In the modern digital age, the concept of earning money has evolved beyond the traditional nine to five job. Passive income apps have emerged as a convenient and effective way to make extra money, allowing users to generate income with minimal ongoing effort. Whether you’re looking to supplement your primary income or achieve financial independence, these apps offer a range of opportunities to earn money passively.
Whether you’re keen on investing in cryptocurrency and contemplating the fluctuation of Ethereum to USD or you’re intrigued by the idea of earning cash back on your everyday purchases, these apps cater to a spectrum of financial aspirations. Below is a list of the best passive income apps that can help you increase your earnings in 2023:
1. Acorns: Invest Spare Change and Grow Wealth
Saving and investing have never been easier than with Acorns. This app empowers users to start investing with just their spare change. The process is simple: Acorns links to your debit or credit card and automatically rounds up your everyday purchases to the nearest dollar. The difference is invested in a diversified portfolio tailored to your risk tolerance and financial goals. Over time, these micro-investments can accumulate into a substantial nest egg, all without requiring constant attention.
Acorns’ highlight feature is its user-friendly interface and accessibility. It makes an excellent option for beginners since you can start investing with as little as $5. You can leverage Acorns’ “Found Money” feature to earn cashback on purchases from partner brands, further boosting your passive income potential. Emphasizing automatic investing and minimal user intervention, Acorns makes a top choice for those seeking to grow their wealth passively.
2. Rakuten: Earn Cash Back on Everyday Purchases
If you’re an avid online shopper, Rakuten (formerly known as Ebates) can turn your purchases into a source of passive income. Rakuten offers you cashback rewards for making purchases through their platform since they’ve partnered with many retailers and brands. All you need to do is start your online shopping journey from the Rakuten app and earn a percentage of your purchase back in cash.
Rakuten’s beauty lies in its simplicity when it comes to earning money on purchases you were already planning to make. You can withdraw your accumulated cash back through PayPal or as a physical check, giving you flexibility in the way you use your earned rewards. With the rise of online shopping in recent times, Rakuten provides an effortless way to pad your pockets through your usual spending habits.
3. Dividend Aristocrats: Passive Income from Stock Dividends
If you’re interested in the stock market, Dividend Aristocrats can be an excellent choice since it capitalizes on the power of dividend investing. Focusing on a select group of companies renowned for consistently increasing dividends, Aristocrats guarantees you a steady stream of passive income, helping you build wealth through the power of compounding.
Aristocrats’ intuitive interface makes investing and tracking dividend-paying stocks easier. You can choose to reinvest your dividends for even greater compounding effects or have them deposited into your account as cash. While dividend investing often takes time, Aristocrats makes it accessible and simple, even for those new to the stock market.
4. Airbnb: Monetize Your Space
If you have an extra room, apartment, or even a vacation home, you can list it on Airbnb and start earning money without committing to long-term leases or property management. You set the availability and pricing, and the platform takes care of the booking process and payments and even provides insurance coverage for eligible listings.
It’s particularly advantageous if you have a space that’s underutilized or only used seasonally. While hosting on Airbnb does involve some initial effort, such as creating a listing and preparing your space, the ongoing management can be minimal, especially if you opt for self-check-in and automate certain aspects of guest communication.
While hosting on Airbnb requires some initial effort in terms of setting up your listing and ensuring a pleasant guest experience, the ongoing management can often be minimal. You have control over when your space is available for bookings, and the app handles the finances. If you want to earn passive income without committing to a full-time hosting role, Airbnb can be a convenient option.
5. Honeygain: Monetize Your Unused Internet
A unique passive income app, Honeygain allows you to make money by sharing your unused internet connection with the app’s network. If you have excess internet bandwidth, Honeygain can rent it to businesses and researchers who require it for various purposes. Since Honeygain emphasizes user privacy and security, it ensures your personal information or sensitive data is not shared during the process.
The amount of money you earn depends on factors like the amount of data you share and the demand from Honeygain’s partners. While the earnings might not be substantial individually, the passive nature of the app allows you to earn without any active involvement. Honeygain is an excellent example of how technology can be harnessed to create a passive income stream from an underutilized resource – your internet connection.
6. Foap: Turn Your Photos into Passive Income
If you have a passion for photography, Foap offers a way to monetize it. Since the demand for authentic visuals is high, Foap offers a chance to tap into this demand and generate income from your photographic talents.
With Foap, you can sell your photo collection to businesses and individuals looking for authentic and eye-catching visuals. You can upload your photos to the app, tag them with relevant keywords, and set your price. When someone purchases one of your photos, you earn a portion of the sale price.
The best thing about Foap is that you earn money repeatedly without additional effort since your uploaded photos remain available for purchase. While individual photo sales might not bring in significant amounts of money, the cumulative effect of multiple sales can create a steady stream of passive income from your photography passion.
In 2023, passive income apps offer a wide array of opportunities to make money without the constant need for active involvement. From micro-investing platforms like Acorns to cashback rewards from Rakuten and from dividend investing with Dividend Aristocrats to hosting on Airbnb, these apps cater to various preferences and financial goals. If you want to generate extra income and achieve financial stability, incorporate the above mentioned passive income apps into your financial plan.