According to Statista, in 2019, the average annual consumer in the United States spent $63,036. For the average consumer the majority of this money (32%) was spent on housing. Transportation was the second-largest expense at 17%. With the average hourly earnings in the United States at $11.22, the average hard-working American has to work 5,618 hours, or 234 days without a break, sleep, or a meal, just to barely meet the living standards they need.
At the same time, the cost of living — including housing, food, medical expenses, and education – keeps rising. As Michael Okoye, founder, and CEO of Rent Your Ride, explains, this means that every day, it becomes harder and harder for the average American to stay afloat.
“Technology, vehicles, larger homes, personal services for health and home maintenance, higher-priced food, entertainment, and travel, rising education costs for children, funding increased life expectancy, and health care costs are all necessary costs that the average American must cover,” Michael Okoye points out. “The list of items required to meet today’s standards grows longer by the day, and the only way to keep up with those necessities is to keep a positive cash flow.”
Cash flow can be thought of as the increase or decrease in the amount of money possessed by a business, institution, or individual. The term is also used in finance to refer to the amount of cash (currency) generated or consumed during a specified time period. Positive cash flow means that the amount of generated cash is always greater than the amount of cash consumed.
Okoye notes that the most common way for people to maintain a positive cash flow is to reduce expenses. He explains, however, that there is a much better way to maintain a positive cash flow. The solution: to convert one of people’s largest expenses (transportation) into a revenue-generating asset.
“Any car owner is well aware that a car is a money pit,” he says. “With the purchase price, financing costs, insurance, taxes, and maintenance, a car can quickly deplete your bank account. However, Rent Your Ride offers a unique way to turn your car from a cash flow expense into a cash flow asset.”
Rent Your Ride, as Okoye explains, is an online rental service that provides a platform for users to conduct peer-to-peer vehicle rental transactions. The company is now run by Okoye, Joe Sworyk, and Aaron Badescu. Prior to founding Rent Your Ride, Okoye was a Sales Consultant at Mercedes Benz Winnipeg. Badescu was the cofounder of HighKey Technology Inc, and he helped the brand grow to over $1M in sales. Now, this duo is helping take Rent Your Ride’s popularity to the next level.
With Rent Your Ride, customers get more than they would at a traditional car rental company. They have a chance to make money and start a side hustle.
“There are two types of users on the platform. Guests and hosts,” Okoye points out. “Hosts are individuals who wish to earn additional income from their vehicles by renting them out. Guests are individuals seeking unique, hassle-free rentals and the opportunity to get behind the wheel of common, luxury, and exotic automobiles.”
Because the vehicles for rent are listed by local residents, who may have an extra car they’re not using, guests can expect to see a diverse selection of vehicles that aren’t available at a typical B2C rental car company.
“The company is a close-knit community with a direct connection to its users, whether they are guests or hosts,” he explains. “The service is available 24 hours a day, seven days a week, and guests can also communicate directly with hosts to enhance their travel experience.” Any time of the day, seven days a week, with Rent Your Ride, it’s possible to turn an expense into an opportunity.