How Much Money Can You Make From a Vending Machine - Episode # 197 w/ Kashief Edwards

don't be scared to go for your dreams i think a lot of people get caught up on thinking about um how things can go wrong you know too much to a point where it can actually freeze you up and stop you all right listen if you are a coach consultant i know something about you the average is you make less than five thousand dollars a month okay and you never ever get to twenty thousand dollars a month i think the exact number is four thousand five hundred twenty four dollars a month that's your average but most coaches consultants never get to twenty thousand but the number one reason is because you're having a hard time attracting clients you need client attraction well the good news is my friend my coach my mentor helped me make thirty five thousand dollars in less than a week and it was all the information from his paid ad playbook mr marquar russell he has he has the receipts to vouch including myself okay listen he helps you attract clients you need the paid ad playbook if you want to get 50 to 100 new leads every single day you're going to need to pay paid ad playbook to this date his clients have generated over 500 million dollars in sales half a billion dollars and he's giving you this paid ad playbook for free absolutely free 100 off just for our social proof listeners listen so if you are a coach a consultant a service provider a course creator and you want to get people to pay you three to ten thousand dollars for your product to service for your expertise you need to go to socialproofgift.com it's a gift for you socialproofgift.com or text proof to 904-447-5274 all right let's get to the episode welcome to another edition of the social proof podcast where we find dope people that did really really dope stuff today is no difference another full-time entrepreneur that's uh creating a residual it it would be residual income in the vending machine business yeah most definitely it just you put it in there and it just makes money exactly i need to know how to do that because that's simple but yeah it's not no it seems like you stock the joint chips snacks and all kind of goodies you put whatever price you want because people going to pay whatever they they want to pay and you just make money it's just it's like water baby yeah you know what initially when i started um before i even started teaching people um my wife used to tell me you know because i used to have people ask me how do you like how did you do that all the time you know when i because i was still working i had the machine so everybody i was working with knew i had the machine so they was like how do you get the machines you know how and i'm thinking in my head like just buy and put products in them and put them in a location you know it was simple in my mind because i was at that point even at that time i was used to doing it but after i um i i had a friend come down um to my city out from another city because i needed some help it was growing um and i had to teach him how to do it and then once i started hearing the questions and everything he was asking me it was like okay maybe it's not that simple because you know because some of the stuff i was doing i was just doing it naturally because i had progressively got into the business and you know i just picked stuff up as i was going along but somebody who come in and just really don't know anything about it you know it's different there's a lot to pick up you know but i didn't see it that way i've more so seen it the way you saw it it's just put the stuff in there you know and people buy it like i'm sure it was like it works that way so how many how many vending machines first off introduce yourself because i'll get into the business and won't even people don't even know your name so chief edwards from philadelphia and i've been in the business now uh around six years six years and how many video machines you got currently we have around 20. fluctuates between 20 and 30. i try to keep it manageable why i could do it myself for the most part how many people on a regular basis you think shakes your machines every day maybe maybe every day they definitely people definitely shake machines that's no good philly yeah no but right now yeah but i've had him in philly jersey and delaware yeah so but at the biggest point i had him going out to delaware so i hadn't gone from philly um all the way out the other was like an hour away the whole area philly some machine shakers i know bro yeah especially in like the high schools and things like that yeah yeah they'll shake them so you got to have some sturdy some sturdy machines i actually ended up in one of my accounts i had to drill a machine to a wall because they were shaking it too much and it was a small machine with the bigger machines they shake it it's not going to hurt the machine but the smaller ones you know you shake it you can mess it up um and so i had drilled it to the wall so they couldn't shake it anymore so 20 machines right and not to be on your personal business but what is the goal and i know some be more somebody less but what is the goal of a machine how much are you looking to make from each machine well i can say the machines really average probably around 500 per machine one account would typically have two machines they usually have your soda in your snack machine but that number fluctuates greatly depending on your location my personal goal when i got into it i just was looking initially i just was looking to um save money to get into real estate i wanted to get into real estate but i'm like man i ain't got enough money i ain't got the credit right now so i was like well if i work more you know i could save up more money it didn't work i started work i had like three jobs i still wasn't making enough decisions i've never ever come across somebody where them getting a second job helps their situation at all yeah yeah i've never seen it i don't know why it's just i've just never seen a second job solve anyone's problems right because it's like you know it's not even really i'm not gonna say it's not the jobs but it's more so i think it's more so about the information of how you manage the money like so i know when i started um when i started the extra jobs and i still seen it wasn't working i got into vending machines but i didn't i didn't get straight into the machines i actually started with gumball machines so the little candy you could once you put the quarter in turn you know candy come out i started with those so i attempted to start with the actual vending machine but the machine didn't fit in the location that i found for it while somebody found it for me actually they found the location from it so one tip i give is don't get your machine before you have your location and that the only reason i say that is because that happened to me personally it's happened probably two or three times and at this point i've seen it happen to a lot of people because you know with the platform i've helped a lot of people like so every space is individualized it's going to have different size doorways like like where we're at now we have big doorways there's double doors a machine could come in here easily but not every space is like that some of them have smaller doorways and all machines come with um or come in different sizes so you could have a large machine you could have a smaller machine and not all machines can fit in every space even as far as where the machine would go so usually once you get a account which is a location you'll want to measure out the doorways and then measure where the machine will go and that's going to help determine along with foot traffic what type of machine you should put in that spot gotcha so your machine was i guess too big for the location my machine was too big for the location and i actually i told because i hired somebody to find me a location and they actually provided me with the machine so when i and i told them i'm like hey you know i'm over here at the spot and it was a hotel it wasn't it wasn't even like a small spot i'm like hey but they want the machine i don't believe it's going to fit like it doesn't look like a vending machine could fit right here and he's like we we've been doing this for 20 something years we're telling you what's going to fit and they drove from over an hour away so they were in maryland they can't enjoy the machine all the way from maryland got it there didn't fit they had to take it all the way back give them that i told you so faced basically yeah yeah but then you know i was lucky they gave me my money back and you know that was that and i ended up um trying to get another account didn't go well i searched again didn't go well so i was like man i got to do something because there's money it's the one doing the way he's burning the hole in my pocket you know um so i end up getting gumball machines and that's how i started with that i started with four gumball machines and grew that same way like to around like 20 something before i got back into the vending machine yeah like 20 gumball machines how much does a gumball