Cars aren't liabilities!

Michael Benjamin

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Part of paying off my student loan debt quickly was changing my mindset. Part of changing my mindset was understanding the importance of information and constantly being coachable. As someone that is coachable, one of the main philosophies I had to learn for my development was that one source of income was too close to none, so I had to generate some extra income however I could. Luckily for you, I’m a serial entrepreneur. What comes with that is a lot of different ventures I can speak on and know about through the experience of others. I’ve tried out a plethora of things even after my student loan debt journey and I want to share the information I’ve obtained with you for your use. But I want to be specific in helping you change your mindset around cars. Your car is not a liability. It’s only a liability in the sense of how you utilize it. If you let your car sit idle and collect dust as you make car payments consistently, that’s when it becomes a liability.

As someone that no longer has a car note, I wish I knew of the information I’m about to present to you, because that would have helped me alleviate my car note quicker. There are many people using the ways I will inform you about to generate upwards of 6 figures with what we in society call a “liability.” When you pivot your perspective, you’ll understand how powerful not only the utilization of your car is, but how important the utilization of your mindset is. Without further ado, let’s help you turn your car into an asset!

1. List your car on Turo!

Listing your car on Turo is a perfect way to increase your income effectively. Turo is an app where people can rent cars, and if you list yours on there you become the middleman instead of someone flying to a new city and borrowing from the airport. Many people are using Turo to generate income based off of a car they’re not driving 24/7 so why can’t you do that?

Most people use their car to transport to and from work and then making errands, but for the most part, your car is likely sitting idle at least 90% of the time. Additionally, we’re in a pandemic so you may or may not even be driving to work, saving on gas. Even though you’re saving on gas, your car is still a liability, especially if you have a car note you’re currently paying. Why not list it on Turo and start generating extra income that could be used to alleviate your car note quicker? This is one of the best ways to turn a liability into an asset so consider doing it if you aren’t yet.

2. Swap a lease

Another way you can make money with a car is by renting a smart car on Swap a lease for about $200/month car note. Since the vehicle costs $200/month, you can now inform three local businesses that you will promote their business for $200 each. You can place the advertisements on the left side, right side and back of the vehicle. Now what happens is you’re making $600/month off of that, after telling the local businesses the car will be advertised for 12 hours a day. You might ask: do I have to drive the car for 12 hours a day?

No!

What you want to do now is get two college kids to drive the car for 6 hours each. These can be kids that are using the vehicle for Door Dash or Uber or any other service. You can charge each of the kids $150/week and now that translates to $300/week or $1200/month. You can inform the kids that you’ll pay the gas and insurance (insurance will be cheap like $20-30). That car now goes from a liability to an asset, because you’ve generated about $1800 in gross minus the $200/month car note, which leaves you with about $1600 in profit. Imagine if you did this with three cars. Now what you have is an asset generating you about $5000/month. Don’t look at a car necessarily as a liability. The utilization of the car is what is a liability, when in fact it can be an asset.

Closing Remarks!

When you are coachable and open your mindset, you become exposed to a wide range of possibilities. In society, we typically say that cars are liabilities, but it’s only a liability to the extent of how you implement it. The main takeaway you should take from this article is that your mindset is your greatest asset. Your mindset is a liability if you aren’t open to new ways of thinking. Keep learning and keep earning. Like and share this article if you received value!

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I was blessed to pay off my student loans within one year back when I was 23-years-old so my mission is to help you pay off your student loans quickly through taking control of your relationship with money, while helping you with strategies and tips to pay off your debt quickly.

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