crh full time job

[thing]

How many coins would you need to find each day, to make crh your full time job?

I bet if you ordered boxes and searched boxes 6 hours a day you could easly find 200 worth of silver a day on average.

 

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[timbobwey]

Not even possible, you can't rely on finding that. You'd have to go through like 10-20 grand a day to even be able to come close on a regular basis. It would take longer to search that many coins than one day.

 

[SFBayArea]

Too much time would be consumed in dumping coins too.. the least favorite part of the job

 

[fistfulladirt]

Won't even consider that. It's only a hobby for me. The dumping part is close to being called work. ffd

 

[Coins4Cheese]

You might be able to get by doing that if you sold your house, everything you own and moved into a tiny apartment. But than again, working at a fast-food joint will probably earn you more money.

 

[dasherhunting]

To me its a hobby that pays I just put them back for retirement kitty .

 

[obediah]

It is possible as the other poster pointed out if you downsize your lifestyle and if Silver prices stayed up- I'm not selling anymore till it gets back above 18 dollars, that is your biggest problem making money at it. In our 10 months doing it we found enough in 7 of 10 months to pay our bills, but we have been told our finds last year were far & above the average, and so far 2010 has been very poor for us, our Boxes pathetic, over %80 of our finds came from one lucky cold call on a Bank this month where we found 278 .

 

[maine_Jim]

Here are some of the things to consider before making this a full time job.

I may be wrong here but I ran a few numbers from this past year's averages. To make $200 a day in my area...:

1) You will get an average of 3 coins per box. This is "my average" and they are two 40% and one 90% per box. Plug in more or less and it will change everything .

2) Assume you want 150 coins. Thus 150 coins / 3 coins per box = 50 boxes a day

3) 50 Boxes / 15 minutes a box to search = 16.666 hours per day

4) Assumes you have a bank which accepts $1000 bags of coins for returns. It is included in the search time! Good luck finding a bank to accept twenty five bags a week without the "F Word" coming up soon.

5) Assumes silver prices remain stable.
(100 40% x $2 return per coin + 50 90% x $5) = $450

6) ($450 - $75 cost coins) = $375

7) $375 - $50 expenses = $325

8) $325 x .33 (Taxes. You are self employed and this is a business! Keep those receipts ) = $107.25

9) $325 - $107.25 = $217.75 per day

10) Not to be a pessimist but as a full time business it won't last long.

11) As a hobby you can have a good time and you might get lucky and have a dream box or two or get a customer roll bonanza. I had one that was really shot up my averages!

Maine_Jim

 

[silvercop]

this is about the 4th time i have seen this topic come up. it's nice to dream but i would not depend on it as your main source of income. if i were to i would be in the soup line.

 

[Silver Stripe]

this is about the 4th time i have seen this topic come up. it's nice to dream but i would not depend on it as your main source of income. if i were to i would be in the soup line.

You can do it but how long before the other bums under the bridge knock you in the head. HH Mark
On a serious note, there are many on this board who are supplementing with this, ME included.

 

[jim4silver]

this is about the 4th time i have seen this topic come up. it's nice to dream but i would not depend on it as your main source of income. if i were to i would be in the soup line.

SC,

This is one of those questions that comes up as much as whether or not the coin couriers remove the silver.

I think every CRHer who has a lot of good finds early on has this pass thru their mind, but once the finds start to dry up over time they realize they better keep their day job.

Jim

 

[silvercop]

you are so right jim. i have to admit i have thought about it several times, especially after a good run, but then i hit those dry spells and reality sets in.

 

[ArkieBassMan]

It would be highly unlikely to make a living doing this. However, if you're single, have no debt, are willing and able to search (and have the means to do so) several hours a day - 7 days a week, and willing to live VERY frugally, it MIGHT be possible. But only with some excellent, and I mean EXCELLENT money managing skills. I can't help you on the CRHing end of it. There are several on this forum that have the experience and knowledge to do so. But, I can give you a few pointers on the money management side of it that I have learned (sometimes the hard way) by playing poker for a living for about 7 or so years now:

1. You need AT LEAST 6 months worth of your total household expenses (groceries, utilities, etc) in the bank on reserve in an emergency fund. You ONLY access this money in extreme emergencies.
2. You must have a CRH bankroll separate from all other money. Your CRH bankroll is for CRHing ONLY. Others on here would be much more qualified to tell you how much you need to start. You are going to have to do a lot of volume, so I'm guessing at least $10,000 (20 boxes of halves).
3. Household expenses are paid directly from your profits. Any extra should be divided evenly between your emergency fund (its very nice to have 1 year+ in the bank "just in case") and your CRH bankroll so you can do more volume. More volume = more profit. Once your bankroll is "maxed out" (you have enough to purchase all of the coin that you can possibly search), then its yours to do with as you wish, although I STRONGLY advise being VERY frugal with it.
4. You must be prepared for the "bad runs"...and good runs for that matter. Both will happen. When you hit a big score, don't go nuts buying things. Save it for when a bad run hits. I have known several poker players, much more skilled than me, that just couldn't quite grasp this. Most of those went broke long ago and are now doing other things. They would be living large for awhile, but the inevitable bad run would hit and suddenly they're busted. Steak one week - bologna the next. This is NOT the way to go. If you know poker, think Mike Matusow. TREMENDOUS player. Always broke.
5. I think $80-$100 a day is much more realistic than $200. That's $29,200-$36,500 a year. Is this enough? Any thoughts of getting rich must be thrown out the window.
6. If this is your job, remember that all CRHing expenses are tax deductions. Mileage, bank fees, etc., can legally be deducted from your taxes. Keep those receipts!
7. Keep VERY detailed records in case of IRS audit.

