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Message:: [QUOTE="jhinton, post: 1243467, member: 24410"]I once asked a longtime dealer that very question. Well, actually I asked him “How do I become a coin dealer”. His response was “If you have to ask, you’re not ready”. I will admit that at the time I found it insulting and it ****ed me off. However, over the last few years I have realized that he was absolutely right! I was in the military then (I got out this April) and was hoping he was going to give me that one secret that “all successful coin dealers know”; to make that an easy career transition. Over time my pride got out of the way and I made a deal to work for that dealer on the weekends and every afternoon I could make. I told him I would work for free if he would teach me the business. That turned out to be one of the best moves I have ever made. I started going to every show that Uncle Sam would give me time off for and my dealer friend even gave me a case so I could test the waters. By the end of the first year there were months that I was making more selling coins and currency then what the army was paying me as a Staff Sergeant at the 8 year mark. I learned a lot from that dealer and we are good friends. In fact I will still be going to shows with him when I return from Afghanistan. The main thing I have learned is that you have to buy right! You make your money when you buy your inventory not when you sell it. If I were you, I would start to accumulate inventory now. It takes a lot of money to get started. I have roughly 15K in inventory and will have a decent amount of capital when I return from this deployment but it will not be enough. I was small time “vest pocket” and routinely spent 5-6K on collections. Luckily for me, my dealer gave me a blank check for a loan. I would borrow the money, buy the collection, and take it back to him. I would let him have what he wanted until the debt was paid and then the rest was mine. It was a great way to build inventory for me and to learn how to “buy right”. This ended up being a little more scatter brained then I had intended it to be so I will sum it up with this:1.       Find a dealer that will let you apprentice! Work for free if you have to, offer to run his table when he is on the bourse floor. Or take a job stapling 2x2’s. Anything to get your foot in the door! The experience will be worth more than any pay check, though this might not be an option for some!2.       Learn how to BUY RIGHT! That’s how you make your money and pay your bills. You need at least a 30% margin. Something’s you can’t do this on due to competition and demand, but turnover can make up for this. I don’t mind if I only make 10%, if I know I will only have it for a day or two. There will also be times when you can make 100% or more! They tend to even themselves out but the goal is at least 30%!3.       Learn the scrap gold game! I know dealers who are making their overhead just buying scrap gold! Don’t cheat people, but buy it right!4.       You will sell more $100 coins than you will $1000 coins. Don’t tie up all your capital in a few coins. It could take months to move them (or longer) and you don’t want to have to wholesale one of those.5.       Buy the book before the coin! This isn’t just for collectors. I have bought items for a few buck and learned later that they were actually worth a few hundred. I didn’t try and cheat anyone, but neither myself nor my customer knew the value. I have a library of over 100 books and plan to keep adding them until well… my kids get stuck with them. Some of them are expensive but worth the money in the long run.6.       Learn the difference between “hoarders” and “collectors”. I also might add “investors” to that list. Each one will have different goals and priorities. You sometimes need to “steer” them into the right direction. That is all I can think of right now. There are some great dealers on here and I would say coin experts. Don’t hesitate to ask questions.[/QUOTE]

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