7 Things You Must Do To Start Making $1K a Month in Passive Income (2024)

Yaёl Bizouati-Kennedy

·4 min read

7 Things You Must Do To Start Making $1K a Month in Passive Income (1)

If you want to generate a steady stream of money with little effort, passive income is the way to go. Passive income — money not derived from active involvement such as a salary —can come in a variety of flavors.

See: How I Make $5,000 a Month in Passive Income Doing Just 10 Hours of Work a Year
Find: 6 Genius Things All Wealthy People Do With Their Money

And while getting started with passive income can initially require some financial investments (and can require a great deal of patience), once your cash flow is in place, you can just sit back and relax. You might even make $1,000 a month.

Here are some ideas that could get you there.

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Invest in Dividend Stocks

A stock portfolio focused on dividends can generate $1,000 per month or more in perpetual passive income, Mircea Iosif wrote on Medium.

“For example, at a 4% dividend yield, you would need a portfolio worth $300,000. While that’s a substantial upfront investment, dividends allow you to continually profit from top companies without selling any shares,” said Iosif.

And while a dividend stock strategy requires a fair amount of patience, it allows money to work for you.

“Even starting smaller now gives time for compound growth. $100,000 initially could become over $300,000 in 20-30 years,” added Iosif.

Read: 7 Creative Sources of Passive Income to Consider in 2024

Sell Printables

As Sarah Sharkey of Clever Girl Finance noted, printables are one of the unique side hustles you can start online. These cover a variety of themes, ranging from planners to coloring pages, cards and more.

“Typically, you’ll have to create a printable only one time. You can use programs like Canva to help you create printables your customers will love,” Sharkey wrote. “Then you can watch the somewhat passive income roll into your life. Etsy is a great place to get ideas and start selling your printables.”

Create an Online Course

Certain websites, such as Udemy, enable you to create a course on their platform. The courses offered run the gamut, from IT certifications to sourdough bread baking, from speaking German to learning guitar. So if you have a specific skill, that might be the way to go.

“Once it’s published, it doesn’t require any additional maintenance from you, and you get paid when people take your class. It’s a low-output way of making some extra cash and helping people. That’s like a win-win… win,” Dave Ramsey indicated on his blog.

Open and Invest in a High Yield Savings Account (HYSAs)

Another effortless way to derive passive income is by investing in high-yield savings accounts.

Indeed, high-yield savings accounts (HYSAs) have been very attractive as of late — offering rates upward of 5% compared to an average 0.47% for traditional savings accounts, according to the Federal Deposit Insurance Corporation (FDIC).

Invest in Real Estate Investment Trusts (REITs)

Another avenue to real estate investing is to do so via REITs, which are essentially mutual funds that buy real estate instead of stocks.

Yet, Dave Ramsey urged caution on this subject. He said that while there are many good REITs, “There are still a lot of bad ones that use debt to purchase properties — which means more risk for you as an investor.”

Peer-to-Peer (P2P) Lending

Peer-to-peer lending entails loaning money — as little as $10 — and collecting interest on top of getting your initial investment back, as The MillennialMoney Woman explained in a blog post.

For instance, platforms such GroundFloor, a real estate peer-to-peer platform, offer the ability to fund micro loans for home flippers.

However, while passive income generated from P2P platforms can be very lucrative, the practice can also be a bit risky.

“Just make sure you do your research first — before you commit your resources financially,” The Millennial Money Women explained. Your initial funds are not always entirely safeguarded.

Use Affiliate Marketing

You can also generate passive income streams thanks to affiliate marketing — in other words, partnering with companies and promoting their products or services through affiliate links on your blog, website or social media platforms.

“Now this doesn’t mean you can just hashtag your favorite running shoes on Twitter and expect to get paid. The companies you know and love have to have an affiliate marketing program for you to get paid for it, and you’d need to apply to become part of it,” Ramsey detailed.

Websites such as Rakuten LinkShare can help you find and connect with those affiliate marketing programs.

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This article originally appeared on GOBankingRates.com: 7 Things You Must Do To Start Making $1K a Month in Passive Income

7 Things You Must Do To Start Making $1K a Month in Passive Income (2024)


How to generate $100,000 in passive income? ›

Ways to Make $100,000 Per Year in Passive Income
  1. Invest in Real Estate. Rental properties generate income through tenants who pay rent each month to live in a property you own. ...
  2. CD Laddering. ...
  3. Dividend Stocks. ...
  4. Fixed-Income Securities. ...
  5. Start a Side Hustle.
Jul 28, 2023

How much money do I need to invest to earn $1,000 a month? ›

The truth is that most investors won't have the money to generate $1,000 per month in dividends; not at first, anyway. Even if you find a market-beating series of investments that average 3% annual yield, you would still need $400,000 in up-front capital to hit your targets.

