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How to Make Money in the Sharing Economy with Glenn Carter

Everyone wants to make money, it’s usually what turns people on to personal finance. Today we’re going to teach you how to make more money in the sharing economy – on your own terms.

Uber brought this concept mainstream and as a result, it’s sometimes called the Uber Economy.

The idea at its core is that there is slack in our economy – resources that are not being utilized. Your car parked in the garage. Your brother’s carpentry skills. The free time of a math honors student.

The goal of the sharing economy is to monetize this slack and provide income to those who would have otherwise been beholden to a 9-5 schedule and boss. Now, you can get paid for work and pick some people up during you drive home to make a few extra bucks.

The best part about these sharing economy jobs is that often money doesn’t directly change hands. It’s all handled digitally which allows for you to focus on your task at hand and for your clients to focus on the work you’ve completed.

Uber is just the most discussed service in this new economy. With it, you can get in your car, turn on the app and wait for taxi requests to come in. If you’re ready, you accept someone’s request and you’re off.

Laura and I have used AirBNB very often when we go on vacation. We’d rather stay in a local neighborhood and get the feel of where we’re visiting than the impersonal feel of a hotel. It’s pretty awesome because you can get a big place with keys to enter and leave as you please for a fraction of the cost of a hotel.

The only thing you have to give up is having a stranger enter your room while you’re not there to fluff your pillows. I always found that a bit creepy so we’re happy to pay less for that not to happen.

There is also a lot of money to be made renting your home out on AirBNB. If you’re going to be away on vacation or a business trip you should absolutely make some money on your place while you’re gone. AirBNB is an awesome service for that and they automatically insure your place for up to $1mil in damages so there’s nothing to worry about.

With Handy you can signup for handy-man type work around your neighborhood. Have free time on a Saturday? Install someone’s ceiling fan. Learned plumbing from your Dad? Install a bathroom sink for someone close by.

Since you set your prices and compete against other people’s quotes it’s recommended that you start low, get a few successful jobs under your belt and then increase your price.

Complete odd-jobs via TaskRabbit like picking up groceries, waiting in line for a new iPhone, cleaning someone’s home or helping them run a party. According to peers.org, the average TaskRabbit hourly wage is $48 an hour.

Perhaps the most interesting job was that of a professional “looker”. There’s a need for people who are buying things across the country and can’t be there physically to have an impartial 3rd party verify its condition.

With WeGoLook you can either hire someone or be hired to do just that. Take pictures of a car someone is looking to buy for them, or, hire someone to go check out a rental home you’re looking to buy on the other side of the country.

The potential for you to earn off of your existing skills is endless and can often be done out of your home.

Show Notes

Signup for Uber – Get $15 towards your first ride.

Host or Stay with AirBNB – Get $20 to stay in a swanky pad and $80 to host.

The Business of Sharing: Making it in the New Sharing Economy – A popular book on getting started with the sharing economy.

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