If you want to make $500 a month in passive income, then this is probably the only blog post you need to read.
There are lots of ways to generate passive income, and for the record, nothing feels better than living your life freely while making money on autopilot.
$500 a month in passive income adds up to become $6,000 dollars a year. The good thing about these methods to make $500 a month in passive income is that the revenue isn’t static, and your income has a higher propensity to appreciate every next month.
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That said, here are 11 sure and creative methods to make $500 dollars a month in passive income (working from home or wherever you’d like to).
How to Make $500 a Month in Passive Income: 11 Creative Methods
Affiliate Marketing
The business model behind affiliate marketing is profitable and comforting at the same time. You promote products you don’t own and you get paid when people buy these products.
Affiliate marketing however has a learning curve, and it’s one of the most realistic ways on how to make $500 a month in passive income. Honestly, you can generate up to $10,000 a month doing affiliate marketing the right way.
You’ve got to understand what works and what doesn’t work in the affiliate marketing industry so as to make the most from doing it and now shadowbox for too long over affiliate marketing activities that don’t move a needle.
Blogging
If you want to make $500 a month in passive income, blogging is one of the many ways to get there. It takes time to build a blog from $0 to $500 a month. And the income you generate from blogging is mostly passive income.
When starting a blog, you want to make sure you’re picking the best niche that is profitable and that you’re knowledgeable about.
Pick a niche that you’re knowledgeable about or you’re passionate to learn about so that you don’t burnout when creating content or sorting for content ideas.
However, the key to success in blogging is consistency. If you can be consistent over the long haul, then you’re definitely going to break through the $500/month income threshold in a couple of months. If you don’t have a blog, you should start blogging right now.
Why?
Blogging gives you the freedom to work when you want to and where you want to. And even if you’re generating $100k a month from your full-time job, blogging can generate twice that income in a month for you.
Convinced yet? Click here to start your blog.
YouTube
YouTube is a free space for everywhere. You can create a free YouTube channel today and start making money in a couple of months. Nope, you can’t make money the same day you create your YouTube channel.
For one, this is impossible. So, focus on a niche and create some of the best videos in that niche. Get to know about basic YouTube SEO, and how best to monetize a YouTube channel. The more subscribers you get, the more money you’ll make because you’re expected to get more views on your videos with more subscribers.
While it’ll take some time to generate passive income from YouTube, there’s a possibility to make as much money as $1,000 a month in your first year of making YouTube videos if you’re consistent and your videos are super quality and dope.
Twitch Live Streaming
Streaming live on Twitch is one of the most fun ways to generate passive income. But first, you’ll have to be very conversant with making live videos. If you’re not familiar with the procedures in going live or creating a live stream, then you’ve got to learn it.
Moving on, you can make money on Twitch from subscriptions and bits. You also make ad revenue too. But primarily, it’s the subscriptions. So, the more subscribers you’re able to get on Twitch, the more money you’re going to make.
It makes sense and things will be easier for you if you focus on a particular niche and build authority there with your consistent live streams.
Course Sales
One of the most creative ways to make $500 a month is passive income is to sell courses you own. By doing this, you teach people how to do what you do or you teach them what you know and generate income at the same time.
It’s fun and satisfactory to make money from offering a service like this; there’s a mutual benefit – a symbiosis of some sort. Plus, you’re also putting yourself out there as an authority in that field; you become a figure to look out for.
A lot of benefits come with selling a good course online and you also don’t need to be a programmer to create a good course. There are tools out there like Thinkific to help you organize, launch and market your course.
eBook Sales
Selling ebooks is probably the same thing as selling courses, but e-books are way more easy to create. They can happen in a day, meanwhile it can take you up to a month to create a flagship course or even a random course depending on the content quality.
So, instead of creating a course, you can create a simple eBook and sell them online to generate passive income of up to $500 dollars a month.
Earnings from your eBook sales can quickly surpass $500 dollars in a month, and this depends on the market demand for that eBook or the profitability of the niche. Some of the places to sell your eBooks on include Amazon, Sellfy, Podia, and SendOwl.
