How to Make Money by Renting Your Unused Space

The sharing economy provides enormous opportunities to make money. Consequently renting the unused space in your house will earn you money. However, it does require a different relationship with ownership. Certainly, for some people, this will take a huge effort. We are still pretty much attached to our individual habits and self-center mindset. Even though one could evoke safety reasons as the main drawback. After all, you are renting your unused space to a complete stranger. That said if you are able to mitigate that risk, the pay-off could be consequent.

Takeaways :

Nowadays, people who optimize their time, resources and property take home residual income. That is because the sharing economy model is creating a massive wealth transfer and generating a wonderful chance for people to supplement their income. That is why renting your unused spaces in your property is a great way to generate passive income. Below is a non-exhaustive list of unused spaces we have :

  • Room
  • Driveway
  • Basement
  • Garage
  • Garden
  • Patio

All those spaces can be rented out and utilized for multipurpose activities. For instance:

  • Basement: rent out for storage or as a studio or additional room
  • Room: host guests
  • Driveway: parking
  • Garage: Startup or music band
  • Backyard: social events or camping
  • Patio: social gatherings

Nevertheless, cashing in will only be possible if you leverage the power of the community. As an illustration, creating connections with your neighbors and coworkers will put you in a good spot. Also, if you join sharing economy communities you will receive offers and assess needs.

Advantages of renting your unused space:

  • Generates passive income: people already involved in the business model report decent additional income. in some cases, it is their full-time job.
  • Make mindful connections: one of the great benefits of participating in the sharing model is the among of wonderful connections that you create.
  • Your property paid for itself: Yes, if you are active and aggressive in the model the additional revenue generated will go a long way in helping you secure your property is paid off.

The math:

John lives in Boston MA, he has a spared room in his 03 bedroom house.

  1. Cost:
  • Mortgage payment: regardless need to be paid
  • Utility, cable, and others.
  1. Revenue: a conservative approach
  • John gets on average $700 per month renting his extra room on Airbnb.
  • Plus there is an online e-commerce startup that is renting his basement for storage: $500 per month for a year.
  • Occasionally, once a year his backyard is rented out for special events by a local community for $200.
  • Total revenue: $1200 per month on average + $200

Profit: That is passive income that does not require any additional set up cost because space is available and unused.

Learn how you can make money renting your unused space:

Here is a compilation of relevant start-ups to rent out your unused space.

How To Make Money Cooking at Home

Restaurants in private homes are increasingly gaining popularity all over and disrupting the traditional eatery business model. Indeed, that is because the culinary options are limitless and the barrier to entry is non-existent. Furthermore, they are extremely affordable compared to classic restaurants. However, venues and hosts need to be thoroughly vetted.

Takeaways :

Restaurants in private homes offer a wonderful chance to interact with people while sharing a good meal. Nevertheless, the safety of the guest should always be the top priority. Other than that they have some great benefits.

Advantages: earn money by running a restaurant at home:

  • Platform to experiment a lot more with ingredients: by hosting people at a regular base you can sharpen your cooking skills and try a lot of more as most guests are open to trying new things.
  • Great way of meeting people: good foods always bring people together and this business provides the perfect opportunity.
  • Additional revenue: It is a perfect way to make additional revenue.
  • It is a winning concept: You meet new people, improve your culinary skills and make money.

The math:

$10 per person for 10 people, Nonetheless, If you put in some effort in creating a great atmosphere in your house and you can command more that.

  1. Cost:
  • Most of all your cost will be variable costs and the effect of buying in bulk will lower the price. Because you will also shop your household.
  • Your margin fixed cost will extremely low.
  1. Revenue: a conservative approach
  • $10 per person for 10 people, twice a week that’s $200 every week.
  • Be creative at a delivery service.
  • Monthly revenue: $800

Profit: You can except in the worst case scenario to break-even or make an average of 10% to 20% per night. The best you can turn it in a recurrent income stream.

Learn how to earn money by running a restaurant at home:

Watch the Tedx video below and appreciate what it takes to turn your house into a home restaurant.

They are some startups that embraced the model and turned it into a lucrative business. In the light of Airbnd and others from the sharing economy. Here is a list of the best known:

What is an Office Lottery Pool?

