Step Seventeen to a Fortune:
Money just sitting there!
On a clean-up project, I spot an old aluminum chair with webbing so deteriorated from the sun it was unusable
Clean up seems like a chore, but when I realize I'm only about a hundred and forty steps away from two million dollars, and that clean up can move me forward on that, it suddenly gets easier.
I see this old chair folded up in the attic. The webbing is worn out. I need the space this chair is taking and I need any capital it might bring in. The aluminum frame should be good scrap. It is hardly worth working by itself, but if I find other scrap, I can further reduce clutter and get yet closer to my final goal.
From $92.75 in reserve capital, I plan to risk up to $3.79 for an expected receipt of $4.17 or greater. That should yield a gross profit of $0.38 or more.
Starting capital $92.75
Planned investment risk $3.79
Investment receipt goal 4.17
Clean up can be profitable, if you recycle trash in the most opportune way.
If you can't sell it, scrap it!'
Research tells me bright aluminum is selling for $0.30 per pound.
I also find a broken fiberglass ladder with aluminum parts. The ladder is worthless except for the scrap value of the parts. I strip all the aluminum and throw the broken fiberglass away. The two piles of scrap render 15 pounds.
I sold the bright aluminum to my local scrap dealer.
The scrap sold for $4.50. I may have had $.50 worth of gas expense. I had a net profit of $4.00
Actual investment made many years ago
Total expenses $ 0.50
Gross Profit or loss this deal $4.00
Ending gross capital (before deductions) $96.75
What is my expected gain? I continue to convert useless possesions into cash, gain space, and reduce clutter.
What did I learn? I confirmed the lessons of step 16 that deals are as close as my own garage. I also confirmed again how good it feels to have less clutter around.
Most people have a lot of capital in their own home they are just not using. Cash in all the unwanted stuff and enjoy the freedom that comes from uncluttered space.
I started with $92.75 in capital. I was looking to risk $3.79 in hopes of growing it to $4.17. After the sale I had $ $96.75 before tax
As we sold the remains of the chair for less than we paid for it, we don't owe the 35% of $4.00 for taxes.
As a good person we pay 10% or $4.00 for a worthy cause= $0.40
leaving $96.35 for investment and surplus to cover bad deals.