Due to modern technology, making a passive income has never been easier. There are plenty of apps available to download that can help you to start earning money on the side. While most of them won’t yield major rewards, they offer an easy way to help you earn a bit of extra income.
Keep in mind that some of the apps mentioned here allow users to invest in the stock market. Thus, there is some degree of risk involved. You should thoroughly research an investment ahead of time in order to minimize your chances of losing money. That said, if you’re willing to undertake the necessary research and are smart about only investing money that you can afford to lose, then you can absolutely use these kinds of apps in your efforts to boost your passive income earnings.
Following are a few products that you should consider using if making money on the side is an appealing idea. If the basic information provided here sounds interesting to you, then consider conducting more research to find out which ones will suit your goals.
Robinhood is an investment app that allows those with limited capital to buy and sell stocks. Unlike traditional brokerage firms, which operate brick-and-mortar locations, Robinhood keeps everything online. What this means is that Robinhood can pass the savings on to users by eliminating the broker fees that are typically imposed on stock market investors. The fact that it offers a user-friendly approach to investing can also make it a useful product for those who have an interested in the stock market, but don’t know where to start.
Depending on your investment strategy, Robinhood may not be an entirely passive experience. If you simply invest your money in relatively safe assets and let it grow, you won’t be putting in a lot of work. However, users might feel that they can get more out of the product by actively buying and selling stocks on a regular basis.
That’s why Acorns is a potentially appealing alternative for those who want to invest, but don’t want to do a lot of work. The app links to a credit or debit card and typically rounds to the nearest dollar whenever you make a purchase with your card, investing the difference for you. Granted, this means that it invests relatively small amounts of money, so it’s not likely you’ll earn a fortune using it. However, when it comes to passive investing, this app certainly makes things much easier.
Paid surveys have long been a popular way to earn a little extra money on the side without doing much work. Due to digital technology, you don’t need to travel to focus group meetings to find them, either. Apps such as MyPoints send you relevant surveys on a regular basis. Every time you complete one, you’re rewarded with points you can later redeem for gift cards and similar items. While taking a survey does involve some degree of work, it’s very minimal, and you can usually complete these types of surveys in minutes when you have free time. Caught waiting for an appointment with your doctor? Use that time to earn some extra cash.
Worthy combines the benefits of a savings bond and savings account to help you passively grow your money. Like a savings account, you can deposit or withdraw money freely. Unlike a typical savings account, it offers a 5% fixed annual interest rate. For example, if you invest $100, you’ll earn $5 in passive income that year. Of course, the more you invest, the more you’ll earn.
It’s entirely possible to earn extra money simply by shopping. That’s what makes an app like Shopkick worth downloading. Like MyPoints, it rewards you with points that you can redeem for gift cards. However, instead of earning points by completing surveys, you can accumulate points by simply purchasing approved items. Many of the items that Shopkick approves are the kind you may have already planned on buying in the first place. You can earn points simply by scanning items in stores, but you’ll earn even more by taking pictures of your receipts in some cases.
Do you tend to make smart financial choices? Even simple ones such as paying a bill on time? If so, MoneyLion may be the ideal app for you. Its main purpose is to help users to cultivate healthy financial habits, and it often does so by rewarding points you can redeem for gift cards.
Again, it’s unlikely that any of these apps will make you rich, but they all give you the opportunity to make money with very little work. Carefully review any that sound appealing in order to determine whether they’re right for you.