Invest money in an office lottery pool to increase the odds of winning big at the lottery. Usually, two or more people pool their money together for a chance to clinch the jackpot. But among the myriads, an office lottery pool which involves co-workers is one of the most challenging. That’s because a win can draw you together or land you in court. Indeed, there are numerous stories of people who were cheated by co-workers or things that went wrong after winning.

Takeaways :

Take some precautions to avoid any disputes or even potential lawsuits. You can take these steps to escape most of the hurdles and safeguard yourself.

  1. Name a leader you trust: decide who is going to buy the tickets, make copies, keep the records, etc.
  2. Create a contract: a simple contract that spells out the big issue will go a long way in preventing any future conflict. Mainly the idea is to agree on general rules. The contract can include who is playing, how often, fix the amount for buy-in, how you will claim winnings, provide copies of the winning tickets, whether you will let the computer choose the numbers or if someone will choose the numbers, etc.
  3. Make it public: it is important to make the contract public to all participants to eliminate any uncertainty around co-workers involvement.
  4. Make copies of the tickets: share copies of tickets before drawing with all participants.
  5. Keep the tickets safe: Safe the tickets but make sure all participants in the process can get access to them.

Advantages to invest in an Office Lottery Pool :

  • Increase your chances of winning the jackpot: a single ticket has 1 in 296 million chance of winning. Effectively, an office lottery pool will increase the probability by leveraging the power of the office community.
  • Create a strong sense of belonging among the co-workers: undeniably participating in office activities bring co-workers together.

The math:

$2 for a ticket for a potential of million. indeed, more tickets more possibilities. But it is an investment so you can also lose everything.

  1. Cost:
  • Depending on the lottery, ticket varies from $1 to $2
  1. Revenue:
  • Potential gain varies from thousands to millions of dollars

Learn how to make money Invest in an Office Lottery pool :

What is Carpooling ?

Carpooling is best known as the activity of making a regular journey in a single car with one or many people. Usually, two or more people come to an agreement to take turns to drive the others. However, one person can drive each commute. In addition, the model involves all sort of mobility vehicles.

Takeaways:

Carpooling is a great way to organize your commute among colleagues, classmates, neighbors, friends or even family members. Whether, it is for grocery shopping, work, school, sports games, or any social activities, this system turns out to be extremely useful and effective. Nevertheless, it is important to have everything agree upon such as the cost-sharing, the driving arrangement, driving responsibilities, beforehand.

Advantages of carpooling :

  • Increase well-being: less time driving equates to a better health condition and a better overall sense of well-being. There is growing evidence of correlation car pollution with some health diseases.
  • Save money: you will save a lot of money on car insurance, car maintenance, parking, gas, and lease every month
  • Cut down on traffic: nothing worst like traffic especially after a long day.
  • Cut down on pollution: for those concerned with the environmental impact generated by main cars on our road, carpooling will be an alternative.
  • Community buddy: one of the biggest benefits of this type of commute is the social bond and network that you creates within your community.

The math:

You share a car with your wife. She drives you to work every day and pick you up after work.

  1. Cost:
  • Buy a car depending on your budget
  • Share gas cost
  • Car maintenance cost
  • Insurance cost
  1. Savings: a conservative approach 01 car per family.
  • You get to save on car payment
  • Car insurance
  • Gas
  • Car maintenance
  • Opportunity cost

Total savings: between 30% to 40% an average per month. That is additional money in your wallet. Obviously, this will require a mindset adjustment. Also, you can estimate how much you can save with this website service https://www.rideshare.com

How to make money carpooling?

Unlock multiple benefits by driving your friends or coworker to work. Such cash, parking vouchers, gas and of course making new friends.

Washington, D.C., metropolitan area, has implemented a program that allows carpoolers to make up to $2 per day over a 90-day period for a maximum incentive of $130. Check out more information on the official website commuter connection. Your earning can increase based on incentives.

Across the country similar programs are being implemented:

    • Birmingham, Alabama, drivers make up to $70 over 90 days for taking alternative transportation or carpooling.
    • South Florida, you can earn up to $150 (depending on the size of your carpool) per month or eight free hours toward a car-sharing program in Miami if you register or are part of a carpool. More information here.
    • Near San Jose, Calif., drivers get up to $60 in free gas for carpooling. People who drive on the busy highway between Boulder and Denver can make more than $75 for carpooling or vanpooling. Check more details here.

