In today's digital age, smartphones have evolved beyond mere communication devices; they are powerful tools that can help you earn and grow your money. Whether you're looking to supplement your income, save for a specific goal, or dive into the world of investments, there's an app designed to meet your needs. This article will explore some of the best money-making and investment apps available, guiding you through their features, benefits, and potential drawbacks.
These applications offer various ways to earn money, from getting cashback on everyday purchases to freelancing and selling unwanted items. They are perfect for those looking to make some extra cash in their spare time.
Ibotta is a popular cash-back app that rewards you for your everyday shopping. It allows users to earn cash back on in-store and online purchases at over 2,000 supported retailers. While it initially focused on groceries, it has expanded to include clothing, entertainment, pet supplies, and more. You can earn cash back by adding offers and submitting your receipt, linking retailer loyalty accounts, or purchasing gift cards through the app. For online purchases, you shop through the app or use the Ibotta browser extension.
Benefits:
•Quick cash back on in-store purchases, typically within 72 hours.
•Offers welcome bonuses and referral bonuses.
•Multiple payment options, including PayPal, digital gift cards, or direct bank transfers.
Drawbacks:
•Earning can be slow; a minimum of $20 in cash back is required for redemption.
•The pending period for cash back varies by retailer.
•An account maintenance fee is deducted for inactive accounts (no activity for 180 days).
Rakuten, formerly known as Ebates, rewards shoppers with cash back on purchases from a vast network of well-known retailers, restaurants, and food delivery services. You can also earn cash back on travel and gift cards. The process is simple: create an account, tap on the store you wish to shop at within the app, and complete your transaction through the portal. You can also link a credit or debit card to your Rakuten account for in-store cash back, provided you activate the deal through the app first.
Benefits:
•Thousands of participating stores and purchases.
•Welcome bonuses for new users and referral bonuses.
•Option to donate a portion of earnings to nonprofit partners.
Drawbacks:
•You must spend money to earn money, and there's a waiting period to receive earnings.
•Payments are sent out every three months, and a minimum cash-back balance is required.
•You must initiate your purchase through the app to receive credit.
Swagbucks is a versatile cash-back and rewards app that offers numerous ways to earn points, known as "SB." You can accumulate SB by shopping online at over 1,500 participating retailers, taking surveys, watching videos, playing games, or completing other tasks. These points can then be redeemed for gift cards, prepaid Visa cards, or cash back via PayPal. While the value per SB is low (1 SB = $0.01), the variety of earning opportunities makes it accessible.
Benefits:
•Many easy ways to earn rewards.
•No waiting period for cash-ins; payments usually arrive within 10 business days.
•New users can often receive a bonus with a qualifying purchase.
Drawbacks:
•Low earning potential per task, requiring significant time and effort for substantial income.
•Users may not qualify for all surveys or tasks.
•Some users report being disqualified from surveys mid-way.
Fiverr is a popular freelancing marketplace that connects freelancers with clients seeking services in over 700 categories, including writing, graphic design, video animation, and more. As a "seller," you create a profile highlighting your expertise and post "gigs" detailing the services you offer, along with your pricing. Clients, or "buyers," can then browse and place orders. Once you complete a job, you get paid. Fiverr assigns seller levels based on performance, allowing top-tier sellers to offer more "extras" like paid consultations.
Benefits:
•Clients come to you, reducing the need for active client prospecting.
•Opportunity to earn tips in addition to regular pay.
•Flexibility to complete gigs on your own schedule.
Drawbacks:
•Fiverr takes a 20% commission on all earnings, including tips.
•A standard 14-day waiting period for funds to clear before withdrawal (seven days for top-tier sellers).
Upwork is another leading freelancing platform that connects skilled professionals with clients across various industries, including writing, design, marketing, and more. To get started, you create a comprehensive profile detailing your skills, qualifications, availability, and desired rates. You then submit proposals to projects that align with your expertise. Clients review these proposals and offer projects to suitable candidates.
Benefits:
•Simplifies the process of finding clients and managing projects.
•Offers flexibility in setting your rates and work schedule.
