Rich Habits Podcast - Q&A: Vending Machines, Financial Advisors, and Shrek

Episode Date: October 12, 2023

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We had a ton of people give us some really strong, positive feedback to last week's inaugural episode. So we are absolutely thrilled to bring it back another week and have a really good breakdown of awesome questions that we receive both on Instagram, Discord, and through email. Yes, I love this new Thursday podcast format. The Q&A session is one of my favorite parts because we really get to do. dig in, get in the trenches, and answer all of your pressing questions. And our goal here is always to create and provide information for rich habits for everyone to build wealth. And so when we can answer your personal deep, dark questions, we love it. So let's dig in. I'm excited. The personal deep dark question. Well, our first personal deep dark question in Robert's words comes from Brian T. Brian says, do you have any recommendations on a platform to use for a 529,

I've looked at about 10 different platforms and they're all very limited as it relates to what I can invest in because they're typically target date funds. So speaking from experience here, Brian, what I've done is I've opened up a 529 plan on Vanguard. I did this about two months ago for my newly born nephew. And what they do is they have a $3,000 initial investment minimum that you have to contribute, which is I think pretty reasonable. But that's the only sort of parameter restriction they have. They make it very simple if you to invest that money into Vanguard ETFs. So for example,

I'm in VGT and VOO. VGT is the technology growth ETF that they offer. It's outperform the market for the last decade and VOO, as we all know, is the S&P 500. But with that being said, Robert, do you have any other 529 account suggestions?

Not really. I agree with you on the one you selected because obviously I'm a fan of the Vanguard products. I just feel that with their, you know, cost being low and their performance always being really good, that I like Vanguard. You know, and the key for me here on the 529 account is just the fact that you want to be able to have some autonomy if you can, because at the end of the day, a lot of the 529 accounts are going to put you into these target date funds that I don't agree with, and Austin and I don't prefer.

Target date funds, just so you understand, don't really take into account COVID or a war or an economic downturn. They are created to be slow and steady for people over a long period of time. I don't personally agree with that because I think you're just leaving too much money on the table. So that's why I would prefer you go with a 529 account that you have autonomy in. Really good answer, Robert. Our next question comes from Franklin, speaking of target date funds. Franklin says I'm 48 years old and I have about $300,000 and a 401k from a previous employer. I want to roll it over into an IRA, but I'm not sure what to invest it in. Should I invest it into a Target Date Fund or VOO or something else?

Robert, we talk about this all the time, so I'm going to let you harp on this one. Yes, we do. I don't like Target Date Funds. Great question. And I'm glad you're addressing this because you definitely need to get that money moving. But I don't prefer Target Date Funds just because, as we said in the last question, they just don't take into effect market conditions. So as I stated, you have to think about what happens when COVID occurs if we have a war, a downturn in the market.

Target date funds are exactly what they say. They are set for when are you going to retire and how can we keep your money as safe as possible, which is fine except for the fact that usually they way underperform even just VOO in the markets and you're going to be leaving four or five, maybe six percent, seven percent in a good year on the table by going with the target date fund. So in my personal opinion, I would shy away from the target date fund and I would look more at a good blended mix of index funds like you said, V-O-O-Q-Q-Q, maybe look at V-G-T or VT. I really like AIQ right now. If you want to have a taste in artificial intelligence, I think AIQ is going to perform really well. So that would be my takeaway, but I'd love to hear yours, Austin. I agree entirely. Now, coming from the perspective of like, well, why do I want a target target?

