Are you looking to make $50k per month?
Maybe you have a burning desire to pay off some serious debt. Maybe you just want to save money. Or maybe you're a person who craves a luxurious lifestyle.
No matter your reasons, I'm here to help you get the money you want.
In this post, I'll explore how to make 50k a month, how much $50k is, and some things to avoid to make $50,000 a month. Let's get started!
- Landing a high paying job
- Freelancing your skills
- Starting a business
Best Ways to Make $50k a Month
Below are some of the top ways you can make $50,000 a month or even make $100k a month in some cases. While it's not going to be easy, most people will never attempt to earn this much. From creating a website or online business, to selling a course – there are many ways you can make $50,000 a month.
1. Start a Physical Business to Make 50k a Month
One of the most reliable ways to make $50k per month is by starting a profitable business.
There are hundreds of potential business ideas you can do to make thousands of dollars per month.
Some of my favorites include:
The key is to find a business that you can start for relatively cheap (meaning you won't need to raise money to get it funded) and that has a track record of returns.
For example, many entrepreneurs will try to start a business that has never been done before which is extremely hit or miss. By going for something more stable, there's a stronger chance your business will succeed.
When starting a business, it's wise to always think about your customers. This is where many companies will fail. By putting profits ahead of your customers it can be difficult to maintain (or grow) your sales.
Starting a business is one of the best ways to make some serious cash in addition to escaping the rat race and reaching an early retirement.
While it can require a large amount of time and effort, most entrepreneurs would tell you it's worth it.
Another option is to purchase an existing business.
While this can be very costly, you can get an instant return and start making $50k a month right away.
For example, you can use a platform like BizBuySell.com to browse businesses for sale in your area. Below are a few I found in my area!
2. Start an Online Business to Make $50,000 a Month
Just like starting a physical business can be an excellent way to make $50k a month, starting an online business can be just as lucrative.
Many online businesses will require you to invest a significant amount of time and money to grow them.
One of the key benefits is how scalable they can be. When compared to other businesses and methods to make money – an online business can grow rapidly without having to drastically hire new workers or require more of your time.
Start a Blog to Earn Passive Income
Starting your own blog can be an exciting way to earn some extra money each month.
Growing this business will require hard work, time, and a little money to get started. The good news is that it has an extremely lower barrier to entry.
When compared to other business models – starting a blog will likely only cost you around $100 each year in domain name fees and hosting costs.
So how do you get started?
It's simple. You'll first need to decide on a niche for your blog. This should be something that you are passionate about or interested in. By choosing a niche that is interesting, you'll be less likely to burnout and give up.
Once you've selected a niche, you'll need to purchase a domain name. This can be purchased through Namecheap for as little as $10 annually. Namecheap is my favorite way to purchase domain names. They have the lowest prices and great customer service.
Once you've purchased your domain name, it's time to purchase hosting for your blog. This can be done through SiteGround. SiteGround offers top notch speed and customer service to help you grow your blog. It will cost around $10 per month to host files on your websites. Register below to get started!
Once you have your hosting selected, you'll want to install a CMS like WordPress. This is extremely easy to do and can be done through SiteGround.
Lastly, it's time to start creating unique and engaging content for your readers.
Making money blogging is not an overnight achievement. It can take anywhere from 6 months to over one year to start making money from your blog or website and reach a sustainable income.
To make money with your blog, you have several options. You can opt to use display ads like Google Adsense, Ezoic, or Mediavine. You can also use affiliate marketing in which you are paid for actions that occur through your links. You could sell online courses or digital products.
Check out my display as earnings for one of my sites!
If you want to make more money, it's all about creating more content. The more content you are capable of publishing – the more your potential earnings will rise. If you find you don't have time to create content, you can also opt to hire freelance writers to help you maintain your output.
Blogging is an excellent way to reach financial freedom and make $100k a month or more in passive income if you're willing to do hard work and dedicate time to growing it. No – you likely won't become an overnight success, but over time you'll find your income rising.
Start a Lead Generation Business
Local companies are willing to pay top dollar for qualified leads that will bring them revenue each month. Just think, if you're a small business (like a power washing business), and you can purchase a lead for $50 and you know that lead will net you $350 of profit – you'd probably buy as many leads as you could.
That's what a lead generation business is all about.
You'll need to first create a website that is capable of attracting local leads online. This can be done through methods like SEO.
For example, if you run a cleaning business and you're looking for new customers it can be hard to find them without spending money on marketing. If you can create a website that ranks in search engines for a term like “cleaning businesses near me” – you can get paid for these leads by local companies.
