If you have more time than money then you need to consider more ways to be productive and make some extra cash to pay off debt. And it’s best when you can set your own hours, make a significant amount and stay within the confines of the law.
If you have a vehicle with decent cargo space that you don’t mind using in a new endeavor, then making money with scrap metal may just be for you.
Commodities (i.e. the stuff that they use to make other stuff) are the building blocks of our economy and competition for raw goods has never been higher. That’s why the price of gold, copper, steel and oil are at record levels.
As a result, the value of used commodities is also very high, leading to a money-making opportunity. Every day, your neighbors throw away used good that still have value based on their raw materials. You scoop that stuff up and sell it, and you are officially a scrapper.
How to get started
It’s no good for you to collect scrap metal without knowing what you’re going to do with it. So your first step is to go to the phone book (yes, go find one) and look for your local scrap metal yard. Find out what types of metal they accept and you’ll know what to begin looking for. Get their hours, directions, and how they redeem scrap for cash.
Where to find scrap metal
Scrapping, like charity, begins at home. Go through your attic and garage and pull out any old bed frames, tires and rims, barbeque grills, exercise equipment and old pipes that you have laying around. Make a run to the scrap buyer and you are in business.
Next, offer to do this as a “favor” to your neighbors. Let everyone in your circle know that you are doing a “recycling” project and will clear out their old scrap for free. This is an awfully nice thing for you to do, and they’ll probably be happy to just be rid of the stuff. Your more savvy neighbors may know that this stuff can be sold and if so, cut them in on a piece of the action.
Next, you’ll want to look around the community for people dumping illegally. Vacant lots and other areas have tons of scrap there for the taking. But be careful if you go to private property. Always obey the law.
Once you are in the scrap game for real, you’ll get a better understanding of what different metals are worth, then you’ll know what to look for. But the journey of a thousand miles starts with a single step and scrapping a single piece of aluminum siding gets you closer to being debt-free.