10 Ways to Earn £1000 Per Month in Passive Income
Dreaming of making money while you sleep? Who isn’t!
Earning passive income is the ultimate goal for many of my lovely readers, giving you the freedom to live life on your own terms.
Whether you want to pay off debt, save for a dream vacation, or just enjoy a little extra cash each month, here are 10 fantastic ways to earn £1000 per month in passive income.
*tried and tested!
Passive income is money you earn with minimal effort on your part. It’s all about setting up income streams that, once established, require little to no maintenance.
These income streams allow people to live life freely. You could wake up, get brunch with the girls, hit a gym session and then take your partner out for dinner, all whilst making money!
While building these income streams can take time, effort, and sometimes a bit of upfront investment, the long-term payoff can be well worth it!
**Notice what I said about the initial effort! Passive income doesn’t happen overnight.
1. Dividend Stocks
One of the most popular, if not a little ‘old school’, ways to make passive income is to invest in dividend stocks.
When you invest in dividend stocks, you receive a portion of the company’s earnings at regular intervals—typically quarterly.
A bit like earning interest on a savings account.
How Much Would You Need to Invest in a 5% Yield Dividend Stock to Earn £1000 Per Month?
To earn £1000 per month, which is £12,000 per year, from a stock yielding 5%, you’d need to calculate the total investment required.
No one came here to do maths! So, we took the liberty of doing this for you.
You’d need to invest £240,000 in a 5% yield dividend stock to earn £1000 per month.
While this is a significant amount, remember that investing in stocks also offers the potential for capital appreciation, meaning your investment could grow over time.
If you invest £10,000 per year, yo could reach this goal in less than 25 years.
2. Affiliate Marketing
Affiliate marketing involves promoting other companies' products and earning a commission for every sale made through your referral.
It’s a great way to earn passive income if you have a blog, website, or social media following.
For some reason, a lot of people think that affiliate marketing is only profitable for huge influencers or celebrities. But this isn’t the case!
Pretty much anyone can sign up to an affiliate marketing program. The hardest part is SELLING. This is where it helps to affiliate products that you actually love so that your content is genuine and persuasive.
With consistent effort and quality content, affiliate marketing can become a lucrative passive income stream.
3. Sell Digital Products on Etsy
Etsy isn’t just for handmade crafts; it’s also a fantastic platform for selling digital products.
Digital downloads like printables, planners, templates, and artwork are incredibly popular and can be sold repeatedly without any additional effort.
The beauty of digital products is that once they’re created and listed, they can generate sales for years to come with minimal ongoing effort.
Another great thing about this passive income idea is that you can create products for FREE using tools such as Canva.
It might take some time to create amazing products, set up your Etsy shop and master Etsy selling best practices. However, the results can be VERY worthwhile!
4. Create and Sell Your Own Online Course
If you have expertise in a particular area, creating an online course can be a highly profitable way to earn passive income.
Platforms like Udemy, Teachable, and Coursera make it easy to reach a global audience.
From my experience, this one can be a little tricky!
There are TONs of online courses out there which means that you will need to spend time creating a great course and building a solid online reputation before you have a chance of selling your own.
I would recommend this passive income side hustle for people who already have a bit of a following or reputation.
Once your course is live, students can enroll and learn at their own pace, providing you with ongoing income.
5. Write and Publish an eBook
Writing an eBook is a great way to share your knowledge and earn passive income. Once published, eBooks can continue to generate sales with little additional effort.
Anyone can write an eBook (especially with the help of AI!). The difficult part is marketing your book effectively so that people will actually buy it.
I recommend investing in an eBook marketing course if you are serious about making passive income this way.
The best platform to publish your eBook for free is Amazon KDP. Simple sign up, upload your book and hit publish!
Oh, and… remember what I said about marketing!
6. Build and Sell an App
If you have coding skills or are willing to hire a developer, creating an app can be a lucrative source of passive income.
Apps that solve a problem, entertain, or provide a useful service can generate significant revenue through downloads and in-app purchases.
The key is to find a gap in the market or a big problem that you could solve. Then, use an app development platform to build the app yourself or hire outside talent.
The latter option is definitely the easiest. However, app developers come at a cost!
Once your app gains traction, it can provide a steady stream of income with little ongoing maintenance.
7. Rent Out Your Designer Bags and Clothes
Do you have a closet full of designer clothes and accessories? Renting them out can be a great way to earn passive income.
Platforms like Rent the Runway and HURR allow you to list your items for others to rent, giving you extra cash for items you already own.
By renting out your designer pieces, you can make money without having to part with your beloved wardrobe.
This is a great passive income idea for my fellow shopaholics. It’s also a very good excuse to go on another cheeky shopping trip!
8. Buy a Rental Property
Real estate can be a fantastic way to earn passive income, especially if you invest in a rental property.
With the right property and management strategy, you can generate consistent rental income.
It goes without saying that this one isn’t low cost! Investing in rental properties requires a lot of upfront saving, research and paperwork.
However, renting is one of the most lucrative forms of passive income that has worked for years.
With a well-maintained rental property, you can enjoy a steady stream of passive income each month.
If you want to become a landlord, you’d better start saving today!
9. Invest in a Start-Up
This one is for the girlies who daydream about being on Dragons Den!
Investing in startups involves giving money to new businesses in return for profit shares.
Investing in a start-up can be risky, but it can also provide substantial passive income if the company succeeds and the value of your shares go up.
Platforms like Seedrs and Crowdcube allow you to invest in early-stage companies with high growth potential.
If one of your investments takes off, you could see significant returns and ongoing passive income.
By investing in startups, you can own part of a business without having to start up own!
10. Buy a Vending Machine
Forget investing in rental property, have you ever considered buying a vending machine?
Believe it or not, most of the machines that you see in tourist areas and leisure centres are owned by independent people just like you!
Vending machines can be a great source of passive income with relatively low maintenance.
By placing machines in high-traffic areas, you can generate consistent revenue from snack and beverage sales.
You can buy machines from around £7000 and use the profits that you make to reinvest and expand your empire.
Earning £1000 per month from a vending machine is very plausible. However, its important to think about the costs of starting in the first place.
There you have it—10 creative and practical ways to earn £1000 per month in passive income.
Whether you’re investing in stocks, creating digital products, or renting out your closet, there are plenty of opportunities to build wealth with minimal ongoing effort.
The sooner you start, the sooner passive income will start to flow in.
If you’re an ambitious girlie who is looking to make more money, achieve personal growth and reach success, subscribe to The Rich Girl Club below.
