How to generate $ 1,000 a month in passive income

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It could be difficult to get difficult to obtain $ 1,000 a month.

Wage growth is happening at a slow peace, I know the best thing to try to boost your income with alternative methods.

Obviously, you could try to get a second job, but there's no way you can earn more money without working a lot of hours at, for example, Coles Group Limited (ASX: COL), Woolworths Group Ltd (ASX: WOW) or Wesfarmers Ltd (ASX: WES).

Other ways could be starting a blog Blogs can be a great way to improve your writing skills over time as well. Blogs can generate passive income if you get an audience.

There are also things like online surveys you can do, but that's not really passive income, but it can be done while watching TV. ‘Referral’ programs can also be used to generate income, but only works if you can send a lot of people to your referral system. There are some people / bloggers who earn tens of thousands of dollars every month from Amazon, Uber and many other things.

But, I think the best way to generate passive income is with assets that pay you cashflow. An income of $ 1,000 a month is not easy to make but it could be possible to do over time.

It takes an attitude of saving money, of spending less than you earn. By doing that you can put some money to work in the share market which can compound over time.

For example, if you can invest $ 500 a month which returns 10% a year, in 12 years you could have a portfolio worth $ 128,000 which would generate an annual income of over $ 12,000 a year if you invest in high-yield (10% or higher ) ASX shares such as WAM Research Limited (ASX: WAX) and Naos Emerging Opportunities Company Ltd (ASX: NCC).

A portfolio worth $ 240,000 with a dividend yield of 5% would generate the desired income of $ 12,000. I think that yield is entirely possible if you were just investing in the ASX market through an investment like Vanguard Australian Share ETF (ASX: VAS) when you include the franking credits.

Foolish takeaway

I love to get my portfolio to an average of $ 1,000 a month of passive income.

That’s why I am building my portfolio to include quality dividend payers like these top class ASX names.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia own shares of and has recommended COLESGROUP DEF SET and Wesfarmers Limited. We can not believe all the opinions, but we believe that considering different ranges of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorized by Scott Phillips.

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