Could you image making $100,000 a month?
While this amount of money will certainly put you in the top 1% of earners in America, it’s possible by using the right strategies and a massive amount of hard work.
I’ll explore some of the best ways you can earn $100,000 a month in 2024 and beyond!
KEY TAKEAWAYS:
- Starting your own business
- Investing in real estate with Realty Mogul
- Invest in stocks with Acorns
- Starting a blog, YouTube channel, or podcast
How Much is $100,000 a Month?
Making $100,000 a month is a significant sum of money.
It’s equivalent to making $1.2 million annually or $23,077 a week.
Talk about a lot of money!
Making this much money will be extremely difficult, but it can be possible for some individuals.
How to Make $100k a Month
Below are some of the best ways to make $100k a month. It will be very difficult to reach this level of income, but it is possible with the right strategy and motivations.
Start a Service Business
The most realistic way to make $100k a month is by becoming an entrepreneur and starting a business.
There are many types of businesses that can be profitable, but one of the best ways to make a lot of money is by starting a service business.
Service businesses have low overhead costs, and if you can get enough clients, you can easily make a lot of money.
For example, let’s look at a lawn care business.
With this business, you can charge customers $40 per week to mow their lawn.
If you assume that it costs around $25 per mow between any labor costs, fuel, insurance, and other expenses – that’s a $15 profit per week, per customer. This would amount to $60 per month in pure profit from just one customer.
But that’s not the only way to make money. In addition you can offer mulching, bush trimming, and countless other services that are highly profitable.
For these services, you might charge $60 per hour and pay an employee only $20 per hour. This means you can profit $40 per hour of work, which can scale your revenue rapidly depending on how many employees you have.
Of course, you’ll need to factor in marketing and other costs, but if you can get a few dozen customers, it’s not hard to make over $100k per month with a small business.
In addition to the money you can make from your business, you’ll simultaneously be building equity in the business.
This means that you can eventually sell it for a large sum of money that could be over a million bucks.
Small businesses are great options for entrepreneurs who want to grow their monthly income and eventually scale it to $100k a month or more.
Best of all, they don’t require a college degree and there are some businesses you can start with very little capital.
Whether you want to make $50,000 fast or $100k a month, starting a service business is a great idea.
You can check out these business ideas for men or these business ideas for women for a few ideas to reach your goal.
Start a Blog
While service businesses can be a great option for entrepreneurs to make money, they might not give you the flexibility you desire.
Online businesses, like blogs and websites, can grant you the freedom and flexibility you desire and the ability to make $100,000 a month.
Making money online through blogs and websites is a great way to generate income passively that can reach up to 7-figures per year.
Of course, it will take a lot of time and effort to get to that point, but it is possible.
So how do you do it?
First, you’ll need to decide the type of site or blog you want to start. It’s wise to stick to a topic that you’re passionate about and don’t mind working on because it can get pretty tedious.
Another option is to purchase an existing online business through a platform like EmpireFlippers or Flippa.
This can shortcut your path to achieve success you desire – but it will require a large amount of money to complete a purchase.
For most people, building their own site is how they get started.
Once you’ve determined a topic, you can start creating content about it. It’s important that your content is high quality and provides value to the reader if you ultimately plan to make money from it.
You’ll also need to learn how to market your content and grow traffic to your site.
There are many ways to get traffic to your blog but my favorite method is SEO.
With search engine optimization, there are proven methods you can use to rank on search engines and generate traffic to your site that will convert to revenue for your business.
Once you’ve started to gain traffic, there are many different ways you can make money from it.
Some of the most common are through display ads and affiliate marketing but you can also sell online courses and digital products as well as offer sponsored content.
The cash flow you can make from blogs and websites can be extraordinary.
It’s not uncommon to make 4-figures a month from your business within a year. My portfolio of blogs now makes just under $20k a month.
If you want to make $100,000 a month, it’s going to take a few years but it’s time well spent.
Become a CEO
If you’re working in the corporate world, becoming a CEO is one of the best ways to make $100k a month.
While this option is only available to a small portion of the population, it’s still one of the most lucrative ways to make money.
As a CEO, you can expect to make a base salary of over $200,000 per year.
However, with bonuses and stock options, your pay can easily exceed $1 million.
For example, Apple’s CEO, Tim Cook, makes over $99 million a year as the tech companies leader.
Of course, becoming a CEO isn’t easy and it will take years of hard work and climbing the corporate ladder to get there.
You’ll need to understand all of the intricate details of running and operating a business as well as have the drive to lead a team of employees.
It’s not a job for everyone but if you have what it takes, it can be an extremely rewarding career financially.
Start an Online Store
Starting an online store is another online business option that can be very profitable.
With an eCommerce store, you can sell products online and reach a global audience through the internet.
The great thing about online stores is that you can start with very little money and grow it into a multimillion-dollar business.
Of course, it will take a lot of hard work and dedication but it is possible to make $100,000 a month through your online store.
For example, Fashion Nova crossed $400 million in revenue in 2019 alone.
To get started, you’ll need to choose a niche and create a product line that you can sell.
Then, you’ll need to build a website and start marketing your products.
To start, you can use a platform like Shopify or use a WordPress plugin like WooCommerce.
Then, you’ll need to choose a payment processor like PayPal or Stripe to accept payments.
Finally, you can take your store live and start selling products.
You’ll need to determine how to drive traffic to your website and generate sales if you want to make a profit.
This is the most important aspect of your business and has the potential to make or break your success.
There are many different ways you can market your products but some of the most effective options include:
- Facebook advertising
- Search engine optimization
- Social media marketing
- Email marketing
- Affiliate marketing
While you don’t need to be an expert at every acquisition channel, it can be helpful to have a basic understanding of how each one works.
