I’m a very busy person, so any time I’m asked to do something that isn’t strictly classified as “fun”, I look at the time-value of the activity to see if it’s worth my time – literally. I’ve found renting stuff out on Loanables to be one of the most profitable things I can do, given the amount of time it takes.
For example, I often rent out my Cash Flow board game, which is great for teaching people financial responsibility. It typically rents for at least 1 week, which fetches me $12. It takes about 5 minutes of my time each time someone rents it. $12 in 5 minutes equates to $144 per hour.
I find that most items that I rent fetch me around $120 – $180 for each hour of my time. That’s not a bad hourly rate, and certainly worth a few minutes of time. Plus I get the added benefits of meeting some great neighbors and feeling good about helping them AND the environment.
As you watch your portfolio value drop like a rock, keep in mind that there are other investments besides stocks. For example, using Loanables is not only an investment in Mother Earth, but also a great financial investment. Let me explain, with two examples.
Making money by renting your stuff out
Last weekend, I rented out my live animal trap to a neighbor who needs to get rid of a skunk (please hold all political jokes!) This is the sixth time I have rented it out in the past year, and it has earned me a total of $80. I purchased it for about $40 originally (could have gotten it cheaper if I’d purchased off eBay or CraigsLIst.) So let’s do the math:
$80 rental fee – $40 cost to purchase = $40 profit
$40 / $40 = 100% return
That’s right, I’ve DOUBLED my money and gotten a 100% return on my original investment with this animal trap. How many stocks do you have that have returned 100% in 1 year??
Saving money by borrowing from others
Let’s look at this same transaction from the perspective of the guy who rented the trap from me. He called the pest control company and they wanted $140 to come out and get rid of his skunk. Instead of $140, he’s only paying me $10 for renting the trap. Loanables saved him $130. Who wouldn’t want an extra $130 in their pocket?
I hear stories like this all the time of people who have earned back the original purchase price of their stuff, and made a healthy profit, by loaning it to their neighbors on Loanables. And remember, Loanables doesn’t charge you any fees whatsoever. What great stuff do you have that you could be adding to your investment portfolio in this economy?