Finding and profiting from "stored value"...

[Dien Rice]

Apart from "toll positions," another lesson Harvey talks about is that of finding "stored value"... That can be a quick way to make money...

Gordon's approach to buying and selling personal property, or "chattel," is an example of this. Personal property has "stored value" - often value that either people don't see, or don't care about. That means you can often buy it below its market "value" - and resell it at a profit. Pawn stores do this all the time...

Harvey himself made money from "stored value" when he was a college student. He paid his way through college by buying and fixing up, then selling, second-hand typewriters. He placed an ad, saying he wanted to buy used typewriters, no matter what the condition. He'd fix them up and sell them, while those he couldn't fix, he could use for spare parts. He'd make many multiples of the money he spent each time...

In fact, it was while discovering that it was hard to oil those hard-to-get-at parts of the typewriter that inspired him to invent his "zoom spout oiler."

By the way, you can also combine knowhow regarding "stored value" with knowhow on "toll positions"... That's an extremely powerful approach to take...

Best wishes,

Dien

[GordonJ]

Since you posted this, we've seen some great examples of this, thanks to Ryan McGrath.

Another hidden asset, also of the stored value type is EXPERIENCE.

Share your experiences with other people who may just be starting out with something you have experience with. You could create products, do mentoring, offer classes...many ways to turn your experience into a product or service.

I try to always ask people about their life experiences and often times uncover potential financial reward within their experiences, most of the time simply overlooked...because they are looking for the gold mine instead of looking for the gold MIND.

We all sometimes are looking too hard, when there are Acres of Diamonds right where we are.

Stored Experiences. Got any?

Gordon

Originally Posted by Dien Rice

Apart from "toll positions," another lesson Harvey talks about is that of finding "stored value"... That can be a quick way to make money...

Gordon's approach to buying and selling personal property, or "chattel," is an example of this. Personal property has "stored value" - often value that either people don't see, or don't care about. That means you can often buy it below its market "value" - and resell it at a profit. Pawn stores do this all the time...

Harvey himself made money from "stored value" when he was a college student. He paid his way through college by buying and fixing up, then selling, second-hand typewriters. He placed an ad, saying he wanted to buy used typewriters, no matter what the condition. He'd fix them up and sell them, while those he couldn't fix, he could use for spare parts. He'd make many multiples of the money he spent each time...

In fact, it was while discovering that it was hard to oil those hard-to-get-at parts of the typewriter that inspired him to invent his "zoom spout oiler."

By the way, you can also combine knowhow regarding "stored value" with knowhow on "toll positions"... That's an extremely powerful approach to take...

Best wishes,

Dien

[Dien Rice]

Originally Posted by GordonJ

We all sometimes are looking too hard, when there are Acres of Diamonds right where we are.

Stored Experiences. Got any?

Hi Gordon,

You're so right!

Often we don't realize how valuable our own experiences are... We may discount our own accomplishments - forgetting how valuable that experience can be to others who haven't been through it yet!

Speaking about "stored value"... I was recently looking through various things I've produced - and also that you've produced - over the years. There's a lot there! Many have had a very limited release, and in a few cases, have never been released.

(It makes me think of Prince's legendary archives... Where he apparently has hundreds of songs he wrote and recorded - but never released... I wonder if he'd be open to a deal?! )

It good to know what you've got... so you can extract the value of what may be lying there, dormant...

I've also acquired products (as in acquired the complete and exclusive rights) - some of which I'm not doing much with. That has to be fixed...!

I think it pays to do a survey of what you've got... and see if you've got any "stored value" you're not exploiting!

Best wishes,

Dien