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10 Best Apps to Make Money in 2020 — Dividend Investing

03 May 2020

How can you make money straight from your phone? Here we break down the best apps to easily make dividend income, and the different types of investments you can do it with — stocks, bonds, REITS, real estate, robo investing, debit card investing, 401k, and more.

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Last week on the subway, we noticed an 80-year-old woman trading stocks straight from her phone. It was a bit of a revelation of just how easy it has become to make and manage money on-the-go. So, we wanted to do a video and post about 10 top apps that help you find the right tools for you.

Stock Trading

Robinhood has become the clear leader in the space for now. They were a pioneer in commission-free trading. It used to be, you had to spend $7- $12 for each and every transaction. Robinhood has abstracted this away, as it now offers no fee trades. In the years since it rolls out, we've seen the entire industry follow with even those legacy brokerages like TD Ameritrade following suit.

One of the other unique features that Robinhood recently rolled out was factional shares of stocks. Let's say that you're young and just starting out and you only have a couple hundred bucks to invest. You're looking to invest in Tesla, but it's in the vicinity of $700 - $800 per share. Traditionally you would've been shutout, but now you can purchase just a portion of a share rather than the whole thing.

Of this class, Charles Schwab is actually a great option. Somewhat ironically, they're essentially the forefather of retail investing, but are staying relevant with fee-free trading and solid apps and services.

With commission-free trades and fractional shares, suddenly stocks have become accessible to many more people. Apps like Robinhood are a great way for people to get started with investing.

Even if it's $100 here, and $100 there, all of a sudden you have a $1000... and then $5,000.... And you are on a steady track to growing your wealth.

Debit Card Investing:

This is somewhat like forced, passive savings via a debit card. The way it works — you'll get a debit card, and as you spend, your purchases will be rounded up and invested into a high(er) yielding savings account.

For example, if you go to Starbucks, you spend $3.50 on a fancy coffee, then the transaction rounded up to $4 with the extra 50 cents invested for you.

While tiny increments of $0.5 here and there might not seem like much, on a recurring basis and with the power of compounding it can add up to something significant. Again, this offers a great opportunity for people just starting out, to learn about investing and get the ball rolling in the journey toward growing your wealth.

The three big apps in this category are M1 Finance, Acorns, and Stash.

Now each one of them has their own advantages and disadvantages. We'll get into in another post and video, but our favorite in this category is Acorn. It has the lowest fees, it has free stock trading, it has exceptional UX and interface.

Real Estate

For those more advanced and well-resourced investors, real estate is another area near and dear to our hearts.

The number one real estate app is Fundrise, who has several billion dollars invested with them and an impressive portfolio of properties across the US. You can put in $500,000 and own a fraction of a piece of real estate.

Historically, they've see strong dividends at around 8 - 12% dividends, and this gives investors a quick and easy path to diversifying from their stock-heavy portfolio.

Remote Ventures is another important platform for simple and low-cost access to fractional real estate. What's distinct about Remote Ventures, is our app is all about international real estate.

You can put in as little as $500 or $1000 and own a share in incredible properties from all around the world. This offers an even greater degree of diversification as you're getting exposure across different asset types as well as additional geographies.

Robo Investing

The final category focuses on robo advisors, which are typicallly focused more on long-term investments such as your IRA or 401k.

These have been around for some time, and the mainstays are players like Wealthfront and Betterment.

Rather than having to manually monitor and reallocate your assets on a continual basis, a robocalls advisor is doing this on an automated basis.

You can think of it kind of like a 'set it and forget it' structure... though you may want to periodically fine tune or tweak the parameters if your situation or risk profile changes.

The problem that we've seen with robo advisors is exorbitantly high fees, some of them as high as a half a percent or a quarter of a percent.

Making and Managing Money On-the-Go

We looked at several different apps to help you buy stocks, bonds, real estate, invest your 401k, and more. The proliferation in accessible investing apps has been an incredible force to help people get started investing — which is perhaps the most important step of them all.

To grow your wealth, you need get in the game and start actively generating cash flows, which all of these top apps can help you make happen.

Remote Ventures is an international real estate investment company building software to help you scout foreign markets, find up-and-coming neighborhoods, identify and analyze properties, close deals, and turn them into cash-flowing investments.

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