How does an extra $5,000 a month sound?
Imagine what you could do with an extra $5k a month. You could save more money, go on that vacation you've been saving for, or pad your investment accounts to retire early.
Making $5000 a month doesn't have to be difficult if you use the right strategies.
In this post, I'll explore the best ways to make $5000 a month, some tips to help you make money online, and much more. Let's get started!
How Much is $5000 a Month?
Making an extra $5,000 a month is equivalent to making $60,000 a year or $1,250 per week.
How to Make $5,000 a Month
But in order to take advantage of the benefits of being an entrepreneur, you're going to need to put in some work.
This is a great side hustle for those with little money because the cost to start a blog is so low. You can usually get your blog off the ground for less than $100 – making it a viable option for many people.
There are many ways to make money blogging including:
- Display ads
- Affiliate marketing
- Selling digital products or courses
- Offering sponsored content
It can take anywhere from a few months to a few years to make a serious income from your blog, but it is certainly possible to make $5000 a month blogging if not more.
For example, my own portfolio of blogs now makes over $15,000 a month in passive income. It took me around 8 months before I started making money blogging, but after that it was a rapid increase to my current earnings.
Many bloggers aren't patient enough to wait it out and see the potential in their blog. If you're one of those people, then blogging might not be for you.
But if you're willing to work hard for a few months with no guarantee of success, then blogging could be the perfect way for you to make extra money each month.
Check out my earnings from display ads for one of my blogs last month. Over $6000 in just one month, from one blog!
Before starting a blog, it's important to do your research and figure out a niche or topic that you're passionate about. This will help you stay motivated and avoid burnout that most bloggers face at some point.
How do you start a blog?
It's pretty simple and can be done in just a few hours!
- Purchase a domain name (I recommend Namecheap)
- Purchase hosting (I recommend SiteGround)
- Install WordPress and pick a theme (free)
- Start creating content!
It's important to think about how you will get traffic to your blog (after all, traffic is the life of your business).
For some bloggers, it might be through SEO while other bloggers might rely on social media.
Ultimately, it doesn't matter which method you choose as long as you're consistently putting out high quality content and following a strategy.
Starting an online business is a great way to make $5,000 a month if you're willing to put in the work.
Here's why I love blogging to make money online:
- You can work whenever you want
- Your blog is an asset that you can potentially sell later on
- You can work from anywhere in the world
- You don't need much money to get started
If you want more help starting a blog, I highly recommend checking out the video below.
2. Freelance Writing
Freelance writing can be a great way to earn extra cash each month, and it's so much easier than you think!
If you have a knack for writing and are passionate about a particular topic, then freelance writing could be a great side hustle for just about anyone.
The pay as a freelance writer can be tremendous.
Some freelancers charge over $.50 per word written. This means a 1,000-word article would pay you $500!
Check out these writers on Upwork charing $100 an hour for their work.
It can take some time to build up your client base as a freelance writer, but once you do it can be a great way to make extra money online.
You can find clients on freelance sites like Upwork or Fiverr or you can network with bloggers and online publishers who might have some extra work.
Either way, if you're looking to make $5,000 fast – freelance writing is a great option that I'm a huge fan of.
3. Amazon FBA
Did you know you can make passive income on Amazon?
It's possible thanks to Amazon FBA.
Amazon FBA is a program where you can sell physical products on Amazon and they will take care of the shipping and customer service for you.
You can think of this similar to running an ecommerce store, expect Amazon handles all of the logistics for you.
To get started with Amazon FBA, you'll need to create a product and open an Amazon sellers account.
Creating and sourcing your products is one of the more challenging aspects of Amazon FBA, but there are many ways to do it.
While the profit margins of this online business can be lower than others, it can still be a great way to make an extra $5,000 a month or more.
Check out the video below to learn more about Amazon FBA and how it works!
4. Open an Ecommerce Store
Just like Amazon FBA, if you want to make a few thousand dollars a month online – starting an online store can be another extraordinary option.
With this business, you can sell just about anything you want but it's going to require a little more work to handle the logistics yourself.
Just think, whenever you want to buy something, what are the chances it will be online? Pretty high. This means it can be a tremendous opportunity to cash in.
It's estimated that by 2025, the United States will exceed $1.3 trillion in online shopping revenue. Talk about opportunity!