machine make well with my route i was probably making a thousand dollars a month with my gumball machines so i had like 20 25 of them so gumball machines probably all together all together all together yeah bro i was gonna say we got a gumball machine tomorrow yeah all together but it's roast like the gumball machines are super passive like all you really do is throw this stuff in there and you don't have to come back until a month later and you know you just collect all the coins that's that's the headache with that it's collecting the coins because it's heavy like so it rips everything but um yeah so i i got the gumball machines and then i got back in savannah like probably like a year after that got you what is your highest yielding machine and where's it at um now right now i could say we just gotta account probably a new account i'll say it's been about three months this is going on the third month this will be i feel like this would definitely be my highest yielding account like so right now it's placed in a pharmaceutical company and the machines are set to free event right so that means that the the staff use the products in the machine for free and i invoice the company at the end of the month so that machine has been going it's been going crazy like you know it's just the best it's the best account i've had so they can just go in and get whatever snacks go in and hit this hit the selection stuff come out and i do my inventory send them the invoice and they paid goodness gracious and i have how long you been doing it i have but this is the third month with this account so i have four machines in there um and one is actually a cooler one is a cooler the cooler isn't set to free vent but it has fresh products in it so it's like sandwiches and solids and that type of stuff and that one does well too because it's a higher ticket you know it's higher ticket items versus the chips and things like that so it's just a cooler you stock the stuff people walk in lift the cooler get what they want and not not with the cooler so the cooler they have to pay they pay their own money their company like not paying that much but the cooler they have to uh swipe their card and then then you can open the door and then they grab out whatever they want and whatever items are taken out of the cooler are automatically charged once the door closes so they can they take something out and put it back it's not going to charge them but if they take it and the door closes then it's then they charge for it that's crazy yeah damn like these machines get advanced i know man and that's swipe your card take whatever you want and then it charges based on whatever you want yeah so and that's something new that we're getting into is because i before i always stayed away from the fresh food stuff because you really need like a good account for that like you need it has to be in somewhere with a lot of foot traffic and it has to make sense and and the reason it has to make so much sense is because your shelf life with those products are very short you only have about a week to get that out there to the to the customer versus something like chips and sodas you know that's good for a while like so even if that sets there for some time it can always sell later with the other stuff with the fresh stuff you have to sell that right away got it got it got it got it okay so outside of that account because it seems like you're going crazy with that account one machine one location what's the what's your highest yielding one and why okay i'll say um probably around 2500 something like that between the two machines um and then it's multiple factors why you know and i like in one location there's two machines in one location yeah yeah all sort of snacks and the snack and soda yeah bro do you know how to i had a job that paid 2500 a month i'd actually go work there every day i had a job that paid sixteen hundred dollars a month that's why i got started with the vending machines yeah it was 1600 and i had a and i have a master's degree and i still was out that's all i was getting hey so yeah i i know the feeling all right so why why is this why is this pl tell me about this place that these machines are at so um this is a school so this is schools in the teacher's lounge and it pretty much you know it's different factors when it goes when it when when you go into what makes a location good um and i can run down probably like four um the actual uh location of the machines so where they place that in the building so ideally you want them placed somewhere visible where people have access to them because sometimes people will try to put them in a basement somewhere you know if it's out of sight it's out of mind you want it right there in the lobby right there somewhere where everybody can see it and use it um you also have to look at the hours of operation you know how long is this place open like how many days a week are they open what are they hours when they are open something like a motel hotels different things like that they don't close so that's why they typically uh better locations to have 24 hours gotcha um also we have to look at the foot traffic how many people you have coming in and out of here on a daily basis how many people are working here and you know and that's always going to fluctuate whether you want to look at the staff or whether you want to look at the people coming in and out gotcha um any of your locations lose money meaning you have it there and maybe some of the products go bad you gotta like you're taking a loss on any of them not currently i mean i have i definitely have in the past situation so all right so my first my first machine right and this is when i first got started i had a hotel this was a hotel too um it ended up being a really good account but when i first loaded the machine i was putting in there whatever i like for it pretty much so when i'm walking through sam's club i'm like okay this is good that's good this is good oh they gonna love this man they touch that stuff but when i went back you know i'm putting stuff in there they're like well can you put this in there hey well can you put that in there can you know then and i realized you know it's not about me like you know i can't go out for my taste but i have to listen to them and once i started doing that that's when the cells started picking up and that's what i realized like you really got to just listen to what they telling you they want cause some people get hooked on whatever they think is good and then they're just going to try to put that in there you know it's not about what you like it's about what they want that definitely sounds like something i would do what's something that you put in there that you just knew people was going to eat and they just don't ah man i don't know probably um let me think like doritos i felt like doritos was good nobody eats doritos and in that particular account no they didn't want the doritos they wanted they wanted chili chili fritos and some other some other crazy stuff you know they like real like they like different products in that in that particular account but then again like you know it's always about the account oh every account is not going to have the same products you know that's just the tricky part to it yeah that's a fact you know you know would be cool bro if and when i get my my machines that's what i'm gonna do i was gonna have like a little sign signed sheet or something like or request sheet and they could write what they want and do you see it and you're like oh well i'll stock it with whatever yeah do you do that or that i just came up with it i'll do that sometimes it depends it depends on the business so if it's like an office building i like to send out a memo you know if it's like um something where it's like like it's not like the set uh environment like that we could do a suggestion box you know you could do the sound i've never done a sound sheet i've used suggestion boxes i've seen people use the sign sheet with a piece of paper like and they put it on the side of the machine and different things like that but that's i mean that's a great idea that's exactly what you want to do because if you just trying to play the guessing game you know you're going to lose out because they usually take about a month maybe two months to really adjust the products to where you can get it to where mostly everything is selling you always gonna have stuff that's gonna sell more than others but you want everything to move all right so tell me how you got into this thing what were you doing before the gumball machines and the vending machines and all that what were you doing a lot man i told you i had two jobs at one time i was doing a lot so i mainly the main thing i was doing like to sum it up was just working with kids so i was working with kids in different settings i was working in the school i was working in a residential facility with kids with like autism and different things like that um and i had a job actually working in la fitness prior to that and that's where i felt like i learned a lot of my business skills because i was working