How To Make 20K Fast: 11 Proven Ways & How To Get There 2024 -

In the fast-paced world of the 21st century, many of us are drawn to the idea of quick financial success. Whether it’s to repay mounting debts, set aside funds for that dream getaway, or simply enrich your financial portfolio, the idea of making 20K fast presents an enticing challenge and exciting opportunity.

Thankfully the way we earn a living has changed significantly with the integration of new technology and an ever-shifting market. The once-dominant traditional employment roles are gradually stepping aside to make room for innovative opportunities. These new methods not only give people the power to shape their financial futures but also provide a breath of fresh air from the typical 9 to 5 jobs.

In this article, I will break down 11 proven methods to help achieve this financial milestone and discuss the actionable steps to get you there by the end of 2024.

How To Make 20K Fast

So, you’ve set your sights on that 20K milestone, and you’re eager to make it happen—like, yesterday. Let’s get real for a moment: making a substantial sum quickly is a challenge, and it’s crucial to approach it with a healthy dose of realism.

While the path to financial success is paved with hard work and dedication, learning how to make 20K fast in a short span requires strategic planning, lots of dedication, and a bit of creativity.

The following sections will dive into actionable strategies that range from leveraging your skills to tapping into emerging trends. These ideas aren’t get-rich-quick schemes, but rather thoughtful approaches to accelerate your income. So, buckle up, stay realistic, and let’s explore the proven ways to make that 20K in the blink of an eye (or close to it)!

11 Ways To Make 20K Fast

Alright, let’s roll up our sleeves and delve into the nitty-gritty of how to make 20K fast. Brace yourselves, because these aren’t your run-of-the-mill suggestions; they’re both tried-and-tested methods and some fresh ideas that might just be the game-changer you’re looking for.

Remember, success comes to those who hustle smart, so let’s jump into these actionable strategies.

1. Real Estate Ventures

Real estate can be a profitable way to reach your goal of making 20K, but it also requires time. This could involve flipping properties or earning rental income. (If you’re anything like me, you’ve probably seen more than a few renovation shows on HGTV!)

Start by exploring local real estate markets, spotting investment chances, and learning about financing options. Consider partnering with someone who is also looking to invest in real estate – people don’t usually flip houses all by themselves.

Estimating the time it takes to make $20,000 from investing in real estate ventures involves analyzing various factors such as the type of investment, the amount of initial capital, the return on investment (ROI), and market conditions.

Real estate investments can include rental properties, real estate investment trusts (REITs), flipping houses, or crowdfunding platforms. Each has its own potential for returns and associated risks.

Rental Properties

ROI: The ROI from rental properties can vary widely but might average around 8% to 12% annually, after expenses, in many markets.
Calculation: Assuming a 10% annual ROI, to make $20,000 in profit, you would need an initial investment that generates this return.

Real Estate Investment Trusts (REITs)

ROI: REITs offer a dividend yield, which can range from 2% to 8% annually, depending on the type of REIT and market conditions.
Calculation: For a middle-ground 5% annual return, the calculation to make $20,000 would consider this yield.

House Flipping

ROI: This can be significantly higher per deal but requires more expertise, risk, and capital. ROI on flips can range from 10% to 40% or more, but let’s use a conservative average of 20%.
Calculation: To determine the investment needed to earn $20,000, we consider this average ROI.

Crowdfunding Platforms

ROI: These platforms offer a variety of real estate investment opportunities, with expected annual returns ranging from 8% to 15%.
Calculation: Using a median return of 10%, we can estimate the investment needed to achieve $20,000 in earnings.

Time Frame

The time frame to make $20,000 would directly depend on the chosen investment’s annual return rate.
With a 10% return, if you have the necessary capital to invest, it could take about a year to earn $20,000 in profit.

The time it takes to make $20,000 from real estate investing depends on the type of investment, the initial capital, and the ROI. Assuming a 10% ROI, an initial investment of around $200,000 could generate $20,000 in profit within about a year, but this can vary widely based on the specific circumstances and market conditions.

2. Odd Job Service

Tap into the lucrative and always-growing gig economy by exploring high-demand jobs on platforms like TaskRabbit.

TaskRabbit is an online and mobile marketplace that matches freelance labor with local demand, allowing consumers to find immediate help with everyday tasks, including cleaning, moving, delivery, handyman work, and more.

The platform allows users to browse through various tasks posted by individuals seeking assistance and hire “Taskers” to complete those tasks for a negotiated fee.

Making $20,000 by doing odd jobs with TaskRabbit involves several variables, including the types of tasks you choose, your geographical location, the demand for services, and how much you charge per task.

