In today’s episode I interview Robert Farrington, personal finance expert who focuses on helping millennials get out of debt and gain financial independence. We talk about where younger people are getting all their information these days, which is typically online on sites and apps such as Tik Tok. There are many different ways to plan and budget out there that people can adopt, but the main thing people need to do is find the budget and tracker that is going to work best for them. We discuss the importance of investing and getting into it when you’re young, and then we go into side hustling and the type of revenue that can bring in for you in addition to your job. Where Robert started 1:46Where to find The College Investor 8:00What you should do if now is not the best time 14:56Robert’s side hustle 23:55“I get it, you can have a lot of social arguments. Maybe people should get paid more, maybe this and that, and the other thing. But at the end of the day you gotta take care of yourself and you gotta make choices that impact you and your life in the here and now, and earning more money is a game changer for your own personal life situation.” 17:22Thecollegeinvestor.comReach Out To Keith, Get Help and Resources: https://dincpie.com/

Diversified Income Experiment | Passive Income

The College Investor with Robert Farrington | America’s Millennial Money Expert

Today is about making EASY money and I’m going to be covering a business that I think has a really easy entry point, meaning it’s not super expensive to get started, it’s easy to get customers, and it’s easy to grow. There is something I’ve come across called a dump trailer, which can be bought for between $2,000-7,000, and then rented out to people for a few days who are going to need something large in which to put their trash. $5,000 per month is the potential this type of business can be making you. Dump trailer rentals 1:38Cost of dump trailer 5:03How much it can be making 8:54Acquiring customers 12:10“You’re gonna be into this for $14,000, you bought a truck and a trailer and you’re making $5,000 a month off the thing net. You’re gonna pay it back in 3 MONTHS. I’m trying to pay back my investments in 3 YEARS. You just paid yours back in 3 months, so come on! It’s easy to get, it’s easy to scale.” 11:50Reach Out To Keith, Get Help and Resources: https://dincpie.com/

TRIFECTA! | This Biz is Easy to Grow, Easy to Enter, and Easy to get Customers!

Today we’re gonna take things to the next level. I’ve got an interesting opportunity I want to share with you guys because you guys have made this podcast such a success. I’m starting a trucking business and want you to be involved. I’m going to spend about fifty grand on a truck and am giving you guys an opportunity to buy in to get equity in my business. If you put in five thousand dollars, you will own 10% of the business. Let’s do something together 1:29What I’m looking for 2:24Total buy-in price 4:22“Let’s go start one of these. Let’s do it, man. Let’s go start one of these, a truck costs forty thousand bucks. Let’s go buy a nice one. Fifty thousand dollars. I’ll put some money into this, I’d like to have some other folks invest in this thing so that we got something to talk about and do together, and we’ll put together a little LLC.” 3:04Reach Out To Keith, Get Help and Resources: https://dincpie.com/

You and I are starting a TRUCKING business TOGETHER! | Get in on the fun

In this episode I tell you about the franchise I bought into about a year ago, and I’m gonna fill you in on the things I’ve been doing, the things that I’ve learned, and many interesting things about franchising. I bought into a company I’ve mentioned before called “Smash My Trash,” and tell you about how it’s been going. A lot of people hate their day job and would love to be able to quit to do their own thing and sometimes they do that by starting their own business, which can prove to be a great option, but buying into a franchise saves you from all the headache of testing an idea and having to set everything up because the idea is already proven to work. My franchise 3:05An alternate option to your current job 5:35What I’m trying to tell you 13:11“If you decide to shortcut that process, you can buy a business and immediately shortcut it. You just enter into the revenue stream and the earning stream. That’s what you start cramming into your pocket. Or maybe you decide you wanna open a franchise because it’s a proven idea. There’s a lot less risk involved. You’re not trying to test out your own deal, and you should have a really clear timeline to –like what is the timeline to cash?” 5:50Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Update on the Franchise I BOUGHT | You Can Too

Today I interview Ericka Williams, who has started a trucking business, and we go into how she got into this business and details about how she has diversified her income. She tells us about her YouTube business along with what YouTubers have been doing to grow their income, and then how big her email list is compared to her subscriber count. She makes a lot of her income from affiliate marketing and deals she has made with businesses that she promotes through her videos. Ericka goes over her trucking business, what she hauls, team drivers, and lets us know how the numbers work. Ericka 2:58Her primary business 6:56Ericka’s email list 10:13How she got into trucking 15:12What to haul 22:24Selling/where to find gigs 27:39Things to prepare for 43:31“Right now I know a guy who has –he broke his leg. He was a driver, so he couldn’t drive. And he dispatched eleven refer trucks, and refer are refrigerator trucks. Refrigerator trucks usually make 7-8 grand per week because usually they’re dealing with food. So he’s doing that, 10% times 11 trucks, he doesn't have to do anything else.” 42:13https://www.linkedin.com/in/erickaswilliams512/https://www.youtube.com/channel/UCxaf18Olr8YRgKcTt7mVuJw@erickasclassyclimbReach Out To Keith, Get Help and Resources: https://dincpie.com/

