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How To Make $4,000 a Month in Passive Income: 10 Easy Ways
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Whether you have looked into starting a side hustle or have started selling unused items around your home, earning extra money goes a long way to reaching your financial goals. Creating passive income streams can make the dream of easily earning extra cash a reality. Imagine making $4,000 every month without actively working for it.
Quick Take: Passive Income
Passive income is money earned with little to no ongoing effort where you don’t necessarily have to be actively involved. In other words, instead of the money you get from an employer in a paycheck, you earn additional income through various ways that can range from joining the gig economy to earning compound interest on a traditional savings account or high-yield checking account.
How To Make $4,000 a Month in Passive Income
If your risk tolerance is lower, keep it simple by opening an account with an online bank or financial institution with higher APYs. If you can handle a bit more volatility you might want to dip your toe in bigger investments such as real estate or stocks. The good news is that there are a multitude of ways to build your bank account so you try more than one to find the right fit for your finances.
Here are 10 great ways to earn passive income every month.
1. Open a High-Yield Savings Account
Unlike a traditional savings account, a high-yield savings account earns you a higher-than-average interest rate on your deposits. For example, the current national average for savings accounts is a rate of 0.47%. A high-yield savings account would earn you much more and help you grow your wealth faster.
A great way to earn passive income is from the interest on these accounts. You can also take other income streams and put them in the account to earn passively. GOBankingRates has ranked the following as some of the best high-yield savings accounts for 2024:
- Bask Bank Interest Savings Account
- BMO Alto Online Savings Account
- Bread Financial High-Yield Savings Account
- Salem Five Direct eOne Savings Account
- TAB Bank High Yield Savings Account
2. Invest in Dividend-Paying Stocks
Investing in dividend-paying stocks means you buy shares of companies that distribute a portion of their profits to shareholders. Over time, these dividends can add up to a significant income stream.
Though there are no guarantees in this type of investment, it helps to look for stable companies with a history of paying dividends consistently. In order to earn $4,000 a month off of the interest you’ll need to invest a lot of money up front.
3. Rent Out Your Real Estate Investments
Real estate can be a lucrative source of passive income. You can invest in rental properties and earn monthly rental income. Additionally, real estate tends to appreciate in value over time, providing both rental income and capital gains.
If this seems like a viable option for you, maybe consider renting for short-term stays on platforms like Airbnb or Vrbo. By hosting guests, you can earn passive income without much effort. Just make sure to provide a comfortable and welcoming experience for your guests to maximize your earning potential.
4. Start a Blog or YouTube Channel
Online content can generate passive income through advertising, affiliate marketing and sponsorships. Choose a topic you’re passionate about, create engaging content and build an audience. With time and dedication, your blog or channel can attract advertisers and sponsors, earning you a steady income.
For platforms such as YouTube, to make upwards of $4,000 of passive income a month, it takes more than just posting videos. Here are some ways to amplify your money-making potential:
- Focus on increasing your followers and growing your audience so you can monetize your content.
- Turn on display ads to further your income streams from your page.
- Incorporate product or affiliate marketing by working with sponsorships and branding opportunities.
5. Write an E-Book
If you have knowledge or expertise in a particular subject, consider writing an e-book and self-publishing it online. Once published, you can earn royalties every time someone purchases your book.
Though this form of passive income can be a slow-growing one, if you write about topics that interest you and have a potential audience, this idea has the potential to gain momentum and earn you thousands of dollars per month.
6. Participate in Peer-to-Peer Lending
Peer-to-peer lending platforms allow you to lend money to individuals or businesses in exchange for interest payments. By diversifying your loans across multiple borrowers, you can minimize the risk while earning passive income through interest on your loans. Essentially, you become the bank and can set your competitive interest rates to ensure you get a lot of loanees.
7. Create an Online Course
Share your skills and expertise by creating an online course. Platforms like Udemy and Teachable allow you to create and sell courses on various topics, or you can do so from your own website once you build a solid number of students. You can earn passive income as people enroll and purchase your course. This allows you to set your own schedule and course load to cater to your specific monthly financial goals.
8. Invest in Index Funds or ETFs
Lower-risk index funds and exchange-traded funds offer a diversified portfolio of stocks or bonds. By investing in these funds, you can benefit from the market’s overall performance without the need for active management. Over time, your investment can grow, providing a steady stream of passive income through dividends and capital gains.
9. Try Affiliate Marketing
Affiliate marketing involves promoting products or services and earning a commission for each sale made through your referral link. Join affiliate programs related to your niche and promote products you genuinely believe in. As your audience grows, so will your affiliate income.