•Provides a secure payment system.
Drawbacks:
•Upwork charges a service fee, typically 10% of your earnings, which decreases as you earn more from a single client.
•You start with a limited number of "Connects" (credits to contact clients), and additional Connects may need to be purchased.
•Payments are processed after a 10-day security period following the billing cycle.
For those looking to grow their money through investments, a variety of mobile applications offer user-friendly platforms to manage portfolios, access educational resources, and execute trades. These apps cater to different experience levels, from beginners to active traders.
Robinhood revolutionized the investment landscape by offering commission-free trading of stocks, ETFs, options, and cryptocurrencies. It's particularly popular among active traders and beginners due to its intuitive interface and lack of account minimums or monthly fees.
Benefits:
•Commission-free trading on a wide range of assets.
•User-friendly interface, ideal for new investors.
•No account minimums or monthly fees.
Drawbacks:
•Limited educational resources compared to some other platforms.
•Customer support primarily online, with limited phone support.
•Controversies surrounding trading restrictions during volatile market events.
Acorns is an excellent choice for beginners, especially those who want to start investing with small amounts. It operates on a "round-up" principle, investing your spare change from everyday purchases into a diversified portfolio of ETFs. Acorns focuses on educating beginners and provides pre-built portfolios based on your risk tolerance.
Benefits:
•Easy way to start investing with small amounts.
•Automated investing through round-ups.
•Diversified portfolios managed by experts.
Drawbacks:
•Monthly subscription fee ($3 for standard, higher for premium tiers).
•Limited control over individual investments.
•Fees can eat into small portfolios.
Fidelity Mobile is a comprehensive investment app from a well-established financial institution, catering to a wide range of investors, particularly those looking for robust features without being overwhelmed. It offers a broad selection of investment products, research tools, and educational resources.
Benefits:
•No account minimums.
•Access to extensive research and educational materials.
•Wide range of investment options, including stocks, ETFs, mutual funds, and bonds.
Drawbacks:
•Interface might be less intuitive for absolute beginners compared to some newer apps.
•While commission-free for many trades, some specialized investments may incur fees.
Public is an investment app that combines investing with a social network, allowing users to follow other investors, share insights, and discuss market trends. It emphasizes transparency and offers commission-free trading for stocks, ETFs, and cryptocurrencies.
Benefits:
•Social features for community interaction and learning.
•No commission fees for stocks and ETFs.
•Focus on transparency and fractional share investing.
Drawbacks:
•Cryptocurrency trading involves a small fee.
•May encourage speculative trading due to social feed.
Charles Schwab offers a robust mobile app that provides comprehensive money management tools, making it suitable for investors who want to manage their finances holistically. It offers a wide array of investment products, research, and planning tools.
Benefits:
•Extensive investment options, including stocks, ETFs, mutual funds, and bonds.
•Strong research and educational resources.
•Integration with broader financial planning services.
Drawbacks:
•Can be overwhelming for absolute beginners due to the breadth of features.
•While many trades are commission-free, some services or products may have associated fees.
M1 Finance is a unique platform that combines automated investing with a high degree of customization. It allows users to create a diversified portfolio, known as a "Pie," consisting of stocks and ETFs. M1 Finance then automates investments based on your chosen allocations, making it ideal for hands-off investors who still want control over their portfolio composition.
Benefits:
•Automated investing with personalized portfolio creation.
•No management fees for basic accounts.
•Access to M1 Spend (checking account) and M1 Borrow (portfolio lines of credit).
Drawbacks:
•Requires a minimum of $100 to start investing.
•Not ideal for active day trading due to limited trading windows.
•Complex for those who prefer simple, pre-built portfolios.
Webull is a popular choice for active traders and intermediate to advanced investors. It offers commission-free trading for stocks, ETFs, and options, along with advanced charting tools, technical indicators, and in-depth market data. Webull also provides access to extended trading hours and a simulated trading account for practice.
Benefits:
•Advanced trading tools and analytics.
•Commission-free trading for various assets.
•Access to extended trading hours.
Drawbacks:
•Can be overwhelming for beginners due to its complexity.