like on the on the management side and you know i picked up a lot of stuff from from doing that um working with kids uh-huh what else um and then la fitness products as a trainer i wasn't a trainer but i was on a management i managed the training staff and some of the other staff oh so he wasn't the one that was wiping the machines down at all oh no i went walking but so you worked there at the same time la fitness and working with the kids no i went i was la fitness first and then after that i went to working with the kids and stuff god you got you got you yeah and i pretty much worked with the kids up until the point where i stopped working and where did you have this idea of yo i'm gonna vend the machine with it so back when i used to play ball which we just was talking about a little bit before the show started um you know we had practice every every sunday you know it was more than every sunday but with this particular team we had practice every sunday and um and in the recreation center recreation center had a gatorade machine in it so uh it was a lady who would come service the machine every sunday so every week i would be sitting there when she came to service the machine this time and i i definitely wasn't waiting for anything like that i just would happen to be there every time she'll come in and then she'll take the uh money out and then you know put new gatorades in there and i will always see her like would take the money off that's a nice little lot of money like so in the back of my mind um i'll be i would i would think that's probably like 16 17. i was like man i want to give me a machine but then you know i never really did anything with it and it didn't really come back up until i got older and now i'm seeing man working ain't really getting me to where i need to be and i'm trying to you know invest my way out of that situation and i don't have the means to do the real estate thing but i do have the means to to do the machine things gotcha so yeah so your ultimate goal was like let me get into real estate uh-huh are you on real estate now i'm never gonna say no you got your gosh you got you so your ultimate goal is like let me save some money for real estate i just got this idea i remember the lady at the gatorade joint she had a couple dollars so i'm down right right and i kind of spoken into existence man cause i was telling everybody i'm about to get some machines i'm gonna do this i'm gonna do that and you know and it just it just happened over time and it happened as fast as i wanted it to happen but it definitely happened over time they have routes that you can buy though right like you just like they're already existing machines and you just buy the route from somebody right did you ever consider that i brought out two or three routes to this one so you you actually bought a couple rounds yeah even with the candy machines uh bruh that's that's how i grew that that fast so i mean i i've done that with the candy machines two or three times too so i had i started off with four of those and i brought out a route and then i got a couple of my own and i brought out another route how many was in the first route that you bought probably like seven so somebody has seven machines and he's like yo i'm gonna sell you all of them what are the questions that you need to ask before you buy a round i know what you're thinking how the heck do you make money from a podcast is david just doing this podcast because he likes it or there's a heavily monetized strategy attached to it well it's both i really love talking and interviewing people and getting free game from really successful people but also this is a seven figure podcast i'm telling you right now there's so much money in podcasting and we're early in the space i really feel like it's 2009 and i'm telling you to buy bitcoin i'm right now telling you to start podcasting because in 5-10 years it's skyrocketing those are the names that are going to be the ones who have the voices in our world the ones that start a podcast right now okay so i put together everything i know about podcasting in an easily digestible program okay so go to podcastersblueprint.com and you know i got to give you all some love okay enter code social proof i'm taking 20 off so you can get your voice heard all right so this podcast that you're loving and enjoying there's other people that's going to love and enjoy yours too okay podcastersblueprint.com let's get back to the episode for me personally i go off a few different things so i'm gonna test them to see how how how i believe like if i believe if they're business savvy you know if they don't have like a pnf they don't have like a profit and loss statement any of that then i'm like i don't i don't know if i could really believe like you know what you're telling me so what i have to do is at that point i have to look at the machines themselves i have to look at the locations themselves and i'm basing my offer like you could put it for for sale for whatever you want to put it for i'm on my offer off of the value of the machines and what i believe the locations would do in terms of sales but the bottom line like is is the value of the machines because i know if it doesn't go well that's going to be my exit strategy i can move the machine or i can sell the machine i see okay so the actual machines itself have a particular value so it's like it's like real estate like it's not about the neighborhood if the if the machine is worth enough you can just take the machine and take it to another neighborhood right exactly so what are you looking for in a machine i mean it just really depends on the value of that particular machine so it's not necessarily i'm looking for anything particular if i'm looking at purchasing center machine only time i'm looking for something particular when i'm purchasing a machine is when i'm basing it off of what a location needs so let's say i find that account or whatever and it's a good account and it's a it's a modern account you know you want to have a machine that fits that environment you want to have a car read on there you want it to be nice and clean like you want it to look right in that environment so that's the only time i'm really um more so analyzing what the machine has in terms of features and how it looks and that type of thing but if i'm buying the route out i'm also going to look and say okay this machine is worth a thousand dollars so i'll you know this one is worth 2 000 this one is worth 500 or something like that and then i'm you know i may come that offer based off of what i think the machines are worth got you so i do ask a lot of personal questions that's fine so the first route how much did you buy it for and what was the like just tell me about the whole deal the first one so the first vote i brought out it was so um i had a few mentors coming into coming into the vintage calculations all right go ahead because i'm interested i'm really am interested in it just seems like automated money you know what i mean yeah it's got to be the right account though gotta be the right account so all those every location location yeah i got you but the um the first route i brought up so i had i had three mentors i'm kind of going into it so i was lucky enough to find three people that was really like pretty much telling me y'all do this do that do the third gosh um two of them were older like really like one guy was like really old his uh father actually started the business so i never met his dad his dad like retired and moved to florida he was still running the business but he was like he had to be up in his 60s maybe close to 70 i would say um but he was about to retire so he's like well i'm about to go retire with my dad and move to florida too like so after i would say about a year of him yeah me meeting you know and getting to know him um he was he was getting in that phase where he was like okay well i'm about to you know fall back i'm selling the business so at that point he let me buy a piece of his route so a piece of his basic piece of his company that he already had established i think he sold the whole thing for like i don't know it was like over a million or something but he let me buy this a small piece so i brought seven accounts from him and that's that's the first time i got into university because he had penn which was uh one of our universities uh in philly so that was my first time getting into school dawn how many vending machines he had i can't tell you man a couple hundred my other mentor probably has he has a few hundred too he i think last year he but a year before last before covered he did like over just over two million over 2 million on vending machines yeah but they have like hundreds of machines like it's just crazy okay so i okay i want to know how to manage it i got more questions so why did he section off these seven and sell you to seven and how much did you buy him for i asked him i saw i was like i'm just gonna come with him yeah like you burst iron you know let me let me buy some of that um but i think he sold him so he didn't sell them to me for a lot it was actually only around like