How to make 2k a month passive income? ›

Wrapping up ways to make $2,000/month in passive income
  1. Try out affiliate marketing.
  2. Sell an online course.
  3. Monetize a blog with Google Adsense.
  4. Become an influencer.
  5. Write and sell e-books.
  6. Freelance on websites like Upwork.
  7. Start an e-commerce store.
  8. Get paid to complete surveys.

How can I make $10 000 a month in passive income? ›

private job at electronic
  1. The Top 11 Ways to Earn $10,000 in Passive Income Each Month : Make Money Online. ...
  2. Dropshipping: The Gateway to E-Commerce. ...
  3. Using Endorsem*nts to Earn Through Affiliate Marketing. ...
  4. Etsy Print on Demand: Innovation Meets Business. ...
  5. Real estate crowdfunding. ...
  6. Creating and selling digital products.
Feb 10, 2024

How to make $2,500 a month in passive income? ›

One of the easiest passive income strategies is dividend investing. By purchasing stocks that pay regular dividends, you can earn $2,500 per month in dividend income.

How to realistically make $1,000 a month? ›

Fortunately, there are plenty of realistic and achievable ways to make an extra $1000 per month without sacrificing your current job.
  1. Freelancing. ...
  2. 2.1 Online Tutoring. ...
  3. 2.2 Writing and Editing. ...
  4. 2.3 Graphic Designing. ...
  5. Ridesharing. ...
  6. 3.1 Uber. ...
  7. 3.2 Lyft. ...
  8. 3.3 DoorDash.
Nov 11, 2023

How much do I need to invest to make $2000 a month? ›

Earning $2,000 in monthly passive income sounds unbelievable but is achievable through dividend investing. However, the investment amount required to produce the desired income is considerable. To make $2,000 in dividend income, the investment amount and rate of return must be $400,000 and 6%, respectively.

How much dividend stock do I need to make $1000 a month? ›

If you want to collect $1,000 per month from the company, you are looking at $3,000 per quarter. And that means you would need to own about 6,522 shares of the company. This is calculated by dividing the $3,000 by the per-share quarterly payout of $0.46.

How to make $100 a day? ›

How to Make 100 Dollars A Day (Without a Job)
  1. Launch An Ecommerce Store.
  2. Become A Freelancer.
  3. Create and Sell Online Courses.
  4. Become An Influencer.
  5. Become An Uber/Lyft Driver.
  6. Online Tutoring.
  7. Become An Airbnb Host.
  8. Pet Sitting.
Feb 29, 2024

How to make $300 dollars a day online? ›

Providing freelance services like graphic design, writing, social media management, and video editing on Fiverr can easily facilitate making $300 per day online. Those with expertise in skills needed by small businesses can earn $50 per hour of work quite easily, making $300 achievable with consistent effort.

How to make $1,000 daily? ›

How to get a job that pays $1,000 per day
  1. Earn an advanced or professional degree. ...
  2. Go into a lucrative field. ...
  3. Gain years of experience. ...
  4. Complete a professional certification. ...
  5. Seek a high-ranking leadership role. ...
  6. Move to a city that offers higher salaries. ...
  7. Be self-employed. ...
  8. Start your own business.
Aug 15, 2022

How to easily make $1,000 a month? ›

Here's How to Make an Extra $1,000 a Month
  1. Start Freelance Writing. ...
  2. Begin Blogging. ...
  3. Practice Graphic Design. ...
  4. Assist with Bookkeeping. ...
  5. Become a Virtual Assistant. ...
  6. Sell Something on Etsy. ...
  7. Manage Social Media Accounts. ...
  8. Complete Online Surveys.
Feb 26, 2024

How to earn 10k a month passively? ›

Surya Prakash
  1. The Top 11 Ways to Earn $10,000 in Passive Income Each Month : Make Money Online. ...
  2. Dropshipping: The Gateway to E-Commerce. ...
  3. Using Endorsem*nts to Earn Through Affiliate Marketing. ...
  4. Etsy Print on Demand: Innovation Meets Business. ...
  5. Real estate crowdfunding. ...
  6. Creating and selling digital products.
Feb 10, 2024

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