Hosting on the carSHAiR app is one of the easiest and most beginner-friendly ways to start making passive or semi-passive income. All you need is a car and a little hustle.
Active income is money you get as a direct result of the work you do. This is where the expression, “Time is money,” comes from.
Active Income = Your Time x Rate*
This applies to salary, freelance, and commission workers even if their wages are not directly tied to their time, because their work requires regular hours to be put into their role.
Passive income, on the other hand, doesn’t require the person to be actively involved.
Passive Income = Product Usage x Rate*
Once the person possesses a certain asset (like an ebook, video, rental property, website, etc.), they can generate money regularly without any or much effort.
Passiveness is a spectrum though and some assets will require more maintenance than others. Semi-passive income is a close relative of passive income, but requires more active participation.
Semi-Passive Income = (Time + Asset) x Rate*
Time does not exactly equal money in this case (as is the case for active income) as your income is supplemented by the value of an asset.
*These are rudimentary formulas used to demonstrate a concept and are not meant to be used in any calculations
Start by becoming a verified member. Once you’re accepted in the carSHAiR community, you can then list your car on our platform. It takes about 5 minutes to take some pictures, enter information about your car, and provide your insurance and banking details.
Once you’ve done that, you just need to respond to drivers’ requests and arrange the drop-off and pick-up. Everything else would fall under regular maintenance of the vehicle, something you’d probably already do as the owner of the vehicle.
This type of car sharing is an example of semi-passive income. The income you generate from this venture is much greater than what you would get if you were just paid for your time. That’s because the value of your car, once bought or leased, is fixed and does not need to be “recreated” for each transaction. In other words, you’re not starting from scratch every single time, like in a 9 to 5 where you must accumulate your hours.
We’re also excited to soon be implementing a new host program, which would allow hosts to drop off their vehicles with us at a carSHAiR warehouse. From there, we would take care of everything from cleaning to fueling to trip requests, so you can make income completely passively. If you are interested in participating in this new host program, please make an enquiry by live chatting with a concierge member.
By getting involved in a mixture of active, passive, and semi-passive income, you’ll increase your net worth, reduce your financial risk, and build a sizable nest egg for your retirement.
To put it in perspective, the average millionaire has 7 different streams of income.
Still got some catching up to do? Become a host/millionaire-in-progress today and apply to host with carSHAiR.