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If you can get #1 insulated wire at $1.50 per pound, clean it then turn it back in for bare bright would it be better than working 40 hours per week at $9 an hour cash? I would be using a hand stripper for the first couple of months. I can also clean #2 copper as well. My girlfriend would also help a few hours each day but can't work for the job at $9. My overall goal is to make $450 per week. If I netted $.50 per pound I'd have to produce about 1000 of bare bright in a week.
There is an old saying "work smarter, NOT harder"
you have a goal, made a plan of action, and now all you have to do, is follow it through.
You are already making a good decision by hand stripping it first. Reason, I say this, is because if you do that first, and realize you are doing good, you can always move up to better equipment.
Good luck.
You may even make more. Certainly something to be said for being self employed, I know of no other way, but take into consideration how fast you'll become board just doing that.
the # 1 consideration is a constant supply of the wire guaranteed. 2 work it like a job. you have 3 bosses, time, and bills, and rainey day money. most people fail because of one of those 4 things.
could you build or buy a simple drill/electric motor operated stripper and double or triple your productivity time? There's some pretty neat ones on youtube that wouldn't take more than a day to build and could save you tons of time.
In your equation, the limiting factors to profit are your time, and availability of raw materials. Cut your time in half, and you could literally double your money.
I would not work for cash. It leaves you open to many problems. Payroll taxes, SS taxes, I have a large post on Social Security Disability. If you and your employer are not paying payroll taxes you may not be covered. When you are young it seems like a distant issue, disability, but it can sneak up on you. So look for a legit job.
With a legit job and part time scrapping you can do well. The more scrapping you do the better you will get. Then one day you will KNOW it is time to go full time. You don't seem to lack the motivation and drive, keep striving. Also one of members has video using a 2 X 4 block of wood with drywall screws to make strpping faster. Mike.
that video made life so much simpler
I have plans to make the wood stripper this weekend. I understand the disability thing. I've worked the last 33 years on legit jobs. I decided to take last summer off and live in a tent with only a Coleman stove and a Dietz kerosene lantern. I did it for four months and it was an incredible experience. I stumbled on this job and I love it. I want to work for myself, I can make so much more because I work hard and fast. If I could find a legit job that was performance based I wohld do it. Right now the economy is bad but I hope it will turn around within the next year or two.
yeah that is a great idea but how are u going to get the wire in all of the time
You could do both - work for yourself and cover your SS base - just pay your taxes and self-employment tax and whatever else is required where you live. You end up paying more because you are paying the employer's share of the SS but you have a lot of things you can deduct. Even if you can't afford an accountant on a regular basis, you can maybe afford to hire one as a consultant to help you get set up. Or the IRS will tell you how to do it for free- they even have publications.Quote:
Originally Posted by copperhead
It's easier to do all this at the beginning, than when the IRS or the state comes knocking on your door down the road. It's also good to have recorded income in case you ever need credit for something for your business.
It sounds like a good business plan, but math was never my strong suit. How do you plan to get that much insulated wire, if you don't mind me asking?
getting the wire shouldnt be much of a problem if you have cash up front. I semi regularly buy gaylords from smaller scrapyards and resell to larger scrap yards. I can only do so when the numbers fall just right. I already buy a couple pallets a month of scrap computers a month from a couple yards. The smaller yards need to turn over the product quicker to cover expenses (payroll, utilities, gas) so even if you match or come in slightly under the price they are getting with out them having to wait for a truckload it helps everyone out. Before you do this call the bigger yard and ask what they will give you for X amount of wire. If you can make even .10 per pound and bring in 3 gaylords with about 2500 pounds thats 250 dollars for just gas money. Loaded and unloaded with a forklift.
I work in a scrapyard. I can buy anything I want there. I am just trying to find something I can do at home so I can spend more time with my disabled girlfriend. She's able to work a little bit at a time so she can actually help me work.
It’s not worth it
Do the math:
It’s best to prepare for the worst then to expect that you’ll always be doing your best.
Let’s say it’s a near worst case scenario:
Your goal is to earn $450.
You are buying insulated wire at $1.50 per lb.
The insulated wire nets a ratio of 65% copper.
The market is near bottoming out and is only paying $2.00 per lb. for #1 copper.
You are processing 14 gauge wires.
You will need to net 225 lbs. of bare copper wire to earn $450.
You will need to purchase 350 lbs. of insulated wire to net 227.5 lbs of bare copper (65% net).
350 lbs. of insulated wire @ $1.50 per lb. = $525 paid out by you.
You will end up with 122.5 lbs. of insulation that you paid $1.50 per lb. ($183.75)
14 gauge wire yields 80 feet of wire per 1 lb. of copper.
You will need to process 18,200 feet of wire.
(Based on a 8 hour work day & a 5 day work week)
You will need to process 455 feet of wire per hour.
You will need to process 7.59 feet of wire per minute.
(Based on the $2.00 per lb. market payout)
You will be earning $5.69 per hour.
Net result:
You are paying out $525 to get a return of $450.
I have a bridge for sale, want to buy it?
Yikes. That's nearly three and a half miles of wire. I am getting a claw hand just thinking about it.
I'm truly impressed! That's some real good mathin there!Quote:
Originally Posted by KC-SF
I second that! Now, wonder if he can tell how much that behemoth weighs I gotta go move next week? The fence boards it sits beside are 6ft. tall I believe. He can go from there.Quote:
Originally Posted by Kris Kringle
Huh?Quote:
Originally Posted by skylinejackjr
Is there something missing, or did I just drink that six-pack too fast?
This thread: http://www.scrapmetalforum.com/showt...ay-this-weighsQuote:
Originally Posted by KC-SF
What's the outside measurements? (length, width, height)Quote:
Originally Posted by skylinejackjr
How thick is the metal?
Personaly your employed,m keep the job. Scrapping is something you do when you cant do anything else. You have your good days where you load, drive, and unload in one hour and pull 200. Or you have the bad days like today where I consumed one 2000 ci o2 bottle and half 20 lb propane cylinder to burn a boiler apart for a measly 150 in weight. After gas cost and my helper Im still 50 richer than I started. The point being is scrap is not a win all, its just what you can do if all else fails. And in your case I would strip the wire if i had nothing better to do. Some money in a hour is better than none. But I wouldnt quit a surefire paycheck every week unless you can handle the highs and lows of scrap.