maybe i think it was like eight or nine thousand yeah something like that but the value of it was way higher like yeah so he must have he might be just looking out for you yeah pretty much that's pretty much what it was because he's selling them to you for almost a little over a thousand a machine right not even considering not even counting with the actual because usually people will calculate the the profits or how much the machine's making to it and different things like that he didn't really do none of that he just said just give me this and uh you could take that so that's all that's how i i came up a little bit off of that because before that i probably had that pushed me over the point to where i had like you know around like 15 or something like that so i felt comfortable falling back away from like working and things like that give me a route that you give me like a more uh a more normal situation because right now it just seems like old buddy just had bread and i hear young black kid you wanna you know let me give you a start or whatever right but give me a deal where it was like a deal like i mean not a deal but like you had to negotiate the price in the machine so the most recent one um it was a lady i found that on craigslist so i went to craigslist so and i do this like every every once so often i just go in there and search vending machines you know because sometimes people we suddenly sell routes on there that's all locations or something on craigslist so so i'm serious man i found um a lady selling a route she was selling it for 20 something thousands i think she's selling the route for craig on craigslist selling her out for 20 000. it was 20 something it was like just over twenty thousand i'm actually going to college and then she had uh i want to say it was once might have been five or six i only remember the whole the total number but i know i ended up paying 15 000 ford and the way i did it was um i did the same thing i went negotiate but she actually had a profit and all statement so she had software on all the machines and i let you see like what the cells were and everything so i could tell exactly how much the uh route was making how rob was making 30 000 a year and how many so i know her price was really like kind of justified how many how many how many machines i want to say she had around six something like that it's around six machines six machines that was making thirty thousand dollars a year which is five thousand a year or four hundred something dollars yeah five thousand a month no if they're making 30 000 a year six machines only yours yields five thousand for the whole year because you have how many machines six machines and you all do five thousand a year that's thirty thousand a year say that again you're saying each machine did 30. no not each machine all together right the route did 30 right so if we got six machines and these six machines are doing 30 000 a year that means each each machine is averaging five thousand dollars a year oh a year okay i thought you were saying the month that kind of threw me off so they all do about 400 a month is that is that profit no that's not profit that was that was gross that was gross well one thing i like you know when people are selling routes is you can always i'll always find room for improvement you know so even even sometimes so i almost brought about again like after that but i'll get back to that story in a second but you know sometimes like when i so what i learned when i was on the candy machines is how to find some of these people who would be willing to sell rocks even without going online if i go up to a candy machine i go up to a vending machine and it looks like it's the stress like it which means it's dirty like it doesn't look like it's being maintained well but it's in a good location i'm like okay i'm gonna call this person to see if they wanna sell this because that looks like they're not keeping up with it or they don't they don't wanna keep up with it maybe something is going on on the back end you know they can't manage it anymore you know especially if it's in a good location so well her situation i felt like her machines were doing good numbers it was doing solid because i liked it i like it for for it to be right there at that 500 mark um which most of her machines were doing 500 or more um but some of her products i felt like if i tweaked them i could increase those subs um so she knows she was doing uh she she it wasn't bad it wasn't hard well that stuff was definitely clean but i just felt like she didn't she wasn't tapping into each uh demographic yeah yeah i'm saying like she more so just had it one one sheet of products and then just put that everywhere whereas though i tweak mines depending on what type of environment that is gotcha so it seems like a good purchase price for a route is based on a year's worth of sales maybe do you want to leave you want to look at the year's worth of sales and then look at the value of the machines right so i'm saying like if a route is doing 30 000 paying 25 30 000 for the route is good mm-hmm yeah not that's not bad that's it so 25 wasn't bad but you know oh which means my mom sold his joint for a million his route was probably doing a million dollars oh yeah yeah i know i know he did less than the other guy which i said did the two his his company was smaller than his so but i know it wasn't like that far off he was definitely over over a million yeah he's definitely gone overnight okay there's there's nothing on craigslist where where you search research georgetown yeah okay i'm surprised y'all y'all be hot over here really yeah that's maybe that's why ain't nobody selling any routes they may be where else can i go to see some routes because i want to see some prices of routes facebook market um so it's a few different places we have an app now too we put we put things on our uf app yeah what what's the name of that vending biz vending biz app had it for a couple so what's so tell me about the event biz app so i basically came up with that um because like so like when i said when i first started right here when i said when i first started um i was going like hours away to get my machines and things like that like so the first machine that came it came from maryland which is like an hour and some change away from you right so i created the app because i think a lot of people get started in the business right they kind of just jump in and don't really understand part of it is that free no it's not free so you have to pay what are you paying for so you're paying for resources and opportunities resources and opportunities resources are opportunities so when i when i started um you know i struggled with finding those resources like so when you're just getting started you know people just jump in but they don't really understand where their resources are so like so if a machine goes down or if they need this type of product or if they need to just find a machine to buy in general you know a lot of times it's resources around you that you don't know are there gotcha i'm about to do it anyway i mean i'm about to uh it's free to set up an account yeah yeah yeah it's definitely stuff in atlanta man all the time i don't know what y'all got going on over here but it'd be it'd be popping these are on my platform you know it always there's always stuff in the land how much is the is the app outside it's 44. four dollars a month oh okay yeah but you do like so so the resources are this basically places to buy machines places to buy products uh repair technicians so you can see whenever you need one of these you know resources you can just search on the app and it's going to come up the opportunities are routes for sale locations and different things like that so whenever somebody sends us a route or sends us a location which i have like four locators that work on that we just go ahead and throw it on the app and then whoever you know contact contacts them first and purchase it gets it all right so i'm verifying my email when uh you got another download you know i mean this is dope yo this so but you have a course as well yes yeah we have a course we have ebook we have a few different resources gosh you got you okay i'm waiting for i'm waiting for the email to while email comes because i want to i want to check out the app and hopefully people at home they're actually doing it as well and we don't want to have so how um how how is how is the journey of like kind of going from just vending to kind of being the cause they say in war there are people that fight the war but then there are people that sell the bullets to the people who need the bullets to actually fight the war right but you're actually still indefending business but how has been the transition from you doing it yourself to having an app for resources and teaching other people it's different man you know it's different because honestly when i first started my platform with event eventbiz i was more so just putting information out there like i really i didn't have a book i didn't have a course i didn't have any of that stuff i was just like you know