Starting a website that is capable or driving leads online can take some time to grow – but it can make some serious cash. You'll need to have a solid understanding of the marketing techniques used to rank in search engines.
Start an Ecommerce Business
Buying and selling products online can be a great way to make more money. You can opt to create your own products or sell other products.
E commerce sites can make good money if built correctly. With this business model you'll have to consider the costs involved with managing orders, packing and shipping orders, and customer service costs.
With an ecommerce site you have an unlimited income potential. The more items you sell, the more money you can make.
You'll need to understand your customers to better serve them and grow your revenue and sales.
Start an Affiliate Website
Affiliate marketers can make great money online by facilitating transactions between companies and people.
By starting a website in a specific niche that offers strong affiliate marketing commissions you can earn good money online.
Most affiliate marketers skip selecting the right niche which can be a costly mistake.
You'll want to analyze potential commissions before starting your website. For example, if you start a website that promotes dog toys, you affiliate marketing commissions might be smaller. Just think – if a pet toy costs $10 then your commissions might only be $2 per toy sold.
If you start a website that promotes outdoor grills, your earnings could be much higher. If a grill costs $800 and you make 10% – you would net $80 per item sold.
This has become such a profitable venture that even the big players like the New York Times are launching affiliate sites like the Wirecutter.
In addition to the affiliate income, you can also get paid for ads displayed on your website.
Starting an affiliate marketing website is a great way to earn cash online and change your life.
3. Get a High Paying Job
This is one of the more unrealistic ways to make $50k a month because it will require time, knowledge, and even some luck to get there.
If you work hard and have a valuable skill like sales or engineering – it's possible to make $50k a month at your job.
Don't count out your job as a stream of income, however. If you're a person who doesn't mind working for someone else's dream – it can be a reliable way to earn good money and fund other ventures.
You can check out these jobs that pay $1,000 an hour if you're looking for ideas!
4. Work as a Social Media Influencer
If you're looking for another way to earn money online, working as a social media influencer can be a great way to make more money. But it's not always easy.
You'll need to grow a large social media following with the right audience if you want to make a serious income from your profiles.
Being a social media influencer doesn't necessarily have to be like it sounds.
When most people think of this, it's usually someone who's taking pictures of their travels and more about their personal life.
But that's not the only way to profit from social media.
For example, there are plenty of anonymous Twitter accounts with massive followings that make a large amount of money without even exposing who they are.
It's a good idea to create a website to accompany your social media accounts so you can earn even more money when you run ads are promote affiliate links.
Making money with social media is a tremendous way to make $50k a month if you're willing to put in the work.
5. Invest in Stocks to Make $50,000 a Month
Making $50k per month can be a challenge without utilizing passive income streams like the stock market.
Most successful people have invested in the stock market to earn extra cash over time. Just think of Warren Buffet. He's made a fortune investing in stocks.
The key is to keep your strategy simple. Don't try to hop on the latest trend and predict the market.
While it is possible to make a living trading stocks, it's a hard living at that. By giving your investments plenty of time to grow you will increase your ability to make $50k per month.
On average, you'll earn around 7% to 9% investing in stocks annually. This means that if you invest $10,000 you would earn $700 to $900 just in the first year. In the years to come you will earn even more compound interest from your investments.
Below are the returns for a classic S&P 500 index fund – VOO.
To get started, you can use the Acorns app to invest in your favorite stocks, index funds, mutual funds, and more. Plus, when you register with the link below you'll get $10 for completely free!
6. Invest in Real Estate to Make $50k a Month
If you want to make $50k per month – investing in real estate can be a good way to earn extra money every month.
Real estate investing comes in a variety of forms and fashions.
For example, purchasing a rental property is one way you can make money by renting out your home. Another method like crowdfunded real estate is a more passive way to earn money.
No matter what method you choose, investing in real estate is a no brainer if you want to make $50,000 per month.
Real estate can make money via multiple methods. Rental income, home appreciation, and equity in the home are all ways your net worth can climb with real estate.
Check out the average home sales price over the past decade. It's hard to argue against those returns!
There are also different asset classes when it comes to real estate. You might think of residential properties but there's a whole other market with commercial real estate.
You can invest in commercial properties with Streitwise with as little as $5,000.
The interest you can make with real estate is quite profound and I highly recommend it for anyone looking to grow their money.
7. Flip Websites to Earn $50k a Month
Flipping websites can be a lucrative and fun way to make some serious money.
This business model is quite easy to understand.
You'll purchase a website, increase the earnings by running ads, affiliate marketing, or using other monetization methods, and sell it for more than you paid.
