To be financially independent and prosperous, you have to learn how to earn money while you sleep. Now, how can you make it while sleeping? That’s where passive income comes in!
Research says passive income is a powerful way of building wealth. That is why here is 13 passive income method that will make you 5000/month.
Now, what is passive income?
The passive income is the way of earning that does not require many active working hours after establishing it. At the start, it may require time and money, but once it is established, then it will require significantly fewer working hours, which means you’ll be making money while sleeping.
So, how can you build a passive income stream? For helping you, here are the 13 best passive income methods for $5000/month.
13 Passive income method 5000/month
Here are the 13 most effective passive income methods that can help you make more than 5000 a month. Yes, people are making a lot more than that! So, here are 13 passive income methods. Choose the one that goes with you.
Property Rental
This is the most traditional and best way to earn passive income. Suppose you have a house where you aren’t living or empty land, and you can learn from here every month.
Just rent or lease it every month and keep enjoying the money without doing anything. This is how you can earn more than 5000 a month passively.
Sell an eBook online.
In the 90s, an author had to suffer a lot by running from one publication house to another to get their eBook published. However, now the scenario has been changed.
Anyone who wants to be an author can self-publish through Amazon and several other platforms and earn a decent revenue every month through selling eBooks.
You can check the chance too! Write an eBook, edit it, design the cover, or simply outsource it and upload it to the program. Now, marketing, marketing, and yes, marketing.
Now, enjoy the revenue every month.
Create a course and sell it online
In this modern age, selling courses is a great way to earn online. How to do it?
At first, find out what your forte is? Do you love to cook, or do you know how to fix or maintain the car’s engine, or are you good at teaching any subject or musical instrument?
Well, once you found out your forte, check websites like Udemy, Skillshare, and Lynda and sign up there.
Now, create a course, upload it there, set a reasonable price, and do some marketing. When people start subscribing to your course, you’ll begin earning as well.
Run a blog and monetize it
Find the topic and niche you like, and you are interested! Now, make a website, write some content, monetize your blog through AdSense or AdMob, etc. Once you start getting traffic on your website and view or click on the advertisement, you’ll earn.
By creating and monetizing a blog, you can earn more than 5000 a month.
Print on Demand
Print on demand is a famous way to earn online! Several sites like TeeSpring or Teezly available where you can sell your design printed on T-shirts, mugs, etc. Even giant e-Commerce company Amazon has a program regarding POD, which is known as Merch by Amazon.
If you can create a good design, then you’ll be able to make thousands of dollars every month.
Create an app
Nowadays, building an application is an excellent way to achieve another income stream.
You can build an app and enlist in the play store or app store and on other platforms. There are two ways to earn from an app.
- Users will pay a one-time fee/monthly/yearly subscription fee to install and use the application.
- You can monetize the software, and the users will be installing it for free, but they have to use the app with the interruption of advertisement.
By creating an app, this is how you can earn!
Buying Stocks
Most people find it risky. However, most of the world’s wealthiest people are the richest because of their earnings from here.
We recommend you invest in stocks by having a proper plan.
Decorate a room of your apartment and get it listed on Airbnb
Do you have a room or another studio apartment? If you have, then clean and decorate it with all the essentials and then list it on Airbnb.
Now, every time your place gets booked, you’ll earn for it daily.
Affiliate Marketing
With the help of an established or rising social media account, YouTube channel, or website with potential and loyal fan base, you can start affiliate marketing.
Nowadays, almost all the e-commerce sites and companies are offering affiliate programs, so just sign in and get a commission every time someone purchases the item you are referring them.
People are making hundreds of thousands of dollars every month through affiliate marketing.
YouTubing
You can earn through your YouTube channel by monetizing it or doing affiliate marketing with it. Also, if you became popular enough, brands will approach you to make sponsored videos.
Investing in a business/startup
If you find a business that has potential, you should invest in it. However, before investing, you should check all the possibilities of success.
This is another way billionaires earning.
Hire out your car
Just like your house, you can rent out your car on an hourly/daily/weekly/monthly even yearly basis. This is a legit way to earn from your extra or unused car.
Dropshipping
If you are looking for a legit way to earn a bunch of money every month, then dropshipping is a great way. You have to buy goods from suppliers for half of the price and sell it at a reasonable price—this the concept.
You need to set up a store at Shopify, Etsy, etc. After that, product selection, sourcing, marketing, delivering, and this is how you’ll keep earning a fair amount of money every month.
Conclusion
We all want financial independence. If you’re going to earn while focusing on your job or other businesses, then passive income is the best possible way to achieve financial freedom.
However, we hope you found out your passive income idea from the 13 Passive income method 5000/month if you have started building your passive income stream from now on!