How to make money while you sleep: 6 ways to earn passive income 

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Team MONEYME|24 November 2023| 3-minute read

Passive income is a way of increasing your cash flow – without investing time in a second job. Here are seven ideas for getting started – ranked from least effort to highest.  

Take advantage of high interest rates 

High interest rates have been making mortgages more stressful, but they can boost your savings. One of the best ways to do that is by shifting your savings into a high interest account.  

Before doing so, do your research to find out which financial institution can offer you the best rates. The longer you leave your savings in there, the better, as you’ll accumulate money at an increasingly rapid rate, thanks to compound interest. 

Get involved in the sharing economy 

The growth of temporary rental platforms for properties, such as Airbnb and Stayz, has spearheaded the sharing economy. For those with a spare room (or apartment or house), this is an excellent place to begin. 

These days, there are platforms for hiring out a range of other items – from Uber Carshare for vehicles, to SpareToolz for tools, to Kindershare for baby equipment. Not only can these help you earn on the side they’re also good for the environment, because they reduce buying and selling (and, therefore, manufacturing). 

Sell other people’s products and services online 

This begins with setting up an affiliate website – from which you link your content to other people’s products and services. Every time someone clicks through and buys something, you earn a little money.  

Your website should focus on a particular topic. For example, you might choose your favourite travel destination, and fill the site with stories, photos and videos packed with tips for other travellers. You would then make money by linking to websites that sell accommodation, transport, travel equipment and so on. Often, the more niche the topic, the better – because this attracts a more targeted audience. 

Peddle your photos 

If you have a knack with the camera, this one’s for you. Take beautiful shots, then upload them to a website that sells stock photography.   

Whenever someone downloads a pic, you’ll earn some pennies.  

Write an ebook 

Writing an ebook can be time-consuming, but also enjoyable. It’s an opportunity to explore a topic you’re passionate about. 

However, to ensure your ebook will sell, you need to be strategic. Before starting, research thoroughly. Find a subject that hasn’t been covered to death already – and work out an original and compelling angle.   

Determine your target audience and write in a style that will appeal to them. It’s also a good idea to hire a professional editor to ensure your writing is error-free and engaging.  

Create a course 

If you have a unique skill, you could consider creating a course – and selling it online. This might range from playing an instrument to writing short stories or interior design. 

Start with a beginner course, then, if your course sells, you could create others aimed at higher levels of achievement. Sales can be made through your personal or business website, or via a third-party platform, such as Udemy.  

The perks of passive income 

Earning passive income often requires effort in the short-term. However, you can think of this as an investment – as sales increase, you’ll likely reap long-term rewards.