Find carpooling members

Website such as rideshare is an awesome resource to help out. In addition RideJoy, Carpoolworld, eRideShare, Carticipate, and Zimride.

Easy tips to make ride a success

  • Establish a payment method
  • Set a meeting point
  • Agree on rules and the cost
  • Be clear about your destination, drop off point and pick off point

 


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Why you Need Roommates?

Roommates are from a personal standpoint important depending on the stage of life where you find yourself at. Even if you are married, your spouse, husband or partner is still technically your roommate some could argue. Humans are simply not meant to live alone. That is why “We need human contact to feel human”. Even though, it could be challenging to share your space, privacy or intimacy with someone. However, those obstacles could be easily overcome through communication, trust, and mutual respect. As an example Just watch friends the tv show.

Takeaways:

Roommates can be annoying especially when the values are not aligned with yours. But they can prove to be extremely valuable, you just need to find the right roommate. That is a reason why before jumping in you have to vet them carefully.

Advantages of having roommates :

  • Sharing all expenses (with roommates you can envision to leave a better life with low-budget expenses.)
  • Building a strong relationship and leveraging each other network
  • You won’t be lonely (Having a person to talk with, share your doubts, or just having fun with)
  • You will always have help (One day, I left for work coming back I realized I forgot my keys in my room, it was a very cold winter day in New England. I couldn’t imagine what would have happened if I didn’t have any roommates.)

The math:

You want to live in a good and safe neighborhood. Trendy with social activities and positive vibes.

  1. Cost:
  • Rent approximately $3000 per month
  • Utilities: $350 per month
  • Cable & internet: $200
  1. Savings: a conservative approach
  • Shared bills

Total savings: 50%

The golden rule you rent should never be more than 30% of your monthly total income.

You can find an apartment or a house that has double access, at least two bathrooms to strengthen the intimacy. Usually, the first floor.

Learn more about roommates:

Read this excellent article to learn how to get along with your roommates: https://www.ef.edu/blog/language/12-tips-to-get-along-with-your-roommates.

If you are looking for a roommate check this app: https://www.roommates.com

How To Earn Money With Your Car

When many hear of the expression earn money with your car, Uber or Lyft immediately come to mind. Indeed, they are probably the best ride-sharing services right now. But, there are many companies that are providing better alternatives. Thus providing more options for people like you looking to make extra money on the side.

Takeaways: Make money with your car

There are tons of opportunities to earn money if you hold a driving license by leveraging the power of the community. Turn it into a full time or just picking up some few hours it is up to you.

 

A. Drive for a ride-sharing app

Demand for ride-sharing apps is soaring especially in urban cities. But chances are even in suburb, traditional rural or semi-urban areas such services have been growing steadily.

By the far, the known are Uber and lyft in the USA. But they are other players such as Via that does 1 million of ride-hailing a month. Another player is Juno. However, the industry is preparing for the entry of big automakers such as GM and Ford.

    • Eligibility

For the most part, to join a ride-sharing app, you will need to be at least 21 years old with a year of driving experience in the USA  or at least 3 years of driving experience if you are under 21. In addition, you need to pass a background check and own a car made in 2007 or later. Then your car must be four-door seat and four-door passengers(excluding the driver) be register in State and be covered with insurance.

    • Schedule

It is probably one of the most flexible jobs you’ll ever come across.  You can work days, nights, weekends, after work, before work, during your break, on your way for grocery, on your way to a dentist or on your way to a date. It is up to you. More, you can register as a driver with multiple apps and switch them as you wish.

    • Location

You can drive for a local ride-sharing app, regional, national and even for a global ride-sharing app,

    • Money

Typically if you drive as a full-time driver, you can expect to take home $750 a week as shared by this article published in Pennyhoarder. But the total amount you can take home depends on your ability to put in more hours.

B. Delivery

You make money doing delivery whenever you want, whatever you want and make $20 or more an hour. You can focus your delivery attention to food, packages, industrial supplies, furniture. The list is endless. Or you can do a mix of everything.  You can deliver locally, regionally, and even nationally if you believe you have availability.

    • Eligibility
  • You must be at least 18 years old, or 21 if delivery alcohol
  • Valid driver’s license if a vehicle is required
  • Working smartphone
  • Pass a background check
  • In some cases, a minimum level of experience will be required.
    • Schedule

You can work days, nights, weekends, after work, before work, during your break, on your way for grocery, on your way to a dentist or on your way to an appointment. It is up to you.