date fund. Target date funds do one thing decently well and that's to preserve your money, right? So if you've built up a massive retirement, they're going to do their best to be sure that a lot of that money is in T bills and bonds and very stable equities so you don't see those big price fluctuations. That might be useful if your student is already in college, right back to our last question, where this 529 nest egg, you want to preserve that to pay for college. That makes pretty good sense. But from a wealth building perspective in your 401k and only 48 years old, I don't like the idea of preserving. I want to see those big ups swings and those big down swings knowing that the ups are going to be higher than the lows, right? So when I think about investing into a 401k, to Robert's point, I want to be in the index

funds, I want to be in the VOOs, the QQQQs, the QQQM, as we talked about in last week's Q&A episode, but something I also want to call out here is the rule of 72. So the rule of 72, essentially, means is, is it helps you figure out how many years it's going to take for you to double your money. So if you take that 72 number and you divide it by what you think you're going to get as an annual return over the next however many years, and you divide that into that 72 number, that tells you how long it's going to take you to double your money. So for example, if we were to expect a 10% annual return every single year, you can take 72, divide it by 10, and it's going to take 7.2 years to double your money. You're 48. You're probably going to continue to invest until you're 68.

So call it 20 more years. At a 10% return, which is what the stock market does, that is three more doubles that you could expect on this $300,000 if you didn't touch it at all. Right. So it doubles to 600. So that's one double. Doubles again to 1.2 million. That's the second double. And doubles again to 2.4 million. Right. So that's the type of growth that Robert and I allude to and want with these index funds and you're not going to get that in a target date fund. That's a great explanation. And one of the key takeaways of the rule of 72 and what we're talking about here on this question is really just understand that it's about time in the market. The longer you're in the market and you have your compounding not being interrupted, your profits are rolling over,

they're compounding. It's just really, really powerful. You know, Warren Buffett once famously said that compound interests are the two greatest words in the English language. And I couldn't agree more because at the end of the day, so many people are in and out of investing and they're not consistent. And the key here is being consistent. Our next question comes from a fella named Daniel, and it's kind of crazy. He says, I have about $7,000 in cash in my gun safe. I owe the IRS about $2,400. Do I need to pay for a financial advisor? It's going to cost about $12.50 per year. So let's unpack this a little bit. One, why do you have $7,000 in cash sitting in a safe? You should definitely have that in a high yield savings account or T bills on public, earning you interest, right?

That's about $400 a year in interest you're leaving on the table by not parking it in the right account that we suggest. So first thing. Second, I owe the IRS money. That's a good idea. Pay that off, right? Don't want that hanging around you. And then the final question here, which I think the really important one, I want to answer is, do I need to pay for financial advisor costing $1,200 per year? So Robert and I, we talk about this all the time because we do get people saying, hey, I've got Bucco money. Do I need a financial advisor? Or I've got a very complicated, you know, business situation and my spouse and my children. Like if that's the case, then yes, get a financial advisor. You've got hundreds of thousands, if not millions of dollars. You have a very complex

financial picture. You need some advice and advising to navigate that. But if you don't find yourself in one of those complex financial pictures and you do have maybe a couple thousand invested, maybe up to $100,000 or $200,000 invested, it's still not needed, right? You still don't really need someone to hold your hand on that. Just park it in these passive index funds that Robert and I talk about every day. Yeah, this is a good one. It's kind of interesting because I don't know where the financial advisor part comes in. I think right now you just need these kind of rudimentary questions answered early

so you can understand your next steps. But definitely, like Austin said, you have to get the 7K out of the gun safe. That needs to be making money for you because remember parked money is dead money. And when you have it in a gun safe, it's definitely parked money. So we need to get that making that four and a half, five and a half percent at the very least. And then secondly, absolutely 100 percent full stop. Pay off the IRS because guess what? If you don't, they're going to add penalties and interest.

