9 Best Passive Income Apps To Make Money in Aug 2022

Multiple streams of passive income can mean the world to you if you plan on getting out of the clutches of the 9 to 5.

More time, more freedom… and control over your life. Who doesn’t want that?

The brutal fact is that most people have to continually work at traditional jobs for a major part of their lives.

While there’s nothing wrong with this reality, you can hasten your financial freedom date by cultivating various ways to make money that do not require a constant daily effort.

I previously wrote about 15 legit passive income ideas that pay well.

This current article covers the best passive income apps you can use to make money in Canada and the United States.

What is Passive Income?

Passive income refers to money you earn that does not require ongoing effort.

Don’t get me wrong.

While there are some passive income strategies that are simply “set and go” from the start, many passive income opportunities require lots of work initially before they start generating income on a consistent and recurring basis.

best passive income apps canada

Best Passive Income Apps in Canada

The best passive income apps will help you make money using your smartphone or computer. 

From investing apps to cash back and side-business apps, there is an iOS or Android app you can use to generate residual income.

1. Open a High-Interest Savings Account

Savings accounts have gotten a bad rap over the last decade, with consistently low savings rates making them less attractive. 

Online banks are changing the narrative.

Financial institutions such as EQ Bank, Neo Financial, and Simplii Financial are now offering high-interest savings accounts that in some cases pay 100x the rates being offered by traditional banks.

EQ Bank: It offers a high-interest savings rate that is up to 150x what some big banks are offering. This hybrid account also offers free and unlimited bill payments, Interac e-Transfers, and mobile cheque deposits.

You can access your savings accounts with EQ Bank by using its mobile app. Read this EQ Bank review for more information.

A high-interest savings account is one of the safest ways to keep your money. You may not earn extraordinary returns, however, you can almost guarantee your returns. There is also protection offered through regulations and insurance deposit insurance.

Lastly, no effort is required on your part.

2. Automate Your Investments

Investing in the stock markets is a time-tested way to become wealthy.

There are no easier ways to participate in the financial markets than to automate it using well-diversified low-cost ETFs (index funds) and an online investment manager.

Also known as robo-advisors, these online wealth managers take the guesswork out of your investments and set you up with a portfolio that matches your risk tolerance and investment objectives.

They manage everything so you can sleep well at night while paying lower fees than you would otherwise pay for the mutual funds at your bank.

Wealthsimple is Canada’s premier online wealth manager. They offer free financial advice automatic rebalancing, an award-winning app, a cash bonus when you fund your account with at least $500, and more. 

It is almost “set and forget.” You can read my Wealthsimple investing guide for more details.

Try Wealthsimple and receive a cash bonus.

3. Earn Dividend Income

When you purchase the stock of a company or business, you become a part-owner and may be eligible to share in their profits by way of dividends.

Dividend-paying stocks can provide you with a steady income for life and you can also earn capital gains if you decide to sell the stock after it has appreciated in price.

All investments carry an element of risk and you need to know what you are doing to be successful when buying and selling stocks.

You can purchase stocks using an online brokerage account. Two online trading apps I recommend are:

  • Wealthsimple Trade: Offers FREE trading on thousands of Canadian and U.S. stocks and ETFs. Open an account here ($25 bonus) or read the review.
  • Questrade: They offer self-directed online trading of stocks, ETFs, mutual funds, options, etc. Open an account ($50 free trade credit).

If you are not up for the hassle of researching stocks and their financials or fundamentals, consider sticking with a robo-advisor.

Related posts

4. Get Paid To Shop

This semi-passive income strategy pays you for things you already do. The best cash back apps are mostly automated and you simply get some money back every time you shop.

Cash back apps won’t pay you a ton of money, however, the 1-5% or more that you get back will not hurt your wallet.

Five of the top cash back apps I use to generate some income are:

A. KOHO: This free prepaid card and budgeting app pay you 0.50% cash back on all purchases. You earn real cash back and also get access to a high savings interest rate on your balance (1.20%) and early payroll.

Sign up for KOHO and get a $20 bonus after making your first purchase. You can also read this KOHO review.

B. Ampli: Ampli is a newer cash back app and a must-have if you shop at Leon’s, Lowe’s, Burger King, Mark’s, SportChek, and several others. Cash back is earned and tracked automatically with this app.

Join Ampli plus a $5 bonus and check out this full review for more information.

C. Rakuten: Formerly known as Ebates, Rakuten is the most popular cash back app for purchases you make online. They are partnered with more than 750 stores in Canada and 2,000+ in the U.S.

Join Rakuten and get a $30 bonus after making your first purchase of $30 or more. For more details about how Rakuten works, check out this guide.

D. Caddle: This last cash back app is just as good as the others. You earn real cash back for shopping in-store and online, watching video ads, and taking 30-60 second surveys. Sign up for Caddle.

