Peer-to-Peer Sharing Economy

The sharing economy refers to person-to-person (P2P) sharing or access to goods and services where owners rent out something they are not using, such as a car, house or bicycle to a stranger. This is coordinated through community-based online services and is another way to make ends meet each month when you live on a reduced fixed budget.

Today we are hopping into strangers’ cars (Lyft, Sidecar, Uber), welcoming them into our spare rooms (Airbnb), dropping our dogs off at their houses (DogVacay, Rover), eating food in their dining rooms (Feastly), and getting food delivered from popular restaurants (Cavier). We hire their handymen (Handy), get goods delivered in an hour (Postmates), and outsource household errands (Taskrabbit). They rent our cars (RelayRides, Getaround), boats (Boatbound), houses (Homeaway) and power tools (Zilok). 

We are entrusting complete strangers with our personal experiences and sometimes our lives. This is also known as shareconomy or collaborative consumption.

Seven Money Mantras for a Richer Life
from Michelle Singletary, Washington Post Columnist

1. It’s not an asset if you are wearing it.
2.Is this a need or is it a want?
3. Sweat the small stuff
4. Cash is better than credit
5. Keep it simple
6 Priorities lead to prosperity