How to Turn $1000 into $5000 in a Month (11+ PROVEN Ways)

By Forrest McCall •  Updated: 09/22/23 •  12 min read
Investing

Wondering how to turn $1,000 into $5,000 in a month or less?

There are several different methods to reach your goal, but some are better than others.

I've spent years testing different ways to make money and build wealth and now I'm here to teach you how to do the same.

Here's how to turn 1000 into 5000 in a month!

KEY TAKEAWAYS:

Some of the best ways to turn $1000 into $5000 in a month include:

  • Flipping things
  • Investing in stocks or real estate
  • Starting a profitable business

How to Turn $1k into $5k in a Month

1. Flipping Items for a Profit

Flipping can be one of the best ways to make money wether you have $1000 to get started or no money.

First things first, you need to understand that flipping is essentially buying something at a lower price and selling it for a higher one.

Simple, right?

But what you're really doing is adding value in the process, either by finding underpriced items, improving them, or selling them to the right market.

The very first thing you need to do is find a niche.

You can't just flip anything and everything. Well, maybe you could, but it wouldn't be very efficient or profitable in the long run. Think about what you're interested in, where your expertise lies, or where you could quickly learn and adapt. For me, it was vintage electronics. For you, it might be antique furniture, designer clothes, or even collectible toys.

Now that you know what to look for and how much it's worth, it's time to source your items.

Garage sales, thrift stores, and online marketplaces are gold mines for flippers. Be patient, dig deep, and don't be afraid to negotiate. Remember, your profit is made when you buy, not when you sell.

Finally, it's time to sell. You have to decide where to sell your items.

eBay, Amazon, and other online marketplaces are popular, but don't overlook local markets, especially if you're dealing with larger items that can be a pain to ship. Remember, good pictures and descriptions are crucial.

So, how much can you make flipping?

I know some people who make over 6 figures flipping things – so there's definitely money to be made.

It's all about how much effort you put in and how well you value items to find the best deals.

2. Invest in Stocks

If you're looking to make passive income, investing in the stock market is a great choice.

Now, with this method – don't expect to make a fortune fast. And if you do, it's probably more luck than skill.

That said, you can make good money by investing in the stock market over time. Check out the returns of the S&P 500 all time.

So, how does it work?

You can start by opening an account with an investing platform like Acorns with as little as $5.

Then, you'll want to either invest in individual stocks or an index fund (which is much safer).

As stock prices change, you can then sell your positions for a profit.

When you start investing, it's important to think about the future which is why I recommend this as a long term strategy and not a get rich quick scheme.

Again, trading stocks is extremely risky so you should never invest what you can't afford to lose.

3. Cryptocurrency Trading

If you're looking for another investment option that has the potential for massive returns, consider cryptocurrency.

Cryptocurrencies like Bitcoin are known for their volatility. This volatility means the price of a cryptocurrency can increase (or decrease) dramatically in a short period.

In the past, several cryptocurrencies have demonstrated substantial price appreciation, sometimes even doubling or tripling in value within weeks or months.

This means it has the potential to turn $1k into $5k within a month. This is also one of the best ways to double your money in an hour if you're willing to take on the risks.

However, investing in cryptocurrency also comes with substantial risks. The same volatility that allows for rapid gains can also lead to significant losses. Cryptocurrencies are known for their price swings, and it's not uncommon for the value of a cryptocurrency to drop by 50% or more in a single day – so you HAVE to be careful.

I recommend starting with a platform like Coinbase or Gemini as these as trusted, reliable platforms that are easy to use.

4. Real Estate Investing

Real estate is one of the most stable and reliable investments you can make.

Where the stock market can be extremely volatile day to day, real estate is the opposite.

By using a platform like Arrived, you can start investing in rental properties with as little as $100.

Arrived Real Estate Investing

The beauty of real estate is the different ways that they can make money. Between rental income, appreciation, and rental income appreciation – you can earn a fortune with this investment.

Now, it's not always sunshine and daisies. Remember 2008/2009?

That said, over the long haul – investing in real estate is an excellent option that I would highly recommend.

5. Starting a Business

Starting a business with $1,000 can be a great option to turn that $1,000 into $5,000 or more within a month.

There are numerous low-cost business ideas that one could consider. These range from online businesses such as affiliate marketing, drop-shipping, or selling homemade crafts, to service-oriented businesses like pet sitting, home cleaning, or tutoring.

It's key to find something that you enjoy and are passionate about.

However, starting a business also comes with risks. The most obvious risk is financial. You could lose your entire initial investment if the business doesn't succeed.

The rewards, though, can be substantial.

If your business succeeds, not only can you earn a return on your investment, but you also have the opportunity to scale and grow that business, potentially earning far more than you could in a traditional job. You could even eventually sell the business for a large amount of money.

Overall, if you want to run $1k into $5k, starting a business is a tremendous option that I would highly recommend.

Here's a great video detailing some great business ideas you can start!

6. Freelancing or Consulting

Freelancing can be an excellent way to leverage your skills to turn $1,000 into $5,000 or more.

Today's increasingly digital world makes it easier than ever to offer your services to a massive audience.

Whether your skills lie in graphic design, content creation, software development, consulting, or any other area, freelancing offers an opportunity to set your own rates, choose your own clients, and control your own schedule.

