The first step to making $30,000 a month can feel impossible, but making that much money each month can be possible if you start small and scope the potential for growth.
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Here are five realistic ways to make substantial money each month, according to Michelle Schroeder-Gardner’s money management blog, Making Sense of Cents.
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Create and Sell Online Courses
Whether it’s painting or parenting, chances are you have an area of expertise or passion that you can segue into a valuable online course. Schroeder-Gardner said she made over $2 million from one online course she created about affiliate marketing.
Courses can provide a semi-passive income. Once you create it, you can keep on selling it.
To get started, Shopify recommended researching competitors, building an audience and adding live elements when possible.
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Affiliate Marketing
Affiliate marketing, which can appear on your blog, email newsletter or social media, is when you earn a commission when someone makes a purchase through your affiliate link. This can be anything from makeup products to travel bookings.
Schroeder-Gardner said affiliate marketing is one of her favorite income streams because it enables a very flexible schedule, and she has made millions with affiliate marketing.
Build Digital Products
Digital products, including templates, e-books and printables, can be downloaded and sold over and over again, Schroeder-Gardner explained. You can sell these on your own website or on e-commerce platforms like Etsy or Shopify.
To be successful with this, Forbes recommended creating a product once and selling it often, designing a customer experience, not undercharging, and focusing on visibility.
Start an E-Commerce Store
Schroeder-Gardner said that many successful online stores have started with the bare minimum, and this can be a good way to earn money every month.
Some of her suggestions include selling baby and toddler items, pet items, personalized items, and craft supplies.
Combine Multiple Income Streams
Combining multiple income streams is one of the most realistic ways to make $30,000 a month, according to Schroeder-Gardner. Whether it’s blogging, affiliate marketing or something else, various types of work add up and look different for each person.
Schroeder-Gardner pointed out that a mixed income can protect you from slow months in any one area and can also help you figure out what you enjoy the most.
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This article originally appeared on GOBankingRates.com: 5 Realistic Ways To Make $30K a Month, According to Michelle Schroeder-Gardner
