One of my favorite older books is “The Incredible Secret Money Machine” by Don Lancaster. I’ve read this book several times and have arranged my life around many of the ideas learned in the book.
In this book, Don Lancaster wrote:
“Strategy Secret – Always work toward deferred income.
What you do for your money machine should generate nickels both today and tomorrow. You should work toward automatically guaranteeing yourself a long string of future nickels that needs little or no more attention from you. This is admittedly tricky to do, but if you can pull this off, your money machine will fly by itself, freeing you in the future to do bigger and better things.”
A secret money machine is basically a business you own that gives you the lifestyle you want to live. I refer to these businesses as “Lifestyle” businesses, because they allow us to create our ideal lifestyle. A key aspect of any lifestyle business is that it must have deferred income. You must get paid today AND tomorrow, or it’s not really a lifestyle business. A money machine must provide recurring income.
As an example, I have a mobile home investment business. This business is arranged to provide a great deal of deferred income. Each mobile home investment for this business generates years of monthly income. The business collects income today AND tomorrow.
Sadly, most businesses are not lifestyle businesses, as they don’t have deferred income.
Lancaster suggests arranging your business so that your customers or clients want to return for more of your product or service. I actually suggest going one step further by creating a business that automatically collects monthly income from it’s customers, and I have outlined what I believe is the best lifestyle business you can start in a new report you can download here:
Inside this report, you’ll see how you can create automatic monthly income through your own secret money machine. The best part is that this money machine will only require a few hours a week to run. I know, because I have one of these money machines myself!
You’ll see how you can create a similar money machine for yourself.