    • Key questions:

Because the market is in high demand, you need to choose which delivery best works for you. Look into factors like:

  • The kind of delivery you are comfortable doing
  • Assess your availability
  • Analyze the area where you live
  • Decide whether you want to long haul or short-haul.
  • How much is the service paying you
    • Money

Normally, you can expect to take home at least $20 an hour. But the total amount you can take home depends on your ability to put in more hours. The type of delivery you are doing also play a big role. For example, if you register as an independent delivery contractor to delivery sensitive products for the healthcare industry. You will make more money.

C. Renting your car

Buying a car is certainly a great investment but it is also one of the most annoying. That is because you will tight money in an asset that will be sitting there. While you are not actively using them. Similar to the opportunity given to homeowners to rent out their unused space in their property by renting them out. You can do the same with a car.

Turo is definitely one of the most active in the market. This service uses the same model such as Airbnb but for cars. Nonetheless, the car needs to be from 2005 or newer, have a clean title and have less than 130,000 miles on it. The best part on the company website you can input some basics and find out how much money you can earn.

Another alternative model is Getaround. The company allows you to rent out your parked car. You can not only avoid parking lot fees but even make some money. Getaround covers insurance, vets renters and installs a device that lets people get into your car. Obviously how much money you can take home depends how nice your car is.

Finally, they are a group of people that miss the car aged requirement to either join a ride-sharing service such as Uber or Lyft. This service let you rent your car out to Uber or lyft drivers. The service is called Hyrecar.

Make money with your car additional opportunities

 

D. Drive people around

Some people need help drive around either because they are too old, too young or have a sort of disability. Companies like eldercare can help you find those opportunities.

    • Eligibility
  • You must be at least 18 years old, or 21 years old.
  • Valid driver’s license
  • Working smartphone
  • Pass a background check
  • In some cases, a minimum level of experience will be required.
  • Additional information might be required depending on the company.

f. Carpool to work

Some cities will now pay you for sharing a ride with a friend or a coworker. The trend is gaining momentum across the country as a result of traffic congestion and pollution. Depending on where you are you can make up $130 over 90 day period. In addition, to making money, carpooling has numerous advantages. Learn more

G. Put ads on your car

This is a great passive income. All you have to do is to let companies display on your car. Then you drive through your normal route each day. Although to qualify you need to drive regularly in areas in high traffic. Check out opportunities from companies such as Carvertise. The money you will make will depend on the terms and conditions of the company.

Conclusion

However, before you jump-start find out if peer to peer car business model is good for you.

Advantages :

  • Earn passive income: List your car, set your hours, price and conditions. Then wait for a person to contact you.
  • Community-centered: Because some people will rent your car to do a ride-sharing or logistic business, they will earn money and you will earn money. It is a win-win.
  • Off-set your car payment: The revenue can help you pay back your car payment.
  • Facile: No effort required.

Q&A


  • GM: General Motors
  • Independent contractors: is a person or entity contracted to perform work for—or provide services to—another entity as a nonemployee. As a result, independent contractors must pay their own Social Security and Medicare taxes.
  • Carpooling: The activity of making a regular journey in a single car with one or many people

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How to set up an investment club

An investment club is a group of people who pool their money to make investments. Join or creating an investment club could be the single best decision of your entire life.  The group decides to buy or sell based on a majority vote of the members. Club meetings may be educational and each member may actively participate in investment decisions. Nevertheless, as it is with all community-centered program, finding people who you trust is paramount.

Join or creating an investment club could be the single best decision of your entire life

Takeaways:


Investments clubs can be compared to mutual funds, which are investment securities that enable investors to pool their money together into one professionally managed investment. However, with investment clubs, the members of the club invest their own money and act as the management team. They are both manager and investor at the same time.

If you have a couple of dollars lying around every month, joining or creating a club could be a viable option to leverage that resource. Yet, you can start with a minuscule amount like $10.


