Passive money-making apps are a great way to earn some extra money for now or later! They offer up a mix of investing opportunities, background apps, and rental income.
Passive income, on the other hand, is money you earn with assets you own or control but that you aren't actually putting effort into. It can be anything from sales to products, rental income, affiliate marketing earnings, or investment returns.
The term sometimes includes anything you do that's really easy to do like watching ads, playing games, or taking surveys.
What is Passive Income?
Passive income is money you earn with assets that are completely controlled by the user. It is not something that can be earned with time, effort, or work.
More specifically, passive income is generated from any source with which a person does not have to directly participate in or be involved after it has already been completed.
Some of the best money making apps are as follows:
Public.com is one of the latest apps to offer passive money-making opportunities. This app boasts an investing service that offers the opportunity to invest in numerous types of stocks while also enabling you to connect with other investors as you would on social media.
The service is perfect for those who are looking for ways to diversify their investments and get started quickly without much knowledge or expertise, however, it is also a great fit for those who have been in the investing world and looking to diversify their portfolio.
Public offers you themed bundles of stocks where you can invest in several companies which share common characteristics.
These items can include topics like environmentally-conscious companies, diversity and inclusion-focused enterprises, produce their goods in America, and many more.
- Fractional Shares
Public.com offers you the ability to purchase fractional shares in companies that carry higher stock prices without dropping your overall share value, no matter which bundle you invest in.
This makes it possible for investors with any amount of money to participate and build their portfolios by diversifying into multiple investments at once. The app will automatically reinvest your earnings as you watch it grow.
- Risk-Free Trial
Public.com is a risk-free trial service that allows users to test out their investments with no initial deposit or sign-up fee required!
This means you can try the app for free and see how well it works before committing any of your hard-earned cash. The company also offers a money-back guarantee if you do not earn any profits within the first 90 days.
- Invested Themes
Public.com has an invested theme which means that you can invest in companies working towards making a difference within their field.
This includes topics like health & wellness, social innovation, and environmental conservation among others to help make the world a better place!
Acorns is another great app that offers both passive incomes and investing opportunities. This means the app allows you to invest in companies while also working towards making some passive money for yourself at the same time!
How Does Acorns Work?
To start using this service, all users need to do is link their checking or savings account with the app.
Then, the service will automatically start to take small amounts of money from your account and invest them in exchange-traded funds or ETFs depending on how much you have saved each month.
This means that Acorns allows users to build their portfolios without having to do any work themselves! The service also offers over 100 commission-free ETFs to choose from.
- Bank Integration
Not everyone has an investment account or wants one so Acorns makes it possible for you to link your bank accounts and have the money deposited directly into the app each month. This means that instead of having to save up to invest, you can start investing right away.
- Found Money
Found money is one of the most exciting features to come out of Acorns. This new option offers users the chance to earn cashback on their everyday purchases by automatically taking a small percentage from your linked debit or credit card and investing it in ETFs for you!
This means that every time you make a purchase, whether that be with a debit or credit card, you can earn money in your portfolio.
All of the money you invest with this app is automatically placed in a Robo-advisor account where it can be managed and invested for you. This means that all users have to do is link their bank accounts before letting the service work its magic!
The company also offers an “Acorn Spend” card which works just like a debit card so you can use your funds for purchases around the world.
3. M1 Finance
M1 Finance is the new king of passive income and investing apps. This app allows users to invest in a variety of investments all from the same account, including individual stocks or ETFs that can be traded with just one click!
All you have to do is link your investment accounts with this service before it starts managing them for you!
The service does not charge any fees for trades or AUM fees which means that all of your money is working hard to grow no matter how much you have.
- Curated Portfolio
M1 Finance has a curated portfolio which means users can select from different types of investments before the service builds them for you. This includes options like stocks, ETFs, and mutual funds!
This makes it easier than ever to invest in a variety of companies all around the world without having to do any research yourself.
- Automation Tools
Automation Tools are one of the best ways to make passive income with this app. This means that instead of having to do any work yourself, the service will manage your money for you!
This means no more market research or worrying about how much money is being made off your investments but all users have to do is deposit funds into their account before letting Ml Finance do all the work.
All of your money is managed through a bank account with Ml Finance so you can easily link it to other accounts or have some transferred directly from your checking account when needed!
Users also receive weekly updates on their portfolio and how much they are making in interest without having to worry about doing any extra work.
MyConstant is a peer-to-peer lending platform and alternative investment service. This means that instead of investing in stocks or ETFs, users can choose to lend money directly to other people who need it through this app!
All you have to do is link your account with the company before they start depositing funds into an FDIC-insured savings account for you. They also offer credit and debit cards for those who need to use their funds!
- Earn Interest
All of the money you lend through MyConstant earns interest so it is always working hard without requiring any additional work from users.
This means that all your investment needs are managed by this service and all you have to do is link your bank accounts and let the service work its magic.
- High Yield Loans
All loans made through MyConstant are high-yield so users can make a good amount of money without having to worry about fees or poor interest rates making it difficult for them to grow their portfolio. This means that all of your money is working hard for you!
One of the most unique aspects about MyConstant is that all loans are backed by collateral which makes them much less risky than a non-secured PTP loan.
This means that users don't have to worry as much if they can't pay back their loan because they still have collateral securing the debt.
Fundrise is a passive income app that allows you to invest in real estate projects all over the world. Users can choose from a variety of different types of investments and have their money managed by Fundrise so they don't have to worry about doing any research on their own!
All users need is an account with this service before it starts managing all your money for you and you can choose how much of your portfolio is dedicated to different types of real estate investments!
All real estate investments come with different levels of risk and Fundrise allows users to diversify their portfolio so they aren't putting all of their eggs in one basket.
This means that even if a single investment doesn't pan out, you won't lose your entire income!
- Automation Tools
The automation tools on Fundrise make it easy for users to diversify their portfolios without having to do any research on specific investments.
This means that all your money is managed by the company and you don't have to worry about a thing!
- Investment Platform
All of these features are made possible through an investment platform which makes it easier than ever before to manage a large portfolio of different investments.
This means that users can choose from a variety of different types so their money is always working hard for them!
Passive Money Making apps are useful for people who have a lot of money to invest but don't want to deal with the hassle that comes along with managing it.
The apps typically do all the work for you and, in the case of investment-based passive income apps, users can be as involved as they want!
You should consider trying out one or more different passive income apps depending on how much you want to invest and what kinds of investments appeal to you most.