Financial Market Investment
Investing in the financial markets online in this sense means to keep your money in financial instruments with the likelihood to appreciate in price. Depending on the volatility of the market, you can quickly generate passive income of up to, below, or more than $500 dollars a month.
The financial markets include the crypto market, Forex market, the stock market and whatnot. Particularly, I’m referring to the stock and crypto markets here. You can buy stock and crypto assets and leave them to grow.
But then, to make $500 dollars in a month passively, you’d have to invest a lot of money so that small movements in your favor can result in big wins.
Tiktok Influencer
Becoming an influencer on TikTok is definitely one of the ways to make $500 a month in passive income.
If you have some really engaging followers, then you can make money by working from brand advertisers who’d pay you to post their sponsored content and individual advertisers who’d also pay you to post sponsored content.
You can also make money as a TikTok influencer by reviewing or recommending affiliate products, selling products you own, and earning directly from TikTok with your videos. TikTok pays you for views if you’re an influencer. It’s not a lot of money, but it can quickly add up in a month.
Gaming App
A gaming app is a money maker if it’s a game that’s not the exact copy of an already famous game. If you’re going to develop a gaming app for iOS or android (or both of them), then it has to be unique and super addictive.
Yes, super addictive. If it’s not addictive then it’s a game without vibes and nobody wants to play a game that’s boring. Even the Sudoku game isn’t boring. The point is, creating a gaming app for Android and iOS users is one of the ways to make $500 a month in passive income.
Depending on the uniqueness of the gaming app, $500 dollars in a month in revenue can quickly become a laughable joke or a big deal. There’s every chance of generating 6 figures or more in a month and there’s also the likelihood of generating less than $500/month in passive income.
Web Tool
Building a web tool can honestly generate more money than just $500 a month in passive income. Of course, if you’re able to develop a web tool, then you’ll make money and tons of it depending on the use of the tool and your promotion strategy.
And the niche too. The amount of money you can generate passively from a web tool will also depend on your monetisation methods. If your tool is poorly monetized, you might not earn much.
But a major determinant of the income figure you can hit with a web tool is the number of people actively using it. So, it’s a numbers game and every effort should be channeled towards reaching more visitors before you can bother about executing more brilliant monetization models.
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Drop-shipping
Drop-shipping is a lot similar to ecommerce, but there’s no need for maintaining inventory and shipping products or even packaging products. Really, you have no dealings with the products face-to-face.
You simply create an online store and connect it to another store online; an original e-commerce store. And then when visitors visit your store to order an item, the order is redirected to the original e-commerce store but the markup on your prices goes to your wallet.
That’s how you make money from drop-shipping. You up the price of every product on your store a notch so that it’s not the same as the prices on the original store or supplier’s store and so that you can make some dough (in the form of profits).
Basically, drop-shipping is one of the many ways to generate passive income, and you don’t need a lot of money to get started with it. It’s one of the ways on how to make $500 a month in passive income.
Once your store is all set up, you don’t have to do much other than to promote your store and monitor sales and activities on your dashboard.
How to Make $500 a Month in Passive Income: 11 Creative Methods – Summary
Making $500 dollars a month in passive income is possible, but it might take some time before you’re actually earning this amount and even more every single month. While it’s not a lot of money, it’s not going to happen overnight.
Everything good takes time to mature, and once you start getting $500, it’ll be easy to scale or put in a little more effort to generate a monthly passive income of $1,000+ dollars.
Once you master the system, you can replicate the strategies over and over. Of all the 11 methods here, start with one and if it works for you, go all in to make much more money passively.
In summary, some of the ways in how to make $500 a month in passive income include blogging, affiliate marketing, YouTube, drop-shipping, web tool development, Tiktok influencer marketing, gaming app development, twitch live streaming, online financial markets investment, eBook sales, course sales, and YouTube channel development.
Heck, all of them can generate several thousands of dollars for you in passive income monthly.