I currently have $400,000 that I would like to invest in something that
can pay out interest each month, or a set payout peridos (quarterly).

Can you recommend the type of investment I should be looking at?

Ideally, I am looking to grow the $400,000 long term, but I am more
concerned with the monthly payouts at this point.

Thank you.

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I would look at a business that has a steady cash flow. If it meets your cash flow needs you can continue to build the business and create long term value in the company meeting both of your needs

The easiest thing you could do is invest in a bond mutual fund that pays out monthly

I agree it sounds like you want to invest in a financial instrument not a business - a bond or mutual fund would be your best bet.

You could buy or invest in a business with a strong cash flow that could pay you back in installments