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How To Make $4,000 a Month in Passive Income: 10 Easy Ways

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African American woman holding and counting dollars.

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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

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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Red Lobster Speaks Out on ‘Misunderstood’ Bankruptcy Filing

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Red Lobster Speaks Out on 'Misunderstood' Bankruptcy Filing

It may be the end of an era for beloved seafood chain Red Lobster, which officially declared bankruptcy on Monday after months of speculation and dozens of abrupt restaurant closures.

Now, the company is speaking out to loyal customers — and investigating the role that its shrimp supplier may have played in its demise.

Related: Red Lobster Suddenly Shutters Dozens of Locations Without Warning Employees, Begins Auctioning Off Equipment

In a letter posted to social media, Red Lobster thanked customers for their nearly five decades of loyalty and assured the masses that the chain wasn’t going anywhere.

“Bankruptcy is a word that is often misunderstood. Filing for bankruptcy does not mean we are going out of business,” Red Lobster wrote. “In fact, it means just the opposite. It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward.”

Red Lobster noted that companies including Delta Airlines and Hertz “emerged stronger” after filing for Chapter 11 (Delta in September 2005, Hertz in May 2020) and found ways to bounce back.

“Birthdays, graduations, anniversaries, and yes, weddings. We’ve been here for them all,” the chain penned. “Red Lobster is determined to be there for these moments for generations to come.”

Red Lobster’s downfall was a slow burn, primarily blamed on an $11 million loss in November 2023 due to the chain rollout of an “Endless Shrimp” promotion. The deal offered customers all the shrimp they could eat for $20, and it proved to be a bit too popular.

Last week, it was reported that stores had begun shuttering without warning around the country, with dozens auctioning off all of their furniture and equipment online and some employees claiming they were given no notice ahead of time.

In a filing on Sunday, Red Lobster CEO Jonathan Tibus called out former CEO Paul Kenny and Red Lobster’s seafood supplier and owner, Thai Union, regarding decisions made surrounding the “Endless Shrimp” promotion and that Red Lobster is “currently investigating the circumstances” around the decision to make the promotion permanent instead of limited-time.

Related: Endless Shrimp Deal Is Too Popular, Red Lobster Loses $11M

“I understand that Thai Union exercised an outsized influence on the Company’s shrimp purchasing,” Tibus wrote. “[Red Lobster is] exploring the impact of the control Thai Union exerted, in concert with Mr. Kenny and other Thai Union-affiliated entities and individuals, and whether actions taken in light of these parties’ varying interests were appropriate and consistent with applicable duties and obligations to Red Lobster.”

Thai Union completed its purchase of Red Lobster in 2020.



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UMass Dartmouth Commencement Speaker Gives Grads $1000 Each

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UMass Dartmouth Commencement Speaker Gives Grads $1000 Each

The best commencement speeches are often motivational and thought-provoking, leaving new graduates optimistic as they head into the “real world.”

But for the Class of 2024 at the University of Massachusetts Dartmouth, new grads walked away with more than just a wealth of knowledge — they left their ceremony with an extra $1,000 in their pockets.

Related: ‘There Is More To Life Than Work’: Bill Gates Delivers Emotional Message To Graduates About Learning To Take A Break

Last week, the founder and CEO of Granite Telecommunications, Robert Hale Jr., spoke to grads at the University of Massachusetts Dartmouth about their futures and shared a story about a time when his business suffered a $1 billion loss in just one day to explain the importance of perseverance through failure.

“It’s okay to fail,” Hale told graduates. “Life will give you challenges and if you take those challenges you’ll fail from time to time — don’t worry about it … don’t fear failure, understand that it’s just part of the process, and if you use that fear of failure to motivate yourself, you’ll be better for it.”

Then, as he wrapped up, he shocked the audience by announcing he was giving each graduate graduate $1,000 — but there was a catch.

“These trying times have heightened the need for sharing, caring, and giving,” Hale told students. “Our community needs you and your generosity more than ever.”

The students were given two envelopes with $500 each — one was intended for the students to keep for themselves while the other was for them to give to someone else in need.

Related: Sheryl Sandberg’s Advice to Grads: Banish Self-Doubt, Dream Bigger and Lean In, Always

“As the degree conferral was about to begin, Hale came forward and let the graduates know he had one more bit of advice for them. He told the eager crowd that for him and his wife Karen, ‘the greatest joys we’ve had in our life have been the gift of giving,'” UMass Dartmouth said in a release. “Hale let the Class of 2024 know that the two large duffle bags being brought up on stage by security were packed with envelopes full of cash.”

There were roughly 1,200 students in UMass Dartmouth’s 2024 graduating class.

Hale’s current net worth is an estimated $5.4 billion.



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Stay Prepared on the Road with This $80 Tire Inflator

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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.

Business travel is inherently risky because driving poses certain innate hazards. If you’re a business leader sending yourself, team members, or employees out on the road, the least you can do is equip them with the tools they need to operate as safely as possible and get out of a jam if they happen to run into one.

A great tool that’s designed to help fix flat tires, this HOTO Air Pump Pro Portable Air Compressor and Tire Inflator, is on sale for just $79.99 (reg. $119). Promised to be 85% faster than competitors, this four-preset air pump is made to be able to fill a tire in at most five minutes.

Running on a 12V pump motor, this fast-working pump features a powerful battery life that can charge as many as 15 under-inflated tires within a single charge. When you’re filling up, the pump also prevents you from overdoing things with its worry-free automatic stop that ceases operations when the proper inflation is met.

This fantastic tire pump can serve as a great safety tool for business travelers. It can also promote exercise and recreation when used to pump up sports balls and bike tires.

The versatility and quality of this small, compact device have added up to make it a hit amongst users and critics alike. It’s even earned a coveted nomination from MoMa Design.

Don’t forget that for a limited time only, this HOTO Air Pump Pro Portable Air Compressor and Tire Inflator is on sale for just $79.99 (reg. $119).

StackSocial prices subject to change.

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