Do you want to know how to make 10000 a month in passive income? let's talk about what will get you there and how long it will take. Making $10,000 A Month In Passive Income is an outstanding achievement, and the perfect part is you can start earning quickly and go from $200 to $500 to $1,000 to $5,000 to $10,000 and beyond. It all begins with the first step.
How to make $10,000 a month in passive income
Understand It will take some time, it will take some patience, and it will take significant effort to generate $10,000 a month in passive income.
Possible methods to get there
- Affiliate marketing
- Stock investing
- Real estate investing
- Drop shipping
- Start a business
- Multi level marketing
- Become a creator on YouTube
- Publish a book
- Print on demand
These are just some of the ways to make passive income. I have almost all of these in my other articles that you'll find on my website, but I'd stab into what it really will take to make $10,000 a month.
First and foremost, Rome wasn't built in a day. Every person will do things their way, and the results will vary. But if you are patient and don't give up, you will make it.
It will be difficult, frustrating and there will be times you want to throw in the towel; don't do it. Instead, read the book Think And Grow Rich by Napoleon Hill. There is an excellent part in the book about quitting when you were only 3 feet from gold.
You can achieve $10,000 a month with a single method, but I strongly suggest working on at least two. More is better but not necessarily at the start. Get one up and running well, and then add another method. You know the expression “don't put all your eggs in one basket.”
Tools you will need
Maybe not for every method but in most cases, you will need the following:
These are the only three things you will need. You won't necessarily need them for the investing methods as you could use your smartphone. Canva is for getting pictures. It doesn't cost much, and when you're doing anything with websites, you need access to images. There are free ways to get them, but it is a hassle, and it's just easier to have Canva.
Of course, the goal is to get to $10,000 a month passive income but let's break it down into increments of today, week, months, year, and five years.
Today you have one task. First, decide which method you are going to use. Then, take some time today to read my other articles, browse YouTube and the internet and soak up as much information as you can. You must do this on day 1. There is no reason to take more than a day.
Okay, so you have chosen your method now, in the first week you must take action. The action could be setting up an account with a stock trading platform, writing a book, creating a website, or starting a business. Get started this week. Don't just think about it but rather do it, with visible results based on activity.
Now you are rolling. By the end of the first month, you will have made real progress, and you should feel pretty good about yourself. The website is up and running, a few chapters of a book written, you have invested, started a business. Whatever method you have chosen, you now have momentum. Of course, you probably haven't made any money yet, but that is entirely normal. On the other hand, if you have made money, well, that is fantastic.
You are well on your way to $200 a month or more, depending on the method you have chosen. You might be getting a little discouraged, but this is a marathon, not a sprint. So keep plugging away and do good work on whatever you are doing. You should be making some more income, but nothing crazy, just steady increases.
At six months, you should have enough work done that income is rising. Typically websites start to gain more traffic; your book is published, investments are beginning to pay off. Your actions are beginning to show signs of tangible rewards. Exciting things are happening.
Boom time! Website traffic has exploded, business is thriving, book sales, investments are paying dividends. Whichever one of the methods you have chosen is rewarding you. You should be expecting to be earning $1,000 a month at this point. However, it would also be an excellent time to bring in another method of making money. This way, you are diversified, and there is nothing better than having multiple revenue streams.
Where did the time go? At five years, you will have several income streams, all bringing in significant revenue. You should have now reached the $10,000 a month goal and earn your money passively on work you did over the last five years. You probably have had a profound betterment of your life along the way, and it's likely you work for yourself and no one else.
More detail on the methods on how to make $10,000 a month in passive income
Writing a blog is probably one of the most common ways to earn passive income. You can write content, and as your reader base grows, you can add advertising to your site. You can make some good money by allowing ads. As your page views increase, there are ad networks that will pay you more and more.
Affiliate marketing is a straightforward way to start earning. The best way is Amazon Associates. You will get an affiliate link you can add to products you recommend, and when someone clicks on the link and buys, you get paid by Amazon. You get paid on anything they buy over the next 24 hours. It doesn't have to be the product you recommended. An excellent way for a beginner to start, and then you can advance to something like ShareASale.
If you have the funds to invest, this is no doubt the easiest to do. Of course, it will take a significant sum to generate $10,000. But if this is just one of your methods, everything helps, even if it is $500.
Real estate investing
Pretty self-explanatory, but many individuals have made it big with real estate. Real estate might be something for your money from the other methods to be used. Whether buying rental property or flipping houses (not passive), real estate can be a great way to become wealthy.
Drop shipping is effortless to get started but very tricky when it comes to making money. It boils down to traffic, which usually means advertising. If you can learn Facebook and Instagram advertising, this could be a good way forward for you. The nice part of Facebook and Instagram ads you can start with a small daily expenditure, and when you have a winner, scale it upward.
Start a business
While this may not seem like the way to passive income, it can be. If you can build it up to where employees are doing the work, and their work is generating income without you, then it is passive.
Multi level marketing
While not many people that try MLM's are successful, there is a small percentage that are. Many of these companies pay residual earnings on past sales so long as the customer continues to buy the product/service monthly. Just don't bug friends and family with it no matter what the company says.
Become a creator on YouTube
There are some very wealthy individuals due to YouTube videos. YouTube is one of the premier revenue generators and is a huge trend. I think people look for YouTube videos anytime they want to learn about something. You can get news, entertainment, and all types of information on YouTube.
Publish a book
You can publish a book on Amazon for free. Kindle Direct Publishing is very easy to do, and you don't need a novel. Instead, you can write a book on your experiences in life. I bet you have something to teach. Books can also be notebooks or coloring books. People are making plenty of money off of no-content books.
Print on demand
There are sites such as Teespring, Printful, and others to create designs and sell Tee-Shirts, coffee mugs, notebooks, hoodies, hats, water bottles. But, here is the great part. Print on demand is all 100% free to do – no one single dollar out of your pocket.
What I hope you take away from this are five things.
- Start today
- Work hard and steady on your project .
- Never, ever quit.
- Be patient.
- You will get there.
Everyone's time frame will be different, so don't compare yourself to others. You may make less, or you might make more faster, but there is one thing for sure is if you never start, you will for sure not win. On the other hand, I believe 100% that you will achieve great things if you keep moving forward. Of course, you will face setbacks, but keep pressing on, and success will be yours. The actions described here are how to make $10,000 a month in passive income.