How can you make $500 per day?
Making $500 per day requires you to look for compounding opportunities or side hustles. Blogging, Affiliate Marketing, Dividend Investing, Product Reselling, Digital Products, and YouTube allow you to perform work once and continue to get paid. The more consistent effort you put into these opportunities, the faster you’ll reach $500 per day.
Imagine, not having to go to work because you’re making more money than you did at your 9-5 job. Your job was stressful, but now you don’t have to worry about money.
Making $500 per day is possible, but it’s not easy.
Luckily for you, I’ll show you the best ways to make $500 a day. I’ll help you identify different businesses you can start in your free time and what you should consider. You’ll be well on your way to making money, even if you’re a kid.
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How to make $500 a day
Making $500 a day requires you to look for compounding opportunities. The idea is that you perform work once and continue to get paid for your work, again and again. Your income starts off slowly, but grows the more consistent you stick with your money making opportunity.
Blogging is one of my favorite ways to make $500 per day. As a blogger, you write helpful content for readers and make money through ads, affiliate marketing, sponsorships, and product sales. More content can result in more traffic which results in more profitability.
For example, you could write Search Engine Optimized (SEO) content for your outdoor kitchen blog. You write content that helps the reader solve a problem, like ‘how do I keep my outdoor kitchen clean?’
Your goal is to rank on the first page of Google. Ranking on the first page allows people to find your content passively. The more people who visit your blog, the more sales and money you can make.
Blogging is a good way to generate multiple streams of income. Your blog is simply a marketing tool to funnel traffic through.
For example, on average blogs earn about $30 per thousand pageviews in ad revenue. Let’s assume you grow your blog into a 200,000 pageview per month business. You would be making $6,000 per month ($200 per day) from blog ads.
Some bloggers even launch their own courses and sell them through their blog. Maybe your course is a $20 course that shows someone how to build their own outdoor kitchen. The course saves people time, energy, and money and it’s a good fit for your audience.
In this example, you would have to sell 450 courses per month (0.23% of your monthly pageviews) to make $300 per day. Between courses and ad revenue, you’re making $500 a day.
Affiliate marketing is when you sell other people’s products for a commission. All you are doing is referring business to someone else. Most marketers use social media, their own websites, or email marketing to make these commissions.
For example, let’s assume you love being on Twitter. You’re constantly tweeting about cryptocurrency, stocks, and other ways of making money. The majority of your followers are following you for your take on these topics.
Active Twitter users can easily grow their accounts to 20k followers or larger. Some Twitter accounts grow to 100k followers by being extremely active on the platform.
You find someone’s guide to cryptocurrency that sells for $20 and absolutely love it. Deep down, you know your audience would love this guide as well. After checking, you see the course owner offers a 50% commission for all sales made.
Sign up for the affiliate program. You’ll receive your own special link to give out to your followers. This link tracks all visitors who click your link and will credit you with a sale if it’s made.
You promote this course to your audience of 50,000 followers. 500 of your followers purchase the product, making you $5,000 in commissions!
Other marketers use email as an effective way to drive sales. You can offer a ‘lead magnet’ which gives someone something for free in exchange for their email address. Your automated system sends out emails, with the lead magnet, and ultimately tries to make a sale.
Dividend investing is when you take your earned money and invest it into passive income companies who pay a dividend. The more money you invest, the more money you’ll receive as a dividend payment. Dividend investing is one of the most passive ways to make money.
The main problem with dividend investing is that it takes a lot of money invested to earn a substantial yield. Therefore, you should consider dividend investing as one tool to help you achieve making $500 a day.
For example, one of the highest dividend yielding exchange traded funds is QYLD. QYLD typically pays around a 12% dividend yield. Investing in QYLD is typically about income generation, meaning you won’t see much capital appreciation (growth).
$500 a day works out to be $182,500 per year. You would have to have $1,520,833 invested in QYLD to earn $182.5k per year.
Generating $1.5 million isn’t out of reach, especially with a side hustle. Reinvesting your dividends would help you reach the required $1.5 million faster. However, it’s still not a good idea to be solely concentrated into one ETF.
Personally, I see dividend investing as a good way to take your active income and turn it into passive income. Active income is money you work for through jobs, side hustles, and selling products. Then, you take the money you earn from active income and buy additional money through dividend stocks or ETFs.
Flipping Products for Profit
Flipping products for profit is a good side hustle that can help you reach $500 per day. Essentially, you are looking for products you can find cheap and sell for profit elsewhere. The most common places for product resellers to sell products are Amazon, Ebay, Poshmark, Facebook Marketplace, and Craigslist.
For example, you go to Walmart and check the clearance aisles. You scan the barcodes of products with your Amazon seller app and find products you can flip for profit.
You buy the products and bring them home. List the products for sale on Amazon, stick labels on each of the products, and box them up. You can then schedule the post office to come pick up the boxes from your front porch.
These packages are then shipped to the Amazon warehouse. Fulfillment by Amazon will store these products and then pack and ship them to your customer once sold. You’ll then get a direct deposit from Amazon when it’s payday.
Digital product sales
Digital product sales can be a good way to make $500 per day for free online. All you need is the ability to research, build a digital product, and then find affiliates to sell your product for you. Digital products take a lot of upfront work, but can be a good source of passive income in the future.
For example, you research a problem that a small percentage of the population has. You pull up Google Docs and write 10 pages on how to solve that problem. This Google Doc is then converted to PDF and sold as an ebook.
The first place you can sell your digital product is through the Kindle store. There are millions of Kindle users and you only need to sell to a small percentage to make money.
Next, you upload your product to a marketplace like Gumroad. Gumroad will host your product and handle the transactions. All you have to do is get sales by getting people to your Gumroad sales page.
To get people to your sales page, you’re going to find other people with an audience. These people are already well established and are just looking for products to promote. You reach out to bloggers, YouTubers, and other social media influencers to see if they want a commission to sell your product.
There are no limits to how many people you could get promoting your product. Some individuals will be better marketers than others. What’s important is that you have people actively promoting your product.
YouTube creators can make millions of dollars if they stick with content creation. The key is to find a niche that you’re interested in and make videos around it. Stay consistent, monetize with ads and affiliate products, and watch as your year over year growth keeps increasing.
Making money with YouTube is just like blogging. The only difference is that your content is in video form, not text. YouTube also has better conversions when it comes to selling your own products.
Summary: How to make $500 a day
As you can see, it’s not easy to make $500 a day. You are going to have to put in a lot of consistent effort to reach making $500 per day. However, the more effort and consistency you put into compounding opportunities, the easier it will be to make $500 per day.
The best ways to make $500 per day include:
- Affiliate Marketing
- Dividend Investing
- Flipping products for profit
- Digital product sales
- YouTube creator
Making money online is slow to start. You might earn $1 per month, which grows to $5 per month, then $10 per month. However, the more consistent you work, the sooner you reach $100, $1,000, or even $10,000!