Three Apps for Passive Income
So in today’s aricle what I want to do is show you guys three different apps that you can use when it comes to earning a passive source of income. Now on this channel I don’t like to teach you guys, you know, short-term ways or get-rich quick schemes. I like to teach you the fundamentals of how money actually works and methods that you can use when it comes to earning money not just today, not just tomorrow, but far into the future.
Making Money with the Stock Market
So the apps that I’m going to be showing you today, they’re not gimmicks, you know, they’re not ways for you to just earn $50, $100 overnight. I’m going to be teaching you realistic strategies that have used for me to generate tens of thousands of dollars in passive income without me having to lift the finger. And the way that I’ve been able to make all of this passive income simply by using apps is by making money with the stock market.
Passive Income While You Sleep
Now there’s various different ways that you can make money with the stock market. Some methods are not so passive, other methods are, and in this article I just want to give you guys a beginner understanding of what you need to know when it comes to utilizing the stock market in a way so that you can earn money even when you’re fast asleep.
Easiest Way to Make Money
Now moving on to one of the main Pros that I’ve noticed by buying into the stock market, investing into index funds and making a passive income this way is that it’s probably the most easiest way that I’ve ever made money. all I’m doing is using a simple iPhone like this, buying into an index fund, making sure that I set everything up so that everything is automated. But now that we’ve got the foundations of how all of this works out of the way and everyone’s on the same page, this now brings me on to the first app that I would recommend that you use when it comes to investing into the stock market which is Mumu.
Mumu: A Beginner-Friendly Investment App
Now Mumu has various different advantages and I recommend it for so many different reasons and if you’re based in any of these different countries you’re going to be able to sign up to Mumu. If you’re based in the US, Canada, Singapore, Australia, Japan or Malaysia then this app is the one that you should consider using mainly because your money is going to be protected. Of course you need to read up on your specific country and make sure that you have an understanding of how your money is going to be protected but just generally speaking when it comes to using the app I would say that it’s quite beginner friendly, you know, it’s user friendly, it’s got a decent interface, they’ve got so many different index funds that you’re going to be able to invest in to.
Investing in the S&P 500 with Mumu
If I just click on US and then click on ETF right here as you can see they’ve got all of these different index funds that you’re going to be able to buy into. Now as I’ve already said the main one that you want to look at is the S&P 500. So if I just click on VOO which is the ticker symbol this is the interface right here. It might seem a little bit complicated but literally if you wanted to buy into something like the S&P 500 all you got to do is click on trade then click on buy and then from here you’re going to be able to set your amount.
Manual Investing and Future Automation
You are going to have to manually come in here once a week and buy into it, you know, if you do want to buy into it once a week, twice a week, three times a week, you’re going to have to come on to it and manually do it yourself. They are looking to add an automation feature where you can automatically buy into something like the S&P 500 and not manually do it yourself. That should come out in the next month, two months, so you are going to have to manually do it but the main benefit to Mumu is the bonuses that you get when you first sign up.
Earning Interest on Uninvested Money
So if you deposit a certain amount of money and you’re waiting to buy into a particular Index Fund I.E the S&P 500, the money that’s sitting in your Mumu account you’re going to be able to earn up to 8.1%. You do need to read the terms and conditions but you’re going to be able to essentially earn a passive source of income in the form of interest on the money that you haven’t even invested yet.
Trading 212: UK-Based Investment App
But this now brings me on to the second app that I want to show you guys that you can use when it comes to investing into index funds specifically if you’re based in the United Kingdom which is trading 212. So if I just jump back onto my iPhone and set up a screen recording I’m going to put it on that side over there so that you can clearly see it. Once again this is one of the many personal portfolios that I use when it comes to buying into things like the S&P 500. As you can see in this one I’ve been able to get a profit back of around £5,500 and all I simply did was made sure that I was buying into these particular index funds over here on a consistent basis.
