Newbie looking into market

Hi. Everybody I am considering entering this market. I would like some advice and also apologies for spelling mistakes I am dyslexic.

I would like to ask having worked on many building sites as a CSCS laborer for around 2 years I have collected the old scrap left by plumbers(very rare now)
and also other sorts of metals what have always sold. I am 23 and think its time to jump out of being a builders mate as the wages are not that great.

I would like to ask is it really possible to make a good living as when I talk to people on site they always refer to scrap dealers as multi millionaires is this a myth or true? I am looking to make a good living no intention to become a millionaire just passionate about making money and enough to sustain myself and my future family in a few years. Also how long does it take to see a good income stream from being a scrap dealer. I would really appreciate some of your start up stories of how you started and how long it has taken to get where you are now.

Also If I was to start say Thursday. Would I just go around in my van collecting I know the pikes do.

I have saved some of my builders mate money up around £1500 to get me started, I would really like in a few years to have my own yard but I know you need a big business as of rates etc. I love working on building sites enjoy the banter but it does not pay enough. I have always been a very practical person never a pen pusher.




I really look forward to your comments and look forward to talking to you all.

Originally Posted by Ewasted

Hello
Welcome to the forum.
The scrap business is no different than other industries. Ive heard of building owners, trucking company owners, fast food chain owners - all being millionaires.

It is like anything else, if you do it right you can make it a success. I do have to admit though, if you have a passion for money, i dont think the scrap business will be for you. I'd recommend doing something you are passionate about that way you can be successful financially and be happy

Hi. Why is that a bad thing passionate about money? Don't scrap dealers make lots of money?

Hey Joe, welcome to SMF Might better keep your steady job (one bird in the hand is worth two birds in the bush) and maybe do scrapping on your off time, until you really know what you can do with it

Originally Posted by Bear

Hey Joe, welcome to SMF Might better keep your steady job (one bird in the hand is worth two birds in the bush) and maybe do scrapping on your off time, until you really know what you can do with it

Hi. I have done it in the past made some good money from it. I am bored to tears of working for low income as builders mate. Not where I can see myself.

Originally Posted by Joe1

Hi. I have done it in the past made some good money from it. I am bored to tears of working for low income as builders mate. Not where I can see myself.

I believe that's why they call it "working your way up". If you want an easier shortcut, go to school, get "that piece of paper", and step onto the job as a superentendants mate. That at least saves you the sweat and blood of really working up the ladder, but unless you were born filthy rich, you'll still have to work in some form to make it

Hi. I'm not shy of hard manual work. I would work 100 hours a week it's thrill of being self earning without relying on anybody else. I'm looking for most genuine honest advice. What age did you all start doing scrapping? I am too hyper to sit behind a desk thanks to ADHD lol. I would work 6am until 10pm at night long as I'm working for myself and earning good income to be able to buy a house in few years. How many years did it take you to start seeing good return. I would one day like to have my own yard that's my end goal.

Originally Posted by Joe1

Hi. Why is that a bad thing passionate about money?

The love of money is the root of all evil.

Do something you're passionate about, then the money won't matter. If your passion is to make money, you will never be satisfied.

Dont be fooled we all do it for the money. I know that's what I do it for but the knowledge that you gain here will help you get the most money out of what you have. Consider your time here as an investment. Good luck.

bruv i too have adhd and find it hard to sit still and have a hard time keeping focus. but when it comes to scrapping, and reading through the forums, no problem because it interests me. the way i view it, SMF is alot like the college degree of scrapping. you gotta sift through all the bs and learn "a thing or two about a thing or two" in order to greater your chances at making money. going out collecting scrap from rubbish is only the beginning. if you keep at it who knows you might strike a deal with a machine shop, const companies etc. one day youll own that yard or house you wanted if you put ya mind to it

Mick what kind of work were you doing that you were able to retire at 55? I need to find out because clearly I am in the wrong profession!