Here’s a simplified analysis to give you a rough idea.

Average Earnings Per Task

Earnings can vary widely depending on the type of task. For example, simple tasks like furniture assembly or moving help might range from $25 to $70 per hour, while specialized services such as home repairs or IT help could command higher rates.
Let’s assume an average earning of $35 per hour for a mix of task types.

Time Frame

To calculate how many hours you need to work to make $20,000:

Total Hours = Desired Earnings / Average Hourly Earnings

Total Hours=$20,000 / $35 = 571 hours

If working full-time (40 hours/week): It would take roughly 14.3 weeks, or about 3.5 months.
If working part-time (20 hours/week): It would take about 28.6 weeks or approximately 7 months.

These estimates assume consistent availability of work and do not account for any time between tasks, taxes, or other factors that might affect actual take-home pay or hours worked.

Experience can vary based on many factors, including the specific types of tasks you choose, your efficiency, and the demand in your area.

3. Sell Your Creativity

Monetize your creative talents by selling your creations on platforms like Etsy, Adobe Stock, or even through your website. Whether you’re into photography, art, or handmade crafts, there’s a market for unique and original work. Start by showcasing your best pieces and creating visually appealing listings.

Building your presence on creative platforms may take a few months, but the key is to showcase your work consistently and keep engaging with your audience. Use social media to increase traffic to your store and be sure to participate in relevant online communities to broaden your reach.

Consider offering limited-time promotions or bundle deals to attract initial customers. These types of promotions could include discounted prices, buy-one-get-one offers, or free products with a certain purchase amount. Earning positive reviews from these satisfied customers can be a powerful incentive for future customers to buy.

Average Earnings Per Sale

Type of Creations: The earnings can significantly vary depending on whether you’re selling handmade crafts, digital art, photography, or other creative goods.
Pricing and Production Costs: Consider the price of your creations minus any production and shipping costs, platform fees, and taxes to calculate your net profit per sale.

Time Frame

To make $20,000 with an average net profit of $40 per sale from selling your creative creations, you would need to make approximately 500 sales in total.

Number of Sales = Desired Earnings / Net Profit per Sale

Based on the hypothetical monthly sales volumes:

If you sell 50 items per month, it would take about 10 months to reach your goal.
If you sell 30 items per month, it would take approximately 17 months or about 1.5 years.

These estimates highlight the importance of factors such as product popularity, marketing efforts, and choosing the right platform to sell your creations.

Strategies to increase your sales volume could include optimizing your product listings, engaging with your audience through social media, and expanding your product line to appeal to a broader customer base.

4. Rideshare or Delivery Driving

If you have a car and extra time, think about joining rideshare platforms like Uber and Lyft or doing delivery driving for services like DoorDash, Postmates, or Uber Eats. The signup process is usually simple, and you can start making money almost immediately.

Depending on the platform (e.g., Uber, Lyft, DoorDash) and location, drivers can net anywhere from $10 to $25+ per hour after expenses.
For this estimate, let’s assume an average net earning of $15 per hour, a middle-ground figure that accounts for a range of possible conditions.

Time Frame

Earning $20,000 through rideshare or delivery driving involves considering your net earnings per hour after expenses, such as fuel, vehicle maintenance, insurance, and platform fees.

The actual earnings can vary significantly based on location, hours worked, type of service (rideshare vs. delivery), and strategy (e.g., working during peak hours or targeting high-demand areas).

Total Hours = Desired Earnings / Average Net Earning Per Hour

To make $20,000 with an average net earning of $15 per hour through rideshare or delivery driving, you would need approximately 1,333 hours of work.

Based on different weekly hour commitments:

If you work 20 hours per week (part-time), it would take about 66.7 weeks, or roughly 1.3 years.
If you work 40 hours per week (full-time), it would take about 33.3 weeks or approximately 8 months.

These estimates assume consistent earnings and don’t account for variations in demand, seasonal changes, or potential increases in expenses over time. Maximizing earnings often involves strategic planning, such as working during peak hours, optimizing routes, and minimizing vehicle expenses.

5. Photography

Photography offers the dual benefits of being a fulfilling hobby and a lucrative venture. From documenting special occasions such as weddings to trading scenic photographs, the opportunity for significant earnings exists.

Platforms like Shutterstock and Getty Images provide a space for photographers to market their photos to an international market. Additionally, for those specializing in event or portrait photography, services like Thumbtack serve as a valuable resource for finding clientele in their vicinity.