That $2,500 is going to turn into $3,500. And pretty soon you're going to be in trouble and you're going to be out of the $7,000 you've worked so hard to say. So get the IRS paid off. Get the $7.000. what's left of the seven grand put into the index funds, the treasury bills, the T bills, or even a high-yield savings account, then start working on your next nest egg so you can get back on track. Good question, Daniel. Our next question is actually a really good one. It comes from Angel L. Angel says, I don't really know what should be considered my portfolio. Is it my house? Does that

include my retirement account? My crypto? Does it include valuables? What is my portfolio? How should I be thinking about building my portfolio? Angel, that's a great question, and it varies from person to person, but let's break it down in your instance. So is your house part of your portfolio? One way to look at it if it's your primary home is, is there capital appreciation? If you have equity in the home, the home is going up in value over time, then yes, I believe you could add that into your portfolio. In a lot of markets, maybe where there's very low capital appreciation or you're upside down in the home or something like that, I don't believe that it would be considered portfolio. building or part of your portfolio. The crypto definitely is part of your portfolio and anything else if it's crypto, small businesses, index funds, collectibles, precious metals, those would all be

considered part of your portfolio because you are taking cash and you are investing in those items with the hopes that it will go up in price. So anything that is either cash flowing or going up in value over time, you want to consider as part of your portfolio. And you want to make sure that that's very well diversified and well-rounded so you're adding to the various categories over time because you don't want to have all your eggs in one basket and that market crashes. So I would say you're on the right track and you just need to understand what is and what isn't considered portfolio investing. Now, I'm going to hit you with a crazy little anecdote here. A asset class, that I recently added to my portfolio are music royalties. So public.com just released the music

rights to the Shrek franchise to their investors, like the Green Ogre Shrek, like the multi-billion dollar franchise Shrek. And so it's weird. You can buy for $10 per share, you can invest into the music rights of Shrek, and you can expect anywhere between an 8 to a 9% annual dividend paid to you the investor because the music rights earn money. It's very interesting. So if anyone listening right now wants to maybe continue to diversify their portfolio into things like music royalties, we'll leave a link in the show notes below with more information about that. But I don't know. I thought I'd share that. I think it's kind of a fun little addition to my quote-unquote portfolio. The idea of investing and diversifying your portfolio and building it to all these other different

things, it can mean a lot of different things for a lot of different people. It really just comes down to one thing, invest in what you know, right? Invest into what you're comfortable with and don't invest into something because two guys on the internet told you to, right, Robert? Well, I wanted to touch on it because right now everyone is, you know, hearing all the gloom and doom about the stock market and everyone's so afraid and I'm getting hundreds of DMs going, oh my God, the sky is falling. What are we going to do? And, you know, people just need to really zoom out and understand, especially everyone listening and following us, that there's always a better mouse trap. And if the stock market's down in one sector, well, guess what?

There's going to be other sectors. And when you diversify, there's always going to be places to put your money to make a good return so you don't have to sit there and worry about the sky's falling tactics that people are putting out there. And, you know, notoriously, September and October in the stock market are usually light and not that great. And so that's why I wanted to just touch on some of these alternative strategies when it comes to building your portfolio because there's so many ways to make money with your money. It's not just your 401k or the stock market. There's hundreds of other options, and I wanted to touch on that.

100%. Good question, Angel. So our next question comes from Jeremiah M. and it's kind of a piggyback question on our last one. Jeremiah says he really wants to begin diversifying his portfolio, but he's not sure as to what platforms to use to achieve that. He asked us to break down our own portfolios and the platforms that we use, so I'll kick us off.

So I'd say my portfolio right now probably has, I don't know, probably across like five or six different platforms. Right now that that's definitely real estate with Fundrise. Obviously single stocks and ETFs with Public and M1 Finance. The random sort of like the music royalties we just talked about, that's on public.com. I'm also into artwork on masterworks. I'm also into vintage collectibles on Rally Road. I also have wine and whiskey on VinoVest. I've also invested into a slew of different startups,

but that's not like actually a platform. That's just like me investing my own capital into different companies. But if you want to find some startups to invest into, obviously Fundrise has their innovation fund. So that's a really good solution there for you. So it's kind of a two and one. That's all I can think of at the moment, Robert. What about you?

