"We Aren't Making a Living, We're Making a Dying". I stopped in my tracks and turned off the awfully loud lawn mower to make sure Vicky Robins had really said that. Her book, Your Money or Your Life, was one of the two books that my husband and I decided to invest in so we could start our journey of self-teaching personal finances.
We had been discussing our next steps as a newlywed couple since, at that point, we had been working full-time plus hours, living in a pick-up camper on our off-the-grid slice of raw land while building a cabin. We had a truck payment, a mortgage, credit card debts, student loans, and a whopping $14 to our names. But yet, during our conversations, we always returned to the idea that "Well, everyone starts like this. It'll get better. We're just trying to... make a living." I pressed replay on Audible to hear it again, and Robin's words rang in my ears "We Aren't Making a Living, We're Making a Dying".
We started to put together that how we were being taught that we should live simply didn't align with what we truly wanted. So, we searched for options. Fast-forward 4 years and dozens of books later, we had a new little cabin we called home and a clearer vision of what we wanted. And that was resumed in one word: Freedom.
Airbnb was new in town, and the only thing we knew about it was that we needed a place to rent out, and our host friends were loving it. We were curious, and naturally, we jumped in.
That was 7 years ago.
Today, our short-term rental Business is our primary income. With the help of our absolutely stellar Property Manager, Britt, and a curated maintenance team, we are able to manage our business remotely and live in our dream place. But let me tell you that it has not been all rainbows and unicorns, of course. Our journey has had many - as in, truthfully, many - downs, but the benefits have far outweighed the challenges. Building a short-term rental Business is a no-brainer for anyone with the willingness and resources.
Now, if just that is not enough to make you consider it, let me give you a few more examples of the many benefits that hosting on Airbnb can unlock for you.
Financial Freedom: Harness the Power of Airbnb to Boost Your Bank Account
This is not the hidden gem of my list of benefits of hosting on Airbnb, but it might be the main reason why you would consider jumping in.
Boost Your Bank Account: Whether you are hosting an entire property or a spare room, those extra dollars will do wonders for your bank account and open up new opportunities.
Turn Your Property into a Profitable Asset: Have an unused Summer home, Grandma's charming cottage that the family visits once a year, or your "too big for just the two of us" house? Consider this: Airbnb is like a faucet that you can turn on and off. Open your calendar and let the money stream in, or simply shut it off and do not take in any more bookings.
Live for Free: The income from your Airbnb bookings can offset your mortgage. It's like having a financial partner who helps shoulder your housing expenses! Double cha-ching here if you own a duplex or rent a spare bedroom. Now your renters might be paying the mortgage, utilities, insurance, and likely your yummy caramel frappuccinos while you live for free.
Flexibility and Freedom: Airbnb Can Liberate You from the 9-to-5 Grind
Let's talk Freedom - the sweet word that has and still drives all of my decisions.
Say Goodbye to the 9-to-5 Grind: No more rigid work hours! This is an excellent opportunity to run your own show and say goodbye to the monotonous 9-to-5 grind (Note here, quitting your job is not the first step in this endeavor. It requires serious planning and solid financial ground)! You then have the Freedom to set your availability and take that fantastic impromptu vacation.
Host Your Own Show: This is your very own Host Show. Hosting your own Airbnb Show is a benefit worth checking out. From setting the perfect pricing and establishing house rules to communicating with guests, you have complete authority over how you run your Airbnb Business.
Customize Your Journey: Whether you want to dip your toes into the Airbnb world part-time while pursuing other ventures or dive in headfirst and make it your full-time gig, the choice is yours.
Skill Development and Personal Growth: Unleash Your Potential as an Airbnb Host
Starting an Airbnb Business isn't just about making money - it's about personal growth and skill development. Here's how it can benefit you:
Become a Services Master: Running a successful Airbnb Business requires sharpening your marketing skills, enhancing customer service, and becoming a problem-solving pro. If you still need to gain those skills, growing your Business is a beautiful opportunity to acquire them.
