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

FAQs

How can I make $5000 a month in passive income? ›

If you like the idea of earning passive income, one idea to make $5,000 per month is to rent out things for money. This is probably the best option if you're very busy with your job and don't have time to start a new side hustle.

Invest in Dividend Stocks

One of the easiest passive income strategies is dividend investing. By purchasing stocks that pay regular dividends, you can earn $2,500 per month in dividend income. Here's a realistic example: Invest $300,000 into a diversified portfolio of dividend stocks.

But is investing in one actually a smart business move?

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.

Investors can acquire rights to royalty income by purchasing shares of royalty trusts or bidding on royalty auction exchanges. If you're thinking about investing in royalty income, you may want to speak with a financial advisor first.

How to generate $100,000 in passive income? ›

1. Engineering. Coming in at the top is engineering - which might surprise you, but the scope of engineering is huge and widening all of the time. 22% of the world's top 100 billionaires studied some kind of engineering.

$5,000 a month is how much an hour? If you make $5,000 a month, your hourly salary would be $28.85.