Passive income is income that requires little to no effort to earn and maintain. Here are some best ways to earn passive income with your phone:
Investing in stocks or cryptocurrency:
You can use apps like Robinhood or Coinbase to invest in stocks or cryptocurrency and potentially earn passive income from dividends or appreciation.
Robinhood is a commission-free online trading and investment platform that allows users to buy and sell stocks, exchange-traded funds (ETFs), options, and cryptocurrencies. In addition to trading stocks, Robinhood also allows users to invest in cryptocurrencies like Bitcoin and Ethereum. The app also offers a premium subscription service called Robinhood Gold, which provides access to additional features like margin trading and after-hours trading.
Coinbase is a popular cryptocurrency exchange and wallet app that allows users to buy, sell, and store various cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Coinbase also offers a wallet service that allows users to store their cryptocurrencies securely. In addition to the app, Coinbase also offers a website and a Pro trading platform for advanced traders.
Cashback apps are mobile applications that allow users to earn money back on their purchases. Some popular cashback apps include Rakuten, Ibotta, Dosh, and Honey. These apps can offer cashback on a variety of purchases, including online shopping, groceries, travel, and dining out.
Cash4SMS is a mobile app that allows users to earn money by receiving text messages (or selling their unused SMS from the mobile network plan). The app is designed to help companies test the reliability of their SMS delivery systems, and users are paid for receiving and confirming the messages. When a company sends a text message to a Cash4SMS user, the user receives the message and can confirm its receipt through the app. The user is then paid a compensation for each received message, usually ranging from a few cents to a few dollars depending on the country and the number of messages received.
You can earn passive income by promoting products or services through affiliate marketing. Apps like Amazon Associates or ShareASale let you earn a commission for referring customers to their website.
Amazon Associates is an affiliate marketing program run by Amazon that allows website owners and content creators to earn commissions by promoting Amazon products on their website or social media platforms. The commission rates for Amazon Associates vary depending on the product category and the number of sales you generate each month. Commission rates typically range from 1% to 10%, with some products offering higher commission rates.
Selling digital products
You can create and sell digital products like eBooks, courses, or templates on platforms like Gumroad or Teachable. Once you create the product, you can earn passive income from sales.
Teachable is an online course creation platform that allows individuals and businesses to create and sell their own online courses. Teachable also provides a variety of marketing and sales tools to help course creators promote and sell their courses. These tools include customizable landing pages, email marketing integrations, and the ability to offer coupons and discounts to potential students.
Gumroad is an online platform that allows creators to sell digital products, such as eBooks, music, videos, software, and courses, directly to their audience. Gumroad provides a variety of features for creators, including customizable product pages, flexible pricing options, and the ability to offer discounts and coupons to customers. The platform also offers built-in marketing tools, such as email marketing integrations, social media sharing options, and the ability to create affiliate programs.
Renting out your space
Apps like Airbnb or VRBO let you rent out your space for short-term stays. This can provide passive income if you have a spare room or property that you can rent out.
VRBO stands for “Vacation Rentals by Owner” and is a popular online platform that allows homeowners to rent out their properties to travelers looking for vacation rentals. VRBO provides a variety of features for both homeowners and travelers. Homeowners can create listings for their properties and set their own prices, availability, and rental policies. The platform also includes a messaging system that allows homeowners to communicate with potential renters and manage their bookings.
Advertising on your phone
Some apps like Slidejoy or S’more allow you to earn passive income by displaying ads on your phone’s lock screen.
Slidejoy is a mobile app that pays users for displaying ads on their Android devices. For each ad displayed, users earn Carats, which can be exchanged for cash or gift cards. The amount of Carats earned per ad varies, but users can expect to earn between 1 and 3 Carats per swipe. The app also offers other ways to earn Carats, such as through surveys, offers, and referrals.
S’more is also a mobile app that pays users for displaying ads on their Android devices. For each day that the user has the app installed and has the lock screen ads enabled, they earn 10 points. Users can also earn additional points by completing offers, surveys, and referrals. The points can be redeemed for various rewards, including PayPal cash, Amazon gift cards, and more.
Investing in real estate:
You can use apps like Fundrise or DiversyFund to invest in real estate and potentially earn passive income from rental income or appreciation.
Fundrise is an online real estate investment platform that offers individuals the opportunity to invest in real estate properties that were previously only available to institutional investors or high net worth individuals. The platform offers two main investment options: eREITs (electronic Real Estate Investment Trusts) and eFunds. eREITs are diversified portfolios of real estate assets, while eFunds focus on specific real estate projects.
Through DiversyFund, investors can invest in a variety of real estate assets, including residential and commercial properties. The platform offers two main investment options: the Growth REIT and the Income REIT. The Growth REIT is focused on acquiring properties with high potential for appreciation, while the Income REIT is focused on generating steady cash flow through rental income.
One of the unique features of DiversyFund is that the platform offers a vertically integrated approach to real estate investing, which means that the company manages the entire investment process, from acquiring properties to managing them and distributing returns to investors.