A police officer decided he could do more for his finances and started a small business. He had no idea that that side business would rake in millions of dollars within a short time.
Now, the man has retired from police work. However, he can enjoy his retirement comfortably with more than $12 million in his bank account. He managed to be so successful doing one thing: buying ATMs.
A Dream to Be a Millionaire
According to Paul Alex, he always dreamed of being the first millionaire in his family. However, achieving financial success in today’s economic climate with a high-paying job is not always easy.
Alex had worked really hard for several years as a police officer. He steadily rose up through the ranks and eventually became a detective. As a detective, Alex was earning more than $200,000 annually. However, it wasn’t enough for him to realize his dreams of becoming a millionaire.
He Didn’t Feel Fulfilled as a Detective
Speaking to Business Insider, Alex explained that he worked for 60-100 hours weekly as a detective. The work hours didn’t afford him the luxury of personal freedom to do what he wanted. “At the end of the day, I realized, this can’t be life,” Alex said.
So, Alex decided to do something about this freedom and his dreams to be the first millionaire in his family. Back in 2017, he discovered an exciting business idea involving ATMs. Alex started to invest in ATMs as a side hustle to boost his income as a detective.
ALSO READ: Beyoncé Announces Grants for Salons and Cosmetology School Scholarships Worth $500K
He Discovered the ATM Business
However, within three years, Alex discovered that his side hustle had changed his life dramatically. He researched and discovered that ATMs cost less than $3,000, were low-risk, and were quite profitable. He learned that an ATM could give him about $200 monthly profit.
So, Alex started by investing in six ATMs and placing them in the perfect locations. According to him, the size of the ATMs is one of their best assets. You could move the ATMs around locations if one doesn’t seem to be as profitable as expected because they are mobile.
A Bit of Trial and Error
For Alex, finding the perfect location at first wasn’t easy. He had to try different locations to see the kind of profits they turned in. Alex put his ATMs in three liquor stores, two barbershops, and a nail salon when he started.
After a while, he found out that his machines in liquor stores were making a lot more profit than those in other locations.
He Reached Out to People With Experience
Furthermore, Paul Alex’s business grew because he reached out to other people with some experience in the ATM business.
He met someone on Facebook with a successful ATM business. The person told Alex that convenience stores were among the top locations for high profit.
POLL—Should the Government Implement Stricter Penalties To Combat Retail Theft?
Understanding the Business
Paul Alex was profiting from his ATMs in liquor stores. So he moved three of his ATMs to convenience stores while three remained at the liquor stores. Alex’s profits were $3,000 that month.
Like running any other business, managing ATMs has its nuances. You would have to consider maintenance of the machines, investments, and loans. Also, there are bound to be moments when you make a few mistakes.
He Learnt From Some Mistakes
The first six ATMs Alex bought cost $2,100 each. They also came with a 30% commission fee from every charge. Alex felt like it was a great deal for him. However, he soon learned from his mentor that he could have bought used ATMs and not paid any commission to anyone.
From the moment Alex figured out how the ATM business operated, his profits skyrocketed. He took out non-interest loans to ensure the ATMs didn’t run out of cash. Also, Alex hired technicians to install and run the machines.
Growing in the ATM Business
So, he left his job as a police detective. Within a short time, Alex had 30 ATMs and made millions of dollars annually. He finally fulfilled his dream of becoming the first millionaire in his family. Alex decided to share the secret of his success with others in the business.
Additionally, Alex’s business has expanded into another aspect of the ATM niche. His business is called ATM Together. The goal is to help others attain the financial freedom they desire and fulfill their dreams by investing in ATMs.
ALSO READ: Man Gives $13 Million Fortune to Nonprofits in Death
Finally a Millionaire
In just three years, Alex made $12 million through his ATMs. In addition, ATM Together also made him $3.5 million.
More so, Alex advises people interested in investing in the ATM business. He posts videos, pictures, and some words of advice on X (formerly known as Twitter), TikTok, Instagram, and YouTube.
An Inspiration to Many
Alex hopes that as he successfully made millions through his ATMs, it will inspire others interested in the business. He still seeks out new ways to improve his business. Recently, he started promoting Bitcoin ATMs on his social media accounts.
According to him, Bitcoin ATMs are easier to set up and manage than regular cash ATMs. Thanks to his vast knowledge and experience, Alex has become an expert many people listen to for tips and advice.
He Continues to Share His Story
Alex is keen on sharing his story with as many people as possible. He wants people to understand that anyone could do what he did and succeed. Alex wants to inspire people so that they can make their dreams come true.
He said, “Invest in yourself. Self-educate, keep at it, and believe that you have what it takes. If you do, you could become the first millionaire in your family, too.”
You Might Also Like:
Groundbreaking AIDs Activist Hydeia Broadbent Passes Away at 39
Local Authorities Discover Five Charred Bodies in Gang-Plagued Region of Southern Mexico
Iowa School District to Pay $20,000 Settlement in Gender Policy Lawsuit
IVF Advocates Condemn Alabama Court Ruling Treating Embryos as Children
College Reinstates Biology Professor Fired for Saying X and Y Chromosomes Determine Sex