A while back, I wrote a post on how to make 10 grand a month.
And while I was doing the research for this post, I discovered something interesting. Over a thousand people every month search for “How can I make $10,000 a month?”
But only a couple hundred search for “How can I make $20,000 a month?”
This is really fascinating to me. The people who want to make 10 grand would probably love to make 20 grand a month.
But for most people, $10,000 a month probably seems more realistic. This tells me something. That there’s more than just mechanics of earning here. There are a lot of money blocks at play.
There are fewer people who believe making more is possible.
So this post is for you. You are one of the visionaries, who thinks bigger than the average Googler.
In this article, I want to talk about how to make 20 grand a month.
This post may contain links to affiliate products, which–if you choose to purchase–pay us a commission at no extra cost to you. This helps to support our work. We only promote products we’ve used and love.
1. Get the right job
One of the first ways to make $20,000 a month is with the right job. But at this stage, the field gets much more narrow.
To make $20,000 a month in a job you would probably have to a high-income skill combined with an industry that pays well.
There are jobs that pay over $200,000 a year in several fields including tech and medicine. Obviously, some industries will pay management this much too, but even here you have much fewer options.
I did a quick search on Indeed and found mostly jobs in medicine and management in global companies:
Having an opportunity to access unlimited earnings could also help too. For example, if you are a salesperson with unlimited commission cops, you could make sure you perform to the level that you make 20 grand a month. Your company will be getting customers they wouldn’t otherwise have, making it a no-brainer to pay you this much.
One thing to keep in mind is that making this much money on a salary will mean that your taxes are high. Chances are this would bring you into one of the highest tax brackets there is.
This means that your take-home would be much lower than if you made this type of money within a business that you own, say as a consultant.
2. Consulting
If you want to break 20,000 a month, I think launching a consulting business might be a really good way to go. In this case, I’m talking about setting up your own consulting business and not working for McKinsey or Deloitte (although those could get you there too).
Basically, you need a skill that companies like to hire out for. Bonus points if you are exceptionally good at what you do and can come in as an expert.
Then you find consulting clients who will pay for it.
The difference between a consultant and a part-time employee is usually kind of hazy, but my quick definition is at a consultant is someone who is:
- Highly skilled
- Trusted for their expertise
- Hired for results instead of for hours
This is important. If someone hires you and you find that they’re looking over your shoulder the whole time, you’re not a consultant. You’re an employee.
Consulting is what helped me break 20 grand a month. The reason is, I could just offer my expertise to several clients at once (as opposed to working one job).
As a general rule, I believe that a consultant should be a no-brainer for a company to hire. There are two main reasons for this.
- You are going to do a better job than what they could get if they tried to hire an employee.
- You will cost them less than a full-time employee because you work fractionally.
3. A following
I’ll get into various types of digital businesses below, but the one thing that can get you to 20 grand a month is some type of following.
It’s become ridiculous to try to differentiate these. Build your audience on a blog, on YouTube, on TikTok, or on LinkedIn. It doesn’t really matter.
Any of these platforms combined with a huge audience can get you over 20 grand a month.
The problem is–and I think it’s pretty obvious–every single person wants to do this.
Every kid wants to be a YouTuber. That means you’re going to need to learn to create content that is hella entertaining or instructional, that racks up likes and views.
This blog makes around $40 per 1,000 views. I would need about 500,000 views a month to make 20K off it.
I’m not there yet, but I’m pushing for it!
Let me say one last thing. The only metric for success here is the following. Don’t get caught up in HOW you will monetize. Courses. Ads. Affiliates. Influencer marketing.
That really doesn’t matter much. Build a big enough following and you can use any of these things.
4. A digital product business
Digital products are one of the most talked about ways to make money online, and could be a way to make $20,000 a month. You can often create a digital product with no overhead, especially if it’s some kind of download or information product.
The tricky thing is selling. How many people do you know who have tried to make a course online? Have any of them made any money at it?
Probably not many.
Unfortunately, the digital product business market is very flooded. Here are a few that I think are pretty interesting though:
- Online Community (I’d use Mighty Networks)
- Cohort course (live)
- Printables
- Apps
You will need to work to make a really great product, and then work to sell it. I recommend something like Clickfunnels if you’re looking to create really good landing pages that convert well.
5. A local business
I talked about this in my post on how to make 10,000 a month. Local business is definitely a way to get there.
My local pizza place has about 50 customers a day with an average order of $50. They could be clearing about 70 grand a month, depending on their operating costs.
If you have a business like that and you are making $20,000 in net revenue, great.
5. eCommerce
If you’re interested in getting online and struggling to build an audience, an e-commerce business might be a better way to go. We talked about digital products above, so let’s talk about physical products. You need to find a good product with demand, learn how to build a funnel or get eyes on your product, and sell it!
There are a lot of people making good money with e-commerce. Things like drop shipping and print-on-demand are becoming more popular.
If you devote yourself to it, learn the trade, and have some good margins, you might be able to make $20,000 a month with e-commerce. You could use an existing site like Etsy, or else build your own with something like Shopify.
6. Buy a business
If you want to know how to make 20000 a month quickly, the quickest way is probably to buy a business.
Buy an existing business, you can almost immediately get to this kind of cash flow for the right business.
It’s probably one of the most overlooked strategies, and I have to give a shout-out to Cody Sanchez for all the work and education she does around this.
In any given town or city, there are older business owners who are ready to retire. If they can’t find someone to buy their business, they will have to close. Many will even consider owner financing–meaning that you pay them instead of a bank loan.
If they can’t sell, the only alternative they face is to close down a business when they retire.
You can find successful local businesses that are already profitable and have a recognized brand, and they’re for sale.
If you are entrepreneurial and willing to learn, this creates an awesome opportunity to negotiate a seller financing agreement and work alongside the existing owners to learn the business, eventually taking it over.
7. Real estate
There are obviously people making $20,000 a month in real estate. But it’s not as easy as you might think.
If someone buys a rental property for cash flow, they need it to generate enough positive cash flow to cover the mortgage, the taxes, the insurance, and any repairs that they need. And if tenants leave, you may have a month or two of lost income until you can get new ones.
The people making $20,000 a month on real estate in positive cash flow have a lot of properties. Think 6-plexes and up, or else a whole lot of houses that are paid for. In this crazy real estate market, you need to know your stuff not to lose your shirt.
8. Investments
You can make $20,000 a month off of investments. In fact, that’s the end game for most of us. Build enough wealth and get it into investments that pay returns.
It was also the idea behind the FIRE movement, although not many of them made $20,000. The idea was to get enough investments so that the returns each month would cover your living. If that number works, you can retire. It doesn’t matter what age you are.
So no matter what else you are shooting for on this list, you should also plan to start building a retirement fund that generates totally passive income – most people choose real estate or other investments.
Conclusion
Can I tell you the final thing about making $20,000 a month? The biggest thing will come down to your mindset.
When I first broke $100,000, it felt like such a huge chunk of money that I couldn’t imagine making more. Wouldn’t I have to work five times as hard?
It took a radical change of my mindset. And eventually, I hit 20,000. And I work less now.
Making a lot of money isn’t just about choosing the right job or investment vehicle. It’s about learning to look at the world differently, to see possibilities that others don’t see, and being willing to work hard on things that matter.
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