people keep asking me so i'm going to throw it out there but then you know it's like well do you have you have a book you got an e-book my gosh like the twentieth person to ask me what happened all right let's see what i got and at that time you know it's crazy cause i will write um not really a journal but i guess you call it like you know just notes of like my i felt like was my life journey like so the vending was part of it so i already had something written up like in terms of how i got started and how i was going and all that type of stuff so i pulled from that and then created the ebook i just put it together whereas though people could use it to start their own thing gotcha yeah you can get all that in that no that all that stuff is like separate separate yeah that's the i want to get i think i don't know if i put the wrong email address in and i do that all the time because i'm waiting for the confirmation email let me check my let me check my joints i want to i want to like have a an experience with the strength right quick would you recommend getting in the business yeah most of that's a weird question to ask you but yeah most definitely you just want to make sure i wouldn't make it i wouldn't recommend jumping into it without understanding understanding what's going on because i feel like too many people do that so i would recommend getting you know educating yourself first whether you're doing that through a mentor you're doing that through just doing research online however you want to do it definitely educate yourself first and then go ahead and take it slow and get into it but don't just get anything because it's there like you might see um a location for sale or opportunity over here opportunity over there don't just do it because it's there and you just want to be you just want to get a vending machine make sure it makes sense because like i said not every location is a good location it's better to have and this is one reason i don't i don't go for a whole bunch of locations i'll go for the quality like so i'd rather just have a few quality locations over a hundred locations that's only gonna make me but that what the quality locations is gonna make me if you understand gosh no yeah i get it i get it let me ask you this question the let's say for instance you were just hypothetically you were coming to atlanta and you were going to get your first machine or machines what would you do what are you looking for specifically first thing i'm looking for is where do i get the machines from you know i gotta find that find that out um next thing i'm looking for is you know trying but you said find a location first oh no just find out where you're gonna get it from first don't get it yet right right so that's the tricky part too because you wanna you wanna wait to get the machine right but you wanna have that resource ready because you don't wanna keep that location waiting because they might find somebody else they might change their mind but you wanna have that you want to have that machine like on standby like so you like that low you let the distributor which is the machines come from distributors refurbished machines there's different types of machines but i recommend the refurbished ones so you want to have the distributor um on like on go you let them know hey i'm looking for a location once you ask them what type of machines do they have they're going to show you or tell you different selections that they have you take note of that and that when you're looking for your location and they're asking you what type of machines that you have even though you don't have a machine you could say well i have this that and that because that's what you have access to through your distributor gosh how long does it take typically to get a machine like from distributors i would say give yourself at least like two three weeks because you want to you want to have some grace period in there they're going to want to test the machine they're going to want to you know make sure it's um working right and that type of thing and you have to make space for delivery so it's usually uh a scheduled delivery they usually do them on the same day so just like your machine getting delivered they try to do multiple deliveries in one day i see okay and i know it's probably in some of your resources but get what's the best machine the best what's the best like what's the dopest machine brand style i mean so let me ask you this question what's like the i don't want to say cadillac what's like the bentley or the bugatti of machines that's a tough question now i would say what's hot right now i can say what's hot right now is the combo machines everybody loves these combo machines man and i don't like them is there a brand name the name of the machines um it's it's naturals to go and healthy for you those are those are the the main two people people are any of these hold on that that's not a combo machine right on craigslist that's a cooler i have no idea what i'm doing right now okay all right so what's what's it called say it again um one is uh naturals to go naturals naturals to go what is actual two number two is that the oh naturals to go okay healthy healthy vending machines yeah that's a combo machine and it's another uh combo machine that's a healthy for you how much is this strong combos cost around like 2 500. depending on so the most expensive machine you can get is like 25 oh i see it i see a little most expensive machines you get probably up to upwards to like ten thousand so you get something for as cheap as 500 then they go all the way up to like ten thousand nationals to go is the largest healthy vending machine why is it healthy they only put healthy snacks in arizona it has a healthy wrap on it like so if you look on the outside i can't see what you're looking at but it should have like fruit and stuff on it yeah so you see they have the plants on it and different things like that you can take that off though right you don't have to take it off but people most of the time you just gonna put what you want in the machine but it's like you the idea behind it is those forgot those are supposed to go in gyms and different you know types of locations like that yo you got a natural machine and you got like honey buns and all kind of weird stuff right that's funny so i mean what is the marketing place in your mind you're thinking oh this must be a healthy honey butt right right yes this part is part of the marketing scheme with that thing but all right look i know you're enjoying the episode but i gotta tell you finally you asked for it and we created a patreon okay we created an inner circle we have amazing stories amazing information how to's from the episodes the only thing we're missing is a community so it's about that time we put together our patreon we put together a community because we have to have conversation around the information so even this podcast we're listening to right now there needs to be conversation i want to hear what you got i want to hear what you got like let's throw some stuff back and forth and because we're like-minded we're all going in the same direction when we commit connect in a community we can connect on other stuff outside the community because we're building real relationships okay so check out the patreon we got three tiers i don't care what tier you join um the support is um the support is appreciated okay thank you so much now back to the episode yeah so i mean but and and you know they take credit cards and stuff they take debit cards i think most most most machines nowadays take credit um you don't have to bring cash right you can use your watch i've seen and it's crazy man the first time i found out uh my own my machine even took you know um apple pay and all that type of stuff i was i was servicing one of them you know i'm walking up to the machine the guy's using it so i'm waiting for him to purchase this product and he swipes his watch and purchases two soldiers i'm like damn i know you could do that you know what i said because i never i never messed with the features and i had put i was upgrading the machines and putting card readers on them so i had just put a card reader on that machine but i didn't know the card reader also accepted like apple pay and other forms of payment you know so it was like oh man i gotta research this a little more and see what the hell i got going on with these with these machines all right now i have that on i had that on every machine where's the ten thousand dollar joint where it's like the most expensive so when you get up to with it sorry so you got um used machines i call them basically use refurbished are used too but use machines if you're buying it off like uh craigslist offer up that type of thing um and it's a individual who's selling it to you like not not an actual company let's say you own the machine and you you didn't do anything with it you just want to sell it those typically go for around a thousand dollars it's gonna be a thousand dollars or less if you're getting it refurbished which means it's still used but now it's painted it has all of the updated