E. Drop: The Drop app automatically tracks your purchase when you pay using a linked debit or credit card and rewards you with points. You can redeem your points for hundreds of gift cards and merchandise.

Join Drop and get a $5 bonus. You can also read this complete review.

5. Start a Blog

Honestly, starting a blog is a tough endeavour. However, if you are able to put in the work and get it going, you can easily earn thousands of dollars every month.

Your blog can cover any niche or subject of interest and you can easily start using the free WordPress software. A cheap and reliable web hosting like Bluehost will cost you about $5 per month.

For more information on how to start a blog, read my 6-step ultimate guide for building a money-making blog.

Your blog can make money from display advertising, product sales, affiliate marketing (more details below), membership fees, online courses, and more.

The most popular blogging platform, WordPress, is also available on smartphones so you can work while on the go.

6. Start an Online Store

The idea of an online or physical store often makes people think about the WORK involved. 

Yes, your online store will definitely require some effort when you are starting up, however, you can easily automate things.

Dropshipping and the internet have made it easy for you to sell products you don’t own or keep an inventory of. Potential customers visit your site, order products, pay, and the vendor ships them the product directly. You can also sell digital products.

Shopify offers an easy mobile-friendly e-commerce platform for everyone. Using their pre-made templates, you can have your store up and running in no time.

They also offer a 14-day free trial.

7. Earn Rewards for Exercising (Sweatcoin)

The Sweatcoin app pays you to exercise by giving you points when you walk and are active.

This free workout app offers a passive way to earn free sports merchandise as well as cash through PayPal, and it is also fun to use.

Learn more about Sweatcoin in this guide or download the app.

8. Use Affiliate Marketing

If you have a blog or other online following e.g. Facebook, Instagram, Pinterest, and Twitter, you can make money through affiliate marketing.

Basically, you promote other people’s products and services to your audience and earn a commission when they make a purchase. There are folks who make six-figure incomes every month from this gig.

Armed with your phone, there are so many ways you can earn income on the internet these days!

9. Rent Your Stuff

Sometimes, there’s just no need to re-invest the wheel. If you already have assets you are not using, consider monetizing them to generate passive income.

Airbnb: This app makes it easy to list an unused room in your home for rent or your entire home if you so wish. The company vets all potential renters and provides insurance coverage to keep your mind at peace. 

This gig can easily make you thousands of dollars every year.

Turo: This car-sharing app allows you to rent out your car and it is often referred to as the “Airbnb of Cars.” Easily list your car for free and set your own price and availability.

Car owners earn 70% or more of the trip price and enjoy a free $2 million in liability insurance and physical damage protection.

List your car on Turo and earn an average of $600 per month. You can also read my complete Turo review.

How Much Money Can You Make?

How much passive income you can generate will depend on the strategy you deploy and in some cases, how much capital you invest initially.

An established blog may earn $50,000 per month while a fairly new blog may generate only $1,000 per month. A savings account will pay you interest based on the interest rate and your principal.

With multiple and diverse streams of income, you can rest assured that come rain or shine, your expenses are going to be paid for.

What are the Best Apps to Make Money?

There are tons of apps you can use to make and save money. I have written about some of them in the posts below:

For an exhaustive list of ways to make money, check out this list of 113 side hustles.

Are there any other passive income apps you are using and love? Leave them in the comments!

9 Best Passive Income Apps To Make Money in Aug 2022

Top Make Money Offers this month

Start with $5 on the most popular get paid to site

Get paid to answer surveys and complete other simple tasks.

Redeem earnings for gift cards and cash rewards.

$5 bonus when you complete the profile questionnaires.

Best free prepaid card in Canada + $20 cash bonus

Get 0.50% cash back on all purchases online and in-store.

Includes a free budgeting app and unlimited debit transactions.

Earn interest on balance + access to a credit-building tool.

$20 cash bonus after first purchase (use CASHBACK referral code during signup).

Get paid to shop using RBC's cash back rewards app + $5 bonus

Free cash back app for iOS and Android phones.

Earn rewards when you shop and redeem earnings via Interac e-Transfer.

$5 bonus after connecting a payment card to the app (use promo code AMPLI5).

Best cash back website for online shopping + $40 bonus

Get access to 750+ popular retailers and brands.

Cash back is automatically tracked and credited to your account.

$40 cash bonus after your initial online purchase of $40+.

Start a work from home freelance proofreading business

Become your own boss and work at your preferred schedule.

Earn up to $43 per hour.

Take a free 76-minute workshop to get started on your journey.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “9 Best Passive Income Apps To Make Money in Aug 2022”

  1. Thanks for the wonderful article. I have been try making my passive income like create blogs, affiliate marketing, youtube content creator. It take lots of time and research, and hard work.

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