I hope this helps. Good luck!

 

[jrf30]

You can't do it CRH, but you CAN do it with a metal detector.

There was a two part aritcle on how to make steady and significant money with your metal detector a few years ago in one of the treasure mags. It showed making about $25K a year with a metal detector, net of expenses. That was ... oh my, about 15 years ago, so now that number would be higher I'm sure. It was a great article, and made a lot of sense. It even gave step by steps of how to do it. It was "Treasure Facts" magazine, a competitor to Western and Eastern Treasure back in 1995.

Not with CRH though.

 

[jim4silver]

I guess if someone is homeless or lives in a free shelter they can survive CRHing. There are some "homeless" people who apparently survive collecting aluminum cans and standing on the street corner begging for $$$$.

My view is I don't care how low a person's expenses are, they are not gonna survive by CRHing alone for long.

Maybe if someone is giving them free stuff all the time, like a car, gas, place to live, CRHing money, etc, they can do it. But if they live like a "normal" person it is not possible.

They gotta pay for their car-fuel and upkeep, rent or mortgage, health insurance (optional for some I suppose), food, clothing, etc. If you have a family to support this would make it an impossibility unless your spouse had a "real job".

Some people start out CRHing and hit it big for a few months and they think it is always gonna be that easy, since they are getting all the easy silver that has been sitting around in a particular area. After a year they are gonna find that their results are not nearly as good as they were when they started, especially if one or more new CRHers have moved into their area. There is no way you can count on any particular percentage of finds over the course of time.

Someone posted about gambling as an analogy but it does not fit. In gambling, there is theoretically an unlimited amount of money you can make depending on your skill, luck or whatever it takes to be a successful gambler. There are casinos that exist that are open 24/7 just waiting for you to come and gamble.

But in CRHing there is not an unlimited amount of silver waiting to be found. Some places may have alot but many have been depleted for the most part (at least if they have CRHers who actively seek it). It is dependent on how many people dump their collections at banks and how many other CRHers are running around to find the same silver you are seeking.

Jim

 

[silvercop]

well said jim. i agree.

 

[ArkieBassMan]

Someone posted about gambling as an analogy but it does not fit. In gambling, there is theoretically an unlimited amount of money you can make depending on your skill, luck or whatever it takes to be a successful gambler. There are casinos that exist that are open 24/7 just waiting for you to come and gamble.

That would be me that made the analogy...well kinda. I meant to compare the similarities between the money management skills that it takes to be a successful professional poker player, and those that it would take to even attempt to CRH for a living. I was not trying to compare the "games" themselves. Sorry if I implied that.

In my own defense, I did say that it would be highly unlikely to CRH for a living. Also that the person needed to be single (should have added no kids as well) and debt-free.

And one last thing: poker is NOT gambling - its a game of skill...although that is a discussion for a different forum.

 

[jim4silver]

Someone posted about gambling as an analogy but it does not fit. In gambling, there is theoretically an unlimited amount of money you can make depending on your skill, luck or whatever it takes to be a successful gambler. There are casinos that exist that are open 24/7 just waiting for you to come and gamble.

That would be me that made the analogy...well kinda. I meant to compare the similarities between the money management skills that it takes to be a successful professional poker player, and those that it would take to even attempt to CRH for a living. I was not trying to compare the "games" themselves. Sorry if I implied that.

In my own defense, I did say that it would be highly unlikely to CRH for a living. Also that the person needed to be single (should have added no kids as well) and debt-free.

And one last thing: poker is NOT gambling - its a game of skill...although that is a discussion for a different forum.

I wasn't trying to call you out in anyway Arkie, just referring to your example to make my point. I think some newbie CRHers who do exceptionally well at first tend to think the great finds they got are going to persist forever. Many on here do well when they start out and see the results slow over time, then level off while occasionally striking a dream box here and there. But in no way can it be relied on to produce income over time in any predictable way. Every area is different though and I suppose some areas may produce more keepers than others on a regular basis. I can only go by what I have seen myself and have read from other CRHers on this site.

I have great respect for poker players and professional gamblers. But I see your point that poker is a game of skill, not a game of chance like slots, roulette, etc. That is why I guess you see many of the same players each year in the world series of poker, etc., tournaments. The best rise to the top like in sports I would imagine.

I am by no means a poker player myself, but I do admire those who can make a living at such activities.

Jim

 

[TxTim]

Someone should search oldred's posts from a while back.
He was retired but I know he scored enough to make a very good living.
He and his wife had the connections and ability to search 20 bags a day and would pick up in one Fed. district and dump in another. He cashed in $20 K in silver every few months for vacation money.

 

[ArkieBassMan]

I didn't take it personally Jim. Not in the least. You have WAY more experience in this field than me. I highly respect your opinion and enjoy your posts. I do, however, think that it might be possible for a single guy (or gal) with no kids to make a very meager living CRHing as long as he/she manages his/her money correctly. That very well might depend on what part of the country you live as well. Here in rural Arkansas, I suspect the cost of living is dirt cheap compared to some of y'all out there. However, my silver is still worth the same amount per oz. as everyone else. I think I could do it if I could find enough halves to purchase. I'm single. I have no kids. I have no debt at all. My only expenses are groceries and utilities. I could get by on $200 a week...maybe less if I had to. $350-$400 a week and I wouldn't even have to change my lifestyle. As I said, it would be a meager living, but I wouldn't have to punch a timeclock or answer to anyone. For some of us, that is worth several $$ in itself.

My advice though would be to start out part-time. Keep your day job and do this on the side. After several months it should be clear if you could make enough $ if you went full-time. That's how I stumbled into this poker thing.