Consistent Investing Strategy
The way that I like to do it is buy into it a couple times a week depending on how things are going. Sometimes I even buy into things like the S&P 500 five times a week but on average if you’re a complete beginner I would say that once a week is completely fine. Now the reason why trading 212 is a decent app to use if you are based in the UK is because of their automation feature.
Trading 212’s Pie Feature
Now they’ve got something called pies so if I just click on pies over here the way that the pies feature works is that you’re going to be able to create one and from here you’re going to be able to select whichever index funds that you want in a particular pie. So E.G if I just click on ADD instruments and search for the S&P 500 and then select it just like this, add it into the pie and I’m going to be able to do the exact same thing with any other index fund that I want to add but for now I’m just going to click on next.
Auto-Invest Feature
From here as you can see they’ve got the auto invest feature which means that you don’t have to do anything. You don’t have to manually invest the money. You’re going to be able to set up a payment from your bank account directly into your trading 212 app, use this Auto invest feature and everything is going to be automated. The Investments are going to be automated, the dividends that you’re going to be able to make are also going to be automated too.
Tax-Free Investing with ISA
Using this app makes things really efficient, a lot quicker, a lot more simple and you’re also going to be able to use their ISA account as well. If I just come back over to the homepage click on this option over here as you can see I’m using their stocks ISA account which means that the money that I’m investing into it is completely tax-free. If I wanted to take the money out of course there’s a certain amount that you’re allowed to invest but the profits that I make on that money I don’t have to pay any taxes and there is a little bit more that goes into being able to not pay any taxes on the profit that you make and if you wanted me to make a dedicated.
Invest Engine: Business Profit Investing
Now this one is slightly different in the way that I use it. Again this is one of my many portfolios and the main way that I like to use invest engine is by investing my business profits. So what most people will do is they will start an online business, a side hustle, they’ll make money from it, you know, of course they’ll reinvest their money back into their business but they’ll have some extra money that they’ll just keep in a current account, maybe a low interest savings account but once you get to the point where your business is giving you a decent amount of returns and profits the smartest thing to do is to put that money to work so that you can of course make additional money on the money that you’ve already made and that’s the reason why I tend to recommend invest engine if you’ve got a UK based limited company.
Investing in Your Business Name
Now not every single platform out there is going to let you put a portfolio in your business name but this is something that they allow you to do and as you can see in this portfolio I’ve been able to get back a return of almost £4,000 in a short amount of time and by the way all of this profit that I’m showing you I can withdraw it right now, put it in my bank account, spend it on whatever I want but because I leave it in here I’m able to continuously keep earning from it.
Bonus Offer for Invest Engine
So using invest engine is definitely something that I would recommend that you do or any portfolio out there that you’ve done your research on that allows you to open up the investment account in your business name and it goes about saying that if you did want to register with invest engine and get some sort.
Active Income for Passive Investing
Now when it comes to being able to invest and make a passive source of income with all of these different apps the main thing that you need to understand is that it’s all going to come from you having some sort of active income coming in first. The more money that you make from something like an online business or some sort of side Hustle the more money you’re going to have readily available for you to invest.
Building Multiple Income Streams
So making a passive income with all of these different apps that I’ve shown you is just one piece of the puzzle. You also need to make sure that you’ve got the mindset of bringing cash flow in on a daily, weekly, monthly basis and my recommendation to any beginner out there is to start some sort of an online business that has the potential to also earn a passive source of income too. By doing this you’re going to be able to build up multiple different streams of income that you don’t necessarily need to break your back for but yet you can earn $5,000 per week, $10,000 per week and you’re going to be able to continue scaling it.
Free Master Class Offer
Now if you wanted to get a little bit more information on one of the best side hustles that I believe has the potential to earn a passive source of income I’ve got a completely free Master Class down below. You’re going to be able to join that master class and kind of understand the different tricks, tips and hacks that I wish someone sat me down and told me from day one because it would have just sped up the process and allowed me to get to the point where I’ve been able to quit my 9-to-5 job, travel around the world to various different amazing locations while still being able to bring in a source of income even when I’m fast asleep.