• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Man shares how he made $12 million in three years after buying ATMs for $2,100 and operating them

Home> News> US News

Updated 18:47 6 Sep 2024 GMT+1Published 18:46 6 Sep 2024 GMT+1

Man shares how he made $12 million in three years after buying ATMs for $2,100 and operating them

It initially began as a side hustle and developed into a massive fortune

Callum Jones

Callum Jones

A San Francisco man was granted the luxury of leaving his well-paid job after making millions from an unexpected side hustle.

Paul Alex had been working as a detective in the narcotics task force for San Francisco Police before becoming involved with the special victims unit.

While stressful, Paul did bring in an annual salary of $133,000, with additional bonuses launching him bring home pay to a whopping $272,000.

Yes, the police job gave Paul financial stability, but he was left mentally drained.

Paul found he was working between 60 to 100 hours a week, meaning he wasn't able to spend as much time with his family as he wanted.

Advert

"I didn't have any personal freedom," the former detective told Business Insider.

"I was neglecting my personal life. I wasn't hanging around my family, who I love. I'm a big family guy. And at the end of the day, I realized, this can't be life."

Paul's pay was cut big time when the police force decided to pause overtime cash.

It was then that he decided he wanted to invest in cash-flowing assets, in the hopes of giving him more financial security - especially on those months his salary was lower than usual.

Advert

Paul Alex started the business as side hustle. Business Insider/Handout
Paul Alex started the business as side hustle. Business Insider/Handout

Many options were on the cards, including real estate - but Paul quickly came to the conclusion that would not be for him because of the debt involved and the management of properties that would be required.

A colleague then suggested he invested in ATM machines and, upon researching the topic, Paul came to realize that the business was low risk compared to others.

After doing more homework, Paul decided to take up the side hustle in 2018.

Advert

He scouted locations he thought might be good for an ATM, and went on to purchase six machines - costing less than $3,000 each - dotted around different locations in the San Francisco Bay Area.

A decent minimum return on each machine is $200 a month from its surcharges, according to Paul, and some of his best-placed machines were bringing in anywhere between $250 - $500.

Paul went on to move the machines that weren't bringing in as much revenue and sought out the help of a mentor over Facebook.

ATM machines appear to be a very lucrative business.
Getty Stock Image

Advert

When he moved the machines, Paul started bringing home $3,000 a month in profit.

And he managed to make a return on his investment after just six months, truly impressive stuff.

By 2020, Paul had a total of 30 machines, and as his income continued to increase, he was able to call it quits on the police job in 2021.

He went on to partner with an ATM provider, and Paul sold off his machines so he was able to become remote.

Advert

As per documents seen by Business Insider, Paul's profit and loss statements showed a total sales amount of $12 million and a net profit of about $3.5 million for his company ATMTogether, a provider of ATM machines and services.

In light of his massive successes, Paul has urged people to 'invest in yourself'.

Featured Image Credit: Paul Alex/MICHELE SPATARI/AFP via Getty Images

Topics: News, US News, Money

Callum Jones
Callum Jones

Advert

Advert

Advert

Choose your content:

an hour ago
2 hours ago
15 hours ago
  • an hour ago

    Trump unleashes on ‘evil’ journalist after she asks question about Texas floods

    The Texas floods have killed at least 129 people, with at least 150 still missing

    News
  • an hour ago

    Chilling conversation pilots had seconds before Air India crash that killed 260

    A report has found how the aircraft was destroyed as well as the final moments before its collision with a medical college hostel

    News
  • 2 hours ago

    Air India report finds what caused crash that killed 260

    Preliminary findings into the Air India crash have been released by authorities

    News
  • 15 hours ago

    Scientists issue warning for surprising item people use that's 40 times dirtier than a toilet seat

    Scientists found that your travel companion is harboring a dirty secret

    News
  • Man works out how much money you'd have made buying Apple shares instead of an iPhone every time a new one has been released
  • Warning over viral 'infinite money glitch' which could see you fined $1 million and jailed for 30 years
  • Kevin Spacey is 'refusing to leave' mansion despite man buying it for $3.2 million
  • How one man ‘caused’ a $1,000,000,000,000 US stock market crash from the comfort of his bedroom