7 Proven Ways to Make $5,000-$9,000 Per Month in Passive Income (2024)

FAQs

7 Proven Ways to Make $5,000-$9,000 Per Month in Passive Income? ›

To turn $5,000 into more money, explore various investment avenues like the stock market, real estate or a high-yield savings account for lower-risk growth. Investing in a small business or startup could also provide significant returns if the business is successful.

To turn $5,000 into more money, explore various investment avenues like the stock market, real estate or a high-yield savings account for lower-risk growth. Investing in a small business or startup could also provide significant returns if the business is successful.

High-Yield Savings Account or Certificate of Deposit (CD)

For a low-risk option, consider placing your $5,000 in a high-yield savings account or a Certificate of Deposit (CD). While the returns may be modest, these avenues provide a safe and secure way to earn interest over time.

Try Flipping Things

Another way to double your $2,000 in 24 hours is by flipping items. This method involves buying items at a lower price and selling them for a profit. You can start by looking for items that are in high demand or have a high resale value. One popular option is to start a retail arbitrage business.

To generate $5,000 per month in dividends, you would need a portfolio value of approximately $1 million invested in stocks with an average dividend yield of 5%. For example, Johnson & Johnson stock currently yields 2.7% annually. $1 million invested would generate about $27,000 per year or $2,250 per month.

Take Advantage of 401(k) Matching

For example, they might match your contributions up to 6% of your salary. So, if your base pay is $50,000, your employer will match your contributions up to $3,000. While doubling your money isn't always easy, this is one of the quickest and easiest ways to see your money multiply.

What are the 3 most common income streams? ›

Three of the main types of income are earned, passive and portfolio. Earned income includes wages, salary, tips and commissions. Passive or unearned income could come from rental properties, royalties and limited partnerships. Portfolio or investment income includes interest, dividends and capital gains on investments.

1. Dividend stocks. One way to build an income stream is to invest in dividend stocks, which distribute part of the company's earnings to investors on a regular basis (typically quarterly). The best dividend stocks increase their payout over time, helping you grow future income.

Freelance writing, virtual assistance, online tutoring, graphic design, web development, transcription, translation, and affiliate marketing are excellent work-at-home jobs that can help you earn $5000 a month or more. Choose a job that aligns with your skills and interests and start your work-at-home journey today!

Invest in a REIT

It will likely be difficult to invest in physical real estate with $10,000. However, you can still invest in multiple areas of the real estate market through stocks known as real estate investment trusts (REITs). If you're wondering how to invest $10,000 for passive income, REITs could be the answer.