Your path to financial independent begins by setting a target of how much exactly you would like to earn within a given period, and then putting in the hard work and effort to make sure you hit your target. If your goal is to make 40K a month in recurring income, this guide will give you some ideas you can use.
To make 40K a month, determine what the most profitable business idea for you would be. Then, develop a strategic execution plan, which will help you establish the business and scale it overtime. Maintain a high level of consistency in your field, and making 40K will be possible.
In order to clearly delineate expectations, one must bear in mind that achieving an income target of $40,000 per month is by no means an immediate proposition - and that's to put it mildly. The ambitious goal often requires a period of no less than six months in digitally-oriented industries before it can be successfully realised. It's worth noting that the online domain is multifaceted, teeming with opportunities ranging from affiliate marketing – such as Amazon's Commonwealth-friendly program - to creating and retailing educational material on platforms like Udemy, thereby offering the potential for substantial gains. Additionally, starting a blog and writing freelance - despite the potential threat of AI - have garnered widespread recognition as income avenues, though these require consistent dedication to quality content and painstaking hard graft. The nature of such effort implies a robust cycle of research and perseverance, yet the potential for a hefty financial return exists even at the initial stages, which one might argue, is perhaps the biggest draw.
Besides, making that much money requires a great deal of planning, strategizing, working hard, staying committed to the type of venture you start, and remaining consistent even after the money starts to flow in.
In this guide, we’ll give you some moneymaking ideas that you might want to consider to start making $40,000 income so that you can enjoy your financial freedom.
How to Make 40K in a Month (4 Ways to Make $40,000 Explained)
Here’s the deal:
Many people think that making $40,000 fast is difficult because they’ve never really made that much from their full time job.
That’s true if you look at this literally.
But when you start looking at from the point of view that there’s no limit to how much money you can make, provided you invest in the right idea and put in the hard work, it becomes possible to make $40,000 fast.
Here’s how you can do that:
1. Promote Other People’s Products
You don’t need to own an inventory to start selling online, because it’s possible to make money by promoting other people’s products.
In fact, hundreds of people online make money from testing, researching, and reviewing products they never own. And while the earnings are often commission-based, the yearly revenue can be higher depending on the products you promote.
If there’s one thing that’s for sure, it’s that affiliate marketing has changed the way you can make money online. All you have to do is to refer people to relevant products or services and earn a certain percentage of commission from qualified purchases.
Many people that get into this business model usually start with Amazon affiliate websites. For what it’s worth, Amazon affiliate is the most beginner-friendly program on the web and therefore a great place to start.
However, the Amazon Associates isn’t the only affiliate program on the web. There are literally hundreds of options to consider, from web hosting and web development to fashion and security.
Name any product or industry and there’s probably an affiliate program for it. And that means there really isn’t a limit to the brand type that you can promote as an affiliate.
But there’s a learning curve, and a lot of work to do upfront.
Many beginners to affiliate marketing fail because they want quick wins. And when things don’t match up to their expectations, they give up 100%.
The truth is that if affiliate marketing were a plug-and-play business model, everyone would be doing it – and reaping big. But every business requires a process, and affiliate marketing isn’t an exception.
You will have to:
- Do in-depth research to find a profitable niche
- Go deeper into search analysis to find topics to create content on
- Write great content for your blog
- Promote your content and build an audience
- Monetize your traffic to make money
And how much do affiliate programs pay?
Well, it depends on your niche category and the brand’s affiliate policies on commission, number of referrals, and cookie duration.
Amazon affiliate program, for example, pays up to 8% for every qualified sale. While that might seem lower by any means, it’s still a good rate especially because it is passive income.
Other programs, such as those in the web-hosting category, can earn you up to $200 per referral. Not to mention earn you recurring commission from your referrals.
2. Create and Sell Courses Online
Online education is huge.
Just visit Udemy, for example, and search for any course you can think of and the results will blow your mind.
Created by people who are passionate about their area of study or hobby, these courses can teach an audience what they don’t know or add on top of what they already do.
And the best part is?
Udemy, through their teach on Udemy program, allows content creators to create courses on just about anything across different categories. And that’s a great opportunity for you to create a course on something you love and share it with the world.
