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The most important element of the event was the children for whom the funds were raised via partners: Detroit PAL, Children’s Hospital of Michigan foundation, and Gleaner’s Food Bank. Learn more about the event and partners at their website www.allstarhoopsfestival.com.
Secrets of a Third Generation Pawnbroker
Les Gold is the tough-talking, larger-than-life reality star of cable’s Hardcore Pawn. He says his five decades of experience have given him a better education in business than any MBA program ever could. Now he’s revealing what he’s learned in his bestselling book, “For What It’s Worth.”
I flew to Detroit to visit his 50,000-square-foot store, American Jewelry and Loan, to learn more about his sales savvy. Gold, a third-generation pawnbroker closed his first deal at his grandfather’s store when he was just a kid. “A gentleman came in looking for a hydraulic jack. I was asking $14 for the jack…he offered me $5 or $6 and we ended up settling on $10. At seven years old, $10 was like a million-dollar deal. I was hooked immediately,” says Gold.
His first rule of business: There’s a market for everything. “I took an Elizabeth Taylor brooch for $100,000 in pawn. I’ve taken in prosthetic limbs, prosthetic eyes,” he says. “If someone bought it once, my theory is someone’s going to buy it again.”
But success doesn’t come without failure. Gold recalls the embarrassing time he paid $5,000 for a luxury watch that was actually counterfeit. “If you don’t make a mistake, you’ll never learn how to fix it. That was a mistake that I wish I never made, but I did make that mistake.”
For those curious about making a fast buck, Gold notes some household items are more valuable than others. “Always look for jewelry. There’s no question, silver, diamonds, gold, platinum [will sell],” he says. Also on his list: laptop computers, video games, costume jewelry, old comic books and sports memorabilia.
American Jewelry and Loan makes 1,000 loans a day, and its location on Detroit’s 8-Mile makes it one heck of an economic barometer. “Detroit is going bankrupt, but Detroiters are not,” says Gold. “When the pawn line is long, I know the economy is really bad. When the redeem line — or pick-up line — is longer, I know the economy is getting better. [Right now] my pawn line is getting shorter, and my redemption line is getting longer…So, yes, the city has a big financial burden on itself, but right now, it’s coming back…slow but sure,” he says.
Read original article here: http://finance.yahoo.com/news/secrets-of-a-third-generation-pawnbroker-184207640.html
Send your feedback regarding this story on Twitter @Farnoosh and use the hashtag #FinFit.
I’ve been in the news a lot lately talking about my perspective on Detroit’s bankruptcy and its impact on our region. It’s such a pleasure to give some insight on the fact that Detroit is filled with people who are strong, resilient, and hardworking. The people of this city are the same people who put the world on wheels. So I have no doubt that Detroit will find its way back to the former glory that I remember growing up here as a kid.
Like a lot of Detroiters, I’m a car guy. My first car was a Ford Mustang … I’ve always had a thing for muscle cars. My pride and joy is a beautiful 1960 model 190sl Mercedes which has been fully restored. I own a Harley Davidson motorcycle which I seldom drive. So I’ve always enjoyed the Woodward Dream Cruise because it’s a chance for people from all over the world to come to the Motor City and showcase their vehicles.
Like me, these vintage car enthusiasts tend to be sentimental and typically have a story behind their relationship with a particular car. This annual event is a great way to showcase this town. It reminds me of the old days when we used to race up Woodward Avenue.
We love when out-of-towners stop by American Jewelry and Loan, so if you’re in town for the Woodward Dream Cruise, please stop by! And if you’re interested in buying a REAL muscle car, then I’d love to show you our 45th Anniversary Edition Lee Iacocca Ford Mustang!