What different platforms are you using? How are you diversified across your portfolio? Wow. Okay, I'm going to have to really think this one through. So let's start with acorns. I love acorns. I think it's great for the beginning mid-level investor that wants to do their round-ups and maybe invest $10 a week and make it automated and let their robo advisors do the rest. So I love acorns. The round-up feature is one of my favorite things because I feel it's free money. I would say number two, fundrise for sure. Whenever I want to have some passive incomes, so I have a set-it-and-for-get-st strategy, with Fundrise, where I do in a certain amount every single month, let them take it away and do their job. They're the professionals at this. Number three would be public.com. We both love public. We work with public. Public is great if you're looking at treasury bills. And also now the new music rights investment. I can't wait to dig into that today. But also for doing cryptocurrency purchases. So we love public. Masterworks as well. Austin is in Masterworks. I love Masterworks.

But then I also have like Betterment. I use Betterment as a robo advisor as well. I have some stuff on uphold. I have three or four different cryptocurrency platforms like Crypto.com, Kucoin, Coinbase. Vino Vest I love as well. I mean, the platforms are endless. It's just really all about what is the best platform for you

and what you feel comfortable in your diversification. We don't want to forget about looking at maybe precious metals. There's some good precious metal opportunities out there as well, and no, it's not gold. So yeah, I use, I don't know how many of that was, maybe 10 or 15 platforms, but each platform is going to have kind of its specialty of what it's best at. And so I would just take from that list, see where you're at in your investment journey, and then use the ones that fit you the best. And I'll let Robert speak for himself here, but for me personally, I like to keep about

65 to 75% of my invested assets in the stock market. I love to see the stock market go up. It's gone up for the last 90 years. I want most of my investment portfolio to see that appreciation. And so the diversification comes in on that other call it 25 to 35 percent, right? So that other 25 to 35 percent of my investment portfolio is diversified across the fund rise, the Vinovass, the Masterworks, the Rally Road, the acre trader, right? Insert things here. The music rights with Shrek. So definitely keep that in mind as you build out your investment portfolio, Jeremiah. You want to have that, you know, 65, 75% into the markets with the other 25-ish percent diversified away into some of these platforms that we've talked about.

Yeah, and to put a bow on it, I think Austin's portfolio weighting is probably optimal. Mine is a little bit more weighted differently because it's more aggressive. So I have a greater amount than probably most people should have in cryptocurrency and also startups. I love Angel investing because I only need to be right one out of every five to seven times. And so my waiting is a little different, but I wouldn't go below 50% in these equities in the stock market just because the returns year over year are always pretty solid. Even in downtimes, it's always going to go back up. So just keep that in mind when you're thinking about how to diversify your portfolios. Really good question, Jeremiah. Thank you. So our next question comes from Brad H.

Brad asks, my spouse and I are military. Thank you so much for your service, Brad and Brad's spouse. And we bought a home in Alaska. We have been here for three years and we're moving once more, but we're thinking about holding onto this home since we put money into it. We love the neighborhood, location, and it's walking distance to a really good school. We only have a 3.5% interest rate on the mortgage. We want to rent this house out and maybe even buy another house depending on where we move. We have six figures in our 401Ks and we're feeling pretty good about our finances. What do you think about this? Brad, I think it's a great question. There's a lot of complexities here. So I'm going to try and break it down as succinctly as I can. First and foremost, I would say it's going to depend on what do you owe on the house and how much

equity do you have in the house. And what's also attached to that is I would want you to look up in your area and figure out what the average capital appreciation is per year. In some areas, it might be 3, 4%. And other areas like this area, you said it's a nice neighbor, it might be 10%. So you want to look for a higher capital appreciation amount, because if you look at it that way and you keep it, even if it's at 4% a year, over 10 years, that's a 40% return on that property just in capital appreciation. But you also want to take into consideration very loosely, but the 1% rule. And that kind of states of whatever you pay for the house, whatever you owe on the house, can you rent the house for that amount. So if the house is 200k, can you rent the house for $2,000? So I would get that into