features like the card reader and all that type of stuff integrated into the machine that's that's around just 1500 mark that's where i suggest most people go because you get a warranty with those machines you get some technical support they're going to show you how to operate um so on and so forth then your new machines start off at around four or five thousand and they're gonna go up which to ten and ten is like a brand new machine and that's usually like and it could also be like custom machines and things like that right so let's tell this naturals to go joint brand new was probably four or five thousand brand new probably like yeah around like five thousand let's see right they don't even you there's not like a it's not a website where you just buy stuff it's like they take uh no so naturals that those those companies are actually uh franchises but you don't need to be part of the franchise to buy those machines what do you mean they're franchises so they're vending franchises they franchise those machines oh yo they're changing i see now because i now see the products it's supposed to be for their products yes you said it's supposed to be for their products because they got they got their own like products surf sweets and cereals and granolas oh not it's kind but i'm gonna say hey that's this regular products yeah yeah so but you know they they market it as you putting healthy things in here you know get in the door that's dope though because they're selling the machine and selling you the food they don't i don't believe they sell you the food now i haven't been a part of the program so but i know it is it's very expensive to get started with the um with their like you know their whole plan because they make you pay for all types of different uh licensing and fees and different things like that oh i see what they're doing they're just giving you examples of healthy stuff to put in your machine just in case you want to be unless you want to go like on a natural healthy side yeah but i think when you when you actually when you're actually in their program they um they give you like a product list and different things like that oh i see yeah i see but they're not selling the food okay gotcha so take me to the ten thousand dollar joint bro it's ten thousand give me like what are they selling like wigs and you know what i mean like i want to know i want i want to go to the high end the high-end man um it really just depends i couldn't tell you too many because i don't buy those man i use the 1500 machines and i pretty even the guys i told you who do the millions they don't use the new machines like one of them has like a few of them but he doesn't really like him like that because i can tell you one that's a little more expensive but he doesn't really like him like that because let's say you have an issue let's let's relate it to cars if you have a newer car right and the headlight goes out right one car i had the head like went out i'm used to old cars like so i go and change the head but change the light you know they're like no you can't do that you have to take the whole front of the car off to do this to do that like to change the light so i'm like damn and then the pieces are expensive right so same thing with the vending with the newer machines you can't just swap out stuff like you can with the older machines like so a lot of people don't like using them because when they go down if something is an issue it's very expensive and it's hard to fix them versus the older ones you can make them look new right and it's still easy to fix like you know they don't have to go through all the extra steps to fix it got it bro i'm yeah i'm glad we talking about this because i would have just got a machine like i just want to get the best machine but yo let me ask you do they have it set up to where machines can take like paypal and cash app and zell and stuff yet not yet man now you know what i was trying to figure out how to make it take uh ebt if i could if i could have figured that out back in the day you would can they say it now no no nothing i know of i know it should but they definitely don't not yet anyway but you know that's that's what i was trying to figure out man how can i make this thing take food stamps for people this should be this thing this is sell out every day like you know but it doesn't say it doesn't accept that yet but i'm sure like the cash ads and all that type of stuff i'm sure that's coming i'm sure that's coming because even with the um apple pay and all that all that stuff is like really new that's digital yeah like all the car readers like they're on every machine now and i would say initially you know when i started it wasn't it wasn't any car readers then when they came out it might you might have got like 10 of your sales from the car readers now it's like 50 60 percent of your sales are coming from the car so it's going to actually think it'd be more man like who has cash yeah so it's going to keep trending in that direction as i feel like because we're using cash less and less and less so it's going to be more and more digital payments you know coming out gotcha so do you actually restock your machines yourself most of them yeah so i have hope some of them i don't do like everything especially with others since i got my hands on multiple things now so you know i pretty much get it to where i want it to where i wanted to be then i fall back and then i get back on it and then you know maneuver a little bit and i fall back and focus on this and you know so i don't i i make sure what i have going on is where i want it and then i kind of let it do what it do and then i'm gonna pick it back up out of all of the things you do what's the easiest way to make money what's the easiest money maker at you man um i want to say real estate because i mean that's literally this especially when it's good like if this if you if you ain't got no tenants calling you and that type of thing like it's really just you just oh don't forget it's there like so it actually worked out the way you planned it initially like y'all want to get a vending machine yeah but in my mind it was going to happen that way in about a year it just took you know five years five years for it to go that way you know it just didn't happen the way i thought it would happen but you know it definitely did man what's the biggest headache with vending machines uh moving them moving them like so initially when i when i first started the the business we were picking the machines up physic by physically picking them up and moving them around like now we have tools and different things you don't have to hurt your back yeah um all that type of stuff but moving them is it can be tricky um sometimes you'll have to take it apart i have i had to take it like two or three machines apart to get it in the door before the same thing measurement issues so i actually let's just i asked my guy i was holding my guy he got a location out wherever he he's from niagara falls new york so i'm like did you imagine the doorway he said yes so and so i'm like all right cool we should be good this machine is only like it was like 34 34 inches wide or something like all right we get it there can't measure that right i'm like oh man this is not going it's not gonna fit you know so i'm like all right so what i'm gonna do um we try to turn we try to open the door swing it in but when i say swing it in like usually if you open the door up now you got them things sideways and you can kind of maneuver it like this but it was two walls right here so i couldn't even swing it so i'm like man it's saying i don't you might not be able to get this but you know long story short i just ended up taking the door off when i took the door off we just got it right in there dang so is it you think it's like too saturated and atlanta though i don't know man i i couldn't say um because i'm not here like but i do see a lot of people you know doing things here any not even just preventing this in general y'all do a lot over here yeah that's a lot happening out here yeah yeah i'll be i'll be getting to it like so i feel as though it's definitely a lot of people over here doing it but i don't i wouldn't say it's saturated um i don't believe it saturated even even when people say that about other areas like i have people out in new york like oh man you know it's too many people who are you know it's everybody already has one there's always an opportunity somewhere you really just need like i said you just need that one or two good accounts you know they can carry you so what is your approach what's your sales pitch when you like i wanna i'm gonna go into um i don't know i'll go into efforts business right he has a he has an office and i say what okay so your focus needs to be how can you make that establishment better right so a lot of people get into this even when they contact me asking me questions it's like well don't you have to pay for the electricity don't you have to pay for this or or why would they just let you put the machine in there for nothing it's not about that like it's it's about your providing a service