Just like other online businesses – this way of making money can be done from anywhere at any time.
You'll need to strongly research any site you buy to ensure you can increase the earnings and make money online.
Once you have grown the earnings you can sell the website on a site like Flippa or EmpireFlippers for a profit. Keep in mind the fees that come with selling your site.
8. Start a Side Hustle to Make a Full Time Living
Here's the deal – most side hustles won't make $50k per month, but they can help you reach financial independence and invest more.
By starting a side hustle like pet sitting or delivering food with Doordash you can earn an extra $500 per month whenever you have some extra time.
My favorite thing about a side hustle is that you can work whenever you want. Who could say no to that!?
If life is busy you can opt to work less. Depending on exactly what your goals are and what you define as success, a side hustle can help you reach them.
9. Sell Digital Products or a Course to Make $50k a Month
Selling digital products or an online course can be extremely profitable and a great way to make passive income in your free time.
When you promote products with affiliate marketing you can earn good money online from your site.
The downside of this technique is that you'll need a website or social media account to promote and sell products.
The most difficult part of this method is the process of how to create an online course or product.
You'll need to plan and strategize how you will sell the course or product before you create it.
Once you've put a plan in place, it's time to create your product or course. Once completed, ask friends to complete it and get their feedback.
10. Sell Your Services for Cash
Selling your services can be a great way to make money fast.
For example, those with skills like coding or graphic design can make great money by offering their service to local businesses.
How much money can you make?
Ultimately, it will depend on your skills and experience.
For example, graphic designers or freelance writers might be capable of making an extra $3,000 per month by working for a company in their spare time.
Finding clients and more customers is always a challenge when it comes to freelancing and selling your services. You can start by approaching friends and family to see if they might know anyone needing your services. If that doesn't yield any new clients you might try social media.
Customer service goes a long way in retaining clients. Ensuring they are happy and satisfied should be a top priority for your business.
11. Start a Podcast to Earn Cash Monthly
If you want $50k a month income – podcasting can be a way to make money online.
Just like other forms of content creation like blogging or growing a social media channel, podcasting can be extremely lucrative and your earnings will compound over time.
You'll be surprised about how easy and affordable it can be to start a podcast. Just check out this video below from my friend Pete. He goes through all of the steps to create a successful podcast.
Typically most podcasters will also have a website or blog to earn some extra cash in addition to the proceeds from their podcast.
12. Rent Things You Own
Renting out things you own can be a great method to earn passive income each month. If you want to earn $50k per month – consider renting things out like garage space, yard equipment, and other things you might have laying around.
If you don't have anything to rent, you might consider purchasing some things so you can earn some extra income.
For example, you might purchase a lawn mower that costs you $1,000. If you can rent it for $50 per use – you could get your money back in just a few months.
How to Make $50,000 Fast
If you need $50,000 fast – here are a few ideas to get the cash you need. Some of these ideas can help you reach instant success getting the money you desire.
Sell Your Car to Get $50k
While selling your vehicle might not get you $50k, it can be a large chunk of your goal.
Depending on the vehicle you have, selling it could be an easy way to make $50k fast.
Borrow Money From Retirement Accounts
If you're desperately needing money – you might opt to borrow money from your retirement accounts.
While I don't recommend this method because you'll pay fees – it could get you the money you need.
Depending on your stage of life you might want to wait more time until the real value of your accounts is much greater than the $50 you want.
Flip Homes for Fast Cash
If you have enough money to flip a house – this can be a good way to earn money fast.
The idea of flipping has been around for ages, and you'll have to work hard to make a large profit.
Flipping homes can also be somewhat risky. If you don't do the proper research you could over pay for the property and lose money.
There is a small sweet spot for the amount of money you'll need to spend on the home to make money.
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How Much is $50k a Month?
$50k a month is equivalent to $600,000 annually. To put things into perspective, most Americans earn around $61,937 annually for their entire household. This means that $600k per year is much higher than the average income.
In fact, earning this much money would put you in the top 5% of earners.
What Not to Do to Make $50k
There are a few things you'll want to avoid on your journey to getting the money you desire.
Below are some risky things to avoid:
- Gambling to make money fast
- Participating in illegal side hustles
- Multi level marketing schemes
- Payday loans
Final Thoughts on How to Make $50k a Month
Learning how to make $50k a month is not a simple task. It will require some complex planing and strategy to get there.
Whether you want to make money online through a blog, affiliate marketer, or you want to start a physical business like a storage unit rental business – there are many ways you can make $50,000 a month.
To reach your goal, it's best to invest and grow your passive income streams so you can start making money while you sleep.
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