How To Make 40K A Month - TheMoneyCircle.com

James

Updated on

February 8, 2023

With ever-increasing inflation rates, people have begun to seek ways to increase their incomes both actively and passively.

If you’ve ever set an income goal, you know how difficult it can be to meet them consistently. Hard work alone doesn’t make someone 40k or more every month; they must also work smartly and look into ways to harness their strengths.

While there are ways to reach high-earning goals, it’s important to note that there is no such thing as instant explosive income growth or quick wins. These ways require extensive planning, strategy, hard work, and commitment to give you consistent and reliable returns.

The following guide details some of the ways you can make 40k every month or maybe even more, depending on the scale of your ventures. Take that first step towards financial freedom with the methods listed below!

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7 Ways To Make 40K Or More Every Month

1. Open A Blogging Website

Blogging is one of the best ways you can increase your monthly passive income and make 40k per month with a low technical skills requirement. So long as you put in the hard work and remain consistent, you’ll reach your income goals before long.

You can open a blogging website in a matter of minutes. Simply choose your blog name and niche, customize your website template, and you’re ready to begin publishing content. That marks the easy first step to reaching your income goal.

Next, you’ll need to monetize your blog content using one or more of the following business models:

Advertising
Affiliate Marketing
Blog subscriptions

Each of these provides you with different monetary results, but at the end of the day, they get you what your website needs: website traffic. Eventually, the revenue from these models will be sustainable enough for you to possibly quit your day job and make blogging your full-time job.

Let’s examine each of these revenue models in detail to see how you can become a full-time blogger.

A. Advertising

Ads are one of the most healthy ways to generate a reliable revenue stream for your blogging content. The way this works is that advertisers pay you to gain exposure to your audience, similar to how newspaper adverts work. And similar to newspapers, the larger your following is, the more advertising revenue you earn.

Using an ad network, you can sell website space to businesses that want to advertise their content on your blog page. Or alternatively, you can contact said businesses directly for a direct deal without the involvement of an ad network.

Ad networks like AdSense serve ads relevant to the content on your blog and pay you on the basis of visitor views or direct interaction. Remember that relevance is key to blog site visitors interacting with ads, so you may want to keep the ad content related to your blog.

B. Affiliate Marketing

Affiliate marketing is a simple business model: all you need to do is link a product or service for sale on another website somewhere in your content. When you refer people with this link, they are redirected to the affiliate’s product and are encouraged to consider purchasing the endorsed product. Once they have bought the product, you earn a commission on the resulting sale.

Here again, relevance plays a huge part in whether a website visitor interacts with or purchases the linked product. If your blog is chiefly about adventuring, linking a power tool to your sponsored posts will reduce the likelihood of the user considering a purchase.

Be sure to remain transparent about the sponsored posts with your audience, and discuss it with legal counsel before beginning your affiliate marketing journey. The reputation of your blog is paramount, and if public opinion on it is soured, your website can fall from grace very swiftly.

C. Blog Subscriptions

Before we begin discussing blog subscriptions, remember that you can’t start a blog with a subscription fee right away. You must have built an active community that regularly engages with your content and wants you to make more.

By establishing a subscription or membership model, you can use your blogging content to add to your existing income in the long haul. With dedicated readers paying a fixed amount monthly or annually, you can have a steady passive income in addition to the aforementioned business models.

You can also provide readers with membership or subscription-based perks and arrange them in a tier-based system, with higher tiers giving them greater perks. These perks can include an ad-free experience, exclusive content, videos, or tools. Feel free to experiment with your blogging website!

2. Set Up An ECommerce Business

Starting a business from scratch is no easy feat, requiring extensive hard work and planning that consumes plenty of time before it turns lucrative.

But in modern times, an eCommerce business is one of the best ways to earn more money. Once you’ve planted your feet firmly in the business, your income goal of 40k a month won’t seem as insurmountable a wall anymore.

Here’s how you can set up an eCommerce venture:

A. Pick A Niche

Firstly, you’ll need to pick a niche you want to start your online store in and find physical products or services to sell. Once you’ve picked a particular product niche, determine whether there is a demand for it or not, as this determines the profitability of the venture.