Forming or Joining an Investment Club

  • Form a legal entity, such as a partnership or Limited Liability Company (LLC). So financial contributions can follow standard accounting rules.
  • There’s no real minimum or legal limit for the investment club membership but one club usually consists of 10 to 20 members.
  • To join the investment club, a new member will usually contribute a lump sum, then pay a pre-agreed amount, every time they meet.
  • Members will normally meet periodically, such as once per month, to discuss investment opportunities and which, if any, securities should be bought or sold. In addition to exploring investment opportunities, members will use the meeting to discuss general mater of interest.
  • It is highly recommended to work with an established investment professional or a brokerage firm.
  • Finally, the investment club should have a lawyer.
  • Always make sure you have absolute trust in all members. Do your reach and eventually hire a professional to get a better assessment of all members.

Advantages of setting up or joining an investment club.

  • Growing wealth: The club is a wonderful way to grow your wealth.
  • Social connection: It is a great way to create and reinforce social connection as the members of the club are each liable to one another.
  • Opportunity for all: There is no prior requirement. Literally, everyone could set up or join a club.
  • You get to do some investments that otherwise you will never do yourself.
  • Education and knowledge sharing is one of the best benefits.
  • Investment clubs are recognized by the Securities and Exchange Commission.

Q&A


SEC: Securities and Exchange Commission,

The U.S. Securities and Exchange Commission (SEC) is an independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation. It was created by Congress in 1934 as the first federal regulator of the securities markets. The SEC promotes full public disclosure, protects investors against fraudulent and manipulative practices in the market, and monitors corporate takeover actions in the United States.

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What is a lending club and how does it work ?

Lending clubs also refers to lending circles are networks of people who borrow money from each other on a rotating basis.  Yet each member pays the loan back on a rotation base. The loan is interest-free and can sometimes represent a very healthy amount. Specifically when the circle is very strong. As a result, it helps their members buy cars, make down payment for a house or completely pay for the house, pay tuition fees and run businesses.

Takeaways:

Lending clubs build financial inclusiveness and foster economic empowerment. In addition, they are thriving among immigrant communities. That is because generally those communities typically find themselves shot out from the traditional social system. However, because the model is entirely based on trust, members are carefully vetted and in some case, you must be co-sponsored or referred by an already member to join.

When to join a lending club?

Typically before you join a lending club, numerous steps have to be done.

  •  Have a goal: This is probably the most important aspect of the lending club. As a new member, they want to know what your goals are. You can join to help you buy a house, a car or to prepare for a vacation.
  • Members of the lending club: Never join a lending club if you don’t know anybody. Exceptionally you can pass through an agency. But make sure you trust and know each member very well. That is because you are building a strong community and relationship. If necessary do a thorough background check without any complaisance.
  •  How much is the minimum periodic contribution: The minimum period contribution is the amount of money you are supposed to contribute at every meeting.
  • Find out how many people: You need to know how many people are in the circle and appreciate the extent of your engagement.
  • The meeting period: This information is critical because it is associated with your commitment. Indeed at every meeting, you have to contribute the minimum amount required, be present. Also if you are the host depending on the type of program you might have to host all members.
  • Rules and regulations: it is important to read, understand and appropriate yourself with all the rules and regulations that govern the circle and how do you fit in?

Advantages of Lending circle:

  • Build wealth: Lending circles are not exclusively for people with no access to financial services.  In fact, most successful businessmen and women are all part of a Trusted lending circle.
  • Raising fund: The programs are a great way to raise zero interest rate fund hassle-free. Lending circles collect and lend from a hundred to thousands per day.
  • Empower communities: They help build, rebuild and improve communities because all members have the same motive and nobody is left behind.
  • Financial inclusion: The service provides banking services to people often shut out of the financial system because of bad credit or no credit. In addition, the program helps improves their credit score by reporting to the 3 major credit bureaus.

Inconvenient of a lending circle:

Like any venture, it comes with some drawbacks.

  • Lost of your money: if you happen to join a program with people who are not trustworthy. Everything you put in can be lost. You might lose a really big amount of money.
  • Untrustworthy people: depending on the power of the circle, people can really bring you a lot of trouble. Because you are essentially inviting them to your house.

How it works

  • The lending circle is formed between a group of people. The number is not set stone and it depends on the members.
  • The loan amount also depends on the members, there is no minimum amount. The members decide based on the quality of the members.

Case study:

  • Number of members: 4 people
  • Profile: all family members and relatives
  • Amount: $500 every month
  • Circle:  Every 4 months a specific person goes with $1500  that is $6000 per year. That is a loan giving away at 0%.

 


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