Are you being frugal and following a budget to minimize costs but are still having trouble meeting your financial goals? Well, I’m here to share ideas on how you how to make $5,000 a month!
Who wouldn’t want a sweet $5k boost?
Yeah, you’ve probably read every article on how to increase your monthly savings.
Maybe you’ve even gotten rid of your pricey television bundle and given up your take-out coffee fixes.
Let’s face it: you’re trying to save money and spend wisely.
But the truth is that pinching pennies isn’t always enough. It can only go so far.
Yes, I do have personal finance rules that I live by.
But it’s time to consider making extra cash if you want to make progress toward your $5000 monthly goal.
Ok, so how to make 5k a month?? Let’s Rock.
Practical Ways On How To Make $5,000 A Month
Although it may appear difficult, it’s totally doable to make $5,000 in a short period.
Working an extra few hours per week could get you there in less than a year.
You can even pull it off faster if you devote more time to it.
Meanwhile, here’s some advice before you get started: When it comes to side hustles, don’t try to do too much.
Focus your efforts and stick to what works best for you and your skills and schedule.
Now, it’s going to take real work.
If you’re just looking for a job for lazy folks or want to make money while watching some videos, this ain’t the right article for you!
Launch A Blog Or A Content Site.
Making money from blogging is all about getting people to read your content.
You want folks to see your advertising, sign up for your affiliate programs, and join your community.
Some people will always advise you to start a blog about your interests.
It’s a nice place to start, but it isn’t always the best.
You also need to know that you can help people solve a problem and that they’re willing to pay money for that solution.
No one sharing your interest means no one visits your blog.
No visits mean no income for your new online business.
That is why, when it comes to blogging, finding a great niche is key (I actually help new bloggers explore different niches in this article).
You should pick something that has a sizable audience waiting for you to enter the blogging world.
There are many blogging courses out there that would help you pick a niche, setup blog and monetize it. Here is the one that I took when getting started.
It’s to have knowledge of the subject matter you’re blogging about, but it doesn’t mean you have to be an expert!
[if you’d like, you can watch this playlist where I walk you through growing our blog brands to see if we can get to 1,000,000 monthly pageviews!]
Many bloggers I know aren’t specialists in their respective fields.
To make money online from your blog, you just need to be a few steps ahead of your audience.
On the internet, there is basically no 100% new material.
There are millions of blogs (more than 600 million, according to Oberlo) and websites on the internet.
So everything you write about will almost certainly have already been written about. But that doesn’t mean you can’t make money.
Putting your own spin on things and getting your content in front of people are important parts of blogging.
If you can accomplish those, you will be successful.
You can certainly make 5,000 a month from blogging (I do).
Freelance With FlexJobs
It might not tickle your fancy to run about town taking pictures or picking up strangers in your car.
Given today’s remote working possibilities, you could pursue a work-at-home job.
(Flexjobs is a great source of these jobs – check out our review of it here).
While there are many sorts of remote employment, customer service, and call center jobs are two of the most popular.
Plus, almost all of them will need you to have a dedicated landline phone that you exclusively use for work.
Amazon also employs a large number of people who work from home.
Snap Photos And Sell Them
If you’re a shutterbug, you’ll love this one.
Customers are constantly looking for great outlets to buy stock photos, and you can sell to them.
There are plenty of apps that will allow you to make money from your phone pics.
Shutterstock is one such easy-to-use platform where you can upload high-quality images and videos.
It will make you money every time your content is downloaded by one of their worldwide customers.
Yep, even passive income that could equal $5,000 or more.
You can upload and submit images straight from your mobile device.
Selling stock photos might be a solid side hustle for you.
Offer Proofreading Services.
The process of reviewing texts for flaws before they are released into the wild is known as proofreading.
You’ll be on the lookout for mistakes in spelling, grammar, punctuation, and layout.
You could be verifying documents for bloggers, newspapers, magazines, or publishing houses before they are formally published.
Is a bachelor’s degree needed here?
It is advantageous to have some English or journalism training, although it is not required.
Proofreading is a fantastic opportunity because the most important thing you need is a strong eye for detail.
Don’t know the first thing about proofreading?
Today, there are incredible tools (like Grammarly) that make proofreading jobs much easier and faster.
