In our last blog, we discussed the top ten websites that can help you generate passive income. Today, we are discussing mobile applications people use to generate passive income. Note that the success of these apps can depend on factors like user location, the effort put into the platform, and market trends. Always do your due diligence before investing time or money into any platform.
- Rakuten (formerly Ebates) – Rakuten is a cash-back and shopping rewards company. Users can earn cash back by shopping through the app at affiliated stores.
- Acorns – Acorns rounds up your everyday purchases to the nearest dollar and invests the difference in a diversified portfolio. It’s a micro-investing platform designed to help users save and invest without thinking too much about it.
- Robinhood – Robinhood is a stock trading app that offers commission-free trades. Users can invest in stocks, ETFs, options, and cryptocurrencies. The platform also offers a cash management feature, which pays interest on uninvested cash.
- Affiliate Marketing Apps (like Amazon Associates) – Users can earn a commission by promoting products. You earn a commission when someone makes a purchase using your referral link. It’s passive because once you’ve set up your promotional content (like a blog post or video), you can earn without additional effort.
- Stash – Stash allows users to start investing with as little as $5. It offers fractional shares, which means users can invest in high-priced stocks with a small amount of money.
- Drop – Drop is a loyalty rewards app. Users link their credit or debit cards and earn points when they shop at participating brands. These points can be redeemed for gift cards.
- Honeygain – Honeygain allows users to share their unused internet bandwidth in exchange for money. It’s a way to earn passively by having the app run in the background on your devices.
- Peer-to-Peer Lending Apps (like Prosper or LendingClub) – Users can lend money to individuals or small businesses online. In return, they can earn interest. It’s a way of earning passive income, but it comes with risks like all investments.
- Real Estate Crowdfunding Apps (like Fundrise or RealtyMogul) – These platforms allow users to invest in real estate projects with less money than traditionally required. Returns are generated from rental income and/or property appreciation.
- Turo – Turo is a car-sharing platform where individuals can rent out their vehicles when not using them. It’s a way to earn money passively from an asset many already own.
These are just a few examples, and the efficacy of each can vary based on individual circumstances. It’s also worth noting that the landscape of apps and platforms is constantly evolving, so it’s a good idea to stay updated with current trends and reviews. Always read the terms and conditions, understand the risks, and consider any fees or costs associated with an app or platform before diving in.
