2 Items You Can Buy Once and Earn From It Multiple Times
How do you financially optimize an item you buy once and earn from it multiple times?
You can short shares, like in the infamous GameStop debacle, but you really must be a stockbroking expert and insider to do that.
You can try transacting in cryptocurrencies, but that takes a lot of money, comprehension of cryptos, and the financial market.
What can you buy once and earn from it multiple times?
How about your house and car? Find out how to generate multiple income streams from things you already own, and get good at it, before moving on to complex financial schemes.
Your Own Car
It’s amazing how much we take our cars for granted. And how much money we waste owning them compared to how much we actually use them.
But a car is something you can buy once and earn from it multiple times.
The average cost of a new car is over $42,000 while the typical car note is a $560 monthly bill. And what most people don’t consider is the annual maintenance costs of owning a car, which is not cheap. The typical car owner will pay at least $8,900 annually for car maintenance expenses like fuel, car insurance, repairs, and so on.
That means you could end you spending almost $100,000 on annual expenses over one decade after buying a $42,000 car.
And the typical driver spends about 97 hours, or 18-days every year sitting in traffic. And that means the typical driver spends over 180 days, or half a year, sitting in traffic every decade.
The average car depreciates in financial value the second you buy it. But it also depreciates in practical value when you pay double its purchase price to maintain it over a decade.
There are multiple ways to make money out of a car. And you can even generate two revenue sources simultaneously while driving.
Here are a few ways of using a car as something you buy once and earn from it multiple times.
Car Sharing Apps
The car-sharing app is explicit proof that a car is something you buy once and earn from it multiple times.
Car sharing app services are online peer-to-peer car rental alternative platforms designed to rent your car out to local drivers. If you have a vehicle you don’t use often, negating its usefulness and increasing your eventual maintenance costs, why not rent it out?
All that you have to do is register on popular car-sharing sites like Turo, Avail, Hyrecar, ZipCar, or Enterprise RideShare. Then you will be matched to drivers local to your area looking to rent a car.
Your car should be clean, in optimal working condition, and have less than 150,000 miles. The fancier and roomier your car, the more likely it is to be rented. And you should live in a population-dense area to increase your chances of attracting more renters.
You can make up to $20 per day renting your car. Some people claim to make as much as $22,000 annually renting their car out with car-sharing apps. However, you are more likely to make big profits if your car is an expensive, fancy, roomy, and current model vehicle.
Car Wrap Advertising
Local businesspeople and companies hire drivers through third party companies to perform car wrap advertising campaigns to increase sales or advertise events. They also do online advertising.
The third-party facilitator sends you vinyl car wrap advertising that temporarily adheres to the exterior of your vehicle. So, your vehicle becomes a mobile billboard for a local business event.
You will need a clean driving record, presentable vehicle in optimum driving condition, and be able to drive around populated areas for multiple hours daily. You will have more potential for success if you drive around highly populated areas.
What you must remember is that you will be responsible for paying your own expenses. So, you should realistically make about $100 to $500 monthly. You can potentially make more money driving long shifts in populated areas for multiple months.
Beware any car wrap hirer who calls you – you must apply yourself. Anyone who contacts you about these opportunities could be a scammer.
Rideshare drivers are independent contractors who drive alternative taxis or make deliveries.
For example, you can work for Uber, Lyft, and other rideshare companies to ferry passenger to a destination. Or you can use your car to make deliveries. Opportunities in the delivery industry have been skyrocketing since the onset of the pandemic.
The average rideshare drivers makes about $25,000 annually. You can augment this income by working as a car wrap driver simultaneously as well.
Your house is something you buy once and earn from it multiple times.
There are numerous ways you can make multiple passive income streams from your house.
You can list your home on directories like Set Scouter where ad agencies, filmmakers, and commercial directors look for properties to film on. You can also scour online listing to look for local filmmakers willing to pay to use your property.
The amount of money you make will vary, but don’t count on this for reliably consistent income.
You can rent your house out on Airbnb and similar sites. The typical Airbnb host makes $920 monthly. Rent out multiple rooms in your house, or on a second property, you maximize your income potential.
Sell parking spaces on your property and driveway. Create a listing on CurbFlip or JustPark and you will be matched to people in your area looking for personal parking spaces. You could potentially make up to $400 monthly depending on local demand.
Let people store their stuff at your home like. The storage industry very lucrative and people are always looking for places to rent to store their excess material items. List your home at Store at my House and you will be matched with locals looking for personal storage lockers.
You could charge $120 per day or more per renter.
Two Items You Can Buy Once and Earn From It Multiple Times
These are just two recommendations for ways to make extra money. Strategize how to generate multiple incomes from the simplest things, everyday things you own already before you start investing in the stock market. Treat as practice for a better financially informed future.
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Allen Francis is a full-time writer, prolific comic book investor and author of The Casual’s Guide: Why You Should Get Into Comic Book Investing. Allen holds a BA degree from Marymount Manhattan College. Before becoming a writer Allen was an academic advisor, librarian, and college adjunct for many years. Allen is an advocate of best personal financial practices including saving and investing in your own small business.