Sell Customized Products
Here’s another idea on how to make 5000 a month.
There is a sizable market for personalized goods out there.
This could include creating personalized novelty or gift products such as mugs, keychains, jewelry, or stationary (even stickers).
It could also include designing your own apparel, such as t-shirts, hoodies, or headwear.
If you wish to style your own products, there are now all-in-one platforms that do everything.
They’ll take care of manufacturing and sending out your products to your clients.
Print on Demand companies, like Printful or Printify, can help you with this (read more about these companies here).
Plus, they can link with online stores like Shopify or Etsy so you can sell your products there.
You can make well over $5000 per month with this business if you can create outstanding, well-designed trendy items.
If you’re an excellent marketer on top of being a top-notch designer, that would be a killer combo right there.
[in the video below, we touch on Print on Demand within our side husltes]
Take Up Odd Jobs.
Opportunities to execute odd jobs in your town for a little extra cash are always available.
Do you feel like adding a modern twist to this path?
Then go to TaskRabbit to look for odd jobs in your region.
Tasks range from housecleaning to errand running, and you’ll be paid an hourly rate for your efforts.
IKEA has also teamed up with TaskRabbit to make it easier to hire “taskers” to build furniture and mount fixtures.
Again, it isn’t easy to pinpoint precisely what you need to do to earn $5,000 more.
It all depends on what kind of odd job you do and how much you charge.
Impart Your Knowledge To Others.
So, how to make 5000 a month?
Why not pass on talents or specific knowledge that you have learned to others?
You get to give something valuable to the people around you while also getting paid for your time.
To earn extra money, you can teach people in a variety of ways, including:
- Writing for blogs on topics that you’ve mastered, like lifestyle, fitness, or gardening
- Managing an educational website that you can monetize through sponsorships
- Selling eBooks
- Hosting online courses (these are the best platforms)
- Producing video tutorials
- Holding webinars and lectures
It’s paramount to remember that you don’t have to try all of these possibilities.
Choose the option that fits your skill set the best.
Building a website isn’t for everyone, and it takes a lot of effort before you start seeing financial returns.
But they’re all things to think about.
Teachers who can offer an educational program of some kind can earn $150 or more per student who attends.
Tutors can earn up to $50 per hour.
Bloggers can earn a full-time income from their work, with freelance writers charging anything from $50 to $175+ for each piece.
Doing this might take a few years, but it’s a great way to earn money online.
[This video will give you additional money-making ideas if you’d like to have a watch!]
Sidenote: I will answer all of your questions over on YouTube. Just choose a video, watch it completely, and ask away in the comments. It's like free consulting. See you there!
Become An Amazon Associate.
Amazon Associates is Amazon’s own affiliate network.
In this network, you can earn commissions by introducing people to Amazon products.
So, for example, I could create a supplement review website.
On the site, I have an affiliate connection to a supplement sold on Amazon.
Someone reads my supplement review, clicks on the Amazon link, and purchases the supplement from Amazon.
I would make a commission depending on a percentage of the kinds of items being sold with each purchase.
Best of all, you still get paid even if the person you refer doesn’t buy the product you linked to.
You may market your Amazon links in a variety of methods to increase your commissions.
The most common is through a blog or a niche site.
This is known as affiliate marketing. It’s part of what we do at our company here.
It’s a great way to make money online.
Learn more about what affiliate programs are out there in this article.
Drive Folks Around.
With a ridesharing service like Lyft or Uber, you can turn a depreciating asset (your vehicle) into an income-producing asset.
If you don’t mind letting strangers into your car, this could turn into a lucrative venture.
If that’s not your thing, you can always deliver people’s orders with DoorDash.
You can also wrap your car with advertising if you intend to drive around anyway.
Platforms like Wrapify make it possible to turn your vehicle into a mobile billboard for profit.
Sell Stuff You Or Other People No Longer Use.
Many people have entire houses filled with things they don’t like, need, or use anymore.
Sure, you probably won’t be able to organize a garage sale every week at your home.
However, you can start with one ginormous sale and see where it takes you.
After you’ve decluttered your stuff, consider assisting others you know in decluttering their houses too.
Consider pitching yourself as an organizing consultant like Marie Kondo after you’ve had a few successful gigs under your belt.
