NYC Taxi Medallions Worth Their Weight In Gold…well they used to be worth their weight in gold, up until a few years ago.
A medallion is required to operate a New York City yellow taxi cab, the only type of vehicle allowed to accept passengers who hail cabs on the street. Until the streets were flooded with independent operators like Uber & others, those medallions could sell for over one million dollars! Cabs have been reported to be around on the streets of New York since the late 19th century. By the 1930’s their numbers had slowly grown over the years to a whopping 30,000 zooming around the streets unregulated. In the late 30’s the city introduced the medallions costing $10. Since that era they experienced extraordinary growth of almost 8000 times their initial price at their peak.
The gentleman that owns the most medallions in the city Andrew Murstein has found a lot of green in yellow, reportedly owning at least 500. These days credit unions mainly own and lease out the medallions like LOMTO Federal Credit Union have 628 medallion loans totaling about $138 million. For decades, taxi medallions were among the safest financial bets around. Many New Yorkers got rich by purchasing a few and watching their value soar over the years.
A couple of years ago owners of New York City’s taxi “medallions” filed a lawsuit (PDF) against city regulators. “With companies like Uber operating in the marketplace free of regulatory burdens… licensed taxicab drivers have left the taxicab industry in droves, choosing instead to drive for Uber,” The taxi drivers that have stayed are at risk of losing everything, earning an average of only $22,000 per annum and having no chance of paying their loans.
In this current financial climate and the direction the world is heading traditional brick and mortar businesses and seemingly bullet proof investments are certainly not what they used to be. Affirming my personal feelings around working online and building my own personal brand. In doing this, being the absolute best version of myself and helping as many people as possible I feel security and freedom (eventually) that I would not get as simply an employee. The cab drivers of New York, New York are commendable, especially the ones that had the foresight and belief to invest in a medallion. However anything can happen. I feel very strongly in diversification and also personally have a love for the online platforms with billions of eyeballs looking to cure different pains. My personal focus is helping people be a healthier version of themselves. Lead generation and quality traffic, for ANY business niche & more recently I have a desire to share digital training and motivational content. With the latter you can help multitudes of people long after doing the work, by way of eBooks or audio visual content. From a business sense you can still see remuneration without the need to be on a call or at a meeting where you are swapping your time for money. Many connections of mine talk about a goal of, or are already coaching or consulting. Yes the money can be substantial, however again you are needed physically to be present. Similar to an employee you are trading your time for money, probably more money than a typical employee. If time freedom is the ultimate measure of success, digital products are the ducks nuts, for mine!
Different tiered products are an important part of the equation also. Apple’s products are a great example of having different price point offers. Purchasers may have bought a iPod years ago, next its the iPhone, time passes and an iPad is essential. Before you know it your investing in a flash desktop Mac because it all syncs up seamlessly and you just gotta have one…well O.K. maybe not, but you get the point. With different tiered products, purchasers may pay $7 for an eBook, then over time a course for hundreds, then a mastermind for thousands. The key is to provide 3 times the value minimum, compared with the price being paid.
Online is the future whether people like it or not. Give value, value, value non-stop, build brand ‘You’ and I guarantee you will go far, even long after all these corporations fall to the wayside!