Inventory management is one of the challenges a starting venture may stumble upon, so it would be best to figure it out before you begin. This can be a rented warehouse or your own garage, depending on the scale of your business.

B. Business Action Plan

With the second step comes the rigorous planning and researching of the market. Look into your competitors’ businesses, see how they are doing and create an action plan based on that. An online business without a proper plan is doomed from the beginning, so ensure you determine what to prioritize and how to reach new customers.

C. Brand Building

Next comes building your brand, which is one of the most extensive processes in setting up a business. This includes making a logo, building your presence online, and a thorough exploration of Search Engine Optimization to maximize your reach. After completing these steps, you must choose the sales channels to sell your products from, such as Etsy, Shopify, and eBay.

D. Launch And Post-Launch

Once you’ve dotted all the i’s and crossed all the t’s, your business is ready to launch. Keep an eye on your performance indicators and ensure that your shipping and fulfillment elements are ready to go. Pricing, discounts, and sales all play an important role in how well your eCommerce business performs, so examine the market closely before you launch.

Be sure to take good care of your customers, and customer satisfaction will carry your venture to success. Holding your market share is tough and requires constant innovation, so keep coming up with new business ideas!

3. Start A YouTube Channel

YouTube channels are shaping the future of how we consume content and thus, they have a high income potential. If you have a Google account, you can start a new YouTube channel with the press of a button.

The main way you earn money online with a YouTube channel is through the YouTube Partner Program. This opens you to earning via ads, channel memberships, shopping, Super Chats and Super Stickers, Super Thanks, and YouTube Premium.

There is a slight caveat to this, as YouTube has eligibility criteria that you must meet before you can monetize the channel. Each feature listed above has different eligibility criteria, meaning that you may not be able to begin earning immediately. But fortunately, these conditions are pretty lenient, enabling anyone to start earning on YouTube so long as they put in the hard work required.

Here’s how you can earn money through your YouTube channel:

A. Ad Revenue

The most basic form of monetization on YouTube, advertising revenue has quite the lenient eligibility criteria. Firstly, YouTube requires creators to either be 18 years of age or older, or have a legal guardian of legal age to handle their payments via AdSense.

And secondly, the content you produce must meet the advertiser-friendly content guidelines. These guidelines list all the types of content that are considered ‘not advertiser-friendly’, such as foul language, violence, and harmful acts.

If your content violates these guidelines, YouTube may restrict or remove ads from it, directly affecting your revenue stream.

B. Channel Memberships

Channel memberships are much like the subscription model of blogs, where members pay a certain amount regularly to gain access to exclusive content. For your channel to be eligible for this feature, you must:

Be at least 18 years old
Live in a country where this feature is available
Have a channel with content that is not set as ‘Made For Kids’
Not be a music channel under SRAV

C. Shopping

There are only two requirements for you to be able to sell products on YouTube:

Have 1000 subscribers or more, or be an official artist channel
Not have your channel set as ‘Made For Kids’

D. Super Chats And Super Stickers

Super Chats and Super Stickers are features where viewers can send creators money during a live stream and highlight their message in the live chat. You must be at least 18 years of age to be able to accept Super Chats and Super Stickers while living in a country where the feature is available.

E. Super Thanks

Super Thanks enables a viewer to highlight their message in a video’s comments section and view a once-only special animation overlaid on the video. The eligibility criteria for receiving Super Thanks are the same as Super Chats and Super Stickers but with one additional condition- your channel mustn’t be a music channel under SRAV.

F. YouTube Premium

If a YouTube Premium subscriber consumes your content, you get a small cut from it. This is similar to regular ad revenue, where creating content within the given guidelines is all you need to do.

4. Sell Products You No Longer Use

You can begin selling things you don’t use anymore to gain an instant income. Of course, you will run out of things to sell eventually, but additional income is still appreciated. Managing personal finance through your own products is an easy way to make quick cash.

