Search for the term passive income, and you’ll receive numerous results. When browsing aimlessly before bed one night, I found a lightbulb-moment as my Instagram feed led me to MoneyMade.
Passive Income Refresher
Remember – not all types of passive income streams are created equal.
Some take years to build and require ongoing maintenance.
Building a Balanced Dividends Passive Income engine takes patience.
Regardless, of the type or one’s definition, every type of passive income takes at least some upfront work.
My goal is to continue to build multiple streams of income. One consideration though – what do you do with the extra income?
Yes, I could spend it; I do this to some extent.
However, I want to put that income to work in other investments to continue to grow.
There are so many options out there.
This is where MoneyMade makes things easy.
MoneyMade.io Overview
As the MoneyMade mentions:
“There’s more ways than ever to invest online today”
No doubt. I saw over 100 options on the MoneyMade site.
MoneyMadecollates these various platforms into a useful database for users to search, filter, and review.
Links to the various platforms will take you to the underlying site.
Honestly, I’ve come across the dot(.)io – as opposed to dot(.)com – domains only a few times.
I had to google the “io” meaning, which is input/output.
Apparently, these domains are gaining in popularity but it seems the traditional dot(.)com domains are still the most prevalent.
Regardless, I thought this was interesting.
Investor Quiz
To help make users make an informed decision and present potential options, the site offers an investor quiz.
Now composed of four questions (it was originally six), the quiz covers:
- Risk – what level of risk are you comfortable investing
- Cash Payments – what is your primary investment objective
- Timeframe – how long do you intend to invest
- Accredited – are you an accredited investor
Utilizing a few responses, users are then presented with various options to review further.
Passive Income & Investment Options
MadeMoney organizes the platforms and apps into two overall categories:
- (1) Investing
- (2) Trading
Next, we’ll dive further into each and also highlight some of the key sub-content.
MoneyMade Section #1: Investing
This category includes the various asset classes or products and types within those product areas.
The filters or search criteria include:
Type
- Collectibles
- Commodities
- Farmland
- Loans
- Real Estate
- Robo Invest
- Startups
Returns
- Interest
- Dividends + Value
- Value
Liquidity
- Easy
- Moderate
- Hard
Payout
- Daily
- Monthly
- Quarterly
- Asset Sold
Rating
- 1 star
- 2 stars
- 3 stars
- 4 stars
- 5 stars
- Unrated
Note – on the rating, I see some investment platforms already have stars.
The site also says that reviews by “Financial Professionals” and “the People” will be coming soon.
MoneyMade Section #2: Trading
In summary, these are the exchanges or platforms to buy and sell other types of securities/investments.
The filters or search criteria include:
Trade
These are the different asset classes or products available across the various platforms referenced on MoneyMade.
Users can further filter in/out the tradable assets or products that interest them.
The list of options include:
- Stocks
- Fractional Stocks
- ETFs (Exchange-Traded Funds)
- Mutual Funds
- Bonds
- Options
- Futures
- Forex (Foreign Exchange)
- Crypto (Crypto Currency)
Expertise
- Beginner
- Moderate
Rating
- 1 star
- 2 stars
- 3 stars
- 4 stars
- 5 stars
- Unrated
Users can also sort by fees, account minimums, and ratings.
MoneyMade Initial Thoughts
Perhaps I’ll do a further review of MoneyMade in the future.
Here is what stuck out immediately to me.
MoneyMade Interface
The site’s design is simple and clean; I found it very easy to navigate.
Overall, the site has a beautiful interface.
Investment Ideas with MoneyMade
I’m familiar with many finance apps and platforms.
While I do use a few that are on the site, MoneyMade proved me wrong – there are so many new options.
I want to explore a few potential ideas. I also like that the platform covers both newer players in addition to the regular investment providers.
There is a good mix, which makes things transparent for users.
Money Made is Informative
Perhaps not educational, but I did find the site informative.
The investor quiz is helpful. It’s a great starting point to guide users to potential investment and passive income ideas.
On the desktop version, the site shows some additional details. Users can also see a further explanation of the topic when a user hovers the mouse over a question.
MoneyMade Summary
I intend to utilize MoneyMade and check out many of the options listed on the site. The site is well designed and very useful.
I’ve also subscribed to the site to be notified of any new platform listings.
Overall, I appreciate the optionality the site offers users.
Readers, have you utilized MoneyMade before? Are there any other sites or sources that you’d recommend? What are your thoughts?
Related:
M1 Finance: Monthly Balanced Dividends
Fundrise Passive Income Review: 18-Month Update
Qapital 18-Month Update: (Non) Passive Income Review
Our favorite free financial tool is Personal Capital. We use it to track our net worth, manage our spending & savings, and to monitor our investments. It’s simple and free to use.
Passive income is becoming a bit harder during the pandemic, as companies cut dividends and interest rates plummet towards zero. Good timing on your article to explore alternative methods to get this accomplished.
Thanks for the comment. Yes, yield is much lower on fixed income assets as well as equity dividends.