Growth July 18, 2017 Last updated July 17th, 2017 1,653 Reads share

Can Sharing Economy Make You Rich?

Image Credit:

The sharing economy isn’t a new topic among our present generation. Although, some might tag it as a new economy, but it is not. The sharing economy is taking over from the culture of owning things. And the impact technology is playing on sharing economy has contributed a lot to its increasingly exposure and acceptability, 

Anyone can see that sharing economy is not only gaining ground, rather, it is becoming a part of life in our economy. The common phenomenon of this economy is having access to an item rather than owning one. But is it profitable and dependable? Can the sharing economy make you rich?

The answer to this question is based on your perception of the word “rich”. When it comes to convenience and richness of experience, the sharing economy can make you richer. Some statistics even shows that the sharing economy will make you rich. Here are  four excellent reasons why the sharing sharing economy will make you rich.

Sharing economy is cost effective

The cost of owning and maintaining “assets” (read liabilities) like cars and houses is very high. For example, in the automobile industry, cars are getting more expensive to produce. This eventually affects the prices of cars in the market. Everyone can’t afford a car that’s expensive especially when our cars are parked 95% of the time. And some of those people who can afford these cars will prefer to save more money and spend less due to the cost of maintaining these cars. This same scenario also applies to house ownership.

This is where sharing companies like Airbnb, Uber, and others comes in. Uber, Lyft, and similar startups offer car sharing services to meet the different needs of people thereby saving costs in the long term.

Also, when you travel to a new location either for vacation or business functions, instead of looking for travel deals or hotel discounts at your destination — which you might not find, you can share a room with a bed and breakfast with a local host via Airbnb. This can be way cheaper and more comfortable than using hotels. This is another way of saving money in the long run.

Sharing economy help your savings

When you spend more than you save, you will definitely run into poverty. The mantra of the rich is spending less and saving more. The sharing economy has provided a leveled playing ground for the poor to have access to some elusive experiences and lifestyle which is synonymous to the rich at a fraction of the original costs.

For example, you don’t have to own a luxury car before you know what it feels like to have one. You don’t have to spend huge money in hotels before you go on your choice vacations on cruise boats, private jets and the list goes on and on. You become richer in experiences without breaking the bank.

Those who are rich spends, yes, that is true. But every reasonable rich man saves more than they spend. Renting economy allows you to be a saver and at the same time being rich in experiences.

Enjoy luxury only rich men enjoys

The sharing economy has provided an avenue for all to access items that at one point only the rich can access. It is not difficult for people to identify a rich man because of their luxurious lifestyles. They have their own private jets, yachts, building apartments, and other expensive properties.

Luxuries like jets aren’t cheap to buy or maintain. Some will even count it as an investment because of the expenses they incur due to their ownership status. So, owning one might be difficult. But that does not mean that you can’t enjoy the luxury flying a private jet.

The sharing economy has given many the opportunities to fly jet, even costly models of the jets. The private jet sharing company allows you to enjoy the luxury of flying a private jet at the fraction of its usual costs.

Another close example is the yacht or boat sharing services that offer peer-to-peer  rentals to individuals. A yacht is pricey, and acquiring one is not easy. Aside from buying, one also have to maintain it, fuel it, manage the crew and the cleaning services. But yacht sharing services has changed this. Anyone can ride a yacht in luxury. Unlike when you purchase a boat or yacht, you need no experience to rent a boat and enjoy the luxury. Rather than owning a boat, you can enjoy the lifestyle. Thanks to the sharing economy.

Make extra income

The relationship between the lender and the borrower of a commodity is in the income. For example, a lender attracts extra profit for renting out his facilities. While the borrower at their comfort pay less and save more income. Both are making use of the sharing economy to their advantage.

You can decide to become the lender in a sharing economy and make more money from your properties. You can share your homes, cars, yachts, boats, books, movies, services or even experiences to make extra income. The possibilities are endless.

The sharing economy can make you rich both in experience, if that’s what you want and also make you rich financially if that is your goal. All you need do is to open up your mind and explore the possibilities of a sharing economy.

I’m open to hearing your opinions in the comment section. Do you think that the sharing economy can make you rich?

Image: Shutterstock

Adeyemi Adetilewa

Adeyemi Adetilewa

Read Full Bio