NEW YORK, August 23, 2021 (Newswire.com) - Passive income is an integral part of building wealth, and there are many ways to earn passive income. One way that's often overlooked is downloading apps that generate small incomes without any work on your part. Yieldstreet offers one app that enables investors to crowdfund investments like real estate, tapping into asset classes traditionally dominated by hedge funds.
Here are four other apps a retail investor can download to generate passive income. These apps offer investments other than stocks.
One of the easiest ways to start investing is with the Acorns app. You can even start investing if you don't think you have enough money to do it. The app analyzes your spending patterns and rounds up to the next dollar on transactions. The spare change is then invested into various asset classes, enabling any retail investor to invest even with tiny amounts.
Acorns costs $1, $3 or $5, depending on which account type you choose. College students and investors younger than 24 can get free access to the app.
This app enables you to generate passive income by lending money to peers. MyConstant differs from other peer-to-peer lending platforms because it acts as an alternative investment platform and only offers securitized peer-to-peer loans.
MyConstant requires collateral in the form of cryptocurrency or other hard assets to back all loans. Because the loans have collateral, they are lower risk than non-secured loans on other platforms.
DiversifyFund allows you to invest in the real estate markets, especially the private markets. The app enables everyday investors to buy shares in a portfolio of multifamily real estate. Traditionally, investors needed large amounts of investable capital to be able to buy real estate, but DiversifyFund makes this easier for the average investor to get into real estate.
There are no net worth restrictions, and the minimum investment is only $500. The app enables the average investor to diversify outside stocks and bonds by adding alternative investments.
Finally, LendingClub has launched an app for individual investors to lend money to other individuals and earn a nice interest rate in the process. The app allows average investors to invest in consumer credit, an asset that was previously available only to institutional investors and banks.
LendingClub allows investors to oversee the entire lending process via their smartphones. They can check the value of their account and portfolio of notes, manage their automated investing strategy, add funds to their account, and manually invest in notes. The app makes it easy to invest in consumer credit without the need for a computer.
Generating passive income is an excellent way to build wealth, and it's easy to do, no matter how much money you have to invest. The best thing you can do is get started, even if you're just investing dollars and cents in the beginning. Over time, you'll watch your wealth grow steadily.