Idle capital, assets you own that you didn’t know were revenue centers until the sharing economy took hold. Here are 5 idle capital assets you own that could be making you money! Don’t let them idle away, your financial advisor should be telling you this!
Capital assets you have
This can be in the form of your guest bedroom, finished basement, cottage, summer home, or any livable space you can put on airbnb and make a weekly income from. There are people paying their mortgages by simply listing the extra rooms in their homes and renting them by the week. Even an RV will do!
This can be a second car, SUV, Truck, or Van. I’m sure you’ve heard of Uber, Lyft, Getaround, or Phlatbed. You can either rent out the vehicle, double up as an Uber Taxi driver, or if you have a utility vehicle you could help someone move an item from point A to point B while making a healthy second (or third) income. Some people are not only paying their car and insurance (and rent) payment doing this, but entire peer to peer marketplaces are rising based on the sharing economy.
Have a garage or spare parking spot? List it for people coming into town, especially if you’re in a metropolitan area or neighborhood requiring special passes. If you won’t be around or happen to have an open available space. Some neighborhoods near event venues already do this. Sites like newgusto enable this, and you might even get free food or just make extra cash.
Yes, you heard that right, your kitchen could be rented out a couple of nights a week. Entire marketplaces are also propping up around shared kitchens with locals making good food…and making friends around shared kitchens. Just ensure your kitchen is safe, well laid out, and available.
This goes without saying, extra office space could help small businesses or other entrepreneurs. Incubators are turning this into connections, partnerships, and opening up new possibilities with collaboration and sharing new business ideas. You can also do this in exchange for equity….among other things.
Now look around you and start taking inventory of what idle capital you have. Lets us know your thoughts.