Platforms like eBay enable users to sell products they no longer use to generate income via bidding. If you own products that you have no personal attachment to and haven’t used them in a while, consider selling them in thrift stores.

It may surprise you to know that well-maintained collectible cards have been sold on auctions for several hundreds of thousands of dollars. If you were fond of collecting such items during childhood, consider auctioning them off. Who knows, maybe that pristine silver dragon card of yours has immense value in someone else’s eyes. It is as the old adage goes: one man’s trash is another’s treasure!

And lastly, if you’ve invested in dividend paying stocks before, you can consider liquidating them for extra income.

5. Become A Real Estate Agent

People need more space to live, and the real estate sector continues to climb greater heights every day because of this very reason. As a real estate agent, you’ll be working quite hard to make money, but the rewards in the business are high enough to warrant it. Moreover, a little craftiness in this sector goes a long way in making you successful, once you’ve conquered the learning curve.

Real estate agents primarily earn money via commissions based on a percentage of the property’s price. To put it simply, if you successfully convince a client to purchase or sell a property, you get a cut from it. There are a few layers of nuance to this earning process, but the gist of it remains the same.

Let’s see how you can earn money as a real estate agent:

Become agents of those seeking to purchase a new property
Provide a list of homes for sellers
Create a Broker Price Options report
Manage properties for homeowners and investors
Look toward commercial real estate
Become a broker for on sale or rental properties or rental units
Start a real estate crowdfunding project

6. Product Promo Campaigns

You needn’t deal with the hassles of product inventory management and shipping troubles if you make promotion the primary source of income. And you can do so by performing extensive market research and digging deeply into how you can increase a website’s traffic or product sales. It’s all about promotional tactics.

Digital marketing is paving the way to the future, especially now that a lot of the market has shifted to online platforms. Earning money through such promotional campaigns will require a lot of foundational work in addition to market research. This includes the brand you’re promoting, the salient features of their products, and how users may benefit from making the purchase.

There are several ways to get started with digital marketing, some of which are listed below.

Act as a marketing consultant for companies
Become a social media manager for a company
Specialize in eCommerce practices
Start a digital marketing agency

Each of these ways provides you with a different kind of revenue stream, but the gist of it remains the same. In exchange for promoting products or advising companies on promotion campaigns, you will be rewarded handsomely by your clientele.

7. Work As A Freelance Writer

Do you have an interest in writing? Being a freelance writer is one of the most stable ways of increasing your income, provided you are completely fluent in a language.

Freelancing sites like Fiverr and Upwork provide freelancers with a per-word flat rate with the freedom of picking and choosing their own clientele. Moreover, freelancing websites ensure that the writer gets paid for the work they do, preventing ill-intentioned clients from skipping out on payments.

If you want a more stable freelancing writing career, consider contacting publications that pay writers for a specific niche. Your content needs to be monetized and so, the niche of your choice must find an audience that will engage with it regularly. But making money in the freelance writing field will take time and finding the right client will not be easy.

That said, a career as a freelance writer is one of the most liberating ones out there. With proper time management, wisely choosing your clients, and appropriate work habits, you’ll have an illustrious career that pays well and is recognized.

Something you must keep in mind about being a writer is that burning out is a real possibility. Coming up with great ideas that are fresh and new frequently isn’t easy. And there will be times when your brain won’t keep up with all the tasks you throw at it, resulting in the quality of writing suffering.

In a state of burnout, you won’t have enough energy to attend to your clientele appropriately. And so, it’s all the more important to take breaks once in a while.

Conclusion

Making 40k per month is no easy task, but by working appropriately hard, you can get there soon.

Each method listed above requires commitment and persistence, and without either, you may not be able to reach that goal for a long time. After all, there is no such thing as a get-rich-quick scheme- at least not a realistic one.

You can consider looking into an online course that covers finance management as well, if you’re looking into maximizing your income. Any additional money you gain over your full time income through a side hustle is always nice.

And there you have it: these are the ways how you can increase your active and passive income over a certain period of time. Innovate, persist and keep the hustle on!

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