How to Get into the Trucking Business | With Ericka Williams

In this episode I tell about my 4th laundromat, where I’m placing it, and what my plan is going forward. The heads of a military base approached me, told me they like my laundromat model, and wanted me to take over their laundromat space on the base. Because it’s government property, there are a lot of differences between this one and the other 3. The space for the machines is pretty small and the amount it brings in is smaller as well, but my only expenses are sharing a portion of the revenue with the base. I can make 50% of my original cost back within a year on this baby, which is amazing compared to the kind of returns you’d typically see in the stock market. My 4th laundromat 3:07What it makes every month 9:06My expense structure 11:20What it cost to get into this 15:51“‘So Keith what did it cost you to get into this? What was your total spend on equipment and getting the place built out and turned back into a laundromat?’ You’re making $36,000 a year at plan. Let’s assume that’s the way it really works. $36,000 a year, my capital investment: $77,000.” 15:52Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Laundromats on Military Bases | Go Make Some Money!

In today’s episode I go over how the year 2020 went, and then give you my plan and what I’m expecting for the new year going forward. I talk about business depreciation and expenses you will face as a business owner, which will provide you with tax breaks and help you stay afloat. I’m also going to be opening a 4th laundromat here soon and I tell you about what’s going on there. For this year, I plan to make 1.1 million in revenue for the low end of my plan, and the high end of my plan is 1.3 million. I also go over the top 5 expenses I face for this business and what percentage they each take. Depreciation 2:25How did the laundromats do? 7:522021 plan 16:13Top 5 expenses 22:14“If you’re 40 years old, when you’re 43 you could have 3 laundromants. And when you’re 50, those laundromats could be paid off and that $556,000 that is the high end of my plan for 2020, with no debt, that’s what would be going into your pocket.” 21:28Harry@dincpie.comReach Out To Keith, Get Help and Resources: https://dincpie.com/

2020 Review | 2021 Outlook for My 3 Laundromats $$$$

Today I update you on my Sprinter Van, which I am modifying and turning into an “adventure van.” I tell about what this thing has cost me so far and what the timeline looks like, and then what it looks like in terms of getting it on the rental boards (Outdoorsy). All in all, I will have spent about 100 grand, and then I’ll have it ready to go for $300 per night. What I’m doing 1:18The idea 1:57Flarespace system 6:30“Now it looks like a finished van and it’s got this super awesome flarespace bed system in it, and a super awesome camper top that’s a finished looking deal in it as well with the two additional really, really nice captain’s chairs. So travel in comfort and they’re leather seats. Beautiful looking deal.” 11:02Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Sprinter Van Update | Dang This Takes a Long Time

In this episode I explain what tools and resources I use, and then what I think about them. I hate social media and do not particularly enjoy marketing, so I do all my marketing through firms. One firm I use is just with a neighbor down the street, and another one I use for my laundry business is called Marketing 360. I go over marketing firms I’ve used, and then bookkeepers that have either been great to work with or terrible. I use a tool called Gusto and it takes care of all the payroll crap you get from the government, such as forms and filing, and then a scheduling app I use called Homebase. If you don’t like marketing, but need it 2:53Godaddy 6:00Bookkeepers 8:25CPA and taxes 15:35Tools I use 16:47Homebase for scheduling 18:47Clickfunnels 21:38“If you can make Clickfunnels work, I think it’s a pretty powerful tool. I think there are lots of ways to make money and there are certainly many people making lots of money through Clickfunnels. Clickfunnels is a way to create a mini website focused on how to navigate people through the buying process, and that’s ultimately what you’re trying to do.” 21:45Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Resources and Tools I Use to Get the Job Done | What Has and Has Not Worked

Today I start off telling you about how you can get started on finding a business to buy and get on lists where companies will send you listings of businesses for sale. I have a friend who wants a TBM 700 airplane, but has done nothing to diversify his income. He wouldn’t believe me when I told him he can purchase a business for 2 times its yearly earnings, but now I send him listings all the time just to torture him. I talk about a business for sale I found that sells chicken coops and brought in 4.3 million dollars last year and is for sale right now for 11.5 million dollars. Transworld, tworld.com 2:13Service businesses/product businesses 6:37The listing I bought 21:47“This is in the listing, this is in the email they sent to me. ‘This company is growing rapidly year over year at a 100% year on year sales growth, and 376% year on year profit growth.’ So what is goin on, man, that the profits are growing at a faster pace than the revenue? That would tell me that they’re discontinuing stuff that doesn’t really work very well and putting tremendous emphasis on the high earning stuff likely with the vision a year ago that they were gonna sell this thing.” 14:37www.websiteclosers.comwww.tworld.comReach Out To Keith, Get Help and Resources: https://dincpie.com/

