If you want to be a millionaire quickly, you need to make more money.
The more extra money you have the more you can invest and make money work for you. It puts your growth on steroids.
There is no excuse to not make additional cash especially if you have few hours to spare (almost everyone has time to watch that popular movie/Netflix series every week).
In this guide, I am going to show you the opportunities that would help make you $1000 or more every month.
We have tried and tested these methods and it works for us. (otherwise, we would not have started this site, right?)
Adopt a Millionaire Mindset
Often the only reason for someone to be poor is the mindset, they let too much of negativity & doubt in their so they are closed to new ideas.
Rich people are the opposite, they are always looking for new opportunity. Do you want proof? Reach out to a rich person you know and tell him you have a great opportunity that you want to discuss. You would be surprised to see most of them are curious despite their success.
It is all about the mindset.
You need to be ready
- to fail
- lose money
- spend enormous time without seeing any results
- ready to learn new things
- be uncomfortable to do things you never did before
Once you make up your mind that this is a long-term commitment and spend time on it, the success is just history.
Solid Passive Income Opportunities
Everyone should have a blog, even if you are not a writer.
If you don’t have a blog you are missing out one of the best passive income opportunities. A blog provides you with a platform to create many passive income streams.
When it comes to blogging. People think that they need to be a writer or some wordsmith to create a blog. Absolutely no, the blog is your personal space.
They also think it always says I can’t write so blogging is not good for me. Or One thing that I come across whenever we talk about starting a blog.
Here are some of the things you can do with a blog. It is so flexible that you can try few things and if it did not work you can kill it and move on to the next one.
Create a powerful resume for yourself – Have you ever googled your name before? You might be a celebrity in your workplace and at home. But when it comes to online you probably don’t have an identity.
When you start publishing content online, people will start noticing you. You will meet strangers and become friends with them. You get to talk about your field of interest/expertise and you would be looked as an expert in that field.
Try creating a blog and share that with your potential employers, you will see that you are well ahead of the competition.
Many don’t see it yet, but blogging is a powerful resume.
Refer Affiliate Products – One main reason we recommend you start a blog is to make money by referring products that you love. How many times have to refer a product to your friend? You probably do that at least once a week, right? Have you got a commision for the referral? probably the answer is no. If you have a blog you can do the same and earn a commision not just by referring to your 1 friend but to the whole bunch of people who might be interested in that product. Depending on the products you refer you could make a solid income stream.
Sell products – You can sell physical, digital and any products. It is easier to sell using a blog than a website because you are educating people about the product before they buy.
It could be just a small tutorial that you can write over a weekend or a product that you build in your garage or it could be a product that was bought for less and sell it at market price. The potential is huge.
Earn from ads – Many blogs make some decent income from selling ads. It is the easiest way to monetize your blog. You can just sign up for Google AdSense and start making money immediately.
How to start a blog?
You have a couple of options when it comes to starting a blog.
These hosting companies have one click installs and everything clearly documented to start a blog. It only takes few mins to get your blog going. I recommend to get started now and take that first step.
For someone who wants to test blogging and have time to manage some technology stuff then Bluehost is a great option. Many recommend Bluehost because it is super cheap to start and later you can move to some hosting like wp engine if you want to take that route.
Click here to get started with Bluehost.
Both are a great and easy option to start a blog. It only takes few mins to set it up and start making money in a month.
Let me know if you need any help or more information.
Selling physical product especially dropshipping is another favorite method of passive income. I don’t like to call this as passive income because it could be much bigger than a full-time income. It all depends on how much we want to scale.
For our context, let us say you only want to make $1000 each month from it.
First, build an eCommerce store
Using platforms like Shopify it has become super easy to start an e-commerce store now. You can create a store in 10 mins. It comes fully configured and we can start adding products right away.
Find good products to sell
The hard part is finding the right product to sell in the store. Without good products, the store cannot be successful.
You can either go create your own products or (easy option) look for products that are already popular and sell those.
The easy way to find these products is to go to Amazon bestsellers and pick the niche you are interested in. (Pick anything related to hobbies).
Sort the products and look for a generic product which is not from a popular brand or custom build one.
Then you can go to a directory site Salehoo and look for drop shippers in whichever niche you picked earlier.
Let’s say you want to sell electronics like drones. It will give you a list of suppliers with all the details you need.
You can contact them and start promoting the products.
Dropshipping is the secret sauce
With dropshipping, you don’t have to have any inventory or worry about shipping and logistics. All you do is promote the products and if it sells you will request the dropshipping company to fulfill the order. It only takes less than an hour every day to run this business and still make a lot of income from it.
Trust me it is way much easier than anyone could imagine, but there is too much-contradicting advice out there confusing people. So just take the simple approach. Great products sell automatically with little promotion. Promotion can be as simple share in a group of passionate people or run ads on facebook or google.
This is one of the most profitable business models right now, I will cover this in a separate topic later.
p.s. Meanwhile, if you need more information to build a successful eCommerce store, contact me and I can help you.