For example, I've been working as a freelance writer and have been making money from freelancing for years now and I love it.

This digital side hustle gives you flexibility, a large income potential, and the ability to work on projects you care about.

7. Affiliate Marketing

Wondering how to turn 1000 into 5000 in a month without a ton of effort?

Try affiliate marketing!

The basic idea is simple: you promote other companies' products or services, and earn a commission for each sale or lead you generate.

Affiliate marketing has several advantages.

It allows you to earn money 24/7, requires minimal startup costs, and you don't have to worry about product creation, inventory, or customer service. And the potential financial rewards can be substantial if you target the right niche and create high-quality content that drives traffic and sales.

I know some affiliate markets who make over $100k a month from their efforts!

To succeed, you should choose a niche you're passionate about, only promote products you believe in, and provide valuable content that builds trust with your audience.

With a strategic approach, affiliate marketing can be a lucrative way to turn $1,000 into $5,000 online.

8. Sell Digital Products or Courses

Want to make passive income on autopilot?

Consider selling digital products or online courses!

While these will take some work upfront, they're well worth it.

Once the initial product or course is created, it can generate passive income over and over again through each sale.

Selling digital products and online courses successfully requires a combination of strategic planning, effective marketing, and ongoing customer engagement.

Start by identifying your target audience and understanding their needs, preferences, and pain points.

After creating the product or course, you would need to choose a platform to sell it on. This could be your own website, or you could use platforms like Udemy, Teachable, or Gumroad, each have different advantages.

Once you have your platform set up, it's time to market your product or course aggressively. This could involve search engine optimization (SEO) for organic traffic, paid advertising, social media marketing, content marketing, or email marketing.

Creating and selling digital products or online courses can be extremely profitable and an amazing way to make money online.

If you need helping selling online courses, check out the video below!

9. Flip Websites

Websites can be an amazing profitable online business that can help you generate passive income for years.

These pieces of digital real estate can be a great way to make extra money and turn $1k into $5k.

Here's how website flipping works.

You'll start by purchasing (or building) a website. Websites are typically priced based on their monthly earnings, so a site earning $30 per month might be listed for $1,000 or less. Websites can be bought and sold on platforms like Flippa, Empire Flippers, or others.

Then, you'll make improvements to the site by increasing conversion rates, adding content to drive traffic, or expanding its social media presence.

What I love about this strategy is that there are so many different ways to increase the earnings of a website depending on your knowledge and skills.

After increasing the website's earnings, you can list it for sale, ideally for a significantly higher price than you paid. For example, a site that's now earning $250 per month might sell for $5,000 or more.

The potential rewards of website flipping can be substantial.

With the right skills and strategy, it's possible to significantly increase a website's earnings and resell it for a significant profit. And each website you flip can be a learning experience, helping me improve your skills and become more efficient and effective at flipping websites in the future.

Mushfiq, a full time website flipper, does a great job explaining his processes below!

10. Start a YouTube Channel

Looking for a fun side hustle to make more money?

Consider starting a YouTube channel to turn $1k into $5k in a month.

With over 2 billion monthly active users, YouTube offers an expansive platform to share your unique ideas, skills, or entertaining content.

To get started, you'll need to identify a niche or topic you're passionate about, whether it's fitness, cooking, tech reviews, or comedy skits.

Then you'll need to consistently produce engaging, high-quality content to attract and retain viewers. With time, patience, and a good marketing strategy, you can grow your subscriber base and view count so you can reach the monetization requirements set by YouTube.

Some YouTubers can make millions from their channels, so if you're looking to quit your day job or just make some additional income, this could be the best strategy for you.

11. Become a Social Media Influencer

Social media influencers can make a fortune, and there's nothing stopping you from becoming one.

The idea is to leverage social media platforms like Instagram, TikTok, or YouTube to build an audience, then monetize that audience through sponsorships, partnerships, or selling your own products.

To get started, you'll identify a niche you're passionate and knowledgeable about.

Maybe it's fitness, fashion, travel, or cooking – the key is authenticity. You can invest in quality equipment to create engaging content, and perhaps some online courses to hone your skills.

Creating quality content can take time, and there's no guarantee it'll work – which is something you need to keep in mind.

But if you can build a loyal following, there are many different ways to make money.

The most obvious way is through brand sponsorships and partnerships.

Another avenue is affiliate marketing, where influencers promote products or services and earn commissions from sales made through their referral links or promotional codes.

Many influencers also capitalize on their personal brands to sell their own merchandise or services. This could range from tangible goods like clothing to digital offerings like eBooks or online courses.

Overall, becoming an influencer is a fantastic way to turn $1k into $5k in a month if you're willing to put in the work and create great content.

Final Thoughts

If you're curious about how to turn 1000 into 5000 in a month, you have many different options.

Whether you invest in the stock market, start affiliate marketing, or build an online business – it's easier than you think to turn $1k into $5k.

If you choose to invest money, remember to never invest more than you can afford to lose.

Wondering how to turn $1,000 into $5,000 in a month or less?

Forrest McCall

Forrest is passionate about helping others grow their passive income streams so they can reach financial freedom. He has been quoted in many popular finance publications including Business Insider, Bankrate, CNET Money, and more.