What is Passive Income?
There are two types of income, passive and active. Active income is money that you earn from your work. Your traditional job would then be considered active income. Influencer marketing can also bring you active income.
Passive income is money that you make from assets you don’t own or control, but which you do not put any effort into. These could include sales of products, rental income, or affiliate marketing earnings. Sometimes, the term includes things that are easy, such as watching ads, playing games, or taking surveys. These types of activities are not considered “passive”, as you still spend your time doing them.
20 Best Passive Income Apps for Extra Money
It’s a great way for you to make extra money, now or in the future. This list includes a variety of passive income apps. They offer a mixture of background apps and investing opportunities.
Fundrise lets users invest in real estate projects. There is nothing more than the initial setup. You will need to invest a minimum of $1,000. Fees will be charged, but they are very low. Fundrise is no exception. Most long-term investment options are long-term. Fundrise recommends that you hold your investments for at least five years, but it also offers the option of earning quarterly dividends. These dividends can be used as income or automatically reinvest.
2. M1 Finance
M1 Finance allows you to build your own passive income portfolio, including stocks and exchange-traded funds. You can also buy fractional shares to invest in larger-name stocks without spending a lot of money. There are more than 80 investment options to choose from, as well as tons of automation tools.
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Another stock investment app is Public. It allows you to connect with other investors (similar to social media). There are themed bundles that let you invest in a group of companies that are similar (environmentally-minded companies or women-owned businesses, for example). Public, like M1 Finance, allows you to purchase fractional shares. This gives you the ability to make larger investments.
Robinhood is an easy-to-use investment app that allows anyone with little investment experience to create an investment portfolio. You can open a basic account free of charge and there are no minimum account requirements. This passive income app makes investing in stocks, ETFs, and cryptocurrency easy.
InboxDollars is one of the passive income apps that offers cashback on activities that you are likely to do every day, such as shopping, browsing the internet, and watching TV. You get a $5 signup bonus, and if you’re willing to work hard, You can also earn money by participating in online surveys.
Dosh is another passive income app that rewards shoppers with cashback for shopping. The app has over 1,000 participating restaurants and stores. You can also link your credit cards to earn cashback for eligible purchases. You can choose to receive money via PayPal or deposit the money directly into your bank account when you cash out.
Acorns is another investment app that uses micro-savings or micro-investments. Acorns allow users to automatically round up purchases using connected accounts to the nearest dollar and then invest the extra money. A robo-advisor makes the investments and you can also get bonus investments by purchasing from any of the more than 350 participating vendors.
Neighbor is a peer-to-peer storage platform that allows you to rent any space that you don’t use to your neighbors for storage. Neighbor provides a $1 million host guarantee, a $25,000 renter guarantee, and secure, automated payments. Additional safety measures include the verification of app users.
Here’s another app for investing. We can all agree that passive income is a great option for investments. Stash is easy to use and provides excellent educational tools for those who are new to investing. The plan you select will determine the monthly subscription fee. It can range from $1 to $9. Stash does not have minimum account requirements and offers a broad range of stocks as well as ETFs.
10. Lockscreen App for S’Mores
The S’Mores Lockscreen App can be described as a passive income app. The app is free to download and you can give it permission to display ads or other content on the lock screen of your phone. It’s that simple. It doesn’t matter if you view ads or swipe the app a certain number of times. You can simply let the app run, and you will earn rewards in gift cards.
Seated is a great option for those who enjoy dining out a lot. The passive income app allows users to earn gift cards for booking restaurant reservations. The app can earn you up to 30% cashback. You can choose from more than 1,500 restaurants and bars on the app. Once you make your reservation, snap a photo of your receipt and you will earn cash that can be used on amazing brands such as Amazon, Sephora Delta, Uber, and Airbnb. This app is great for food bloggers.
If you don’t live in your RV full time, it will likely sit empty and unoccupied a lot of times. Rent it out to make some extra money. Outdoorsy allows you to list your RV free of charge and retain 80% of the reservation fees. Sign up to list your RV with high-quality photos, set your rate and create a calendar that will indicate when it is available. Outdoorsy does DMV checks on potential renters and offers $1,000,000 in insurance for both you and your renters. Within 24 hours of your reservation is confirmed, you will receive payment. Make sure to include the cost of maintaining your RV when setting your price.
13. Worthy bonds
Worthy Bonds is an investment app that offers a 5% annual return. All proceeds from bond sales are invested in small business loans and public and private investments. You can redeem your bonds at any time. This allows you to control your investment and helps small businesses get loans. You can return your initial investment and earn 5% interest as your investment grows. There are no fees and investment options starting at $10
Are you a homeowner with a car you don’t use often? Turo is your best option! Turo allows you to list your car for free. The app is also available without any monthly fees. Turo allows you to list cars less than 12 years old and up to $150,000 (no Ferraris). You can receive up to $750,000 of liability insurance coverage. Depending on which protection plan you choose, you can earn anywhere from 65% to 85% of the trip price. Your earnings will be directly deposited into your bank account within three days of each trip.
15. Ally Invest
Ally Invest is a diversified brokerage for investing that makes it simple to start investing. You have the option to have all of your money managed professionally or just a part of it. Ally Invest Cash Enhanced Managed Portfolios (Ally Invest’s robo-advisor) are also available. Ally Invest charges a 0% advisory fee and a $1,000 minimum investment. They also offer automatic rebalancing and other services. All you have to do is tell Ally Invest what you want to diversify, and they will take care of the rest.
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LendingClub is one of the most popular peer-to-peer lending networks. This passive income app allows you to invest in small loans and notes. Each note costs $25, and LendingClub requires you to invest a minimum of $1,000. This allows you to diversify your investments across 40 notes. LendingClub requires that investors meet certain income and net worth thresholds. However, you will earn greater returns with LendingClub than you would with bank investments.
You have probably heard of Airbnb. Airbnb is a passive income platform that allows you to rent your home or just one room to tourists. If your home is located in a major city, tourist spot, or a natural setting that provides privacy and seclusion, you will earn the most. Airbnb provides $1 million of damage protection for renters.
18. Zillow Rental Manager
Zillow Rental Manager makes it easy to manage your rental property. Your listing will be displayed on Zillow, Trulia, and HotPads when you add it to Zillow Rental Manager. Although this app isn’t intended to be passive income, it allows you to easily screen tenants and run credit checks. You can even have your rental payments directly deposited into a bank account.
This app is not a passive income app. Instead, it provides a companion mobile app for private landlords to help them manage their expenses and maximize the return on their rental properties. The app also offers a digital organization hub that allows you to track communications with renters and save important documents.
If you create online courses, Udemy is an excellent platform for selling them. Udemy allows you to market your course directly to interested users. Other online learning platforms are also available. Udemy is a popular platform for creating, launching and marketing online courses. Udemy is one of the most popular educational platforms around.
Conclusion — Top Passive Income Apps
There are passive income apps for everyone, no matter your commitment level or interests. These apps can help you generate extra income in the short- and long term. The investment apps in this list are the best for earning potential. However, even if you don’t have a thousand bucks to invest, the passive income apps on this list can still be used to generate income.