From phone cases, to wooden crafts, or even cleaning supplies the sky is the limit when it comes to what you can sell online. Some people will even sell their own products that they make.
Sourcing your products will require some research to find profitable products to sell – but it's the most important component of starting an online store.
Whether you choose to dropship products or hold inventory yourself, there are many different ways to get started with an online store.
One method is to create a website on your own by using a platform like Shopify, which makes it simple to get started.
Another option for starting an online store is to use an existing marketplace like Amazon, eBay, or Etsy.
These marketplaces take a cut of each sale you make, but they provide an easy way to get started without having to create a website from scratch.
Starting an ecommerce store isn't the cheapest business you can start, but it can be very profitable.
Depending on your business model, you'll need to set aside cash for inventory, marketing costs, returns and refunds, and more.
For example, in your first couple of months you might need to spend a large amount in marketing costs to get your business off the ground.
It's strongly recommended that you have enough cash on hand to cover at least 3-6 months of business expenses before starting an online store.
You'll also need to have a plan for how you will handle the logistics of returns and customer service. It can be easy to overlook, but it's critical to have a plan in place to make sure your customers are happy.
If you want to make $5,000 a month online – starting an online store can be an excellent option. It won't be easy, but it's possible!
Here's why I recommend starting an online store to make $5,000 a month:
- Extreme income potential (7 figures or more)
- Ability to work remotely
- Proven business model
Check out the video below for more tips on running a successful ecommerce business.
5. Rental Properties
Investing in real estate through rental properties is one of the best ways to make a passive income each month.
It's not the quickest or easiest way to make an extra $5,000 a month – but it is one of the most reliable.
Check out the average price of rent in the US over the past few years according to Rent.com.
To get started, you'll need to purchase a property (or properties) and then find tenants to live in them. Before purchasing a property to rent, it's essential to run the numbers to see if it makes sense.
You can do this by working with a property management company, or you can do it yourself.
Once you have tenants in place, your job is to collect rent each month and make sure the property is maintained.
Rental properties can be a great way to make money, but they're not without their risks.
The biggest risk is that you might have difficulty finding tenants, which can leave you with a vacant property and no income.
Another common problem is damage to the property from tenants.
It's important to screen tenants carefully and to have a solid lease agreement in place to protect yourself.
There's one main problem with this method – you'll need a rather large amount of money to get started. In order to get a mortgage for a rental property, you'll need to have at least 20% saved for a down payment and a good credit score.
Because of this reason, I recommend using a platform like Arrived to invest in real estate with as little as $100.
Making money with real estate is a great option to earn money passively and reach your financial goals, but it's not going to happen quickly – so be sure to be patient.
6. Become a Social Media Influencer
If you love marketing and have the knowledge to grow a social media channel, this can be a great way to make an income online.
Between Twitter, Instagram, Pinterest, and other platforms – there are plenty of channels you can choose from to build an audience and make money.
So how will you make money?
There are several methods depending on the platform you use.
For example, on Instagram, you can make money through sponsored posts and partnerships with brands.
On Twitter, you can use affiliate marketing to promote products and services and earn a commission for each sale you make.
The key to making money as a social media influencer is to build an engaged audience that is interested in what you have to say.
For example, this fitness influencer likely makes over $1 million a year from his following.
To grow a social media following you should be sure to:
- Post regularly
- Engage with followers
- Engage with other brands and influencers
- Hop on popular trends
Growing a social media following can take some time, but it can be a great way to make money online if you have some patience.
Here's why I recommend social media to earn an income online:
- High income potential
- Costs nothing to get started
- Plenty of successful accounts you can learn from
7. Sell Online Courses
Do you have a special skill or knowledge that you can teach people? If so, you can make money by selling online courses.
The great thing about this method is that once you create the course, it can continue to generate income for months (or even years) down the road without much effort. It's an awesome way to make money on autopilot!
You'll first want to spend time formulating the curriculum of your course. It's vital that it flows well and covers all the topics you want to discuss.
Next, you can start creating the content in your course. It should contain a mix of videos, text, and audio to keep your students engaged.
Once you've created your course, the next step is to choose how you'll sell it. You can do this through a platform like Podia or Teachable.