Estimating the time it takes to make $20,000 as a photographer involves considering several factors, including the type of photography, pricing, workload, and market demand.

Here’s a simplified approach to give you a basic idea, but remember, actual results can vary widely based on individual circumstances.

Types of Photography and Earnings Potential

Event Photography (e.g., Weddings, Corporate Events): Wedding photographers can charge anywhere from $1,000 to $3,000 or more per event, depending on their experience and market. Corporate events might range a bit lower but can also be lucrative.
Portrait Photography: Sessions can range from $150 to $500+ depending on the package details.
Stock Photography: Earnings are much lower per sale (sometimes just a few cents to a few dollars per image), but can accumulate over time with a large and diverse portfolio.
Commercial Photography: Assignments can range significantly, from a few hundred to several thousand dollars depending on the project’s scope.

Let’s use event photography as an example and assume an average rate of $2,000 per wedding.

Number of Events = $20,000 / $2,000 = 10 events

To make $20,000, you would need to book and complete 10 weddings at this rate.

Time Frame

If you book one wedding per month, it would take 10 months.
If you can book two weddings per month, it would take 5 months.

The timeframe to make $20,000 as a photographer can vary greatly. For event photography at an average rate of $2,000 per event, it could take anywhere from 5 to 10 months assuming consistent bookings.

For other types of photography, the timeframe will differ based on the specifics of each niche, pricing, and demand.

How To Make 20K Fast From Home

In today’s dynamic work landscape, the ability to make a substantial income from the comfort of your home is more accessible than ever. Whether you’re looking to boost your savings, pay off debts, or fund a special project, here are three ideas that can help you make 20K fast from the convenience of your home office.

6. eBooks

Sharing your knowledge through ebooks can be both a fulfilling and profitable endeavor.

Start by identifying a niche where you have expertise, and create valuable content that addresses common problems or teaches practical skills. Use platforms like Teachable, Udemy, or Amazon Kindle Direct Publishing to share your work.

Marketing is key to the success of your ebook! Use social media, email lists, and other online platforms to advertise your content.

It might take a few months to see significant returns, but once your course gains traction, it can become a reliable stream of passive income.

Time Frame

Let’s assume an eBook priced at $4.99 with a 70% royalty rate. The net earnings per eBook would then be approximately $3.49. We can calculate the number of eBooks needed to be sold to reach $20,000 and discuss the potential time frame based on different sales volume scenarios.

Number of Sales Required = Desired Earnings / Net Earnings Per Book.

To make $20,000 selling eBooks, with each eBook netting approximately $3.49 in earnings (assuming a sale price of $4.99 and a 70% royalty rate), you would need to sell around 5,731 eBooks.

Sell 50 eBooks per month: It will take approximately 115 months (or about 9.6 years).
Sell 200 eBooks per month: It will take approximately 29 months (or roughly 2.4 years).

If you want to hit your 20K goal sooner, you will want to increase the price of your eBook.

Strategies to increase sales include leveraging email marketing, social media promotion, writing in popular genres, engaging with readers through blogs or forums, and releasing multiple titles to capitalize on cross-selling opportunities.

7. Remote Freelancer

Embrace the freedom of remote freelancing to turn your skills into a lucrative income stream without leaving your home. Platforms like Upwork, Fiverr, and Freelancer offer a plethora of opportunities for writers, graphic designers, programmers, and various other professionals.

Freelancing not only offers immediate income but also allows you to build a robust portfolio that can attract higher-paying opportunities in the future.

Start by creating a compelling profile and portfolio that showcases your expertise, and actively apply for (aka “bid on”) projects that align with your skills.

Engaging with potential clients through personalized proposals for each project is key. Avoid generic applications; instead, tailor your pitch to address the specific needs and goals outlined in their project description.

Networking plays a crucial role in the freelancing world. Utilize social media platforms, online forums, and freelancing communities to connect with other professionals and potential clients.

Time Frame

Earning $20,000 as a freelancer depends on various factors including your field of expertise, the demand for your services, your pricing structure, and how much work you can secure and complete.

Freelancers charge differently based on their skills, experience, and the market demand for their services. Rates can range widely:

Entry-Level: $15 to $30 per hour
Mid-Level: $30 to $75 per hour
Expert-Level: $75 to $150+ per hour

For this estimation, let’s assume a mid-level freelancer’s average rate of $50 per hour.

To calculate how long it would take to make $20,000, we can use the formula:

Total Hours Required = Desired Earnings / Average Hourly Rate

If you work 20 hours/week: It would take approximately 20 weeks (or about 5 months) to reach your goal.
If you work 40 hours/week: It would take about 10 weeks (or roughly 2.5 months) to achieve the same.

