Are you looking for ways to boost your income? Perhaps you’re seeking to create a passive income stream to bring in extra cash each month.
What is Passive Income?
A passive income stream requires very little or no maintenance to keep the money coming in. That doesn’t mean you can set it up and forget about it, but the idea is that it will bring in cash without a lot of hassle on your part.
There are several ways for people to create a passive income stream, some more successful than others. You can write a blog, sell professional photos online, or create a smartphone app. All of these, however, take quite a bit of time to set up and need frequent attention.
One way to create a passive income stream without a lot of difficulty is to place a fleet of ATMs throughout your community.
The Mighty ATM
Convenience stores, hotels, bars, dispensaries, restaurants, indoor flea markets, and sports venues are all great venues to place an ATM. They are all locations that potentially see a lot of customer traffic who need cash to make purchases. Anywhere that people need cash is a good location to place an ATM.
It’s all about the foot traffic. If you place an ATM in a location where a lot of people walk by, you are more likely to have a successful passive income stream.
Most ATMs charge somewhere between $1.50 and $5.00 per transaction. That is where you will make your money. And in a popular location, those transaction fees can really add up.
One way to figure out your potential earnings is to calculate how many transactions you expect to get per month. If your ATM is located in a high-traffic spot that sees a lot of customers, the more income you’ll make from your ATM. For example, if you set your fee to $2.00 per transactions, and you get 5 customers per day, 7 days per week. That means you’ll make $70 per week or $280 per month. On an annual basis, that ATM has the potential to bring in $3,360.
Now imagine that you set that same ATM’s fee to $3.00 per transaction. At 5 customers per day, 7 days a week, that adds up to $105.00 per week and $420 per month. On an annual basis, that ATM could bring in $5,040 in passive income.
If you had 10 ATMs with that same transaction rate throughout your community you could make approximately $50,400 per year. 50 ATMs could bring in $252,000 annually. 100 ATMs could bring in over half a million on an annual basis.
That could be the difference between retiring in 2 years and retiring in 20 years.
Placing a fleet of ATMs doesn’t mean you get to set them up and walk away while raking in the dough. Your ATMs will need some regular maintenance and servicing. Unless you have expertise in ATM machinery, the easiest way to make sure that your ATMs are running smoothly is to contract with a company that provides ATM servicing.
The Bottom Line
If you’re looking to increase your income, placing ATMs throughout your neck of the woods can provide a healthy stream of passive income. And the more ATMs you place, the heartier your annual income has the potential to be.