Making $20k a month is a great financial goal to have, and it’s completely possible.
While it may not be easy, if you’re willing to put in the work – you can start making $20k a month or more.
In this post, I’ll explore how to make $20k a month, some tips to help you reach your goal, and much more. Let’s get started!
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How Much is $20k a Month?
Whenever creating a financial goal like making $20,000 a month – it’s a good idea to know how much money that really is.
For example, making $20,000 a month is equivalent to $240,000 per year.
But it can be helpful to break down your income daily and weekly.
Making $20k a month is equal to making around $666 per day or $5,000 a week.
It’s best to set smaller goals like making $100 a day, then $300 a day, and finally $500 a day before striving for your goal of $666.
How to Make 20k a Month
Below are some of the best way to make $20,000 a month online and in person. Try a few different ideas and find a method that works for you.
Blogging
Blogging is one of my favorite ways to make $20k a month or more online.
The income you make can eventually replace your full time job so you can quit the rat race and experience some of the benefits of entrepreneurship like:
- Being able to work whenever you want
- Being able to work from anywhere in the world
- Unlimited income potential
- And much more
While it can take time to grow a blog to make that much money, it is possible if you’re consistent with your content creation and marketing efforts.
It costs almost nothing to start a blog and you don’t need a ton of equipment to get your site off the ground.
You can start by securing a domain name with Namecheap and purchasing hosting from SiteGround. This should cost around $100 per year.
Next, you can install WordPress on your site and select a theme.
Now you’re ready to start creating content!
How do blogs make money?
There are several different monetization strategies but some of the best include display ads, affiliate marketing, selling digital products or online courses, or offering sponsored content.
Check out my earnings from Adthrive (display ads) below!
How much can you realistically make?
It’s possible to make $20k a month or more from your online business if you’re strategic with your marketing and monetization efforts.
But it’s not going to happen overnight.
Blogging and other content creation businesses rely on compounding to build their earnings over time.
For example, my portfolio of blogs now makes over $10k a month. It took some time to get here, but blogging has been so worth it.
This means that each piece of content you create has the potential to make money for years or even decades into the future.
As your blog grows, it will start to generate passive income that can be used to build long term wealth and generate multiple income streams.
Start a Business
If you’re wondering how to make $20k a month – starting a business should be at the top of your list for a few different reasons.
First is the income potential.
Starting a business has the potential to make you a millionaire or even billionaire in some cases.
If you work a 9 to 5, the chances of you making millions are slim, but making billions is impossible.
The next benefit is the flexibility.
If you work a corporate job, chances are, you’ll be expected to work 40 hours each week until you retire.
This can make it hard to spend time with family and do the things you love whenever you want.
Finally, starting a profitable business can give you the freedom to travel and work from anywhere in the world.
You’re not tied down to one location like you are with some traditional jobs.
Of course, starting a business is not easy and it will take a lot of hard work to get it off the ground – but it’s definitely worth it if you want to make $20k a month or more.
There are endless business ideas you can start that have the potential to make a significant income each month.
I recommend starting with small service based business that is relatively easy to operate at first so you can learn the basics of business.
Some business ideas could include:
- Lawn care business
- Mobile car wash business
- Pressure washing business
- Painting business
- Print on demand business
- Cleaning business
You can always scale up and hire more employees as your business grows and move on to bigger ideas in the future.
To start a business, you’ll first need to have an idea and create a business plan.
Once you have a plan, you can start working on the logistics of getting your business up and running.
It’s important to understand how you will attract customers and start making money from your venture before starting.
If you want to make $20,000 in monthly revenue – starting a business is one of the best methods for several reasons. You’ll gain flexibility, have a large income potential, and have the freedom to work whenever you want.
Sell an Online Course
Everyone is looking to learn a new skills and become an expert in their field.
If you have a skill or knowledge that you can share, you can make a lot of money by packaging it into an online course and selling it.
Creating an online course is a great way to make $20,000 a month or more because it’s a scalable business model. Some course creators have made millions from their offerings!
This means that you can put in the work upfront to create the course and then continue to make money from it month after month with little to no additional effort.
To get started, you’ll need to determine what topics you will cover in your course and how you will structure it.
It’s important to make sure your course is well organized and provides value to your students because word of mouth marketing is one of the best ways to increase sales with online courses.
Once you’ve determined the curriculum for your course, you’ll need to create the content.
This can be done in a number of ways, but most courses are made up of videos, PDFs, and audio files.
Once you have the content created, you can start selling your course on platforms like Podia or Teachable that make uploading your content and organizing it extremely simple.
Finally, you can start promoting your course and making money.
Don’t get me wrong, selling courses can be tricky. You need to find the right audience at the right time.
For example, if you’re selling an online course about investing – you’ll need to find people who are interested in investing and are willing to spend money on a course.
Selling online courses can be a great way to make $20k a month online if done correctly.
Open an Online Store
If you want to start your own business and earn money online, opening an e-commerce store is a great option.
When you sell online, you’ll need to create a store, list your products, and drive traffic to your site.
While this might seem simple, it’s a little more complex than that.
Setting up your store is the easy part. You can use platforms like Shopify or Woocommerce to create a professional looking store in just a few hours.
The more difficult part is getting traffic to your store and getting people to buy your products.
You’ll need to invest time and money into marketing your store if you want to make serious money.
E-commerce stores can be a great way to generate $20k a month online if you have the right strategy.
