This part 1 of a multi-part series on software developer friendly ways to generate passive income
Part 1: Robinhood
Robinhood is a commission free investment platform that allows users to invest in a wide array of stocks, ETF's, options, and more. The app features an intuitive and well designed user interface on both web and app platforms, allowing for both beginners and seasoned professionals to start trading comfortably, with no commision.
I joined the platform as a beginner with no trading experience. I was happy to see that there was no minimum investment, and quickly began experimenting with penny stocks after connecting my bank account and depositing $5. While this wasn't a winning strategy by any means, I went on to discover the concept of dividends, and a true passive income strategy began to emerge.
Stocks that pay dividends can range in overall price and performance, so it's important to do some research before you purchase shares. I was happy to find that REITs, or real estate investment trusts, can offer lower share prices, reasonable volatility, and higher dividend percentages than traditional stocks.
I've settled with my REIT strategy (as opposed to flashy and volatile tech IPOs) and am happy to be both learning more about the stock market and general investment strategies, while earning a small bit of passive income on the side.
The coolest part about Robinhood is that signing up guarantees free stock, and new users have a chance at scoring high value shares from companies like Apple, Berkshire Hathaway, Tesla, and more.
Stay tuned for part II!