To be clear, there’s no limit to what you can create. Provided you create something that people will find helpful, useful, and valuable, you can be certain that someone will be looking forward to share your content.
And let me be very clear:
You don’t need to have a master’s or doctorate degree to create an online course. You just need to be creative and skilled enough to create the kind of content that will help people learn something new and find solutions to problems.
You can sell your course on Udemy for about $120 maximum. If you have something worth teaching, you can get up to 400 students enrolling to the course fast. And that means you can easily reach the $40,000 dollar mark in passive income quite fast.
3. Start a Blog in a Niche You’re Passionate About
I have been in the blogging business for 4 years now. And I can tell you with confidence that it’s one of the best ways to make $40,000 in 6 months at least.
I should say that the first three months of blogging weren’t the best for me. But if there’s something I appreciate, it’s that I didn’t give up working on my blog. Looking back to where I started, and comparing my current monthly earnings with those of the first months, I’m very grateful that I didn’t give up on blogging.
These days, I make what I consider to be full time income from the few blogs that I own. And what I love about this business model is that the income is 100% passive.
One thing I need to make very clear is that blogging is not for the chosen. Quite too often, many people think that the industry is difficult to get into because they don’t have the skills required. But if you read stories of people who started out as bloggers, you will realize that blogging really isn’t that difficult.
As long as you put in the hard work upfront, you can make money blogging, so much so that you can easily quit your day job and get in this full time.
I already mentioned that it is possible to make money by promoting other people’s products and make at least 40K. But blogging tends to go deeper because, in addition to recommending products to people, you can add addition streams of income to the mix.
In other words, your income can come from sponsored posts, advertising revenue, selling your own products, and, of course, recommending other people’s products.
The secret to successful blogging is putting in the hard work upfront. Believe me when I say there will be moments when you’ll feel like giving up because you don’t see any progress. But it’s in those moments when you’re the only visitor to your blog that you should focus on creating more content and watch your audience grow.
Like affiliate marketing, blogging has a learning curve, and, fortunately, it really isn’t a steep one.
At the very least, you need to learn how to:
- Find a niche you can comfortably blog about
- Find topics that people are searching for but are currently underserved
- Create high quality content on those topics to grow your site size
- Promote your content so that people see your work
- Monetize your traffic to make money
From what I’ve learned as a blogger for the 4+ years that I’ve been doing this, it takes at least 6 months before you can start seeing results.
For me, the Income School Process has been quite helpful when it comes to setting expectations as far as blogging is concerned. And given that the system has worked well for me as well as hundreds of other bloggers, I’m confident that it can provide wit the roadmap that you need to succeed.
4. Become a Freelance Writer on Sites like Upwork and Black Hat World
Here’s the deal:
Freelance writing can earn you up to $40,000 in 6 months. But that’s so provided you get the best paying clients from the right platform.
I know all about the writing AIs that’s causing tremor and uncertainty among writers online. But I can tell you that tools will never replace humans when it comes to writing.
In other words, even if the likes of Jasper and Write Sonic improve their technology, the tools will still depend on human intervention to deliver the best results.
So if you have been reluctant to get into freelance writing because you’ve thought that creating content is now a thing for Artificial Intelligence, I would like to tell you to jump into it and put your skills to use.
But how do you get started?
Well, unlike Search Engine Optimization, freelance writing doesn’t require any technical skills. As long as you meet the minimum requirements to get started as a freelance writer, you should be good to get started.
As for how much you can make per year, that really depends on how much effort you put into the work. I know people who make as much as $40,000+ a year just creating content for different clients, and you can too.
Final Thoughts on How to Make 40K A Month
As you can see, there are many ways to make 40K a month, but you have to dedicate your time and effort to get the work done in the first place. Also, you notice that these opportunities require some great deal of commitment, which means you need to put in the hard work if you must to succeed.
It is quite possible to earn such an amount without leaving home, but first, you need to define a business idea and develop a strategic implementation plan.
There is no single guaranteed way to make millions, as the path to achieving financial success depends on various factors, including hard work, perseverance, and luck. However, some ways to increase your chances of making millions include investing in the stock market, starting a successful business, acquiring valuable skills, and consistently saving and budgeting your money.