In 2023, 45% of Americans have a side hustle. Yet, the average monthly income from such activity is only $483, and entrepreneurs spend an average of 13 hours per week on it. This comes down to an hourly rate of $9.20, which is less than you can make working a regular 9–5 job. Yet by the end of this year, the global side hustle economy is expected to be worth $455 billion, so the opportunity to get a bigger slice of the cake has never been more ripe.
With the recent surge in popularity around using AI to do and answer just about anything, I thought of asking ChatGPT to come up with a plan for a 30-year-old person, with the goal of generating $4,000 in passive income by age 40. I went with 30 years old because I’m almost this “old”, and it’s also an age I think a lot of my readers will relate to. I decided to give the AI a 10-year timeline because I was curious to see if it would come up with anything novel, something I hadn’t thought about myself. Here is the exact prompt I used:
Too many people are paid a lot of money to tell investors that yields like that are impossible. But the truth is you can get a 9.5% yield today--and even more. But even at 9.5%, we're talking about a middle-class income of $4,000 per month on an investment of just a touch over $500K.
If you like the idea of earning passive income, one idea to make $5,000 per month is to rent out things for money. This is probably the best option if you're very busy with your job and don't have time to start a new side hustle.
The answer is yes, almost 1 in 3 retirees today are spending between $2,000 and $3,999 per month, implying that $4,000 is a good monthly income for a retiree.
How To Make $4,000 Dollars Fast. Freelance Online. Deliver Food For Money. Sell Your Unused Stuff. Complete Odd Jobs For Money. Ask Your Boss For A Raise. Deliver Groceries For Money. Borrow The Money. Affiliate Marketing. Flip Stuff For Profit. ...
“Say you're going to average 10% a year on your investment return — you're going to need to save about $5,000 each month to save $1 million.” Moore recommends putting this money into an employer-sponsored retirement savings account, if possible.
But if you are willing to put in the time and couple ChatGPT with your other skills, you can easily earn $1,000 per month or more. Here's a look at four ways to earn extra income by using ChatGPT.
Introduction: My name is Allyn Kozey, I am a outstanding, colorful, adventurous, encouraging, zealous, tender, helpful person who loves writing and wants to share my knowledge and understanding with you.
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