Invest in Real Estate
Investing is a great way to make passive income and reach your financial goals, no matter how big they might be, whether you want to make $100k a year in passive income or make $20k a month.
Real estate is one of the better options to start investing and building wealth.
You can use an investing platform like Fundrise to get started with as little as $10 or you can opt to purchase a rental property directly.
Making $20k a month from real estate investing can take longer than some other methods on this list, but it’s also one of the least risky ways to make money over the long run.
Work as a Freelance Writer
Freelance writing is a great way to make extra money on the side or even build a full-time business.
As a freelance writer, you’ll be tasked with writing content for different companies and online publishers.
This can include things like writing blog posts, articles, website copy, and more.
The amount of money you can make with freelance writing is tremendous.
Some writers charge over $.50 per word written. While this is on the higher end, it’s common to charge anywhere from $.20 to $.25 per word for more novice writers.
So how can you make $20k freelance writing?
If you make $.25 per word, you would need to write 40 2,000-word articles each month to reach your goal. While this is certainly challenging, it’s possible if you’re motivated.
Working as a freelance writer has several benefits.
You can work from anywhere in the world, you can set your own rates and hours, and there’s no limit to how much money you can make.
If you enjoy writing and are good at it, then freelance writing is a great way to make some extra money online.
Work as a Freelancer
While I’ve already covered freelance writing – there are many other kinds of freelancing that can be great options to make $20k or more.
For example, if you’re a video editor you can earn money by offering video editing services to businesses and online publishers.
The same goes for graphic designers, web developers, SEO specialists, and just about any other skill that businesses are willing to pay for.
If you don’t have a ton of special skills, one of the easiest freelance jobs is working as a virtual assistant.
You can find work as a freelancer by using online platforms like Fiverr or Upwork or you can network with businesses directly who might need your services.
The pay for freelancers will vary widely depending on the work that you do but it’s possible to make over $200 an hour in some cases.
If you have a valuable skill that businesses need, then freelancing can be a great way to make some extra money online.
Start a Podcast
Podcasting is a great online business that generates cash flow each month from the content you produce.
It’s similar to blogging and other forms of content creation except in the audio format.
While growing a podcast can be challenging in the beginning, there’s tremendous potential to make money down the road. Check out the projected podcast market. Talk about opportunity!
The key to making money with podcasts is to find a niche topic that you’re passionate about and build an audience around it.
You can then monetize your podcast through sponsorships, advertisements, or by selling products and courses.
Starting a podcast is a great way to make $20000 fast.
Start a YouTube Channel
YouTube is another great way to start making money online.
While it can be challenging to grow a YouTube channel in the beginning, there’s tremendous potential for monetization down the road.
You can make money with YouTube through ads, sponsorships, or by selling products and courses.
To make $20k a month from YouTube, you would need to generate millions of views per month.
While this may seem like a lot, it’s certainly possible if you produce high-quality YouTube videos and build an engaged audience.
Sell Digital Products
If you’re searching for passive income streams that generate monthly income, then selling digital products is an excellent option.
The profit margins on these items are enormous, typically exceeding 75%.
You can promote your products on social media platforms or through your own website or blog.
This is a great digital side hustle that can generate a lot of extra cash each month.
Flipping
Looking for a side hustle you can start with virtually no money?
Flipping can be an excellent option for those willing to put in the work.
The process is simple to understand.
You’ll need to find products that are highly discounted and sell them for a profit.
You can source your inventory at garage sales, flea markets, or online through sites like Craigslist or Facebook Marketplace.
Once you have a few products, you can list them for sale online and watch the offers come in!
If you want to make more money, you can try to find items that could use a little TLC before selling them.
This is popular when it comes to things like flipping furniture.
You can purchase an old coffee table, add a fresh coat of paint, and sell it for a nice profit.
Retail Arbitrage
Retail arbitrage is essentially flipping, except you’ll visit large retailers to source your inventory.
The process works the same way as regular flipping except you’ll find products at stores like Walmart, Target, Amazon, and other similar retailers.
You can then sell these products for a profit online through sites like Amazon or eBay.
Invest in the Stock Market
Another way to start investing your money is via the stock market.
Just like with real estate, investing in the stock market will take some time and money to reach your goal of making $20k a month.
To get started, I recommend using an investing app like Acorns to invest in index funds with as little as $10. They’re also currently giving new investors $10 completely free!
While investing in stocks isn’t the fastest ways to make $20k a month – it’s one of the most passive and guaranteed methods if you stick to it.
Find a New Job
Finding a new job is one of the easier ways to make $20k a month if you’re not already making that much.
There are plenty of jobs that pay over 6 figures a year, so if you’re willing to put in the extra effort to find one of them, it can certainly pay off.
Of course, finding a job that pays that much can be difficult, but it’s certainly not impossible.
Ask for a Raise
While this method isn’t guaranteed, it can be possible to reach your goal of making $20,000 a month.
When asking for a raise, you should be sure to have some metrics and numbers to back up your performance at work.
Check out these tips to get a raise!
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Final Thoughts on How to Make $20k a Month
If you want to make more money and earn $20k a month, there are plenty of ways to do it.
Some of the best methods include:
- Starting a blog
- Starting a business
- Freelance writing
- Investing
Reaching your goal likely won’t happen overnight, but if you stick to it and work hard, eventually you’ll reach your goal of making $20k a month.
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