{"id":22141,"date":"2024-02-09T17:43:36","date_gmt":"2024-02-09T17:43:36","guid":{"rendered":"https:\/\/www.webmonkey.com\/how-to-build-a-money-making-machine-the-complete-guide\/"},"modified":"2024-05-24T19:53:20","modified_gmt":"2024-05-24T19:53:20","slug":"money-making-machine","status":"publish","type":"post","link":"https:\/\/www.webmonkey.com\/money-making-machine\/","title":{"rendered":"How To Build A Money Making Machine – The Complete Guide"},"content":{"rendered":"

It goes without saying that passive income<\/a> is pretty amazing. After all, who doesn't love the idea of earning income while they sleep or go about their daily life?<\/p>\n

And if you want to create extra income streams, I think one of the best tactics is to invest time and energy into building various money making machines.<\/p>\n

I've been building money making machines since my time in college when I got into phone farming<\/a>. And since then, I've created several income streams that are either semi- or fully-passive.<\/p>\n

So in this post, I'm sharing some of the ideas that have worked best for me, as well as a few other ideas that anyone can get started with.<\/p>\n

Let's get to it!<\/p>\n

What Is A Money Making Machine?<\/strong><\/h2>\n

A money making machine is an asset that generates income on its own and uses the income to produce even more income at a faster rate. In other words, it's an income stream that grows over time by producing income and then reinvesting it to fuel growth<\/strong>.<\/p>\n

Many money making machines are completely passive, so you can sit back and make money on autopilot<\/a> once you get them up and running.<\/p>\n

In contrast, some machines take a lot <\/em>of upfront time and resources to build. But once they're operational, they largely take care of themselves.<\/p>\n

Each type has their pros and cons depending on how active you want to be. But both types have the potential to seriously increase and diversify your income.<\/p>\n

How To Build A Money Making Machine<\/strong><\/h2>\n

I've been building money making machines for a few years. Some have failed miserably, while others have grown into pretty decent income streams that I've then used to build other machines.<\/p>\n

Generally, here's how the process works<\/strong>:<\/p>\n

    \n
  1. You identify an asset that can potentially produce income<\/li>\n
  2. You invest time or capital to acquire that asset<\/li>\n
  3. You monitor the asset and fuel it so it begins making income<\/li>\n
  4. You use that income to make the machine run or to buy other income-generating assets<\/li>\n<\/ol>\n

    As for what <\/em>kind of assets you can buy, there's actually plenty of options!<\/p>\n

    1. Start An Online Business<\/strong><\/h3>\n

    An online business is one of the best ways to create a money making machine, and there's a few reasons for this.<\/p>\n

    The main one is that starting an online business doesn't have to cost much. So, pretty much anyone can give it a try without risking much money upfront.<\/p>\n

    Secondly, online businesses can have extremely high income potential and low fixed costs. Once again, this limits risk while presenting a lot of potential.<\/p>\n

    And, finally, there are so <\/em>many examples of online businesses you can start. I've tried many over the years, ranging from a Shopify<\/a> dropshipping experiment to selling meme mugs on my Etsy print on demand shop<\/a>.<\/p>\n

    \"Etsy-Instagram-Marketing\"
    These were the mugs I sold, and I used Instagram to market the store.<\/figcaption><\/figure>\n

    To build a money making machine, I think print on demand, or POD, is one of the best business models. This is because you don't have to pay upfront for inventory, and you work with a manufacturing partner to create, package, and ship your products to consumers.<\/p>\n

    POD businesses are also very scalable, and you can sell on marketplaces like Etsy with various POD integrations<\/a>.<\/p>\n

    Alternatively, you can list your designs and products on websites like Redbubble<\/a> or Society6<\/a>, selling on a marketplace of millions of customers.<\/p>\n

    As your designs begin to sell, you can then invest your time into creating more unique products as you learn what consumers like. You can also invest the money into growth by paying for design help or for someone to manage your shop.<\/p>\n

    POD also has a pretty high income ceiling. Just check out this YouTube video from Etsy Shop owner Tim Koa, who shares how he made over $40,000 in 2021 from his shop<\/strong>.<\/p>\n