This is a guest post by Financial Wolves, a blog about making money with side hustles to help you achieve financial freedom.
Are you looking for ways to earn money without you being there? Does having a passive source of income seem like just a dream? Well, a few years back, the idea of passive income also seemed like an elusive dream to me.
I always longed for the day I would earn money online without putting in so much effort. Today that is not a dream anymore, as I have learned just how to make things work and let money work for me. I know having a second source of income has made my life a lot easier.
And although it sometimes seems difficult at first, it is very much possible. Today I have just what you need to make that dream a reality. Currently, there are numerous passive income apps that offer an opportunity for everyone to earn that extra income.
In fact, you don’t have to do much. Join some of these apps and see the difference for yourself.
The first set of apps that allow you to earn passive income is what I would like to categorize as the investing apps. Have you ever thought of letting your money create wealth for you? Well, these apps will help you do just that.
Whether you are a novice investor or a pro, Ally Invest has something for you. Ally Invest is an investment brokerage firm that allows members to trade in all sorts of financial instruments. This investment app offers you an opportunity to decide how you want to invest your money: either through self-directed trading or a managed portfolio.
If you opt for the self-directed trading, you have the following investment choices:
- Zero-commission stocks, and ETFs
- Mutual funds
- Margin account
For the managed portfolio, you can start investing with as little as $100. Also, there are no annual charges, advisory fees, or re-balancing fees.
Better still, they set aside a portion of your portfolio (usually 30 percent) as a cash buffer that also earns interest. Therefore, if you want a diversified investment vehicle, Ally Invest is your app.
The Stash app integrates investing, saving, banking and learning through a single platform to create the best experience. We can better define it as an investing/personal finance app that allows you to perform various activities such as save, invest, budget smarter, as well as learn along the way.
I know you are probably wondering how much money is necessary to invest through this app. Well, with just $5 you can purchase funds and stocks through this app.
Can it get any easier to invest?
With over 3.5 million members, Stash is built with a clear mission: to offer financial growth opportunities for every American no matter how much they earn.
If you are a fan of investing in stocks but can’t cope with the required research, Emperor Investments can be an ideal platform for you. Emperor Investments is an investment advisor that is duly registered with the Securities and Exchange Commission.
If you want to grow your wealth and gain the ever-coveted financial freedom, Emperor Investments has what it takes to get you there. Their portfolios have outdone the market for the last 11 years, resulting in a 14.62% average annual return. This kind of annual return can boost your wealth to an entirely new height.
With a minimum deposit of $500 and only 0.6% annual fees on managed assets, you are set to go. Don’t let passive income remain a vivid dream. Start your stocks investment journey today with portfolios built to enable you to achieve your financial dreams.
If you want to earn passive income through dividends, then this is the best way to do it. If dividends are your objective, you might also want to consider real estate crowdfunding to earn passive income.
Betterment is one of the best automated online investment management platforms in the market, also popularly referred to as Robo-advisers. Typically, we can call it a smart money manager that is built to enable you to achieve your financial goals. But how does it do that?
The app makes use of current technology to help build your portfolio, as well as manage your investments while you relax.
As your investments grow, the app offers you continuous financial advice and guidance to ensure that you make the wisest money decisions.
If you want to make the best out of your financial decisions, Betterment is an excellent app for that.
Did you know that there are some saving apps that can offer a great source of passive income for you? Let’s take a look at some of them.
This is an incredible app that can considerably help you grow your passive income streams. Acorns is partly an investment app and partially a saving app. Here’s how it works:
Acorns works through a process known as the “round-up” This process is ideally simple. For example, when you buy an item for $7.30, Acorns rounds up this figure to $8. It pays the seller $7.30 while it transfers the extra $0.70 to your Acorns account.
When the amount in your Acorns account accumulates to $5, it gets transferred to their Robo-advisor. The Acorns Robo-advisor then invests and manages the money on your behalf. All this is intended to convert your spending into saving, and then into investment.
For just $1 to $3 per month, Acorns offers you an incredible opportunity to save, invest, and be a responsible spender.
Capital One 360
I know that you most probably have heard of ING Direct, but if you haven’t, no need to worry. Capital One 360 is the new version of ING Directed, which was an online banking platform. ING Direct was acquired by Capital One in 2012 and rebranded to Capital One 360.
How does it work, and how will it make money for you? Well, this platform earns you extra income in various ways, including:
- They offer higher interest on savings (5 times the average, national interest rate)
- They pay you interest for checking
- Zero fees for saving and checking accounts which increases your account balance
This app earns you money for doing your normal banking activities. What a better way to earn and save?
Some people we are outstanding in making money. However, managing it and ensuring that we remain financially healthy is an uphill task for many. That why we need some apps like Digit.
This is the smart money-saving app that easily turns a non-saver to a staunch saver. The app assesses how you spend your money and deposits the ideal amount of money into your Digit account from your main bank account.
This way, you can passively grow your savings without putting any extra effort. Digit app does it all for you. Need to save but don’t know how? Try Digit today.
Passive income is the ultimate source of financial freedom. As someone once said, “if you don’t make money while sleeping, you will work until you die.” I believe these apps are a great way to start saving and investing towards achieving a more financially stable future.
What do you think about these passive income apps? Do you use them? Let us know in the comments below. We’d love to hear from you.
Author Bio: Financial Wolves is a blog focused on helping you make more money to achieve financial freedom. After repaying student loans, I’ve shifted my focus to make more money from side hustles, real estate, freelancing and the online economy. Follow us on Twitter and Facebook.