I personally believe that the education system is outdated. When I think about it, I rarely use any skills that I learned in school to make money or even to take any decisions in life.
I use online resources whenever I need to learn about anything. I am seeing this is the trend, that everyone is seeking online education to grow their skills and be successful.
If you have any skills that you can teach others (I am sure everyone has something that they can teach) Haven’t figured what to teach? Next time record your conversation with your friend and see what advice you gave him/her during that conversation.
Once you know the topic, start laying out a structure that would help others to learn the subject effectively.
Sign up for Teachable. It is one of the best platforms for creating and selling courses. Start with creating mini-courses and once you have the hang of it, then create high ticket courses.
More great Income Opportunities
The growth of the internet has provided many great income opportunities. It has changed the way we make money, even for our living.
The following methods are not only passive income but also grown into fulltime income for many people.
A print on demand(POD) marketplace by Amazon to sell t-shirts. The POD concept is you upload your t-shirt designs to Merch and Amazon will take care of the rest.
They advertise and sell the shirts with your design behalf of you. If it sells they will take care of the shipping and customer services too. Amazon merch t-shirts qualify for prime as well, so there is a good advantage over using this amazon marketplace.
It is totally off hands and runs on autopilot. However, there are some caveats to get started and make your t-shirts sell.
First you need a great design that actually is in trend. To find that out you need to research the sales data and come up with designs similar to the ones that already sells.
Once you figured the design and published the product, you need to give an initial push by promoting the t-shirt to an audience that potentially buys (your blog comes in handy here).
There is also a tool called Merchinformer.com which helps with design research and more to help accelerate sales.
Also, Check out this post that teaches how to make 100 t-shirt sales a day.
But overall it is a great opportunity for anyone to jump in, right now.
Based on this research, it is predicted that majority of US workforce will be freelancers by 2027. It is an emerging industry and as many large companies are starting to embrace remote work options, freelancing will continue to grow.
Instead of working 9 to 5 for a single employer, you will work for many employers on your own time and from any location you want. This opportunity exists today so start picking up few gigs on your free time to make extra income.
You can use sites like upwork.com to become a freelancer and start getting some side projects.
Print on Demand
Print on demand started with t-shirts, basically, you display the t-shirt design on your eCommerce store and sell it. When someone buys the shirt you will send the notification to the print on demand company and they will print the t-shirt and ship it to your customers.
An easy model where you don’t have to worry about inventory or sales spikes. More importantly, you don’t have to worry about shipping, returns or customer service.
The process is pretty simple to setup and once you have the designs uploaded and ready, all you have to do is promote it and keep earning commisions on autopilot.
Affiliate marketing is a method of making a commision when you refer a product to someone. We refer products and services to our friends all the time. But if you refer that using a platform like a blog it is trackable and you make a commision for that referral.
It is a popular way to make some decent money online, especially if you have a blog.
There are many affiliate marketing networks available and some of the popular ones I recommend are ShareASale and Clickbank. They both have tons of quality products that you can promote. Each product comes with instructions and helps to be successful as an affiliate.
You can also sign up for Amazon affiliate program, it is one of the most popular programs in the market because they have almost every other type of product available on their site.
Every time you refer a product to someone, you make a commision. Image the potential of that. With the blog, you can automate the affiliate process with Amazon.
Amazon provides a native shopping ad option when you set up this once in the blog, it shows products related to your content automatically.
Now you see why I keep saying having a blog is the best opportunity.
Social Media Management
Social media has become major advertising platforms, it seems like this would become the only ad platforms soon.
People hang out on all these platforms more than any other website in the world, so businesses are looking to reach those people through these social channels.
However, the challenge is these are social platforms so most of the people like organic engagement rather than seeing sponsored content in their feed.
That looks like an amazing opportunity for people like me. If I can create a high engaging fan page, community or a profile with a good amount of followers I can become an influencer and run ads on behalf of the businesses.
The popular social media that works now are on Youtube, Instagram, Pinterest and Facebook Groups. These are the social media that worth spending your time to grow your audience.
Once you have a good amount of followers in each of them, then you can register yourself in sites like famebit and start selling your ads to brands.
More Good Set it and Forget Opportunities
Some great real passive income opportunities are set it once and forget it kind of models. It is one-time work and lifetime revenue.
Kindle was once the best opportunity to make real passive income and it is still the best. However, there is a ton of competition in this model now. Everyone is creating ebooks nowadays and it has become crowded for me to make significant income from it.
Still, it is a great place to create few books and publish it for some passive income.
Amazon FBA is still a great way to make 6 or 7 figure income a year. It used to be super easy to scale the FBA business but now it is slightly difficult because of the competition. It is not entirely set it and forget kind of model but you can fully automate the process.
Once you find a reliable supplier (most likely from China) you will set up the product in Amazon warehouse and you run few ads within Amazon. When the product starts selling and generating volume, you set up notifications and hire few virtual assistants to take care of your business. Of course, there are more details to it, but on a high level, it is a simple process.
