If you can generate enough passive income to cover your monthly expenses, you can escape the rat race and work when you want to. There are lots of ways to earn extra income and some of them might not require you to invest much time or money.
A lot of people take on side hustles in order to make a few extra bucks, but those side gigs usually require them to spend time earning. If you can come up with a semi-passive income stream, you can remove most of the time from the equation.
Instead of searching for new ways to make money by acquiring new assets or learning new skills, you can get started making money right now with things you already have.
Several people have figured out how to generate thousands of dollars a month from things they already own, according to a CNBC report.
It’s likely that you already own some of the same things and can follow in their footsteps. Here’s a look at some ideas that may have been right in front of you all along.
One item that most people already own is a vehicle. Andrei Echeverria generates up to $14,000 a month by renting his fleet of vehicles to random people on Turo.
He profits close to $10,000 a month by renting out six different vehicles on the peer-to-peer car-sharing marketplace, but he got started with just one.
He used to have an old Honda Civic, but he flipped his way up to a BMW 435i. Echeverria listed his BMW on Turo and began generating income. It wasn’t long before he was able to parlay his earnings into an Audi A7 and continue building his fleet.
Echeverria spends between eight and 10 hours a week managing bookings and keeping the vehicles clean.
If you live near a body of water, you can do the same thing with a boat. JP Mancini II owns two boats in South Florida and brings in an average of $38,800 a month by renting the vessels for chartering trips.
He used bank and personal loans to purchase the boats and rents them out on rental platforms such as Boatsetter and GetMyBoat. He charges renters between $800 and $1,800 for trips lasting anywhere from two to eight hours.
If you have a pool in your backyard that you don’t use as much as you thought you would when you got it, there are people who would pay to come take a dip.
Jim Battan lists his pool on an Airbnb Inc (NYSE: ABNB)-like platform for swimming pools called Swimply. In less than two years, he generated $200,000 by renting his pool out to more than 10,000 guests.
He spends between 12 and 14 hours per week managing bookings, greeting guests and maintaining the pool.
Battan is the top earner on the platform due to some luxury features of the pool including a spa area and a pool house. Although it might be a stretch to think you could bring in similar numbers, you can supplement your income by listing your pool on a peer-to-peer platform.
Rick Powell generates extra income by listing his five-acre backyard as a private dog park on Sniffspot. After getting off to a slow start on the platform, Powell now brings in up to $4,100 per month.
He spends between five and 10 hours a week setting up water stations for the dogs and mowing the lawn. He also meets with the guests the first time they visit to establish a comfort level, but it can be as hands-off as you want it to be, he said.
Other creative individuals have built rental properties in their backyards. Will Sutherland built a tree house in his backyard that generates $30,000 per year on Airbnb.
He saved money on the build by doing all the work himself and sourcing a lot of the material from a friend. Depending on the time of year, Sutherland lists it on Airbnb for anywhere from $160 to $250 a night.
Precious Price built a luxury tiny home in her backyard for around $35,000, so she could free up her main house for rentals.
She spends $1,580 per month on her mortgage, property taxes and utility bills, but she generates $2,725 per month by living in her backyard tiny home and renting out the main house on the property. That leaves her with close to $1,150 in profits on a monthly basis.
Produced in association with Benzinga
Edited by Alberto Arellano and Joseph Hammond
