How to Make Money by Using the Stuff You Already Own

We hear a lot about side hustles and the gig economy in 2020, but when people try to learn how to make money, they don’t often hear about one profitable option. While you hear a  lot about homebase business ideas, work from home jobs, and online jobs, one area often gets left out. The truth is that you can use the things you already own to earn more money in 2020. Sound too good to be true? Follow along as I talk about five ways you can make more money by renting out the stuff you already own.

Rent Your Car

Most people own a car — and the car payment that comes along with it. But what if I told you that it’s possible to rent out your car when you’re not using it and earn enough money to make that car payment? It’s possible with a site called Turo.com.

On Turo, you can list your car and rent it out during the times you’re not using it. You can either set your own price or allow Turo to dynamically set the price for you based on your car and location. When you rent your car, you will set a mileage limit and Turo provides insurance coverage. (If you prefer, you can receive a higher payout if you provide your own insurance.) You will be paid 65 to 90 percent of the total cost, depending on how you set up your account.

To find out what you could get by renting your car, go to the online calculator on Turo’s site and enter your car model, year, and location.

Rent Your Bike

Do you have a bike or two sitting in your garage collecting dust? If so, why not put them to use and rent them out as a way to earn extra income? Spinlistser.com is a world-wide platform that allows people to rent out their bikes by the day. The site takes a 17.5 percent listing fee, but you get to keep the rest.

Listing your bike on the site is free and only takes a few minutes to set up. The people who rent bikes from the site pay there, and then Spinlister pays you every Friday.

You can also rent your surfing and snow equipment on this site.

Rent Your House (or Room)

If you have a spare room in your home, you can earn big bucks by renting it out on Airbnb or one of the other for rent by owner sites. Depending on where you live, you can earn enough money to pay your mortgage!

To list your home (or room) on the site, you should have professional photographs and a willingness to make the space sparkling clean between each rental. The furniture, especially the mattress, should be comfortable and stylish. Some of the most popular hosts on the site offer special incentives to their guests such as a free breakfast or a bottle of wine waiting for them when they arrive.

Airbnb offers a free calculator that shows you how much you can earn. While it used to be true that only people in tourist areas or large cities could earn a great income, all that’s changed. Now, almost anyone can earn an impressive income by renting out a spare room or their entire home. (Be sure to check with your local city to ensure that short-term rentals are allowed in your area.)

Here’s a short video that will help you get started:

Rent Your Timeshare

Many people have a timeshare that drains their resources without much in return. The number of people who purchase a timeshare and then go on to use it are depressingly low. And once you own a timeshare, it’s difficult to get out of it.

But RedWeek.com has come up with a solution. This site allows you to list your timeshare for rent. It’s like Airbnb, but for timeshare owners. Of all the rental sites I’ve listed, this is the only one that charges an upfront fee, but I decided to include it on the list because there’s nothing else out there like it. Prices start at $29.99 and go up, depending on how long you want to list your timeshare for and whether or not you want RedWeek to handle the details for you.

Rent a Parking Space

If you have a driveway or garage, you can earn extra income by renting out the space. Places like Spacer.com say you can earn $175 to $300 a month, depending on whether you rent a driveway, garage, outdoor parking space, undercover parking space, or indoor parking space.

It’s free to list your space, but the site takes a small fee from the sale.

How to Make More Money—Answered!

If you’re looking to earn some extra income, why not do it by renting out the stuff you already have? There’s no investment, no learning curve, and it’s basically passive income. (For a more in-depth look at how to make passive income, see my book: Passive Income can Change Your Life: How to Work Less and Make More Money.)

Now, go out there and become the RainMaker in your life!