How can I make $1000 a month in passive income?

Start a YouTube Channel

Once you create a YouTube channel, you can allow YouTube to run ads on your videos. These are the ads that you see playing before a video, the ads in the column on the right-hand side, or below the video. If someone clicks on the ads, then the YouTube creator gets half of the money that the business paid to run the ad. Keep in mind that different channels earn different amounts, depending on their niches.

Write a Book

Writing a book isn’t my favorite way to make passive income, because it doesn’t have as much profit potential as many other methods. However, it does have some other benefits, including the ability to help you reach other goals and advance your career.

Start a Membership Website

This is a private site that you regularly add new content to. For people to access that content they have to subscribe to the website. Often times there is content that people can access for free to give them a taste of what is available, but to get additional content or the premium content they need to pay a monthly membership fee.

Depending on what your membership site is about, what it offers to its members, and how premium the content is you can charge different amounts. The range can be anywhere from $5 – $300 per month.

One fantastic thing about a membership site is that it creates that recurring revenue month after month and you don’t have to necessarily do anything additional to maintain it. With that being said, some of the best memberships sites do add new content every month. It all really depends on how you structure your website, and whether you decide to create and schedule your content.

Create an Online Course

Creating a course is another great option to generate passive income. You can sell it on your website or on a third party platform — each option has advantages and challenges. If you sell on your own site, then you keep 100% of the profits but have to drive traffic to generate sales. Alternatively, if you sell your course on a 3rd party platform, such as Udemy, finding customers is much easier, but you won’t earn nearly as much per sale.

When you sell on your site, you can charge much higher prices. Courses typically sell for $100 to upwards of $5,000. Your price is dependent on what your course is about, what value it gives to the students, and how well you market it. On a 3rd party platform, courses typically run between $10-$100, and you earn around 50% of the sale price.