In exchange for a share of the overall proceeds, you can offer to collect items that clients no longer want.
You can even “flip” big-ticket products that you can get for a reasonable price on Craigslist. (yep, it’s still a thing).
Facebook Marketplace is also a huge platform (this is the one my wife and I prefer).
It’s incredible how a little TLC can change old and discarded furniture. Here’s our guide on flipping furniture.
It doesn’t take much work to refurbish an old piece that can bring in a handsome return.
You can also sell these items on Etsy, which has grown into a multi-billion dollar company over the past few years.
[check out the video below to see what I found while on a walk that I quickly flipped online]
Be a Facebook Online Marketer.
Facebook marketers assist businesses in utilizing Facebook to attract new clients and customers.
When it comes to luring new business, Facebook has become one of the world’s greatest arenas.
With nearly 3 billion users, it’s easy to see why Facebook marketing is so effective.
Facebook ads are the most common approach to market on the platform.
The Facebook ad platform can be complicated.
This is where Facebook marketing pros come into play.
As a Facebook marketer, you’ll use your ad talents to their greatest capacity to sell your client’s products or services.
This will entail understanding how to create Facebook marketing campaigns and how to target the right demographics.
You’ll want to reach the largest possible audience.
If you can develop these talents, you’ve just turned into a precious asset for any company.
You could learn Facebook marketing on your own, and there are many resources available to assist you.
Let’s imagine you have a client who develops websites but doesn’t have the time to market himself.
Then he hires you to conduct his advertising for him.
Depending on how much business you bring in, he pays you a flat rate or a commission.
Suppose he pays you a 10% commission.
Now let’s assume you can bring that client 15 customers who each pay $1000 for a website to be constructed.
He’ll be ecstatic since you’ve just made him $15,000 (minus expenditures), and you’ve just made yourself $1500.
It doesn’t take a rocket scientist to see how lucrative this venture could be.
How Can I Make 5000 Monthly – FAQs
Let’s talk about investing in S&P 500. Over the last 100 years, the historical return of the S&P 500 has been 8-10%.
So, let’s use 8%.
If you had $750,000 saved up, that’s averaging an 8% return, and you could withdraw $5,000 per month forever.
8% of $750k is $60k annual return (which is $5k per month).
You are paid on your YouTube channel per 1,000 views.
This amount depends on your niche and what advertisers are willing to pay overall (the time of year and the state of the economy are factors here).
Over the last 90 days, my newly monetized channel has averaged $17.17 RPM (the amount per 1,000 views I am paid).
At that rate, I would need about 291,000 views to make $5,000.
This may seem like a lot, but don’t forget that every video you make is its own little asset that can continue to perform over time.
Their views will stack on each other, and one day your channel will get there.
It is $60,000 yearly.
All of the above-mentioned ideas have the potential to bring in $4000 a month.
You can generate $5000 a month in passive income by launching a blog or content site(ad revenue, affiliate income)or by investing in the stock market.
Considering an 8-hour work day and five days work weeks, $5000 a month would be $31.25 per hour.
The answer is relative. The passive income idea in which you put most time, effort, and money can be your highest paying passive income idea.
10k can definitely solve money issues.
For a small group, 10k isn’t rich, but for the majority of the world, it definitely is.
$10,000 per month is $120k per year (6 figures).
This places you in the top 1% worldwide.
But if you live in New York City, you may find that you’re barely breaking even.
The sheer variety of methods to earn $5000 (or even $4k) per month from home is increasing every day.
It’s never been more sensible to start fostering that much money with a home-based business.
The idea is to approach any online money-making endeavor as a business from the beginning.
Scaling up is how successful companies grow.
This means being able to expand and continue to expand once you’ve achieved some success without incurring high additional costs.
The nice thing about internet ventures like blogging, niche site creation, and online courses is that they can be scaled enormously.
And if you can accomplish that, you’ll be well on your way to earning $5000 per month.
If not, you could potentially make much more.
You’ll need to be resourceful and self-assured.
Please keep in mind that you might fail the first few times.
Don’t give up if you feel that making an extra $5,000 in a month is too difficult for you.
Perhaps you simply need to attempt a different strategy.