05 May 3 Out-of-the-Box Passive Income Ideas
Everyone dreams of making money without working hard. That’s why the lottery is so popular.
Rather than hoping your lottery dreams come true, look into some unique passive income ideas.
Unlike active income, like a 9-5 job, passive income allows you to earn money without doing much.
Even better, many of today’s passive income ideas involve using goods you already own and participating in the shared economy.
According to Forbes, “A shared or sharing economy is an economic system in which assets or services are shared between peers or businesses for free or for a fee.”
The sharing economy is booming and is expected to become even more popular.
Check out these statistics:
- The sharing economy is set to reach $335 billion by 2025.
- Over 86 million Americans will use the sharing economy by 2021.
- 46% of U.S. consumers use diverse sharing economy platforms.
This is fantastic news if you’re looking for passive income ideas!
If you have an unused car sitting in your driveway or a boat docked, or you own cryptocurrency, you could be earning extra money every week by “sharing” what you already own.
When I say extra money, I’m talking about a nice chunk of change.
HyreCar, a car rental platform, reports, “Most people who rent out their vehicle through HyreCar earn as much as $12,000 per year – all by letting a screened and trusted driver borrow their car!”
One boat owner reviewed Boatsetter, a boat rental platform, said, “Thanks to Boatsetter, I earned $4,524 in one month dramatically reducing my cost of ownership!”
If you already own crypto, you can earn a percentage back by lending your Bitcoin or other altcoins through different platforms.
These are unique passive income ideas that require very little money, time, or energy.
Once you get the ball rolling with one of these passive income ideas, you can make money in your sleep!
#1 Rent Out Your Boat
Boat life is the good life, but sometimes real life gets in the way. Most boat owners do not go out on the water every day.
According to the Outdoor Foundation, 21.2 million people own a boat, but boat owners only average 17.2 outings each year.
That means most boats sit unused 348 days of the year!
All those unused boat days could be money in your pocket if you rent it out via peer-to-peer boat sharing.
Founder and CEO of Boatsetter, Jaclyn Baumgarten, explains, “2020 was truly a record breaking year for us. Even despite the pandemic, we supported over 120,000 hours on the water for over 150,000 passengers. And our fastest growing segment was that peer-to-peer segment. That grew 90% in revenues year over year. So far, this year, ’21 is trending even better. I can tell you that so far, this month, for the month of March to date, we’ve had over 400% revenue growth in confirmed bookings for the same time last year.”
If you own a boat, this is a passive income idea you should consider taking advantage of.
Keep in mind that, in addition to renting out your boat, you can also work as captain of your boat and charge for your services (on top of the boat rental fee). This means you could earn even more money!
There are numerous peer-to-peer boat-sharing platforms that make it easy for you to rent out your boat and earn passive income.
- Boatsetter: Boatsetter is the leader in the peer-to-peer boat-sharing space. This platform puts you in complete control of the rentals (days, availability, pricing, and rules). You can also choose whom you feel comfortable renting your boat to. They also offer comprehensive insurance. Boatsetter has bought previous rental companies, such as Cruzin and BoatBound, making it the largest boat-sharing platform in the United States.
- Airbnb: While Airbnb is traditionally used for homes and rental spaces, if you have a houseboat, you can rent it out using the popular home-sharing site. Unlike other boat-sharing sites, your Airbnb guests will stay docked.
- Click&Boat: Click&Boat is a worldwide peer-to-peer boat rental platform. If you have a motorboat, fishing boat, pontoon, kayak, or other water vessels, you can rent it out using this platform.
- GetMyBoat: GetMyBoat is the world’s largest boat rental marketplace. If you have any type of water vessel, including paddleboards and jet skis, you can list them on their platform. You set your own prices and pay an 8.5% service fee for their services. It is also a popular platform for people who want to charter their own vessels for groups.
- RentaBoat: RentaBoat is designed to make it easy for a tourist to experience life on the water, which is why it caters to popular boating locations around the world. It claims to be the easiest online boat rental platform.
One of the more creative passive income ideas is to do it yourself instead of going through a sharing platform.
If you choose this option, you are more in control and can avoid paying service fees.
Here are some basic steps for renting a boat on your own:
- Create an LLC.
- Purchase a boat if you do not already own one.
- Get the right insurance for the boat and legal documents required for your new boat-sharing business.
- Find a dock or slip rental.
- Utilize a simple booking and credit card processing service, using a service like Square Appointments (which is a book-and-pay app).
- Take advantage of Facebook Marketplace to advertise your boat rental business at no cost.
[Related Read: How to Earn Passive Income without Creating Anything New]
#2 Rent Out Your Vehicle
The car-sharing industry is also hot right now.
According to Statista, “The revenue of passenger car leasing in the U.S. will amount to approximately 12.2 billion U.S. Dollars by 2024.”
This is not talking about popular side hustles like driving passengers in your car, such as Lyft or Uber.
Instead of having to take travelers around in your vehicle to earn money, you can simply rent your car out to them for the duration of their trip.
Check out this successful passive income story from Forbes:
“Dylan Rogers, a 27-year-old sales executive in Chicago, began renting out his BMW 6 series on RelayRides [rebranded as Turo] because he wasn’t using it as much as he intended. Now that he’s making $1,000 per month from it–well above what it costs to finance and maintain–he recently bought a Jeep and plans to add a Charger specifically to rent out, with the goal of netting $40,000 a year for his three-car fleet.”
If you have a second vehicle that is just sitting idle in your driveway or you rarely use your car on the weekends or evenings, this is one of the passive income ideas you should consider.
The following peer-to-peer car rental platforms make it easy to do.
- Turo: Turo is the world’s largest car rental marketplace, which means it is the most popular. Turo claims, “Share your car whenever you’re not using it and earn an average of $706 per month.” You list your car for free, set your own prices and rules, and earn 60% – 80% of the trip total when your car is booked.
- GetAround: Listed as an alternative to car ownership, this car rental platform is designed to help users share vehicles with ease. GetAround is unique because you install their device, which allows users to unlock your car with a digital key (meaning no contact). It also uses automated pricing.
- HyreCar: Unlike other car-sharing platforms, HyreCar is specifically designed for gig workers. This means your car is used for others’ car delivery businesses. They claim their renters earn an average of $720 a month. If you are a creature of habit and don’t need your car in the evening, this is another passive income idea to consider.
- Avail: When you travel, you can rent out your car using Avail. Essentially, you allow other travelers to use your vehicle while you are away, in return for free airport parking, car cleaning, and money.
[Related Read: 9 Strategies to Earn Passive Income in 2021]
#3 Compound Your Cryptocurrency
If you already own cryptocurrency, take advantage of this passive income idea that allows you to earn interest from your crypto holdings and grow your digital asset holdings.
Essentially, simply by lending your crypto, you earn passive income, similar to a savings account. Except the yield is much, much, much higher.
While there are numerous platforms to lend your crypto, BlockFi and Celcius are two of the most reputable and popular.
BlockFi was one of the first lending platforms to provide monthly compound interest. If you have Bitcoin, you can lend it out on BlockFi and earn up to 6% for your first BTC (at the time of posting this).
BlockFi also allows you to lend other altcoins and stablecoins and earn compounding interest. They pay out on the first of each month and also allow you to buy, sell, and exchange your crypto within the platform.