{"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 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 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 As for what <\/em>kind of assets you can buy, there's actually plenty of options!<\/p>\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>\nWhat Is A Money Making Machine?<\/strong><\/h2>\n
How To Build A Money Making Machine<\/strong><\/h2>\n
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1. Start An Online Business<\/strong><\/h3>\n