The Money Machine Mentality • Scott's Money Machines (2024)

When I introduced the concept of a passive stream of income as a “money machine”, I did so for the understanding that a passive stream of income is a buildable, and repeatable process. When we break down the components of that machine, it makes it simple to build that machine… which makes it easier to understand, and easier to implement.

Building A Passive Income = Building A Machine

Too many people tend to make a bigger deal of it than it really is. Building a machine is simple (but not always easy)… you understand what you want your machine to do, you understand that there are different components necessary for the machine to operate, and you get to work putting the pieces together. When a part is not working, you repair it or replace it.

Each part of the machine has a specific function or purpose, and when viewed in this manner, it becomes easy to identify what parts are working and what parts are not. Make sense?

Why It’s Like Building A Machine

Let’s say you wanted to build a machine. For this example, I’m going to use a physical machine.

Hang tight, I’ll get to the money machine in a moment. It’s important that I explain it this way using a physical machine as an analogy. I am big on using analogies because it makes it easy to see and understand the big picture.

When I was about 12 years old, I was into go karts. It was a passion of mine. A go kart is a machine, and I had to build mine from various parts. I got hold of a frame in so-so condition, an engine that needed work, and other various parts.

Because I was excited at the prospect of building as well as driving my go kart, nothing was getting in my way of my objective. (I’d like to point out that my excitement was pure and real… I didn’t “need” a go kart, I “wanted” it! This is an important distinction when you begin to work on making money.)

To build my go kart, I knew the frame needed to be functional before I can put on the wheels or the engine. And so I worked on it. I straightened bent parts, repaired the pedals, attached the seat, and so on. I rebuilt the carburetor, replaced the magneto, and cleaned up the engine. I got my engine running, and mounted it on the frame.

Stay with me here… there’s another important point coming up.

The frame was ready to go, the engine was mounted and running… BUT, my go kart could not be driven. Why? Because the engine was not connected to the wheels yet.

I did not freak out. It was easy for me to see that I needed to put the chain on to connect the rear axle to the engine shaft (this was a basic go kart, no transmission).

I bought a centrifugal clutch with the right gear and mounted it to the engine shaft. I added the chain and attached it to the rear axle sprocket, and my go kart was working!

As mentioned above, I loved my go kart, and it was a wonderful hobby for me at that point in my life. It turns out my go kart needed a lot of tweaking. Parts would break because they were misaligned, I had engine issues, and brake issues… you name it.

As straightforward as the process was, there was plenty of work to be done. The point is, I had so much fun building and perfecting my go kart. I did not know it at the time, but there was a huge business lesson to be learned here.

A Money Machine Is The Same Thing

So how does all this go kart stuff relate to a money machine, and why are the lessons so important?

Building a passive income stream is very much the same as building a go kart. They are both machines with a specific purpose.

It’s the mindset that matters most.

Consider this…

Let’s say you decide you want to make money online. Making money… that’s your objective. But you don’t want to just make money, you want a passive income. A passive income means you are making money while you sleep, eat, and vacation.

That automated process is a machine. Since the intended purpose is to produce money, it’s a money machine. So far, it’s pretty straight forward.

It’s super important that you see the construction of your money machine as a fun and exciting project. Otherwise you are going to have problems, and it can derail or doom your project altogether.

Want vs. Need

Did you know that your mindset means everything to your success? Seriously, just about every book, every seminar, and every bootcamp on success, devotes at least some time on this vital subject. So why do so many people ignore it?

This can be hard to absorb at first. But if you stick around with me, you’ll eventually understand this vital point. This could be the reason you have been struggling for so long.

You get what you truly want and expect (both components are needed). You’ll know you are truly wanting something when you are empowered, passionate, or eager. If you are frustrated, impatient, or overwhelmed, you are needing.

There are a lot of people who “need” to make money, or “have to” make money. With that mindset, it will be nearly impossible to see the big picture, therefore hard to identify and repair the problems. It will also be hard to tweak your machine to perfection.

As an example, I’ve seen people (maybe it’s you?) put up a web page, add an affiliate product, and make a write-up to sell it. Weeks and months pass by and they wonder why they can’t make a sale. I am not kidding. There are hundreds of people in online forums asking why it’s not working. Many give up in frustration.

Do you see my point?

First off, stop needing it and get excited about it! Don’t get me wrong, I understand we all need money to live, but even if you were searching for the perfect job, it’s important to want it and to keep everything in proper perspective. (Note: I am not encouraging a job – that’s active income, and not a money machine).

Secondly, if you view your desire to make money as a machine, and you have the blueprints for that machine (self-designed or obtained), it will be easy to see what parts are not working. Simplified for the example above, there are no parts in that machine that drive traffic to the page (the engine is not connected to the axle).

In Conclusion

If there is anything I want you to get from this article, it’s about having the mindset to see your passive income stream in terms of a buildable and repeatable process. With that mindset, it becomes easy to see what parts of your “money machine” need attention. Building a passive income stream is a process which can be assembled and diagnosed like a machine.

See it as a fun and exciting adventure. That way, you can have fun building and tweaking your money machine.

Then, you can build another similar money machine, or build a completely different money machine.

Passive income is your key to financial freedom. If you have a job right now (active income), that’s fine for now. Just get to work on your first money machine. You’ll soon be able to leave your job and take complete control of your life.

Whether you want to have a sustainable income, or your want to build wealth, money machines are the way to do it.

Resources

• What is a Money Machine?
• Money Machine: Domaining
• Money Machine: Blogging
• Money Machine: Funnels
• Money Machine: Affiliate Marketing

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If anything is not clear, please ask me in the comments. It’s important to understand this concept.