your calculations as well, because you might be in a situation right now where you owe $180k at that 3.5% mortgage rate, and you can rent it for $2,500, which then gives you the positive cash flow. So there's a lot of calculations you should put into this, but also look at the fact with moving, you might want to consider leaving it as a rental if it has the things we discussed, and then renting your new home where you get to your new destination. Rent it for a year. That way you can learn the neighborhoods, learn the area, figure it out, make sure you love it so you're not moving across the country purchasing a home that you're not sure about. And also what comes into play with this is the fact that with interest rates so high and rental rates so high, you might be better off renting at the

moment because that way you can save up some more money and not have to worry about another big down payment while keeping the other property. Really, really great perspective there, Robert, and I think the only thing I would add, Brad, is assuming you leave the state of Alaska, which is wherever you're moving to now, you're going to be a long-distance landlord, right? Assuming you keep this house and you're renting it out, if something goes wrong, I mean, I don't think you really want to hop on a plane and fly. That's just going to crush your margins. So just keep in mind that you're going to have to have a property manager, a best friend, or someone that you can trust with their boots on the ground at the old residence, assuming you

keep it and rent it out, that can definitely troubleshoot and solve problems as they arise. Love it. Our next question comes from Jack S. Jack says, I'm looking to start a vending machine business with my friend. We're both in college and putting $1 to $2,000 into this is a bit scary, So we're trying to figure out the margins, cash flows, expenses, things like that. Do you have any advice? Yeah. So me and a couple of my friends here in Nashville have a vending machine business. And I would say the cash on cash returns, right, the margins there for us hover between

50 and 60%. A couple expenses that you should think about. And they're not really expenses, hard expenses, the more expenses on your time. And that is these machines are going to break. That is something we learn the hard way. They break all the time. I don't care how nice, how new, how whatever, the machine's going to break, and you're going to have to spend hours on the internet trying to figure out how to fix it. So Jack, just be prepared to sit down on a Saturday.

And instead of going to the football game, you're fixing maybe a couple of your vending machines around campus. Speaking of campus, that's a great place to drop these vending machines. We've got, I think, four or five of them at some college campuses around Nashville. We have a couple at a few car dealerships, a couple office spaces. One is actually even in a dive bar that stops serving food. after 11 but the dive bar is open until 3 a.m. So that's sort of four-hour stint for the munchies. It's a pretty good spot. But it really just comes down to where do you think people your age are going to go spend money? So for example, one of our most successful vending machines

is in a boys dormitory at a HBCU here in Nashville, Tennessee. They go through honeybuns like nobody's business over there. And so we're making a couple grand every month in cash flow just from that machine. It's bonkers. So think about just placing machines in different high traffic areas that you personally would want to see a machine and think about it from the customer's point of view. Yeah, you can expect 50, 60% cash flow margins and it's a fun hobby. It's a fun way to make quote unquote passive income. It really just depends on the prices you pay, right? Because you can only charge so much. So the best way to increase those margins are to bring down your costs. Whether it's Verde, Roja, or the orange one.

For Jeff, trying any salsa is like playing Russian roulette with a flamethrower. Luckily, Jeff saved with Amazon and stocked up on antacids, ginger tea, and milk. Habiniero? More like habanier, yes. Save the everyday with Amazon. So my takeaway in the vending business, I've been in and out of the vending business for 25 or 30 years is bring in a partner that is the local person that is going to be the day-to-day operations person. Because if you can have that person who's the handyman who knows how to fix

something, knows his way around tools, then you're not going to be doing it. Because the problem with so many small business types, people think it's passive and you're just going to be able to count on this manager and you're going to be, you know, everything's going to be great and you're going to make a ton of money. It's just not the reality in the small business world. And so to put a bow on what Austin said, you have to be prepared that on that Saturday afternoon, when you're all dressed and ready to go to the football game, that an important machine breaks and you've got to go fix it. It's the same thing with laundromats. Everyone paints the picture that laundromats are this great colossal money-making place that's passive. They are so far from passive. It's unreal because

