Diving Into The Sharing Economy [Infographic]

The sharing economy operates on peer-to-peer exchanges. This allows people to have an enjoyable lifestyle without owning the stuff they would like to use. With the unemployment rate at its lowest in 50 years and nominal wage at its highest in a decade, the American economy is thriving. However, the cost of living is outpacing wage, preventing Americans from living a great lifestyle. This has led to the rise in peer-to-peer lending and borrowing, facilitated by apps and technology, known as the sharing economy.

Real wages haven’t increased in decades and it is becoming harder for the average American to save money. In 2018, 2 in 3 Americans couldn’t afford a summer vacation, contributing to general societal unhappiness. Many people need a break they feel they can’t afford, and this is where the sharing economy comes in.

Money can influence happiness by fulfilling your needs and desires and reducing stress when experiencing hardships. The key to happiness is not only having money, but spending it wisely. Anticipating and participating in a planned experience are great approaches to buying happiness as the experience feels newer and richer.

Experiences instead of stuff can declutter and simplify your life, leaving you to enjoy what you have - and borrow what you don’t.

Buying and owning are things of the past. In fact, 86.5 million Americans will use the sharing economy by 2021, so take a head start. Vehicle-for-hire services, on-demand lodging accommodations, and rechargeable scooters are among popular sharing resources. Save your lifestyle and contribute to global sustainability by sharing assets. Almost half of millennials prefer purchasing experiences rather than things. Treat yourself - and save money - by joining the sharing economy.