Paul Alex joined the police force as a trainee with the intention of establishing a career in law enforcement in the San Francisco Bay Area. At the age of 35, he quickly progressed, eventually becoming a detective in the narcotics task force before being assigned to the special victims unit. According to California state archives examined by Insider, by 2020, he had risen to a salary of $133,000, with benefits pushing his annual earnings over $272,000.
Despite the financial stability, Alex found himself working long hours, ranging from 60 to 100 hours per week. The demanding schedule left him with little personal freedom and strained his relationships with family. He realized that the salaried career path was not aligning with the life he wanted.
The turning point came when overtime was paused, significantly reducing his pay. Facing the challenge of fluctuating income, he decided to explore alternative paths. Realizing the drawbacks of real estate investment, he discovered the idea of investing in ATMs in 2017. Intrigued by the low startup cost, lower risk, and quick profitability, he began pursuing it as a side hustle in 2018.
By March 2021, Alex had transitioned to running his ATM business full-time, providing ATMs and services through his company ATMTogether. His profit and loss statements from January 2021 to April 2023 revealed total sales of $12 million and a net profit of about $3.5 million for ATMTogether, along with $844,000 income and $742,000 net profit for his other venture, Merchant Task Force.
Alex initially scouted the city for prime ATM locations in 2018, targeting high-traffic areas like tourist spots, nightclubs, restaurants, and businesses offering cash back. Despite facing initial rejections, he persisted, eventually securing six locations, including liquor stores, barber shops, and a nail salon.
Recognizing the importance of location, he moved three underperforming machines based on advice from a mentor he found on Facebook. The adjusted strategy led to a substantial increase in net profit, with six operational machines generating around $3,000 a month within six months.
While Alex initially used personal credit cards with zero-interest offers to purchase his first set of machines, he later realized he could secure better deals from his mentor. Additional costs for the ATMs included wireless modems, monthly internet charges, and installation fees.
With the profits from his growing ATM business, Alex scaled up to accumulate 30 operational machines across the San Francisco Bay Area by 2020. Although his side hustle didn’t fully replace his salary, it allowed him to cover his bills comfortably. In 2021, he decided to leave his job, partnering with an ATM provider to scale up their business and become remote.
Despite doubts from colleagues, Alex’s self-education and dedication to researching and learning allowed him to build a successful business. Reflecting on his journey, he emphasized the importance of investing in oneself and continuous self-education.
