For the living, we all need money.
But deep inside, we all want to be rich and achieve that financial freedom to enjoy our life or at least to have a secure life.
That’s why having one or more passive income streams is important.
That’s why there is a proper guideline on how to make a passive income of $5000-$7000 per month.
Why $5000-$7000 per month?
It because a passive income of $5000-$7000 is enough to assure you a comfortable living, and this extra $5-7k will help you to invest and create more passive income streams.
For this reason, in this content, we will suggest you six ways to build passive income streams.
So, without further ado, let’s get into it.
Six Unbeatable Ways of How to Make A Passive Income Stream of $5000-$7000 Per Month.
As we said before, in this article, we will help you by suggesting six passive income streams that you can start building from today.
Another thing before getting into the list, most people think, creating passive income streams requires a lot of money upfront.
Well, in this article, we will recommend some ways that require time, skill and focus more than money.
Finally, here is the following list:
Blogging
Blogging has the potential to make $5000-$7000 a month without any investment.
Now, you might be thinking, how can you make $5000-$7000/month through blogging?
Is that possible?
Yes, it’s very much possible, and many bloggers are making $100k/month through blogging only.
You can make money in several ways, like through advertisements, sponsored posts, advertising banners, and so on.
The most popular way is advertising with Google AdSense. It’s a great way to earn every month.
Well, there is a myth that, in order to be a blogger, you need to know how to develop and design a website.
It’s not essential as there are platforms like WordPress available which allows you to create a website within a few minutes.
Even you want to start blogging as one of your side hustle.
Then we would recommend you to take a training program and learn as much as possible before starting as a blogger.
Also, keep learning and working consistently.
Read Here How I Made $210,000 Blogging In My First Year
Affiliate Marketing
Affiliate marketing is one of the finest business you can start today.
The great thing about affiliate marketing is, you will keep earning passively even while sleeping.
Even bloggers can do affiliate marketing too.
For those who don’t know what affiliate marketing is, affiliate marketing is a sort of program where you’ll get paid when someone buys a product with your referral link.
Almost all the big brands and e-Commerce platforms have an affiliate program.
The earning opportunity as an affiliate marketer is huge. There are so many marketers out there who are making up to $100k monthly.
With affiliate marketing, achieving the goal of making $5-7k is possible.
So, have you decided to try your luck with affiliate marketing?
If the answer is yes, then we would encourage you to take a course or join a training program before starting with affiliate marketing.
Read Here Super Affiliate System Review
Drop Shipping
Drop Shipping is one of the coolest business models available.
Imagine you are making a profit by selling some products without stocking.
This is how you manage the risk of large inventory costs, upfront investment of stocks, and others.
Also, you have the freedom to set the preferred price as well.
In elaboration, Drop Shipping is a business model where you have to select some product that has demand and find a dropship friendly supplier.
Once it’s done, set up your online store, get some good pictures, videos, and a description written attractively.
Now, do some marketing, and once you receive the order, forward it to your supplier with your customers’ details, and your supplier will deliver it to your customer.
How will you earn?
With the extra price you have set, you will cut the profit and send the wholesale price to the supplier.
Online course selling
Online course selling is a great way to make money online passively.
Many instructors are making $100k+ every month passively. The best thing about an online course is, there is only one-time of hard work required.
This means, in the beginning, you have to invest more time and effort.
But once it’s done that you have to update the course with new content and videos once or twice a month.
Another thing, to create an online course, you don’t have to be a Ph.D. holder or a professor.
Instead, if you are good at something and can teach it to others, then you are ready to create a course.
Nowadays, you can teach almost anything online.
For example, if you can play guitar and you can teach people how to play it, then you are ready to create your first course.
Where can you sell your courses?
Well, if you have your own website, you can sell it there, or else you can use platforms like Udemy, Teachable, Skillshare, and others to sell your courses online.
How it makes money passively?
Once you made your course and promoted it, now whenever someone enrolls, you will get a commission.
The Art of Renting Out.
The art of renting is something that can make you a millionaire.
Trust us, we all have something that we can give on rent and earn through it. Don’t trust us? Here is the proof.
- For your spare room: Fix and clean it and enlist it in Airbnb and see how money keeps coming.
- For your parking space: If you have a free parking space, enlist it into Stow It and JustPark and make money by giving your parking space on rent.
- For your backyard: Enlist it in the home camper and enjoy the money.
- Rent your garage, basement, or empty closet: Well, yes, you can give your empty garage, basement, or closet on rent and make money with it. The neighbor is the ideal platform for this.
Rent Your Car
Do you have an unused car? Give it to Turo or someone on lease and enjoy the money from home.
Rent out Almost Anything
Don’t have any of these? Well, no worries!
Still, you can give something that you have on rent.
Go to fatllama.com and add the item you want to give on rent. It’s an ideal platform to give your stuff on rent.
Investing
In all previous section, knowledge, skill, time, and consistency was more important than money.
However, this section is quite different.
But here, you will learn about traditional passive income ideas where money plays a more important role than others.
Well, if you can afford to invest, here are five things that you can invest in to earn $5-7k passively every month.
- Real Estate: If you can afford, invest in real estate because it has a huge earning opportunity. If you can’t afford Real Estate, then you can try your luck with Fundrise, where you can invest in real estate with as low as $500.
- Bonds: Bonds are good for investing as it provides good interest rates after maturing. We recommend a worthy bond where you can invest as low as $10 and earn through it.
- Dividend stocks: It is the best option for those who are ready to study and make investing decisions wisely.
- Investing in a business: If you find a business that has good potential and looking for an investor, then you can invest there as well. If the business establishes, then you will get a good return.
- High-yield savings account: Not for making millions of dollars; instead, if you want to keep your money safe with very little interest, then it is a perfect place to invest.
If you have money to invest, consider these ideas to create a passive income stream.
Conclusion
We believe, now you know, how to make a passive income of $5000-$7000 per month.
Obviously, you won’t see thousands of dollars from the beginning.
However, if you work consistently and don’t give up, then very soon, you’ll be making $5000-$7000 a month or even more.
We hope you have found a passive income idea and if you did, start working from now. Best wishes to you!