To make $100k per year with the sharing economy model; is actually one of the easiest things to achieve. Evidently, to get there you will need to transform your mindset and be extremely focused. But it is actually easy to achieve. Because today’s model reduces or eliminates most industry entry barriers. Thus, empowering many to transform their livelihoods by accessing markets as suppliers of goods or services. Evidently, many people have been able to build considerable wealth by shifting their mindset to this new norm. Follow this breakdown into two parts, to see how you can achieve that dream.
Today it is easier than ever to take home a healthy income. Indeed, the underserved, the underprivileged, the high school drop out, immigrant, the uneducated with a little bit of effort can also achieve the American dream. Nevertheless, to make 100k a year or more you have to combine multiple streams. The shared economy model more than any other model provides that possibility.
- You are the master of your time.
- Enormous flexibility: flexibility is definitely one of the most important aspects of the sharing economy model. Because you can decide when and how to work or not to work at all.
- You are your own boss: Some people are not made to work for others. I have a friend of mine who is extremely allergic to feedback.
- Unlimited revenue cap: accurately, your earnings depend on the hours you put in.
The math: How To Make $100k per Year
We will divide the possibilities into two parts: assets income and labor income. However, this article is focused on asset income with an average monthly income reflecting a conservative approach. The methodology is based on information gathered from official websites, blog posts, surveys, and testimonials.
Part 1: Asset Income
- Drive a Car:
- Drive for a ride-hailing app full-time (Uber, Lyft…): earning $1300/month
- Peer to peer delivery: $1200/month
- Rent your car: while you are busy driving for car-sharing companies, your second car is rented out. indeed your second car/scooter/bike can be rented on platforms such as Turo or any other peer-to-peer car rental platform. You can actually also rent your car on the same ride-sharing app you are using:$1000/month
- Rent your unused space:
- Room on Airbnb: $700/ month
- Basement for storage: $500/month
- Driveway: $100/month
- Free weight pounds in your luggage or car when traveling: $600 /month
- Clothes, books & electronics: rent your top-notch branded used clothes, shoes, books, jewelry, and electronics: $300/month
- Yourself: there are people looking for people to spend time hanging out, go around with them: $300/month
- Money: peer-to-peer lending: join an exclusive peer-to-peer lending program. Let your money work for you. Nonetheless, I will recommend you join programs that provide net-working capital for small business owners: $300/month in interest.
- Physical goods: set up an online store and integrate it with a fulfillment center like Amazon FBA. Also, streamline the process with your supplier and finally outsource your digital marketing campaign to a marketing agency. If you have the right product: $2000/month
Part 2 Labor income
After the first part focused on assets income, this part is focused on labor income. Also, the average monthly income will be reflecting a conservative approach. The methodology is based on information gathered from official websites, blog posts, surveys, and testimonials.
- Handy jobs:
- Chances are you are extremely good at a specific task. Cleaning, landscaping, building or moving, assemble a table/chair, etc… This niche could be extremely lucrative. Join a marketplace that connects labor to demand: Potential income: $1000/week.
Nonetheless, you will need to be skilled and perhaps get certified to fully leverage all the opportunities available and build a solid brand. Luckily, there are so many trade schools available, and on-demand jobs such as plumbing, construction are on the rise across the nation.
- Knowledge jobs:
You have a piece of knowledge or you are an expert in a specific field. Put it to fruition by sharing your knowledge with others. Join an online marketplace to execute specific knowledge required job such as design a website, a logo, writing a book, etc.… Potential income: $200/month
- Online course
Take your knowledge to the next level by becoming an online teacher or creating your online course. Moreover, no subject is taboo only your imagination can stop you: Potential income: $500/month
- Tutoring: Tutors are in high demand for some courses. In addition, some parents are willing to drop top dollars for their kids: Potential earning: $200/month
- Cooking skills
Use your cooking skills to make delicious meals for your community, host at home or be an on-demand chef: Potential income: $3000/month
You love pets. Many people need help with their pets when they are at work or away: Potential earning: $200 per month.
- Coach/personal trainer/motivation speaker
If you love helping people with their personal goals, then this is the right gig for you. Whether it is weight loss, sports performance, career growth, personal growth, etc.…: Potential earning: $2000/month
- Sell contents, pictures, videos, writing: Potential earning: $400 per month.
- Do grocery delivery by capitalizing on marketplaces such as Instacart.
No matter, your options please be advised to reach $100k per year, you will need to put in the hard work. Typically, you will at least 70 hours per week if you expect to reach that goal. You will also need to combine at least two activities. For instance, you can combine home cooking with cooking content or Amazon delivery with Instacart delivery. Also, keep in mind you will have to keep your finances on track. Furthermore, obviously some of those activities will eventually get a toll on you. So as you are weigh in your options, keep in mind some pitfalls such as :
- You will be responsible to pay your own taxes
- Most platforms don’t provide health insurances
- Take your time to assess all the expenses don’t only look at the money make.
- Have an exit strategy for example work to buy a house or invest in stock market or open a business. Either way, make sure you just go in without an exit plan from day 01.
Only then, you can start to build considerable wealth.
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