You Can Buy a Business | Let’s Review a Few Business Listings Together

In this episode I’m here to share with you more insights on my short term rentals, specifically my Mercedes Benz Sprinter Van. I look up a Sprinter Van during the show and find a 2012 van going for $220 per night. If I can rent it out for 10 nights a month, I can get 3 grand per month, and then I can use it with my wife the rest of the time during the year to take skiing or camping. I talk about what I’ve done to get the van ready and how I’ve done it, telling you which companies I’ve used to renovate this vehicle.The Sprinter Van 2:03If I had 10 7:46What I’ve spent so far, and my Amazon business for sale 10:51“Now I’ve got the interior walls, I’ve got a cool floor, my bed, and everything laid out in there. Now all I need are some cabinets and there are a couple options for cabinets. I bought some from TouRig and they make some DIY stuff available… Anyway that’s what I’m doing with my Sprinter Van.” 22:35Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Sprinter Van Update During My Build Out | This Thing is Looking Good

Today I speak with Art Director of Sun-Staches, David Levich, who has been building the company from the beginning. They have focused on selling sunglasses, which have a little mustache hanging down from a chain and have become popular, even being worn by celebrities such as Justin Bieber. They see themselves as designers rather than retailers or sellers to give a competitive edge and be unique. This has been a less profitable year because of Covid, but they haven’t had to let any employees go and have really just focused on design and preparing for better months. He started selling jewelry in high school and even ended up later going on Shark Tank, getting one of the investors, Daymond John, to invest in his product. Most deals made on the show tend not to go through, but they were fortunate enough to complete their deal with Daymond and they still have a relationship today. Background 1:41How do they adapt to Covid? 7:14Shark Tank 16:53Having to pivot the business to not have to rely on Amazon 24:56“And eventually we realized that our suppliers, the ones we had downtown, are not good suppliers. So what we did was we started importing goods from China and we learned the intricacies of importing from China, manufacturing goods, and over the years we’ve seen how China has increased in quality. When we started off it was just whatever quality wise. Now you cannot beat it. They’re so good at making things. It’s amazing.” 21:53https://sunstaches.com/@sunstachesReach Out To Keith, Get Help and Resources: https://dincpie.com/

David Levich | Building a Quality Product

In this episode I will be talking about accountability, which you feel the impact of more with your customers when you’re a business owner as opposed to a corporate resource. When a customer gives you a complaint, the thing they say to do, which is typically the right thing, is to ask the customer how they would prefer you to fix the situation, and then you do that thing. I give a couple instances of when I didn’t follow this rule and why. Some instances where I didn’t do exactly what the customer wanted 2:05When I said no 9:44Story #2 14:18“You can get caught up in these scenarios talking about right or wrong and you can decide whether you’re going to try to fight the right or wrong battle, or whether you’re going to just gonna opt toward great service and as a result probably take it on the chin a few times and just do what the customer wants. That’s what I’m advocating, that’s what I’m going to do, but in the process you’re gonna feel the sting of people’s lack of accountability.” 18:11Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Dealing with Customers | They’ll Make You Crazy if You Let Them

Today I tell you about a new business for sale and give you all the details about how it works and what you could gain from it. I begin by updating you on my businesses I have running right now and how that’s going. Then I give my take of the benefits of being an entrepreneur vs being a CEO from my own experiences doing both. I then talk about a business I found called saunas.com that went up for sale recently, and then another motorcycle parts company and I break down the math on how much this business is making and how much you could be making in the future if you acquired this business.Entrepreneur vs CEO 3:12What you should be doing 10:32Business for sale 12:26“Be thinking about ten years because ten years is going to come exactly ten years from now and when that does show up you want to be in a much, much better spot and if you diversified your income and you started that process now, you can build quite an empire over the next ten years. That my friend is where you should be focusing your energy today. 9:36Reach Out To Keith, Get Help and Resources: https://dincpie.com/

CEO VS Entrepreneur | We Break Down the Math on a New Business for Sale

I start off today talking about how I’ve moved to Mexico for a month with my family and where my businesses are at, being ventures that can be run remotely. Then I talk about Turo, the rental car company I use to rent my own vehicles. I tell a story about a funny experience I had while trying to rent a car from a company that tried to rip me off versus a great experience I had while renting from another business, and then I get into the details of my Turo business. Turo 3:19Car rental story 5:35About Turo 10:24“I entered my 2015 GMC Yukon XL Denali out of my city and it says I should expect earnings per month of $1200. 93 dollars per day, 13 days of the month and I would make 1200 dollars.” 11:41Reach Out To Keith, Get Help and Resources: https://dincpie.com/

Using TURO to Rent Your Own Vehicle | We’re Top 200 Podcast Now

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Diversified Income Experiment | Passive Income

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