How can I make $1000 a month in passive income? You could try investing in stocks, starting a dropshipping business, or selling stuff on sites like Amazon and Etsy, just to name a few examples.
Passive income definitely takes a lot of upfront work to create, but it can pay off immensely! Are you thinking about starting your own business this year? Sign up for my free 8-part video series on how to start your own business: SMALL BUSINESS 101.
Here are a few ideas:
- Invest $200000 in dividend stocks earning 6% per year.
- Invest $120000 in a passive real estate platform like Fundrise.
- Start a business you can eventually outsource.
Freelance Writing and Blogging
Freelance writing is one of the easiest ways to make $1000 a month. Even if you don’t consider yourself a writer, don’t strike it off yet. Maintain an engaging blog. Blogging allows you to convert your passion into a success. You can share your ideas and tips related to a field of study. In fact, bloggers earn millions through their websites.
Best Passive Income Ideas
Looking for ways to earn passive income? Here are the best passive income ideas that could earn you $1000+ per month:
- Dividend-paying stocks
- ETFs
- Fundrise
- Lending Club
These investments are helping earn money around the clock with no work on my part. While invested amounts vary, they’re paying me more than $1000 per month.
According to Brett Owens, dividend investors have potential annual returns of 15-25%, if they pick the right stocks. Here are additional ideas:
- Real estate investment
- Selling property or renting it out
Popular musicians rely on passive royalties from licensing copyrighted music. Even if you aren’t a musician, there are ways to earn passive income through similar royalty-based models.
Realistic Monthly Income Goals
To make an extra $1000 a month, consider the following:
- Current expenses
- Financial obligations
- Lifestyle aspirations
Break your financial goals into smaller steps:
- Save $250 each week
- Save $83 per day
Setting a timeline fosters a sense of urgency and accountability. If you are a student, blogging can be a realistic way to make $1000 a month by sharing your expertise on a subject.
Learning how to make an extra 1000 dollars a month can significantly impact your financial well-being. Opportunities include:
- Freelance writing
- Becoming a virtual assistant
With determination and consistency, making an extra $1000 per month is feasible.