The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
I'm a recovering lawyer. Three years ago, I went from making $80,000 to $30,000 when I decided to take a non-practicing job and get out of the legal field. I'm single (never married, no kids) and own my own home. I'm also halfway through my ten year law school loan payback plan. To say that a $50,000 salary cut hit me hard would be an understatement. I went from shopping excursions to pinching pennies. If it not for my generous parents, I would have surely lost my home and fallen behind on my school loan payments. Now, I'm back on my feet and earning around $50,000. It's still tough. My mortgage and loans equal almost $2,000 a month alone. I started doing AirBNB three months ago, after searching for ways to earn more money. I work full-time and often have work commitments late into the evening, so part-time work wasn't really an option. Renting my home on the weekends (just Friday--Sunday) is the perfect way to earn badly-needed money. I stay with a friend or family when my home is rented and it takes minimal work on my part (cleaning, preparing welcome materials, communicating with guests). I charge $150 per night. In three months, I've earned about a $1,000...all of which has been put towards my student loans/mortgage. I've had only the most positive, safe and beneficial experience with AirBNB. My guests have all been great and I've always felt safe and secure in renting my home through the app. Please consider the positive economic (and societal) impact that the sharing economy, specifically AirBNB, is having on today's young professionals who are struggling to make ends' meet.