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Financial Goals: Keep Up With the Cost of Living With These Ideas to Help You Earn Passive Income

The term “earn passive income while you sleep” sounds like an amazing idea. But where do you start? Here are 10 ideas to help you earn passive income.

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The term “earn passive income while you sleep” sounds like an amazing idea. But where do you start? Here are 10 ideas to help you earn passive income.


When most of us think about earning money, we immediately picture a 9-5 job, investing a lot of time and effort in getting tired. However, it doesn't have to be like this. You can earn passive income from home in the comfort of your bed. The beauty of passive income is that it requires very little from you. All you have to do is put in some energy, money, and time, and let the money do the work for you.

In the beginning, when you start to earn a passive income, you will have to be more active and involved. Creating multiple streams of income that help you earn passive income will help you be more flexible, financially independent, and resilient when the economic weather is poor. If you are willing to commit fully to the idea of passive income, this guide is for you!

How do you get started?

When it comes to passive income, the main rule is to protect your time. A successful passive income idea will not require you to apply a lot of effort and time to maintain it. The trick is to turn your time into money. 


Steps to earn passive income


  • Build your nest egg savings account - The first step is to get a high-interest savings account and put a lump sum of money in it. This money will grow with time and you will not have to do anything to maintain it.

  • Assess your skills - What are you good at? Use your skills to build a passive income idea that helps you earn passive income. Once you figure out what you are passionate about, take an inventory and look into how other people have used similar skills to earn passive income.

  • Make a list of ideas and select - Take a piece of paper and write down your ideas. No idea is too big or too small. Write them all down. In case you are having trouble coming up with ideas, I have come up with a list of 10 passive income ideas to help you start.


Ideas to help you earn passive income

1. Dividend stocks

The first step is researching and finding the best stocks to invest in. You don't have to have a large amount of money to do this. All you have to do is consistently invest in the dividend stock to grow your residual income over time. It’s not easy to compile a list of good investments that offer good dividend returns. We’ve identified a few companies that offer favorable profits and dividends, such as Safaricom PLC, Unilever Kenya PLC, EABL, and KCB Group PLC, among others.

2. Money market funds and high-yield savings account

This is a good idea if you want your money to work for you without having to think much about it. The difference between the two is that Money market funds are offered by investment institutions and banks, and high-yield savings accounts are offered by banks. The beauty of this idea is that the interest rates keep rising. Therefore, putting money into either of them can help you earn passive income, safely. There are so many options to choose from including Zimele MMF, Nabo Africa MMF, Apollo MMF, or Sanlam Pesa+ MMF, which all boast of having an average daily return of above 9% as of January 2022.

3. Investing in a business

Silent investing means investing in a business and being a silent partner. Please note that this is a high-risk investment idea. However, high risk will make you generate more returns. You can try to reduce the risk by investing small amounts of money in many businesses. 

4.  Sell an e-book online

Self-publishing is popular today. More people are writing books and using platforms such as Amazon’s Kindle Direct Publishing tool to sell their books online. There are so many book themes to explore including fantasy, self-improvement, spirituality, anime, and action. Once you are done writing the book, edit it and create a cover. When you have the final product, you can self-publish it and begin earning from it.

5. Create a course

What are you good at? Platforms such as Udemy allow you to create courses on a wide range of subjects and sell them to consumers. It is the modern way of tutoring. Create video courses and let users purchase them and learn from you. If you are knowledgeable in any subject, use this information to earn passive income.

6. Sell stock photos

Are you passionate about photography? Well, why don’t you use your image content to earn passive income? Your target market will be magazines, blogs, and websites. They purchase stock photos to use on their sites. You will submit your photos or artwork to stock image websites and earn passive income in the form of commissions when they are bought. Try out sites such as Shutterstock, EyeEm, and Getty Images.

7. Airbnb Listing

If you have a spare room, apartment, backyard, or home, think about listing it on Airbnb to earn passive income when your place gets booked. The beauty of Airbnb is that you can earn passive income from a space that you already own. Additionally, you won’t have to use that much money, time, and effort to prepare the place. All you have to do is clean up after guests and make sure it is functional. Sign up here.

8. Rent out your car

Just as you can list your home for rent, you can also do the same for your car. This passive income idea works because your car will earn you money without you having to use it. People rent cars for road trips and events. With the right marketing strategy, you can sit back and let your car earn passive income for you.

9. Sponsored social media posts

In this digital era, with a strong social media following, you can earn passive income, especially on platforms such as Instagram and TikTok. Consumer brands will contact you and ask to pay to market their product or feature their product or service on your social media feed. All you have to do is keep posting content that draws in an audience and makes them make sales. The key to this attractive business model is simply having a large following on social media.

10. Rent out useful household items

You can rent any item in your household, from as small as a toolbox to a lawnmower to a tent. You need to pick out the high-value items that are commonly needed for a short period of time. Once you have a list of the items you offer, you should put together a marketing strategy and a way for them to pay. Platforms such as Jiji will help you market your household items and attract vendors all over the country.


If you have the means, it might be tempting to want to start with four passive income ideas. However, I definitely discourage this. Pick and work on one idea at a time. This is not the time to multitask. It will take a substantial amount of money, time, and effort at the beginning and you don’t want to spread yourself too thin.

Written by

Lilian Nerima Musonge

Nerima Musonge is a Lawyer who is passionate about Content Creation and Copywriting. She is constantly trying to broaden her artistic pursuits and find out how they can integrate with the law. When she is not squinting behind a laptop, she is mothering, cracking jokes, and living her best life

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