Podcast Summary
Spring for Financial Security: Secure Life Insurance and Consider Real Estate Investments: Secure affordable life insurance starting at $292/year for $1M coverage with Policygenius. Expand your portfolio with Fundrise's real estate investment starting at $10, but carefully consider risks and objectives.
Spring is an excellent time for both home cleaning and financial planning. One important aspect of financial planning is securing life insurance, which can be easily done through Policygenius. With Policygenius, you can find affordable life insurance policies starting at $292 per year for $1,000,000 of coverage, and some options offer same-day approval and no medical exams. This financial safety net can help cover expenses like mortgage payments, credit card debts, car loans, and college costs. Another way to invest is through real estate, specifically with Fundrise's flagship fund. Despite dropping demand and falling prices, Fundrise plans to expand its $1,000,000,000 real estate portfolio. You can invest in the Fundrise flagship fund starting at just $10. However, it's crucial to carefully consider the investment objectives, risks, charges, and expenses before investing. Lastly, Paul Alex shares his story of becoming a millionaire by investing in ATMs. He bought his first ATM in 2014 and now teaches others how to build wealth through this business. To learn more about Paul's journey, listen to the full podcast episode.
From cop to entrepreneur: Finding personal growth through diverse experiences: Diverse experiences and backgrounds can lead to unique insights and skills, contributing to personal growth and success.
Life experiences, even those that may seem unconventional or unrelated, can lead to personal growth and success. The speaker shares his unique journey from a law enforcement officer to a full-time entrepreneur. He grew up in the Bay Area and, after several careers, decided to become a cop in Oakland during a time of high crime. He found fulfillment in helping people but the heavy workload took a toll on his health. After years of working long hours, he re-entered the digital world and started building his own business. His diverse background in sales, law enforcement, and entrepreneurship has given him valuable lessons and experiences that he applies to his current venture. Despite the challenges, he is grateful for the route he took and the personal growth he has achieved along the way.
Starting a side hustle in investing in ATMs: Path to financial freedom: From $200 to $50,000+: The potential income from investing in ATMs varies widely, but the right mindset and hard work can lead to significant financial gains.
Starting a side hustle in investing in ATMs can lead to financial freedom and even full-time entrepreneurship. The potential income varies widely, with some people making as little as $200 per month and others netting $50,000 or more. The key is having the right mindset and being willing to put in the work to grow the business. Realistic examples include a manager making $50,000 net profit from his personal ATMs and a former first responder netting $15,000 per month. Even someone with no prior experience in the industry can succeed, as demonstrated by a new consultant who went from 0 to 80 locations in just two and a half years. The journey may involve some struggles and sacrifices, but the potential rewards are significant. Ultimately, it's important to identify your "why" for wanting to make a change and use that motivation to drive you forward.
The importance of having a strong 'why' in investing in ATMs: Investing in ATMs requires a solid reason, such as financial freedom, which drives success even during unmotivated days. Focus on cash-driven locations and keep it simple to find business owners' contact details.
Having a strong "why" is crucial when investing in Automated Teller Machines (ATMs). This reason can be financial freedom or options, and it will drive you even on days when you may not feel motivated. The potential reward is significant, with some investors reaching $15,000 a month in just two and a half years. When selecting locations, focus on those that are cash-driven, such as liquor stores in cash-only states due to lottery ticket sales. High foot traffic and high cash usage locations are also ideal. To find the business owner's contact details, keep things simple and don't overcomplicate the process. Just walk into the store or look up their information online. Remember, the key to success is keeping things simple when building a business.
Networking, social media marketing, and communication are key to growing an ATM business: Connect with local business owners, learn social media marketing for expanding reach, and directly approach potential merchant partners for ATM placement.
Growing an ATM business involves a combination of networking, social media marketing, and effective communication with potential merchant partners. Here are three practical tips: 1. Attend local Chamber of Commerce meetings to connect with other business owners and learn about new construction projects that could potentially host an ATM. 2. Utilize affordable resources like Udemy for learning social media marketing, specifically LinkedIn, to expand your reach and attract more business opportunities. 3. Directly approach store owners or gatekeepers to discuss the benefits of having an ATM on their premises, focusing on the convenience and potential cost savings for the merchant. When negotiating deals, be prepared to discuss the percentage of surcharges or rent for the location. Keep in mind that convenience fees for ATMs are similar to other on-demand services, and customers are willing to pay for the convenience. Remember, the key to success lies in effective networking, marketing, and communication.
Saving money and earning revenue with an ATM installation: Installing an ATM in a business location can save merchants transaction fees and potentially earn extra revenue. Research, negotiation, and top-tier customer service are key to securing new ATM locations.
