The biggest draw to creating passive income with apps is that you’re not actively trading money for time, which means that you can more easily work on other forms of income. However, passive income typically requires some sort of investment, most often time or money, which can make it seem unattainable for those who feel like their time or income are already too stretched thin. There are apps that claim to help you reach your goals with minimal investment and work, but many of them will simply not work for you. How do you know which apps are the best?
Passive income streams that work with a low initial cost and work over time are hard to come by. It’s likely that you’ll need to invest some money in order to reach the level of success you desire. Whether you choose to go into investing or look towards the rental properties, these options offer some of the best opportunities for people looking to supplement their income. Here are some of the best.
One of the most popular passive income apps is called Stash Funds. This allows users to set up a savings account that automatically invests in stocks and bonds. Each time you have a dollar bill or purchase a pack of groceries, your money is automatically added into your savings account. Depending on how much money you want to put into the savings account, the app will either save the money for you automatically, or give you an option to direct where the money goes. Either way, the idea is that your investments grow along with your money.
Another popular option for saving money is to earn income from PayPal and direct deposit into your bank account. Peer-to-peer lending is another option, but most of the time, you will need to open a separate checking account in order to withdraw the funds. However, some online banks will let you invest in things like stocks, bonds, certificates of deposits, mutual funds, and even payday loans through their websites. These can be an excellent way for you to supplement your income while still having complete control over what gets put into your savings account.
With passive investing, you will typically be buying reits from stock brokers. Some stock brokers will let you buy reits and pay them directly from your savings account, while others will bill you for the reit you sell. It all depends on the particular broker that you are working with. Most companies who offer these services also offer the opportunity to open a Roth IRA, which is a type of IRA designed for investing in stocks and other securities such as futures, options trading, commodities, and foreign currency.
If you enjoy the taste of coffee and donuts, there is another one of these income apps for iPhone and iPad. You can use H&M mobile apps and get paid for every cup of coffee you purchase, delivered straight to your door. What could be simpler than that? The only downside to this app is that it only pays with swag. So if you’re not a coffee fan, you won’t really make much cash using this one. Other companies like Kohl’s, Walmart, Sam’s Club, and Bed Bath & Beyond also have mobile apps that you can use in addition to your regular shopping trips.
Dosh offers PayPal as a way to receive money via PayPal from those you are selling products to as well as from customers you may be sending items to. You can select the kinds of payments you would like from Dosh, including checks, credit cards, and wire transfers. The company also allows you to create accounts for your customers at home so that they do not have to sign up for a PayPal account in order to send you money. This is convenient if your customer lives in a different city or state.
Lastly, there is Wealthy Affiliates which allows you to create an account, which then allows you to generate passive, dividend-yielding dividends each month. This program gives you the tools and training necessary to build an active, paying, residual income business that is both passive and tangible. This program is not for newbie’s but is perfect for those who have been inactive in investing and looking to get back into the game. If you currently have investments or if you’re considering investing, you definitely need to look into Wealthy Affiliate.