Gain Insights: I believe that everyone should work in Hospitality or provide Customer Service. It gives such an excellent perspective of what those fantastic warriors have to endure each day. Hosting guests from around the world is a crash course in it all! It is an easy way to learn how to communicate with people from different cultures while being motivated to grow your Business and create an unforgettable experience for your guests.
Build Resilience: I am the first to tell you that Hosting on Airbnb is not Passive Income (unless you have all the right tools in place for it). And with an action-packed Business, you will naturally have to endure some challenging situations, such as property maintenance, juggling bookings, and learning to meet guests' expectations while maintaining your Business standards. With each hurdle you conquer, your confidence, resilience, and benefits will soar. I promise.
Get Wealthier: If you are one of the lucky hosts that welcome guests from diverse backgrounds and personally meet them, you will gain so much wealth in the right ways: broaden your horizons and gain a deeper appreciation for different customs and traditions.
Networking: One of The Gem Benefits of Hosting on Airbnb
This has been one of the greatest gifts for me as a Host. I had not thought that meeting guests and fellow hosts would have made such an impact on my life. Airbnb is (or should be) all about exchanging and creating community. You will enter this world of people who want to share their homes, stories, and lives.
Meet New People: We have had guests that checked in and out, and we have yet to see them, and we have had guests that called us up and invited us over for a glass of wine. We have guests that returned several times and became dear friends.
Pro-Tip here: regardless if you are a social butterfly or the "shut the curtains when they arrive" type of Host, always let your guests lead the way. Many people are extroverts, but they are traveling to relax or reset and do not want to have to interact. Others are very curious about you and want to get to know you. Sprinkle a bit of yourself as a Host, but always allow your guests to make the first move.
Connect with Fellow Hosts: I have met incredible fellow hosts. People worldwide want to grow together and build a fun and safe community for everyone. You can join forums, attend meetups, or, my favorite: start an Instagram account for your hosting Business. This is a three-for-one deal: meet fellow hosts, meet potential guests, and spread the word about your
Business.
Expand Networks: Building an Instagram for our Business has increased our network and connected us with exciting collaborations.
Homeownership Benefits: Maximize Your Property's Potential
Owning a property has its perks, and starting an Airbnb Business amplifies them:
Your Home as an Asset: Your house is most likely a liability, not an asset. However, you start hosting, your property can become an investment. (Hint here: your home is not usually an asset, it is most likely a liability.) By hosting on Airbnb, you can leverage property appreciation and make your investment work harder for you.
Take Advantages of Taxes: Guess what? Many tax advantages and right-offs are available for homeowners who venture into the world of Airbnb! Consult a tax professional and explore those options.
Conclusion: Embrace the Journey and Unlock a World of Opportunities
An Airbnb Business unlocks opportunities that can transform your financial situation, provide flexibility and Freedom, foster personal growth, and connect you with a vibrant community. With the potential for supplemental income, the ability to utilize existing properties, and the opportunity to cover mortgage costs, the financial advantages of hosting on Airbnb are substantial.
The flexibility to set your schedule, manage your Business on your terms, and choose between part-time or full-time hosting gives you the Freedom to live on your own terms. Running an Airbnb Business cultivates entrepreneurial skills, enhances your hospitality and customer service abilities, and challenges you to overcome obstacles, fostering personal growth along the way. The cultural exchange and networking opportunities that come with hosting guests from diverse backgrounds and connecting with fellow hosts can be invaluable.
Finally, owning and leveraging a property as an Airbnb host can capitalize on property investment and potentially provide tax advantages for homeowners.
So, if you're seeking Financial Freedom, flexibility, personal growth, and the opportunity to connect with others while capitalizing on your property investment, starting an Airbnb Business could be the perfect path for you. Embrace the adventure, unlock the advantages, and embark on a journey that can truly transform your life!
[Disclaimer: Remember to consult a tax professional for advice on tax advantages and deductions related to hosting on Airbnb. The above content is for informational purposes only. The reader should conduct their own research and exercise due diligence before starting an Airbnb Business.]
