Thinking about getting involved in the sharing economy? Like many Boomers, you may be looking for new ways to extend your budget without compromising your enjoyment of life.
But how does a sharing economy actually work? And how can you participate in a way that suits your needs?
Today, I’ll answer these questions and more, diving into some of the specific sharing economy benefits for Boomers.
What Exactly Is a Sharing Economy, Anyway?
When you hear the word “sharing economy”, you might think of digital platforms like Uber, Lyft, and Airbnb. But I see sharing economies as much more organic and personal.
Simply put, a sharing economy is an economic system in which members of a community get, give, or share items and services. This exchange can happen either free of charge or for a lower fee than you’d expect.
At the end of the day, a sharing economy is more about access than profit.
In a true sharing economy, community members share their skills with one another. They provide each other with easy, low cost access to services they really need. By participating, community members help each other live more comfortably, while also making some extra money in the process.
So what does this actually look like? Here are some examples:
- offering yoga classes in your home
- participating in ride sharing
- providing housekeeping or bike repair services
- hosting book clubs
- throwing potluck dinner parties
- organizing music groups or classes
- offering personal training services
- providing cooking classes
- and much more
What Are Some of the Main Benefits of a Sharing Economy?
Did you know that, as a Boomer, you’re in a position to benefit most from a sharing economy?
Here’s why:
You Have the Time to Get Involved—On Your Own Terms
As you’re starting to think about retirement, you may realize that you want to keep working part time—either simply because you enjoy it, or for the extra money.
Once you transition out of the daily grind, you’ll have the freedom to participate in a sharing economy on your own terms. You can choose activities and services that resonate most with you, at a schedule that works best for your needs.
You Can Stick to Your Budget—While Making Some Extra Money
The economic benefits of a sharing economy include having access, at a reduced cost, to services you need, while gaining options and security for the future.
Even if you’re relatively affluent, you may still be uncertain of whether you’ve saved enough to afford retirement. Joining a sharing economy can help you stick to your budget, while also staying active, learning new things, and sharing your knowledge.
(Also check out: Financial Benefits of Intergenerational Housing: How to Leverage Your Wealth)
You’ll Gain Flexibility and Convenience—While Building Stronger Ties With Neighbours
When a sharing economy develops, the community itself becomes more vibrant.
Events are always happening, with an open invitation for people to participate where and when they like. If you live near other members in your sharing economy, the community becomes even more localized.
This has many benefits, including:
- Work from home arrangements, which enable you to make extra income by sharing what you’re best at with your neighbours.
- Flexible services that you and your neighbours need: In a tight-knit sharing economy, ad hoc, optional, and flexible services become available at more economical pricing. Some examples include meal and housekeeping support, both of which can be helpful for Boomers as they age.
Or consider these possibilities:
- A yoga instructor wants to keep teaching part time, but does not favour taking on either a commercial leasehold space, or working out of a commercial yoga studio. What if they could offer classes in a common area within their condo community of neighbours who don’t need to leave home to take in a class?
- Or how about a young stay-at-home parent who is already cooking for their family of 4 – why wouldn’t they provide some meals to neighbours who would value home-cooked food delivered from within their own building?
- A residential care aid who suffers a long commute by public transit to their place of work might drop the commute and provide personal care services to older neighbours, right where she lives.
Some very successful sharing economies are based around the concept of intergenerational living. To learn more, check out our blog: Why We Need More Intergenerational Living Communities.
How Can I Join This Type of Sharing Economy?
Interested in joining a sharing economy, but not sure how to start?
Our upcoming housing project, Carpe Diem, may be right for you. We’ll organize and nurture a local sharing economy throughout the community, offering plenty of opportunities for skill and service sharing on-site. By eliminating the costs of travel and space rentals, these options will be available at a lower cost than elsewhere, and everyone will benefit by proximity and not needing to commute.
The Carpe Diem model will also provide part-time work-from-home opportunities for skilled service providers.
Carpe Diem is quickly moving from conception to reality. If you’d like to join our community and learn more, sign up for our email list today.