With dedication, consistency, and a commitment to excellence, remote freelancing can quickly become a source of income that contributes significantly to your goal to make 20K fast.

8. Online Consultations and Coaching

Transform your home into a virtual consultancy and coaching center, offering your expertise to clients worldwide through simple platforms like Zoom or Skype.

Whether you’re a seasoned business consultant, fitness trainer, or life coach, the digital landscape provides an amazing opportunity to share your knowledge without leaving home.

Numerous other online platforms, such as Clarity.fm, specifically serve to connect consultants with individuals in need of professional advice.

Begin by establishing an online presence (like a website and/or social media profiles) with a comprehensive professional profile that thoroughly communicates your experience, expertise, and the unique value you bring to clients.

Timeframe

Earning $20,000 through online consultations and coaching involves understanding your market, setting your rates appropriately, and determining how much time you can dedicate to your clients. Here’s a simplified approach to estimate the time it might take to reach this income goal.

First, consider your expertise level, the demand for your services, and what the market can bear. Rates can vary widely:

Beginner to Intermediate Consultants/Coaches: $50 – $100 per hour
Experienced Consultants/Coaches: $100 – $300 per hour or more

The total hours required to reach $20,000 can be calculated as follows:

For our estimate, let’s assume an average rate of $150 per hour, which is reasonable for someone with a good level of expertise and experience.

Total Hours Required = Desired Earnings / Hourly Rate

To make $20,000 with an hourly rate of $150 through online consultations and coaching, you would need to work a total of approximately 133 hours.

If you dedicate 10 hours per week, it would take about 13.3 weeks, or roughly 3.3 months, to reach your goal.
If you dedicate 20 hours per week, it would take about 6.7 weeks, or approximately 1.7 months.

With a strategic approach to marketing your services and a steadfast commitment to delivering high-quality consultation, remote consulting could be the golden key to achieving your financial goals and making $20K fast.

9. E-Commerce Entrepreneurship

You can launch your e-commerce empire without even stepping outside your front door. Platforms like Shopify and Etsy empower you to set up your online store, whether you’re selling handmade crafts, unique products, or even digital goods all from the comfort of your home.

The first step is to identify a niche that aligns with your interests and has consistent market demand.

Other vital steps are to craft visually appealing product listings and leverage social media to drive traffic to your online store. E-commerce entrepreneurship allows you to control every aspect of your business, from product development to customer service.

Time Frame

The number of transactions needed to achieve the total sales revenue can be calculated as:

Number of Transactions = Total Sales Revenue / Average Order Value

The time frame to reach $20,000 in profit will depend on your monthly sales volume, which is influenced by your marketing efforts, the competitiveness of your niche, and market demand.

To make $20,000 in profit as an e-commerce entrepreneur with an average net profit margin of 20% and an average order value (AOV) of $50, you would need to achieve:

Total Sales Revenue of $100,000
2,000 transactions

The time frame to reach this goal depends on your monthly sales volume, which is influenced by various factors including the effectiveness of your marketing strategies, the demand for your products, and the competitive landscape of your niche.

If your e-commerce store averages 100 sales per month, it would take 20 months to reach 2,000 transactions.
If you scale up to 200 sales per month, it could take 10 months to achieve this goal.

With the right mindset and a home-based hustle, you’ll be well on your way to achieving your financial goals and making 20K fast in 2024.

10. Blog

Earning $20,000 from a blog involves multiple revenue streams, including advertising, sponsored content, affiliate marketing, and potentially selling products or services.

The time to reach this income level can vary significantly based on niche, audience size, engagement, and monetization strategies.

Let’s break down some key considerations and provide a simplified estimate.

Advertising (e.g., Google AdSense): Earnings depend on your blog’s traffic and the ad rates. A blog might earn anywhere from $0.01 to $2 per page view in advertising revenue, depending on the niche and audience demographics.
Sponsored Content: Rates vary widely, from a few hundred to several thousand dollars per post, depending on your blog’s reach and relevance to the advertiser.
Affiliate Marketing: Earnings are commission-based, typically a percentage of sales generated through your affiliate links. Rates and success depend on your niche and how well products align with your audience.
Products/Services: If you sell your products or services, profits can be significantly higher but require an upfront investment in development and marketing.

Time Frame

Let’s assume you’re starting and focus on advertising and affiliate marketing initially. If your blog generates:

$500 per month from advertising (a mix of display ads and maybe some direct ad sales)
$500 per month from affiliate marketing

You would be making $1,000 per month.