These platforms allow you to easily upload videos and create modules for your course so students can easily navigate it.
Once your online course is ready for sale, you'll need to determine how you will market and sell it.
There are many different methods but a few ideas include:
- Promoting your course on social media
- Asking other bloggers to promote it through an affiliate program
- Running paid ads to drive traffic to your website
Selling an online course is a great side hustle for anyone looking to make money online.
It won't happen overnight but if you create a quality course and market it effectively, you can make a full-time income from it.
Want to learn how to sell online courses? Check out the video below!
We've all heard the stories of people who purchase the contents of a storage unit without knowing what's inside and selling the contents to (hopefully) make a profit.
This is also know as flipping – and it can be a great way to make money in your free time.
It's fairly easy to get started and you don't need a significant amount of money to get started.
There are thousands of different things you can flip but some of the most popular items include clothes, furniture, and electronics.
There are a few things you should keep in mind though:
- It can be time-consuming – it takes time to find items to flip
- You might not make a profit – there's always the chance you'll sell an item for less than you paid for it
- You need to be patient – it can take some time to find the right buyer for your item
Despite the risks, flipping can be a great way to earn some extra cash.
You can start by browsing garage sales, flea markets, or online platforms like Facebook Marketplace to find items you can flip.
Once you find an item, do some research to see what it's currently selling for online.
One of the best techniques that I've found is browsing for free items on Facebook Marketplace and selling them for a 100% profit.
Many people will post their things they want to get rid of which is a great opportunity for you.
Flipping is all about effort. The more time you spend sourcing inventory and flipping items, the more money you can make.
If you want to make $5,000 a month – I strongly recommend flipping.
9. Start a YouTube Channel
Another form of content creation is creating a YouTube channel.
If you love making videos and have a passion for a certain topic, starting a YouTube channel can be a great way to make money on the internet.
Just like with blogging or other online businesses, you can create a channel about literally anything you want.
To make money from YouTube, it's a good idea to be a YouTube Partner and have ads running on your videos, but there are other methods to make money also.
The worlds largest YouTuber, Mr. Beast is reportedly worth over $1 billion just from his YouTube channel. Talk about some serious money!
You'll need to reach certain requirements to be accepted that you can find here.
You can also use affiliate marketing to earn money from your YouTube videos.
For example, if you create a channel about the best drones – you can add your affiliate link to the description of your video about the drone you're reviewing.
If you're looking for a passive income side hustle – starting a YouTube channel can be a great option.
Here's why I recommend starting a YouTube channel:
- It costs nothing to get started
- It has a large income potential
- It can be fun and creative
10. Start Consulting
Working as a consultant can be a tremendous way to make $5000 monthly with the right set of skills.
As a consultant, you'll be providing advice to businesses or individuals in exchange for a fee (usually called a retainer).
There are thousands of types of consultants including but not limited to:
- Marketing consultants
- Financial consultants
- Business consultants
- IT consultants
The amount of money you can make as a consultant is enormous. For example, one of the most well known SEO consultant charges $1,000 an hour for his time.
This just goes to show you how valuable a skillset is paired with a connected audience.
11. Start a Small Business
Starting your own business can be a great way to make $5,000 a month or even $50,000 a month.
There are thousands of different businesses you can start and some of them require little money to get up and running.
For example, starting a mobile car wash business can cost less than $1,000 and you can easily make $5,000 a month from it.
I tend to recommend starting a service business to start because they are always in demand and have proven business models.
For example, offering landscaping services, housekeeping services, or pet sitting services are all great businesses to get started that offer excellent cash flow.
The key with starting your own business is finding something you're passionate about and keeping your costs minimal.
For example, if you're starting a pressure washing business – you can target high-end customers that are willing to pay top dollar for your services.
While growing a business isn't always the fastest way to make $5k a month – it's certainly achievable over time.
If you're not sure where to start, check out the video below!
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How to Make $5000 in 30 Days
If you want to make $5000 fast in 30 days, there are a few options you can choose from.
Between working as an online freelancer, starting a small business, or selling things around your home – there are many ways to make $5000 in 30 days.
Making $5,000 a month will require you to have a plan and put in the work. It's not impossible, but it will take some hustle!
There are many different ways to make money online and in person to reach your goal but some of the best are:
- Freelance Writing
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