Installing an ATM in a business location can save the merchant significant amounts of money on transaction fees. This solution can be presented as a win-win situation, where the merchant not only saves on fees but also potentially earns additional revenue. If negotiation is necessary, foot traffic and the merchant's current satisfaction with their ATM provider should be considered. It's essential to do thorough research before attempting to take an ATM location from another provider, ensuring there's no contract and identifying potential pain points. Overall, providing top-tier customer service is crucial in securing these business opportunities. By following this approach, individuals can successfully acquire new ATM locations and potentially increase their income.
Creative negotiations lead to financial gains: Invest in creativity, networking, and self-investment for successful negotiations and potential financial growth.
Creativity is key in successful negotiations. The speaker shared an example of an ATM deal where he offered a new machine and took care of all services in exchange for a higher percentage, resulting in the same income for the owner. He emphasized that there's no set script for negotiations as everyone is different, and investing in oneself through mentorship and learning from others is essential. The speaker also mentioned the potential of outdoor ATM locations and encouraged joining networks and Facebook groups to expand opportunities. Ultimately, creativity, networking, and self-investment can lead to significant financial gains.
Networking is vital for deploying ATMs at outdoor events: Network for ATM placement at outdoor events, shop around for competitive pricing, avoid hidden fees, and choose a reputable provider
Networking is crucial for deploying ATMs at outdoor events such as festivals and flea markets. These events can provide significant revenue opportunities, but it's essential to be present or hire someone to manage the machine on-site. The cost of a new ATM machine for beginners is around $23,100, but it's important to shop around and get multiple quotes. Be cautious of companies charging additional fees, such as processing network fees that take a percentage of your surcharge profits. Instead, focus on paying only for your internet connection as your monthly fee. A costly mistake to learn from is signing long-term contracts with high fees, which can significantly cut into your profits. Ultimately, it's essential to do your due diligence and choose a reputable ATM provider that aligns with your business goals.
Investing in a new ATM for your business: To ensure compliance and minimize issues, buy a new ATM with a two-year warranty, an internet modem, and monthly internet fees. Self-installation is possible, but hiring a technician is recommended. For maintenance, consider the Hyosun Halo 2 model.
When starting an ATM business, it's crucial to invest in a new ATM machine to avoid potential compliance issues and hefty charges. Buying new also ensures a two-year warranty. The only additional costs should be for an internet modem and monthly internet fees. Learning to install an ATM yourself through free resources is an option, but hiring a technician is a viable alternative. For ATM maintenance, consider the Hyosun Halo 2 model, which is an industry standard and should minimize issues for several years. Remember, don't sign any service agreements and keep all surcharge fees.
Genmega G2500 and G25100 ATMs: Industry Standards in ETM: Industry-leading ATMs with built-in cameras, 2-year warranty, 6-7 year lifespan, minimal maintenance, $20,000 cash capacity, and your own money being recycled.
The Genmega G2500 and G25100 ATMs are industry standards in the ETM industry, with the G2500 featuring a built-in camera and both coming with a 2-year warranty. These ATMs are expected to last between 6 to 7 years and require minimal maintenance, with the biggest issues being toothpick jams in the card reader and dust build-up in the internals. Each ATM holds up to $20,000 in cash, which can be replenished once or twice a month, and the cash put into the ATM is actually your own money that is being recycled through the processing network and returned to your business checking account. Remember to ask for a 2-year warranty and consider investing in a dust can for easy maintenance.
Maximizing profits with Infinity Banking: Infinity Banking involves continuously refilling an ATM, using real-time notifications to optimize cash flow, offering flexibility in denominations, and building strong merchant relationships for customer satisfaction and maximum profits.
Infinity Banking, or running an ATM business, involves continuously replenishing an ATM with cash from a business checking account and earning profits through surcharge fees. This process can be simplified with the use of an advanced application like Switch Commerce, which provides real-time notifications when an ATM is running low on cash, allowing for timely refills and maximum profit. By offering flexibility in denominations and making regular visits to merchants to refill the ATM, business owners can build strong relationships and ensure customer satisfaction. In essence, Infinity Banking is a way to make your money work for you through a simple yet profitable business model.
Networking leads to business opportunities: Building a strong network can lead to valuable business connections and opportunities. Effective marketing efforts are necessary to help an ATM business 'nurture' inside a location, despite potential initial slow cash flow.
