Boost Your Income With These New Passive Income Streams in the Shared Economy
The shared, or peer, economy allows you to make money from a skill or asset you have but are not using by lending it out to others.
Taxiing around strangers in your town in your free time for Uber is one of the most popular forms of making some extra money on the weekends. But what if you already have a job, are busy with a young family and/or elderly care, or are just plain lazy? Passive income allows you to make money without requiring your ongoing performance. Letting out a room in your home on Airbnb is among the most popular forms of passive income. Passive income typically involves an upfront investment of your time — writing an e-book, creating crafts for the Etsy craft marketplace, developing a blog or website and selling AdSense.
Surprisingly, only 44% of adults are familiar with the sharing economy, according to PWC. The upside is a lot of untapped potential for sharing exists. Not surprisingly, the collaborative economy keeps innovating and creating new passive income generating opportunities
Provide Peer to Peer Financial Services
Retirees are joining young entrepreneurs and making some passive income by becoming virtual banks. Peer to peer (P2P) lending and money transfer apps, two of the most popular services, act as online intermediaries for borrowers and lenders. You can choose whom you want to assist with a loan. Defaults are higher in P2P lending, but so are opportunities to improve credit screening. UpStart, for example, includes academic performance and experience.
Share Your Electric Car Charger
EVMatch and SWTCH are making it more affordable to be part of the green economy. More and more homes have their own electric car chargers, which are used once a day at most, so why not share them? The service makes it easier for apartment dwellers to own electric cars and charge up closer to their homes.
Rent Your Land To Private Campsites
AirBNB shares fill up quickly at the height of travel season. Campsites can cost as much as an AirBNB rental. The alternative? — rent a private campsite. Tentrr will pay you to rent your land to host a private campsite. Best of all, the tent is already set up and the gear waiting for the campers.
Offer Animal Accommodations
And here are a few twists on old models.
Rent Out Space
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Renting out storage and parking space is an old service. The AirBNB model is pushing into new nooks and crannies of your home. Rent out kitchen space – demand is especially high for industrial quality kitchens – or shared office space (a seat at your dining room table). Many close neighbors would relish parts of your more spacious home. Rent out small storage spaces (a neighbor could need the space under your bed) or your basement (to the winemaker or artist next door). The Rental Kitchen Network also shares walk-in-freezers and convection ovens.
Communities are doing more sharing through apps like NeighborGoods and FluidMarket. Big items (ski car racks, tents, lawn furniture for a party) and expensive occasional use items (think power tools, home painting tools, lawn mowers, snow clearing machines) are popular.
Sports rentals are a big business, but expensive for vacationers who need skis, jet skis, surfboards, bikes and more. Spinlister’s sports enthusiasts can make up to $500 a month on their insured rentals.
Income generated by the shared economy is taxable. Opportunities may exist to reduce your tax bill, such as deducting the cost of repairs and improvements on a room rented out on AirBNB. Many shared services sites provide a primer on taxes and tax tips.
Related: 18 Ways to Make a $100 This Weekend
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