You’ve heard the saying “sharing is caring,” right? But what if sharing could also make you more money? In today’s interconnected world, there are more and more ways to make extra money with very little effort. Right now.
If you want to make more money, you don’t have to moonlight as a babysitter, or hustle to find a part-time job that likely doesn’t fit into your already-busy schedule. You don’t have to wait to work on other people’s terms.
You can use the sharing economy to your advantage—help people out and make money in return. That’s a pretty sweet deal, huh?
Here are some great ways that you can benefit from the sharing economy and make more money.
1. Rent out Your Apartment
If you’re like most people, rent is the biggest expense in your budget. When I lived in New York, my rent for a one-bedroom apartment was 50 percent of my income. It was brutal.
Luckily, there is a way to cash in on your digs and recoup some of that money. You can rent out your apartment or home on AirBnB. It’s a win-win situation really, as visitors and vacationers don’t want to pay steep prices for a hotel and you can make extra money.
You can make a couple hundred to a couple thousand dollars per month, depending on where you live and how often you are willing to host. Use their tool to get an estimate of how much you can make. As an example, I can rent out my one bedroom in Portland for $1,080 for two weeks, which comes out to about $77 per night. Not bad!
2. Rent out Your Car
Next to housing, transportation can be a huge chunk of your budget, especially if you have a car. Between car loans, gas, insurance, and maintenance, you’re likely to spend thousands of dollars each year on an item that depreciates quickly.
But what if you could recoup some of that money, with little to no effort? Luckily, you can with car sharing services like RelayRides and Getaround.
When you are not using your car, instead of it just letting it take up space and get dusty, you can make extra money by renting out your car to local drivers. If you aren’t using it, why not make some money off of it?
RelayRides lets you control the price and availability and also lets you decide who can rent your car. Not only that, but they also provide liability insurance in case of damage or theft.
You can make money by keeping your car in the driveway and have renters come to you. The website claims you can make up to $1,000 per month. As their slogan says, you can “list it today, rent it out tomorrow.”
To make money with RelayRides, your car must be a 2005 model or newer and have fewer than 100,000 miles.
Getaround is a similar service that allows drivers to share their car with the community and make a little extra cash. They state that the average driver makes $6,000 a year. Getaround also offers insurance as well as 24/7 roadside assistance.
Their terms are a bit more lenient than RelayRides—your car must be a 1995 model or newer, so if you have an older car, Getaround is a better option.
3. Make Money Driving
If you want to make more money using your car, but want to take an active role, you can become a driver for a variety of companies.
Uber and Lyft are leading the way in peer-to-peer rideshare services. You can become a driver and work on your schedule, your time.
In order to be eligible for Uber, you must have a four-door car and your car must be relatively new. You also get paid weekly, so this is a great way to make some extra cash in your free time.
You can also try out Lyft, which claims you can make up to $35 per hour. Using Lyft, you can keep your tips and make more money with Prime Time pricing during peak hours. To be eligible, you must have a four-door car with five seatbelts. In addition, your car must be a 2003 model or newer.
If you don’t want to give people rides, you can deliver food and other items through Postmate. Users can use Postmates to request delivery of their favorite food (Chipotle, anyone?) or even general items like cold medicine or toilet paper—you know, for those moments when you really need it.
Delivery drivers (cyclists and bikers can get in on the action, too) can earn up to $25 per hour and keep 100 percent of the tips. Earnings are deposited weekly.
4. Rent out Your Stuff
Have you ever bought a bike or a snowboard, swearing up and down you would use it all the time, and then it ends up just sitting in the closet? Well, now instead of letting your items take up unnecessary space, you can actually rent out your bike, snowboard, and get this, your surfboard, too.
On Spinlister, you can list your bike, snowboard, and surfboard to make more money. The Web site says you can make up to $500 per month and that you have control of who rents your stuff and when.
5. Work as a Pet Sitter
Do you love dogs, but feel like you can’t commit to owning them full time? Then you can work as a pet sitter and make more money by watching dogs in your own home using DogVacay. You can choose the type of dog you want to watch and set your own rates and times.
If that sounds like an awesome side gig, you could make up to $1,000 per month, according to their website.
If you’re looking to make more money and don’t want to do typical side gigs, these opportunities offer unique, hassle-free ways to earn more, which can help you pay off debt and reach your financial goals.
Some people have even made full-time careers out of it. Whether you are looking to earn more on the side, or replace your full-time income, the sharing economy offers a little something for everyone. The best part? You can have the freedom to do it on your terms and your schedule.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
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3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|