Building a strong network and making valuable connections can lead to significant opportunities in business. The speaker shared his personal experience of getting introduced to an investment group through his network, which helped him break into the ATM industry. He also emphasized the importance of having a reliable and customizable standing desk for productivity and health. However, starting an ATM business may come with initial slow cash flow, requiring effective marketing efforts to help the ATM "nurture" inside the location. While there are potential downsides, such as the occasional damage or slow start, the overall benefits of building a strong network and having a productive workspace can lead to long-term success. Additionally, the speaker encouraged listeners to remember that fear-mongering news stories are not the norm and to stay focused on the potential opportunities.
Starting an ATM business: Strategy, Education, Long-term Perspective: To succeed in the ATM business, focus on strategy, education, and a long-term perspective. Seek a mentor and learn the ropes to maximize profits and avoid common pitfalls.
Starting an ATM business requires a well-thought-out strategy, education, and a long-term perspective. The speaker shared his experience of initially starting without a strategy and only making small profits, but after getting a mentor and learning the ropes, he was able to relocate his ATMs and see significant growth. It's important to understand that this business is not about instant gratification, but rather about building a route with multiple ATMs and allowing the cash flow to snowball over time. Having a positive abundance mindset and being in it for the long haul are crucial to success. The speaker also emphasized the importance of getting a mentor and educating oneself on the business to avoid common pitfalls and maximize potential profits.
Achieving financial freedom with ATMs: Automate ATM processes for passive income, but ensure cash flow before hiring help. Multiple income sources offer financial security and independence.
Building a passive income through ATMs can lead to financial freedom and the ability to scale your business, but it's important to consider automating processes like refilling and maintenance to achieve true passive income. However, it's crucial to ensure your business is cash flowing before hiring third parties to avoid financial losses. Additionally, having multiple income sources is essential for financial security and independence. The speaker emphasizes that relying solely on a 9 to 5 job leaves you without control over your income and financial future.
Multiple streams of income for financial security: Successful entrepreneurs advocate for multiple income sources to secure financial future. Use active income to invest in passive income-generating assets like real estate or ATMs, and enjoy financial stability and wealth growth.
Having multiple streams of income is crucial for securing your financial future. This concept is common among successful entrepreneurs and is a practical way to protect yourself from unforeseen circumstances. Instead of relying solely on your active income, consider using it to invest in assets that generate passive income. For example, instead of buying a car with your active income, consider using cash flow from assets like ATMs or real estate to pay for it. This strategy allows you to enjoy the benefits of your hard-earned money while also building wealth. As the speaker mentioned, having multiple streams of income provides a safety net and gives you control over your financial situation. It's important to think long-term and be prepared for the unexpected.
Achieving Financial Freedom through Assets and Self-Education: Invest in self-education and assets that cash flow to achieve financial freedom by paying off debts and reducing reliance on active income.
Financial freedom is achieved when you're able to work less or not at all, but still make the same amount of money. This is accomplished by using your assets to pay off your liabilities, rather than relying on overtime or extra work. A key step towards financial freedom is investing in self-education to build a business, as the knowledge gained cannot be taken away. This mindset shift can lead to a life-changing process. The speaker emphasizes the importance of enjoying what you want in life, but being smart about it but not relying solely on active income. Instead, make your money work for you by purchasing assets that cash flow and paying off debts without having to work extra hours. This is the definition of financial freedom.
Invest in self-education for a better financial future: Learn from successful individuals, acquire new skills, surround yourself with positivity, and define wealth as having unlimited options. Self-education is the most valuable investment.
Investing in self-education is the most valuable investment one can make early on in their personal finance journey. The speaker emphasizes the importance of learning from successful individuals and acquiring new skills that can generate significant income. He also defines wealth as having unlimited options and encourages individuals to surround themselves with positive and successful people. The speaker's personal experience of self-education and its impact on his life trajectory underscores the importance of this advice. To learn more about the speaker and access free resources, follow Paul Alex Espinoza on Instagram, visit ATM Together's website, or check out their YouTube channel.
Learn life, money, and travel hacks from top experts: Upgrade your life, save money, and increase productivity with tactics from All the Hacks podcast
There's a new podcast called All the Hacks, hosted by financial optimizer and entrepreneur Chris Hutchins, which can help you learn tactics, tricks, and tips for upgrading your life, money, and travel while spending less and saving more. The podcast, which is a top-ranked show, features episodes with experts sharing insights on various topics, such as optimizing for net fulfillment instead of net worth and striving to die with 0. Whether you're looking for a money hack to increase your net worth or a routine change to boost your productivity, All the Hacks has something for everyone. So, if you're interested in rethinking the way you spend money, check out All the Hacks on Apple Podcasts, Spotify, or wherever you listen to podcasts. Your wallet (and possibly your entire life) will thank you later.