•Limited educational resources compared to some other platforms.
Wealthfront is a leading robo-advisor that provides automated investment management with a focus on long-term growth. It builds and manages diversified portfolios of low-cost ETFs based on your financial goals and risk tolerance. Wealthfront also offers features like tax-loss harvesting to optimize returns.
Benefits:
•Automated portfolio management and rebalancing.
•Tax-loss harvesting to potentially reduce taxes.
•Access to financial planning tools.
Drawbacks:
•Charges an advisory fee (0.25% of assets under management).
•Less control over individual investments compared to self-directed platforms.
SoFi (Social Finance) offers a comprehensive suite of financial products, including banking, lending, and investing. Its investment platform provides access to automated investing (robo-advisor), active investing (self-directed), and even cryptocurrency trading. SoFi aims to be a one-stop-shop for all your financial needs.
Benefits:
•Diverse financial products under one roof.
•Access to financial advisors for guidance.
•No management fees for automated investing.
Drawbacks:
•Some products may have higher fees compared to specialized alternatives.
•The breadth of offerings might be overwhelming for users seeking a simple investment app.
Betterment is one of the largest and most well-known robo-advisors, offering automated investing and financial planning services. It builds and manages diversified portfolios of low-cost ETFs based on your financial goals and risk tolerance. Betterment also provides features like tax-loss harvesting and automatic rebalancing.
Benefits:
•Automated, diversified portfolios.
•Tax-loss harvesting to optimize returns.
•Goal-based financial planning tools.
Drawbacks:
•Advisory fees (0.25% to 0.40% of assets under management).
•Limited control over individual stock selection.
Selecting the best money-making or investment app depends largely on your individual goals, financial situation, and risk tolerance. Here are key factors to consider when making your choice:
•Your Goals: Are you looking for quick cash for small tasks, a steady freelance income, or long-term wealth growth through investments? Different apps cater to different objectives.
•Time Commitment: How much time are you willing to dedicate? Some apps require active participation (e.g., freelancing), while others are more passive (e.g., cashback, automated investing).
•Fees and Minimums: Be aware of any subscription fees, commissions, or minimum balance requirements. These can significantly impact your net earnings or investment returns.
•Ease of Use: A user-friendly interface is crucial, especially for beginners. The app should be intuitive and easy to navigate.
•Investment Options (for Investment Apps): If you're investing, consider the range of assets available (stocks, ETFs, crypto, etc.) and whether the app supports your preferred investment strategy.
•Educational Resources: For investment apps, access to educational materials and research tools can be invaluable, especially for new investors.
•Customer Support: Check the availability and quality of customer support in case you encounter issues.
Once you've chosen the right apps for your needs, here are some tips to help you get the most out of them:
•Be Consistent: For money-making apps, regular engagement (e.g., consistently taking surveys, applying for gigs) leads to more earnings. For investment apps, consistent contributions, even small ones, can significantly grow your wealth over time due to compounding.
•Diversify (for Investments): Don't put all your eggs in one basket. Diversifying your investments across different asset classes and industries can help mitigate risk.
•Understand the Terms and Conditions: Before using any app, especially those involving money or investments, thoroughly read and understand their terms, conditions, and fee structures.
•Stay Informed: For investment apps, keep up-to-date with market trends and economic news. For money-making apps, be aware of new opportunities or changes in earning methods.
•Set Realistic Expectations: While these apps offer great opportunities, they are not get-rich-quick schemes. Earning significant income or building substantial wealth takes time and effort.
•Track Your Progress: Regularly review your earnings or investment performance.
This helps you stay motivated and make informed decisions.
In conclusion, the landscape of money-making and investment apps offers a wealth of opportunities for individuals to take control of their financial futures. From earning a few extra dollars in your spare time to building a diversified investment portfolio, these digital tools provide convenience, accessibility, and diverse avenues for financial growth. By carefully selecting the apps that align with your goals and consistently engaging with them, you can effectively leverage technology to enhance your earning potential and achieve your financial aspirations. Start exploring today and unlock the power of your smartphone to make and grow your money!
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