It’s one of the easiest ways to earn extra cash on a blog, website or social media platform you already participate in and have a following on.
10. Build a Mobile App or Website
If you have programming skills or can hire a developer, consider creating a mobile app or designing a website. Monetize your app through advertisements, in-app purchases or subscriptions. With millions of smartphone users worldwide, a successful app can generate significant passive income.
If you want to expand this idea more, you could also build a website to cover a specific topic or niche you feel equipped to attract visitor traffic on. This is another passive income idea you can grow over time.
Final Take To GO
The bottom line is that earning $4,000 monthly in passive income is achievable with the right strategies and mindset. Whether it’s through investments, online ventures, rental income or diversifying your investment strategy, your sources of passive income can provide financial stability and freedom.
Combining or trying more than one of these potential income streams requires you to stay consistent to help it grow over time. With dedication and perseverance and maybe even a little risk-taking, you can earn thousands of extra dollars a month.
FAQ
Here are the answers to some of the most frequently asked questions about ways to make money.- How much money do I need to invest to make $4,000 a month?
- Making $4,000 a month based on your investments alone is not a small feat. For example, if you have an investment or combination of investments with a 9.5% yield, you would have to invest $500,000 or more potentially. This is a high amount, but could almost guarantee you a $4,000 monthly dividend income.
- How can you make an additional $4,000 a month?
- There are many ways you can make an additional $4,000 a month including, but not limited to, the following:
- Open a high-yield savings account
- Invest in dividend-paying stocks
- Rent out your real estate investments
- Start a blog or YouTube channel
- Write an e-book
- Participate in peer-to-peer lending
- Create an online course
- Invest in index funds or ETFs
- Try affiliate marketing
- Build a mobile app or website
- There are many ways you can make an additional $4,000 a month including, but not limited to, the following:
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
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Cut Costs, Not Features with This Microsoft Bundle Deal
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
Software subscription fees can quickly add up, and for small-business owners, entrepreneurs, or freelancers, these costs can eat into profits. Businesses spend approximately 29% of their IT budgets on software, according to a 2023 survey by Gartner.
For business professionals who are looking to streamline workflow without paying steep subscription fees, the Ultimate 2019 Microsoft Bundle might be the perfect solution. For just $71.94 (regularly $927), this comprehensive four-part bundle offers Microsoft Office Professional Plus 2019, Windows 11 Pro, Project 2019, and Visio 2019.
While it’s not the newest version of Microsoft’s software, it can deliver tremendous value for anyone seeking tools to manage their business, boost productivity, and work efficiently. The bundle offers a lifetime license, meaning you’ll get all the functionality you need without the recurring costs associated with subscription services like Microsoft 365.
However, it does come with Windows 11 Pro, which includes the recent AI updates. Windows 11 Pro delivers a modern, intuitive interface with enhanced security features such as biometric login and Smart App Control, making it ideal for professionals who prioritize privacy and usability. It’s also equipped with tools that support multitasking, such as Snap Layouts and Virtual Desktops.
For companies looking to reduce overhead without compromising essential functionality, making a one-time purchase of slightly older software is a smart financial move. This includes Office’s most popular productivity tools, Word, Excel, PowerPoint, and Outlook.
Project 2019 is a must-have for anyone who is managing large or small projects. It helps track tasks, timelines, and resources, making it easier to stay on top of deadlines and ensure your team moves in the right direction. Project 2019 gives you the tools to streamline processes and manage tasks efficiently.
Visio 2019 is ideal for creating professional diagrams, flowcharts, and organizational charts. It’s particularly valuable for visualizing complex data or workflows, which is essential for business owners looking to improve operational efficiency.
If you need a productivity boost without eating into savings, take a closer look at this bundle.
Get the Ultimate 2019 Microsoft Bundle with Office, Project, Visio, and Windows 11 Pro for $71.94 (regularly $927).
StackSocial prices subject to change.
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3 Trends That Will Change the Future of Entrepreneurship
Opinions expressed by Entrepreneur contributors are their own.
The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.
Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.
I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.
Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.
Related: 21 Success Tips for Young and Aspiring Entrepreneurs
1. Young entrepreneurs on the rise
For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.
These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.
However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.
2. Tech gender gap narrows
One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.
This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.
3. Optimistic outlook for Black and Hispanic entrepreneurs
Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.
Related: I Wish I Received This Advice as a Young Entrepreneur
A promising future
Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.
Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.
The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.
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These Are the Top Side Hustles to Work Less, Make More Money
In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.
A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.
The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.
The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.
The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.
Quicken conducted the survey online, gathering responses from more than 1,000 Americans.
Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know
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