Best Money Making Apps for Passive Income
Updated: Sep 2, 2019
With the dozens of passive income apps available, you can find one that pays for just about any task. Some are truly passive–you get cash back, paid to shop, and other services–then the income rolls in without any further action on your part.
An important part of the Passive Income Monthly Plan is to generate income from multiple sources. This income will be invested in sites such as Robin Hood or WeBull to purchase monthly income dividend stocks. On the internet, there are countless ways to generate $100s each month. I havepulled together a list of apps that pay you for various tasks such cash back on shopping, taking surveys, testing products, watching videos or simply surfing the internet.
How much can you reasonably earn each month? I believe you can ear $100-300 per month using several apps. most of the apps pay you to sign up (i.e., $10) and let you earn each day. You can select your payout to go to Paypal and then transfer to your bank account or brokerage. You make be wondering if this is worthy of our time.
Let's take a look at the numbers. Using an example of making $100 to better understand the numbers. How much of an investment would be required to make $100 in passive dividend income? If your monthly dividend stock had a yield of 10%, you would need an investment of $1,000 to make $100 in a year. To make $100 per month or $1,200 per year, you will need an investment of $12,000! So making $100 per month is comparable to having a $12,000 investment - now it seems more worthy of a little focus.
Our goal is to create passive income from monthly dividend stocks. As you earn income each month, invest it or a portion for a lifetime of passive income. The objective is to keep working the plan. Income TIP: (invest a portion of this income in Oxford Lane Capital Corp (OXLC) trading at $9.50 with a dividend yield of 16.7% at this time - $95 buys 10 shares each month).
On the other hand, there are several ways that you can earn passive income. To be clear, these are not zero effort undertakings. Still, you can earn some cash outside of your earned income and you won't have to put in nearly the same amount of work as you do pursuing your more active sources of income. If you're interested in boosting your bottom line, check out these passive income streams.
Here is a list of apps I use for passive monthly income:
BeFrugal - This is great for cash back savings when you shop. They have major retailers such as Amazon, Wal-mart, Target as well as specialty retailers too. They include travel cash back and offer restaurant coupons. If you have your account open, this is truly a passive income strategy. Click on the 'Shop Now' button or on any Cash Back eligible coupon or deal and you will be taken to the retailer's website. Complete your purchase and Cash Back will be added to your BeFrugal account within 7 days. You get an instant $10 for signing up and $10 when you refer friends for additional income. TIP: use this with your cash back credit card to increase income opportunity.
Swagbucks - You can get paid swagbucks (100 = $1) for doing microtasks. The task include shopping, testing products, watching videos and taking surveys. You can spend some free time using this app on your phone or desktop. Most users spend 30minutes per day earning swagbucks. You can convert your points into gift cards or Paypal which is more fitting for investing. Invite friends - you and your referral get a 300 SB Bonus when your referral earns 300 SB within their first 30 days. PLUS, you'll also earn 10% of their SB earnings for the life of their account.
Chase Credit Card 5% Cashback - I suggest using the Chase Credit Card for 5% Cash Back which I have used for years. This is easy passive income as you can get cash back to your account. Special offer! $200 bonus after you spend $500 on purchases in the first 3 months from account opening. Earn cash back for every purchase. Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate and unlimited 1% cash back on all other purchases. 0% intro APR for 15 months from account opening on purchases and balance transfers. You can earn up to a total of $500 cash back for this Refer-A-Friend program. For each friend who applies by the application date and is approved, you can receive $50.
DOSH - Pay with your linked card at 1,000s of stores and restaurants, and get up to 10% cash back automatically in your Dosh Wallet. Securely link your credit and debit cards. Whenever you pay with your linked cards, Dosh gets you cash back. Refer your friends to Dosh and get $5 for each one who signs up and links a verified card.
SavvyConnect is a passive income app developed by one of the most popular survey sites known as SurveySavvy. You earn $180 every year by running this app on your cell phone, tablet and desktop. The app works by gathering information like what you purchase on the internet and the apps you use. You are then rewarded for the data the app has collected from your activities on the internet. Whenever you add a device every month, you earn $5. You can use the app on your tablet, mobile, and desktop and start making up to $180 passive income every year.
The big upside is to stack these passive income efforts when possible. You can use your cash back rewards card with DOSH or to shop online. I also use an AMEX travel card for mileage that is registered with other cash back offers. For those using more efforts, you can print coupons to use with cash back cards.
There are numerous opportunities to make passive income using online apps. I will include more in future posts as we grow our Robin Hood portfolios with monthly income dividend stocks. These traits coupled with a prudent financial spending will make you a financially independent, passive income millionaire.