to them even with the machines i have set on free event they don't have it set to free rent to please me they have it set their free room because that benefits their situation got it so when you're going into it you have to look at the ways that it will benefit you benefit them likes for example if i'm going into an apartment complex right now me adding that machine in there is now adding the amenity it's adding um and by adding that amenity that's adding more volume to their establishment and then their tenants will now be happy because they'll be able to get products and things you know so if they're happier they might stay longer you have less turnover yeah you know what i'm saying like so you gotta look at more so the big the biggest even with the hotel that we got that the machine didn't fit the reason they wanted the vending machine in there is because they didn't have one and they were getting bad reviews for not having any um snacks and drinks like in the hotel so the people had to walk down the street we have like something called the wawa which is like uh oh yeah yeah not out here no yeah but they're not from william so they would have to walk like a couple blocks down to wawa to get to get uh snacks and drinks and stuff and people were always leaving bad reviews so that's why they really wanted a machine they're solving a problem so yeah that's exactly something the organization wouldn't be charging you it depends on the situation they can you so the average commission paid for the vending business is ten percent so usually when you pay a commission is either ten percent gross or ten percent of profits now it depends how you pitching is now sometimes most of the time like they'll contact you and say hey we want a vendor we want vending service which is you know in that situation you rarely you're not you know nine times out of ten you're not gonna pay a commission but if it's a situation to where you're more so pursuing them and they don't really like want it like that and it's like well what can what else can i say to get them to want to uh put the machine in here that's when you see it into the commission thing but i never bring it up i always lead on how the machine can benefit their business benefit their establishment their staff their whatever and then if that's still not enough and i really want that account then i'm going to go ahead and talk commission so bigger accounts like hotels airports hospitals you're paying a commission right because because they use state they're used to the business they know they know what they pose to get they know ins and outs so with those type of accounts you're paying a commission but if you get like office buildings and things like that you don't have to pay commission most of the time what about event spaces those might be cool those are nowhere i mean like newer too so i mean i don't know depends on the traffic you know how popping is that eventually i think i'm gonna put one in here do i have to pay commission joe bye-bye because i have a partnership with this space it's technically my own business i mean it's your own business just you know pay a little bit more now if you ever pay somebody just monthly like yo let me just let me rent this space from you i could fly 200 yeah i don't but you that's that is something that you know people do i don't i like it all for commission because i feel like they'll take better care of my machine and then they'll leave oh machine but they know they're going to get a piece of it versus if they're going to get whatever everyone anyway they ain't really going to care that's smart yeah that's smart that's smart that's smart um i yeah i think i'm uh i think i'm gonna do that joint what yeah do you have any like food that goes bad i i got some stuff and i've had a couple bad experiences where and it was actually at my boy he had an event space and i and i bought some and it was stale i'm like what's this he didn't give my money back that was crazy but like are there certain foods that you try to stay away from yeah it's certain stuff um and whenever whenever i buy something i look at the expiration date to make sure i got some good time on it before i really just start putting it out there but certain certain foods have a real long shelf life like crackers lance crackers high profit marvin margin super high profit margin super long shelf life other things have uh a shorter shelf life like uh if you get like a taste of tasty cake so it's philly stuff right honey buns and different things like that you'll have a shorter shelf life with that with like pastries i'll say pastries but you need the pastry but you need them because they're going to sell you know but when they when they don't sell fast enough then they can't go back i'm not versus like you know chips and things that last longer i think i'm about to put one in my house yo i've seen that i've seen that done one time oh yeah that's 100 percent that's a given but you seen people put it down i only seen it one time and it was on social media i seen somebody put it in they uh i guess they had like a man cave or something they put it in a man cave making their friends pay for all they i'm not i'm talking about my family yeah my daughter she's a snack queen and she just expects for us to buy snacks and cookies and just have them in the pantry we about to cut all that out little girl if you want some snacks they'll come off that 50 cent man listen my daughter used to run when i first started i had all my stuff in the pantry i had to get rid of that because i come back i see rappers everywhere i know y'all ain't taking my stuff you know they'll be going through it and i'll bring it with me now you know she's older i'll bring her with me um my son with me sometimes to service the machine you know and i'll pay her i'll pay her with the snacks so you know i guess yeah i guess you're a savage bro that's what she wants he said that's like slavery bro teach my teach my daughter funny and my wife yeah i'll teach him a financial responsibility and i mean everything has a cost associated to it right right right yo oh so last thing tell me about margins like how much do you get some chips for how much you sell them or cookies or what's something high margin give me an example and then low but you still have to have it um okay low margin that you need candy candy has the probably lowest margin out of most of the products in the machines 3c cups we should cut all of those products cost like 60 i sell them for 125. so you mean you're still doubling but it's like something like a lance cracker that's i just talked about that might cost 13 i sell that for a dollar a dollar twenty-five bottles bottles of water a couple cents at least for a dollar dollar 25 you know so most of your profit margins your profit margin will look should be around somewhere between 55 60 percent nice you know i'm saying but you kind of have to pay attention to that you know because you could people just be throwing with anything in there and then not changing the prices are not paying attention to their actual uh profit margins and bottom lines and you know and be losing out on money they could be getting what's something that's in machines that's like super high i'll be seeing like certain like whether it's like energy drinks is 250 stuff like that that's a lot yeah yeah monsters monsters cost about like 275 that type of thing how much they cost you um uh probably i don't i don't do them like no no not not too much it's like a dial or something most drinks cost around 25 30 cents i use more soda bottle soda which those don't bottle the bottle sodas i don't like using those too much but when the location requests them you know you got to get why don't you like using them lower profit margins the cans have higher profit margins so i like using uh cans over the bottles but you know something to keep in mind too when you're getting your products um you know one thing you want to you you if you if you're looking at where you're getting the products from you'll get rebates i'm saying we're purchasing these products like so when you purchase more than four boxes of honey buns and um sam's club for example they'll get you x amount back and at the end of the year you get to use that credit like so by the time i get to the end of my year up i'll be getting stuff i spent a whole weekend stuff for free like you know from from sam's club so you just pay attention to that stuff and then also your market will determine the the value of your products and your machines so you could have for example you could have uh say you got a machine with x products in it had that in the barber shop right take that same machine put it in the hotel the value of those products are automatically going to go up right and you take that machine out that hotel put it in the airport it's going to go up again like so depending on where it's at that's going to help that's also going to determine your uh you know the market value the products actually have um because she's this is dope man and this is what i'm thinking like yo i want to get a new house and let's say you get a million