quarters get stuck, machines break, things go wrong, pipes, whatever, you're always going to have issues. So just keep that in mind when doing your vending business that it's not going to be fully passive and you need to make sure that the profit margin that you perceive you're going to make with a good route is going to outweigh the headaches of having to take care of the problem. I just want to add on to this really quick, Jack, if you're able to add more and more vending machines every six to 12 months. To Robert's point, you can create a route and then you can sell that route for about one to one and a half times annualized revenue to someone else, which is people like me who bought the route. We paid $40,000 for a route here in Nashville. Someone just went out,

created it, and then they sold it, right? That is another way to think about making money in the vending machine business. Love it. This episode's final question comes from Amanda A. Amanda asks, any suggestions or any small things or ideas to help us tackle our bad debt? We want to be debt free. We don't want this high interest debt anymore. How do we approach it? I've always thought about tackling debt from the perspective of Dave Ramsey, which is the debt snowball, right? So essentially what happens here is, and I largely agree with this statement, finances are 80% behavior and about 20% head knowledge. And the fact that if you can see small wins paying off your bad debt, saving money here, earning a little bit more over here to pay off this credit card, maybe you have this very specific

medical debt that you've been able to finally pay off, right? Getting those small wins and those behavioral feelings keep you moving forward and motivated. So what the snowball method does when it relates to paying off your debt, you pay off the smallest debt balance first, and then whatever that minimum payment was, you snowball that into the next smallest balance next. So if you have like, let's say three credit cards, 1,000, 2,000, a $3,000 balance in the largest one, you attack that first debt of the 1,000, and then you take all the money you use to attack that and roll it into the second one, the 2,000, and then roll it into the third one, the 3,000. So that's how I think people should be approaching the debt payoff kind of strategy here. But Robert,

what's your perspective? Yeah, I think the snowball method is great, but to back up a little bit on that point, so many people can't pay off the debt and it's not that simple as just paying off the small one then going to the next one because they don't have the money to pay off the debt, hence how they got in that position in the first place. So for me, I look at it more of a macro broader scale of where the problem oriented and that is lack of income and I would look at it to say, all right, I need more income so I can get out of this bad debt, this high interest debt, and move on to being cash flow positive. So what I would immediately take, tell anyone listening that's in this position is go get a side hustle and take the income from that

side hustle and use it exclusively to pay off the high interest debt until it's fully gone and your cash flow positive, then take that income, put it directly and exclusively towards investing. Because if you look at this side hustle as a second job and you can use that money exclusively just for getting out of the debt and investing, I think you'll take it more seriously and understand that how important it is to get that handled and then moving forward, keeping that side hustle so you can get ahead in life. And I know Amanda, you mentioned you're a mother,

so maybe that side hustle can include doing something fun with the kids. That might be walking dogs or maybe going garage sailing on the weekends, right? Flipping different items. There's a ton of different ways to think about this while also including the larger family, so you don't have to worry about babysitters or child care. I love it. Yeah.

People think that when they're in financial duress or they have high interest debt, that it's just an impossible chore to get out of. Or worse, they believe that a side hustle won't work because, oh, they're only going to make $200 or $300 a week. But that $200 or $300 a week, if fully put towards your bad debt, will get you out of that situation very quickly, as long as you don't start letting that money seep into your spending habits that got you there in the first place. Couldn't have said it better myself. Everyone, thanks so much for the positive feedback on last week's Q&A episode. We hope this episode delivered on your expectations. We're really excited about this new series.

So if you have questions to ask us, don't forget. Ask them on Instagram at Rich Habits Podcast on our Discord channel. The link is going to be in the show notes below. And you can email us at Rich Habitspodcast at gmail.com. So don't forget, every Thursday, the Q&A episodes are here to stay. And we are excited about these. So get your questions in early. Thanks, everyone, and have a great rest of your week.