I stopped doing this because of high competition and switched to Shopify store because it was much simpler with dropshipping model and less competition.
Sell in marketplaces
Just like Amazon, you can sell your products in other marketplaces like eBay, Etsy, and Wanelo. They are a great place to sell your products with less marketing.
The smart way to do it get your Shopify store to connect to all these marketplaces and sell it in all the channels from one place.
Difficult but Highly Profitable Opportunities
Some great Opportunities if you have skills in any of these areas.
Instead of building a website and creating your audience, why not buy it? If you buy a website at a good price, you can also sell it for a profit. It is called flipping sites. A highly profitable business model, but you should know how to find the right website and the tweaks you need to make to sell it.
Sometimes if the site does not sell for a while you should know how to run it and keep the number trending upward so you can sell it. Else you are stuck with it and lose all your investment.
Look for small sites that you can understand and get a hang of it. Few sites have great potential but not properly leveraged. For example, I search for a site that has monthly revenue and see if there is room for growth.
If the site is making an income stream then the decision is will I be able to recover my investment within a year or 2 max. If not sell it.
I use are Flippa.com to find these sites.
More and more people are learning to write code, especially mobile apps. Unfortunately, not many people know how to make money with that skill.
Currently, the app market is super crowded with people creating clones of every other popular app.
Instead, I would suggest niching down. Look for sub-niche under a popular niche.
For example, you can pick a popular niche for apps. No not games niche, maybe productivity apps.
Every day new cloud services are introduced and people are trying to come up with ways to work with them. Especially business people.
Understand what the cloud service does and create an app to help work with that service. I call this Gap niche.
p.s. Gap niche is identifying a gap in something that is already mature.
Reach out to people who are either subscribed or the ones who are talking about it. Join the conversation in the sites like Linkedin, StackOverflow, and even Facebook are best places to listen and recommend your app to people.
When you get some traction, add more features to the app and scale the app to make more revenue.
Remember, you don’t need millions of downloads to make some money, all you need is few paying customers.
Design skills would be always in demand, with the rise of social media usage the demand only has increased. More and more people are creating their own websites, doing print on demand, need designs to share on the social media and so on.
If you are into designs, create a store specifically for design work and sell copies of it. You can also do some freelancing work and do custom designs and sell it for high prices.
If you are good at something, you can charge people to give the solution or advice. It works well in professional industries.
Look for sites like upwork to list your service, however, if you want to demand high prices for your consulting gig then having your own blog platform would be ideal option.
Build trust and spread the word about your expertise using your blog and then demand high prices inreturn for your expertise.
High-Risk Opportunities (Not Recommended)
I need to make sure I had to cover these as well, because whenever we talk about money. Most of the people try to sell stuff in these categories and pretend that they make a lot of money.
Unfortunately, this is the space most of the people fall in and lose a lot of money. Some make short-term gains but that is not sustainable.
When we look at our portfolio, we always look for opportunities those are
- Low risk
- Predictable (we can estimate the returns)
- Doesn’t involve gut feeling or intuition
- Easy to train others so it can be outsourced.
Based on our practice, these are the areas that we don’t recommend if you are looking to have a stable income and growth.
You probably know why we are saying no to crypto. They are not predictable and we cannot put a large investment into this and sleep without stress. It might be an investment in the future but for us, it is not matured yet.
You might be wondering why this is in the list, don’t get me wrong stock trading for quick cash is great but for us, it falls under the non-sustainable model.
If you are a trader working for a large financial institution then this is a great option. For a 925 this could be a dark hole.
I have never seen anyone retire or convert their fulltime into an individual stock trader. It is not predictable and it is a huge risk to put a large investment into this category.
Always remember, long-term strategies beat short-term benefits all the time. So don’t get tempted.
MLM (Bad ones)
There are a ton of these MLM which stands for multi-level marketing companies. They sell the dream to become rich by referring others to your network and show the pyramid scheme.
Have you ever seen your friend or the person who recommends the program be rich? Rarely. The best option is to stay away from it even if it sounds very compelling.
Get Quick Rich Scheme
I see these types of offer all the time. The easy way to spot this is, look at the offer and see how they make money and how you can make money.
If anyone claims that you will make money without doing work or just by signing up on some site it is a red flag.
There is never substitute for hard work.
There is no way there is someone who is smart enough to make you rich without working or having any skills.
If you don’t have skills you will not make money.
If you want to become rich learn new skills.
I think that is an option too. It is very similar to all the option I have listed in this category.
You can walk into a casino and bet on something and if you get lucky you will make some money. Maybe a lot of it.
We at 925 Millionaires believe a lot in passive income. You need money to invest and make more money.
At the same time, you do not have to be lucky or build a company like a facebook to make some decent money. There are lots of opportunities that you can leverage and make some side income.
Always remember small drops makes a large ocean. Start adding some income streams that will keep trickling money and before you know it, you will have plenty.
Let me know your thoughts in the comment.