Life can sometimes sneak up and surprise all of us, and not always in a good way.
One day you are happy as a lark, feeling that you’ve got your life pretty much as you want it and all under control… and then ‘Bam!’ – from left-field you’re hit with a massive unexpected bill: perhaps a medical or car maintenance bill, or possibly without warning you find yourself laid off work.
Suddenly, money is tight.
If you do not have a financial safety net already put by, this unexpected turn of events can be worrying and leave you thinking: ‘How can I find a few hundred extra pounds?’
You need some money-making ideas, and you need them fast, because time is of the essence.
After all, the bills don’t stop just because your income does. They still need paying and on time.
A short while ago I mentioned that I was considering putting together a course featuring a collection of emergency cash ideas.
I asked for some feedback on this idea and by way of thanks, I promised to let you have a sample emergency cash idea to whet your appetite.
The response was overwhelmingly positive. Therefore, as promised, I am featuring today one such golden idea.
I accept that this idea in itself may not suit all tastes, but it is representative of the whole collection of ideas I am compiling, which should in total appeal to a wide spectrum.
In days gone by, Tupperware parties were all the rage. Friends and neighbours would gather at the house of the ‘party host’ to socialise, have a cup of tea and to buy Tupperware. The party host/hostess would be paid a share of the profits and everyone would go home happy.
Roll on a few decades and the concept has remained popular but the products on display and available to buy in the host’s home have become more sophisticated.
My wife, for example, has been invited to ‘designer label’ fashion parties and ‘costume jewellery’ parties, hosted at the home of friends and acquaintances.
Another very popular variation on this theme is for people to host a ‘Gold Party’ at home. Operating along the same lines as the other parties, the host/hostess will invite around a small group of friends who arrive clutching items old jewellery and gold for valuation and possible sale.
* Unwanted jewellery is a favourite – unwanted either because it has become unfashionable, or because it is an unwanted gift, or even an unwelcome reminder of an ex-partner.
* Gold coins
* Broken or tangled gold chains
* Gold trinkets – such as odd earring or cufflinks, bangles, necklaces etc. Even the smallest gold items can surprise people by the prices offered at such events.
* Unsure whether an item is gold? – even if unsure whether an item is really gold, bringing it along for an expert valuation can be revealing, fun and sometimes profitable.
* Other precious metals such as silver
There is a certain stigma and embarrassment connected with selling your precious items with high street outlets such as jewellers, or even pawn brokers.
That is why the many ‘postal’ gold valuation sites have sprung up in recent years and are much advertised on radio and television.
If unsure about the true nature of your precious items, particularly jewellery, it might be worth persevering with your local jeweller, as they will be able to advise as to whether there is any intrinsic value bestowed by the craftsmanship of its design, over and above it pure scrap gold value.
Even with straight scrap gold – i.e. broken necklaces and odd cufflinks – not everyone is happy packing up these items and posting them off to an unknown ‘cash for gold’ company: this is where the gold party concept has merit, as hosting a gold party keeps everything under your control.
It’s important to do your homework before choosing where to sell your precious items.
Those companies which have been around for many years are likely to be more trustworthy than some of the new boys on the block who have made a sudden appearance with the upsurge in gold prices in recent years.
The Office of Fair Trading (OFT) has recently been cracking down on the more unscrupulous companies, which has brought about a greater degree of welcome transparency in this trade.
Indeed some companies closed down completely as a result of their attentions, whilst others have been forced to improve their practises.
Although finding a trustworthy company is an important factor, you must also shop around to find which company will actually offer the best value for money.
Below I have compared four companies offering cash-for-gold services, using a standardised yardstick – namely the price offered for one gram of 24 carat gold at today’s date 29.07.2013:
www.sellgold.co.uk – 1 gram of 24 carat gold = £27.01
www.falkosgold.co.uk – 1 gram of 24 carat gold = £25.01
www.howcashforgold.co.uk – 1 gram of 24 carat gold = £26.96
www.bestpriceforgold.co.uk – 1 gram of 24 carat gold = £27.12
The price of gold fluctuates on a daily basis, so it’s always worth checking more than once.
Note: Precious metal use the conversion of 31.103 troy ounces = one gram, as opposed to the standard conversion rate of 28.35 grams (as used in fruit & veg. for instance).
Coincidentally, bestpriceforgold.co.uk (last on the above list) not only offers the best gold price from this small sample, but they also offer to host gold parties for you.
To be precise, when I say that ‘you host the party’, what happens in reality is that a representative from a gold company will arrive at your home and become the star attraction as the valuer.
Whilst everyone is chatting and drinking wine, the visiting gold expert will sit quietly in a corner of your room, quietly checking and valuing everyone’s valuables.
Usually, a quote will be offered on the spot, and not only will your friends depart having had a pleasant social get-together, but more often than not they will be happily clutching a handsome cheque into the bargain.
If this sounds interesting, and you know of no one in your social circle planning to host a gold party in the near future, perhaps you might consider hosting such a party yourself?
* You first need to contact a reputable company specialising in hosting gold parties. Whilst there are several companies to choose from, on your behalf I checked out bestpriceforgold.co.uk and was suitably impressed with the personal service offered:
1. www.bestpriceforgold.co.uk – this site is very comprehensive and quotes their gold prices on a daily basis
2. The testimonials displayed seem genuine and complimentary of Phillip Shock’s (owner & valuer) personal service
3. Further, I telephoned Phillip, had a long chat, and was impressed by the service he offers and his track record for hosting gold parties all around the UK
4. Whilst he is Essex-based, he is willing to travel, as long as there is sufficient interest and demand
5. Groups and small as 4 or 5 people attending will usually suffice, whilst larger groups of 15–20 people will also work
6. Phillip has just been accepted by the British Jewellers Association, the largest recognised body in Europe
7. Phillip is always happy to help you set up and your first party
8. Check out his website for full details. Or call 0800 130 3343
You will invite friends, family, neighbours, social club members and co-workers
You could use your social media connections e.g. Twitter, Facebook etc. to spread the word
Instruct your guests to bring their gold, platinum, silver and jewellery
Guests who cannot make the party could leave their items with you for valuation and sale
Get the wine and nibbles in!
Remember, even if you don’t have any scrap gold of your own, simply by hosting the party you would be paid a hosting fee by the gold party company – in the case of bestpriceforgold.co.uk, Phillip pays 10% of the total profit made.
If you feel that receiving a commission from the sale of your friends’ precious items could prove divisive, this can be avoided by gifting the fee to charity.
Finally, if you feel that hosting a gold party is not for you, but still would like to sell some scrap gold or silver, you might want to avoid the middle-man by going straight to a refining company.
Phillip suggested that if you want to sell your scrap gold directly, rather than via the ‘party’ route, he recommends sending your gold off to or visiting Gold Refiners – www.goldrefiners.co.uk.
This, incidentally, is the very same organisation which he sells his gold to after his parties. Personally, I think that it was very generous of Phillip to offer this valuable resource.
Gold Refiners are different to most other ‘cash for gold’ outlets because they allow the general public to sell gold directly to their refinery, cutting out the middleman in the process.
Their website is very informative and provides some all-important positive testimonials from satisfied customers.
This concludes my free emergency cash article. It hasn’t yet been totally decided as to the exact format by which my other ideas will become available. Rather than just a collection of 25 unconnected ideas, it’s possible we may ‘theme’ the ideas, and the most likely banner that I will adopt to theme my ideas will be under the vintage banner, as many of my most successful cash generating ideas seem to fall under the vintage category.
There are some really exciting low-cost and low-tech vintage money-making ideas I would love to put together for you.
What do you think?
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