Time (Months) = Desired Earnings / Monthly Earnings

To make $20,000 with a blog, assuming you’re earning $1,000 per month from a combination of advertising and affiliate marketing, it would take approximately 20 months.

Building a profitable blog is a gradual process that can accelerate as you gain more traffic, engage with your audience, and establish your blog’s presence in your chosen niche.

11. Online Courses

Having expertise in a specific area provides the opportunity to earn money by developing and marketing online courses. Online courses are an effective way to generate income with minimal initial investment.

This approach demands some upfront work but can lead to sustained income, especially after the course content is developed and simply needs to be reused, requiring only occasional updates.

Online courses can vary widely in price, from under $50 for introductory courses to several hundred or even thousands of dollars for comprehensive or specialized content. For this estimate, let’s assume an average price of $200 per course.

Timeframe
Let’s calculate how many courses you’d need to sell at an average price of $200 to make $20,000, and then discuss the potential time frame based on varying factors.

Number of Sales Required = Desired Earning / Course Price

To make $20,000 selling online courses priced at an average of $200 each course, you would need to sell 100 courses.

If you sell 10 courses per month, it will take you 10 months to reach your goal.
If you sell 20 courses per month, it will take you 5 months to reach your goal.

Success in this endeavor requires not only creating valuable and appealing course content but also effectively marketing your courses and engaging with your potential students.

FAQs

We’ve already covered tons of information about making 20K fast. Of course, you probably still have a few questions! In this FAQ section, we’ll address some common queries, providing even more insights and guidance to ensure you’re well-equipped for your financial pursuit. Let’s dive into the answers to your burning questions.

How do I make money right now ASAP?

When the need for immediate cash arises, consider exploring short-term, high-demand gig opportunities. Platforms like TaskRabbit, Gigster, or Fiverr often have quick tasks available, ranging from virtual assistance to coding or digital marketing.

Additionally, you can look into local opportunities, such as providing handyman services or participating in gig economy jobs like rideshare or food delivery. While these gigs may not offer long-term solutions, they can provide a swift influx of cash to address immediate financial needs.

Keep in mind that prioritizing safety and reliability is essential when choosing quick-money options.

How much an hour is 20K a month?

To determine your hourly earnings for a monthly target of 20K, we need to consider the number of working hours in a month. Assuming a standard 40-hour workweek and an average of 4 weeks in a month, you would be working approximately 160 hours in a month.

Divide your $20,000 monthly goal by 160 hours and you arrive at 125. So, to make 20K a month, you would need to earn around $125 per hour. Keep in mind that this is a simplified calculation, and factors like taxes, expenses, and fluctuating work hours should be considered for a more accurate assessment of your hourly earnings.

How do people make so much money?

People achieve substantial incomes through a combination of strategic choices, diverse income streams, and, often, years of dedication. Some common paths to explore include:

Entrepreneurship: Building a successful business, whether it’s a startup, an online venture, or a traditional brick-and-mortar establishment, can generate significant wealth.

Investing: Smart investing in stocks, real estate, or other financial instruments allows for the growth of capital over time. Compound interest and long-term strategies play crucial roles in wealth accumulation.

High-Income Professions: Certain professions, such as doctors, lawyers, and tech executives, offer high earning potential due to specialized skills and expertise.

Multiple Income Streams: Many wealthy individuals diversify their income by having multiple streams, such as businesses, investments, and side ventures.

Strategic Career Moves: Climbing the corporate ladder, negotiating salary increases, and taking on leadership roles all contribute to higher earnings.

It’s important to note that making a substantial income often requires a combination of hard work, resilience, and informed decision-making. Moreover, always remember that success in wealth-building is subjective, and the parameters of “being wealthy” or having “so much money” vary from person to person. You determine your own definition of success. Only you know when you feel wealthy, healthy, and happy. After all, money isn’t the only factor in living a happy, fulfilled life!

Conclusion: Achieving Your Financial Goals

As we wrap up this deep dive into the realm of making 20K fast, it’s *so important* to remember that financial success is a personalized journey, unique to each individual’s circumstances, skills, and aspirations. The strategies outlined here are not one-size-fits-all solutions but examples of various possibilities each suited to different strengths, experience levels, and personal preferences.

The path to 20K may be challenging, but with determination, adaptability, and a touch of creativity, you can navigate any obstacle in the way of reaching your financial aspirations. Especially in today’s digital market, the possibilities are endless as the world is literally at your fingertips.

With hard work and determination, you can learn how to make 20K fast!