It’s also important to think about the operations of your online business.
How will you process returns? Who will respond to customer questions? How will you pack and ship your products?
Building a growing ecommerce company can be a very rewarding venture if you have the knowledge, funds, and passion to see it through. Check out the video below for more info!
Invest
For most people, investing will be the most realistic way to make $100k a month.
Why?
Because anyone can start with as little as just $5.
There are many different forms of investing you can consider but some of the best ways to make a lot of money are through the stock market and real estate investing.
With the stock market, you can expect to earn around 7% to 10% on your money – which will compound annually and grow exponentially.
You can use an investing app like Acorns to get started with just $5. As a bonus, they’re giving new investors $20 completely free – who wouldn’t want that!?
It will take some serious time and money to make $100,000 a month from the stock market, but it’s a proven method that many people have used to become wealthy.
Real estate is another common investment option if you want to grow your income and build long term wealth.
Similar to the stock market, your returns are usually between 7% and 12% for passively managed investing but can be higher if you operate your investments yourself.
You can use a platform like Realty Mogul to start investing in real estate without the hassle of dealing with tenants.
This easy to use platforms allows you to easily invest in properties and trade your shares just as you would on the stock market.
It’s a simple way to grow your money and earn $100k a month over time.
Another option to to purchase and manage rental properties yourself, but this will require more work and energy to operate.
Real estate is a tremendous way to generate cash flow and build long term wealth but it’s not a get rich quick scheme – it will take time and effort to make $100k a month.
Finally, you can choose to invest in small businesses through a platform like Mainvest to make $100k a month over time.
Compared to other investments, this has the potential for higher returns, but it’s also more risky.
Mainvest vets businesses they offer very strictly to limit risk as much as possible, but there’s no guarantee.
They target returns ranging from 10% to 25% annually making it one of the more lucrative ways to grow your money.
As a bonus, they’re giving new investors $10 free when you sign up with the link below! You can get started with as little as $100, so it’s worth your time!
Start a YouTube Channel
YouTube has become one of the most popular search engines in the world over recent years.
With over 1.7 billion monthly visitors, there’s a huge audience to tap into if you’re looking to make some extra cash online.
While you’re not going to get rich overnight, it’s certainly possible to make a full-time income from YouTube.
In fact, some of the highest paid YouTubers make over $50 million per year!
So how do YouTube channels make money?
There are several ways but the most common is through YouTube ads as well as sponsorships and affiliate marketing.
If you want to make $100k a month from YouTube, it’s going to take some time and a lot of effort to get there, but it is possible.
Start a Podcast
Podcasting is another great form of content creation that can help you achieve your goal of making $100,000 a month if done correctly.
With podcasting, you can make money in a few different ways.
The first is through sponsorships from brands that are willing to pay you to promote their products or services on your show.
You can also generate income through affiliate marketing, by promoting products or services on your podcast and earn a commission for each sale that you facilitate.
Some podcasters make hundreds of thousands of dollars from their show each month so it’s certainly a viable option if you’re looking to make some serious money.
While marketing and promoting your podcast can be challenging, it’s a great remote side hustle that anyone can start – no matter if you have $1 or $10,000 to start.
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How to Make $100k a Month in Passive Income
If you want to make $100k a month in passive income, there are a few different ways that you can go about it.
The first is through investing in the stock market and real estate, as we mentioned earlier.
Another option is to create and sell online courses through platforms like Podia or Teachable.
This can be a great way to generate a full-time income without having to do much work, as once the course is created, it can be sold over and over again.
Jobs that Pay $100k a Month
Believe it or not, there are some jobs that pay $100k a month. Companies are willing to pay top dollars for premiere talent and if you have the skillset, these can be great options to make 7-figures plus.
CEOs
Chief executive officers (CEOs) are the highest paid workers in the US, with an average salary of almost $800,000 per year.
While this isn’t quite $100k a month, it’s pretty close – and if you’re in the top 75% of CEOs, the chances are you’ll make over 7-figures.
CEOs typically have a wide range of responsibilities, from overseeing the entire company to making key decisions that impact the business.
Investment Bankers
Investment bankers are another job that pays a high salary, with director level positions paying over 7-figures.
This job entails providing financial advice to clients, as well as helping them raise capital by issuing securities.
Sales Leaders
Sales jobs can be extremely lucrative positions that can pay multi-six-figures, with some jobs paying over $1 million per year.
The compensation for sales positions is usually heavily weighted towards bonuses when certain target sales goals are met.
Engineering Leaders
Engineers can make great money, especially if they have experience working in a leadership role.
The median salary for an engineering manager is over $140,000 per year,
Lawyers
Lawyers are another job that pays $100,000 a month or more in some cases.
There are many types of law, with some paying more than others. For example, corporate law can pay significantly more than family law.
To make $100,000 a month as a lawyer, you’ll likely need to be working in a high-paying area of law and have several years of experience.
Fund Managers
Fund managers are responsible for managing investment portfolios and making sure that the money is being invested wisely.
This job can be extremely lucrative, with some fund managers making over $1 million per year.
Actors
While this won’t happen for most people, working as a famous actor can be a job that pays $100k a month or more.
Final Thoughts on How to Make $100,000 a Month
Making $100,000 a month is extremely challenging and most people will never reach this level of income.
But there are a few methods that you can use to make this much money, whether it’s through investments, selling courses online, or working in a high-paying job.
If you’re willing to put in the hard work, it is possible to make $100k a month – though it will likely take many years of hard work to reach this level.
He has a Bachelor’s degree in business and has been featured in many popular publications including Forbes, Business Insider, Bankrate, CNET Money, and many others.
To learn more about Forrest, visit the About Us Page for more info.
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