dollar house right and your mortgage is five thousand dollars with another bills like eight thousand dollars a month or something like that you just gotta get x amount of machines you know just five thousand about ten machines get you five then you gotta account for the profit margin get you about where we at um i'll say about 15 machines you should be you should be 15 machines i can live in a million dollar home for team machines you should you should be good with that profit wise that's how i see it bro like that's how i see it too that's how i look at even have that pay for something right even when i was working i was like when i told you i was making a 800 i'm looking like how much i'm making from the machine and you know it shocked me at first because with the candy machines i was doing i got a whole month i got 50 is like it was like 50 a machine pretty much and you know when i when i went to that vending machine and poured out uh a couple hundred dollars and it only been in there for like a week or two i'm like oh like you know and then after like the first month two months i was making more than i was making um at work from the machine so i'm like oh i gotta figure this out i need more of these machines yeah you know so that's how i look at it too i feel like i was for my time spent i was making much more of the machines that i was making at work so i only had to manage these machines it took me half an hour you know fill the machine up if you want to calculate the time and take me to go get the products it's still way less than what i was spending going to work every day and you know so i felt like i got to lean more this way and lean on that you know it made more sense this is lit man we getting machines yo you wanna get a machine i'll get it try and get in the game so i get again put them all through county right all right um all right so oh real quick you have you have the course um is there any way that we can get a discount for the viewers like if they use the promo code social proof yeah for true i don't know what the i don't know what the discount is you can figure out what that is but just add a promo code social proof so they can i like to take care of my people especially if they want to get in the game i'll let you name the percentage what you want but you want to give them off 90 off bro let's do it all right listen don't ask me okay i'm taking care of my audience all right so we'll figure i don't know maybe like you know i got 15 20 something like that yeah well let's go let's go 30. i get 30 off so whatever 30 percent social proof uh i got 30 off so look i got to do a quick commercial we got to pay some bills okay and then um i'm at you come back kind of let everybody know how to find you and um and you got to close this out real strong man give the people something to think about something deep something deep to think about yeah i'm giving you mad pressure right there listen this episode is sponsored by uh the podcast is blueprint man i had blueprint on building a podcast you want to do a podcast you ever wanted to do a podcast i'll dip it in that but with podcasts a little bit uh it's not too much of my thing you should do a podcast bro i'll think about it yeah think about it but if you do go to podcastersblueprint.com i'll get you i'm gonna let them look at you and at a 30 20 20 social media yeah but if you want to start a podcast you want to grow a podcast you want to monetize the podcast go to podcastersblueprint.com host it by myself okay i spent mad time trying to figure out what is it that would help you launch your podcast figure it out put it out there podcast blueprint.com okay so um because chief man thank you so much i really really appreciate it because one i have a space bro and there's no vending machine what am i doing myself plenty of space i played myself i need space this is crazy this is crazy i played myself all right so um yeah man let everybody know how they can find you oh one more one more question um i like to make predictions on the podcast where do you see yourself in the next five years let's say five years um because i want to be able to watch this five years from today and say yo because she said he was going to be doing this look he doing it is it 100 vendor machines is 100 doors whatever i don't know five years what do you see for yourself um five years i mean i have planted a lot of seeds right now that i'm growing so i see within five years um actually less than five but it was definitely within five years all of my business is flourishing so i have about and i don't want to put it out there right now but i want when i come back i'm saying if i come when i come home am i gonna say if when i come back we're gonna own the show after i get them all rolling you know we're going we're gonna talk about it but i see those businesses flourishing and then i feel like i'll be more in a position to just relax you know because i'm always on goal man i've been on goal for a long time 32. great time gotcha yeah yeah so i've been on goal for you know pretty much a long time at least it feels like a long time yeah you know so it's it's rare that um you know even i think this is not just for me it's just a lot of entrepreneurs that we get a chance to just really fall back and put things on you know autopilot and then just be able to enjoy the future our labor because you don't want to get caught up too much and just always grind and always trying to build you want to actually be able to stop and enjoy it you know before we run out of time you know so absolutely absolutely i like that i like that so next five years you are going to be retired doing absolutely nothing pretty much close to it close to it i love it i love it look man um again thank you so much on behalf of the audience for coming out and just kind of sharing the game because it seems like a really and obviously no business is easy but it seems pretty passive seems you know like something that you know anybody can get into right you just gotta find the place and then find a machine and pair to two trying to write snacks and stuff so um yeah let everybody know how they can find i'm sure we'll have a link in the box in the description right uh we'll have a link in the description to pick up the course use promo code social proof 30 very generous okay it's very generous that's what's up um i appreciate that fam no problem um and so just like let everybody know how they can find you and close us out with a word of wisdom wisdom so you can find me um on any social platform the underscore vending underscore biz um where division that's where the wisdom i could give is uh you know don't be scared to go for your dreams i think a lot of people get caught up on thinking about um how things can go wrong you know too much and to a point where it can actually freeze you up and stop you the one thing i've learned is you just gotta you gotta go for it whatever gonna happen it's gonna happen that's right you just gotta learn from it and just keep it going as long as you as long as you don't stop you don't quit you know you'll get there eventually yeah those are the facts listen you can't close it out no better than that man do yourself a favor go follow kashif right now grab his course let's get some vending machines together let's have like a little forum where we're talking about vending machines i want to talk to y'all and i want to see how your video machine doing you talk about how my video machine doing that's what i want to do all right so make sure you click the link in the description use promo code social proof and um do yourself a favor do us a favor do the community a favor go get you some social proof okay i mean go build something but uh after you go build it i want you to take that information back to your community and teach them how you did it okay it's the only way our community grows all right we are out of here peace what if i told you for one dollar i will introduce you to hundreds of entrepreneurs every single morning this week from all across the country you'll be able to talk to hundreds of entrepreneurs and i'll coach you i'll coach you for a dollar this whole week and i'll introduce you to some of my successful friends for a dollar this week would you would you take part in that well go to the morningmeetup.com because that's exactly what we're doing here okay the only organization that gathers entrepreneurs every single day for the betterment of entrepreneurship okay every single day monday through friday we gather we're growing we're learning we got a book club have you ever seen hundreds of entrepreneurs reading the same book every single chapter every single day we're growing together okay you need the environment to grow in the morningmeetup.com a dollar i'm going to give you all this for a dollar if you want to stay great it's 79 a month after that if not no obligation you can leave whenever you want all right vmorningmeetup.com i'll see you in the morning

Channel: Social Proof

Views: 54,896

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Id: eVtKsnXhdNk

Length: 67min 53sec (4073 seconds)

Published: Mon Nov 29 2021