2 minute read
Have a smartphone or computer and some time to spare? If so, the Sharing Economy might be right up your alley as a retiree. Also known as Collaborative Consumption or the Gig Economy, this is a market where goods and services are shared rather than owned. The services offered under this umbrella of peer-to-peer rental always include technology, either through an app on your phone, a website, or both.
By definition alone, you might think this is your first time hearing about the Sharing Economy. But I guarantee most of you reading this have already participated in it. Have you ever used an app on your phone to get a ride around town or home from the airport? This type of popular ride-sharing service is one example.
But as a retiree, you can do more than just consume in this market – you can potentially monetarily benefit from it. It might even prove easier than you think.
The ‘How To’ of the Sharing Economy
- Share your car. Own a car that is just sitting in your driveway? You can list it on sites like Turo and get paid for someone else to drive it. Your car gets driven and you get passive income, somewhere around 65% to 85% of the trip price.
- List your property. For those who have a second home or guest home, you could consider listing your property on Airbnb for some extra monthly income. According to Airbnb, there are more than 6 million listings spanning more than 191 countries. Guests book through the website, you get paid. It’s estimated that a two person home in St. Petersburg, Florida could bring in up to $1,600 per month, excluding Airbnb fees, which are around 3%.
- Drive with a Ride-Sharing Service (think, Lyft). The number of times I’ve had a retiree as my driver while using one of these ride-sharing apps is too many to count. If you don’t mind driving, it’s an easy way to make some extra money and talk with people.
- Dog walking services. Companies like Rover help you to hire someone to walk your dog or take care of your pet while you’re on vacation. To save money, you can compare the prices of each person listed. A quick search of the St. Pete area showed some dog walkers are $12 per walk, whereas others are $25, depending on time of year.
If you’re a retiree with time on your hands and no pressure to bring in cash, you might be a great candidate for one of these gigs.
Photo Credit: Revolution_Ferg