BUTT!!!
WORK HARDER!!!!
Millions on WELFARE depend on you!
In addition to their million $$ beach houses my company has also built 3 doctor & 1 dentist offices in the last 2 years & remodeled 2 more.
I have never seen a coin collecting doctor, mostly their hobbies are golf & deep sea fishing.
would these guys want to turn coins as quick as possible (some could consider that churning - like some stock brokers do)
or would they want to hold them for 12 months (or is it 6 months) and get the capital gains tax rate rather than regular income?
I also remember some of the details of a big broker in the area quite a few years ago who ended up in jail on fraud because of the values he put on coins sold to clients.
Sorry, but I don't get it. If I had the ability to buy coins and immediately flip them on ebay, why would I cut in a Doc or anyone else. I would just do it.
Greg
For some life lasts a short while, but the memories it holds last forever.
-Laura Swenson
In memory of BL, SM, and KG. 16 and forever young, rest in peace.
And you're doing an awful lot of work to make that 3-5% -- you have to sell the doctors on the coins in addition to finding them in the first place. And if you didn't have carte blanche to buy coins, you'd miss a lot of deals.
I think you'd be better off scrounging up some money and keeping all the profit yourself, even if it meant dealing in less-expensive coins at first.
But frankly I think you'd be even better off avoiding the coin business altogether.