Latest / The Family Teams Podcast / Ep. 227 | How to Turn your Vehicles into Assets and Liabilities

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Ep. 227 | How to Turn your Vehicles into Assets and Liabilities · The Family Teams Podcast

• 0:00
  Man, because I actually hate cars. Like, I hate them. I can't stand how they're just... They're a waste of time. They're a waste of energy. They're a waste of money. You just sink money into them. Yeah.
• 0:13
  What's up, guys? Welcome to 5-Minute Fatherhood. So have you ever thought about turning your vehicles into assets instead of liabilities? One of the really cool things about the way that our current internet economy is structured with sort of the sharing economy is that it's possible to take the things in your life, like your house. We've talked about that, did a podcast on that.
• 0:36
  and turn them into assets so that you're generating some income. One of the reasons why we talk about this and why we're excited about it is because for a lot of dads with young families, you're constantly trying to balance how in the world am I going to bring in enough income in a way that's going to help me spend more time with my family? Is there ways for me to take some of the things that some of the assets that we are generating kind of in this early stage of the family and
• 1:01
  you know, turn those into assets that can produce income and then create more freedom for the family, more integration. And so Jeff has been experiencing or experimenting with Turo. Yeah. Where you can post your car. Yeah. Like car sharing. Talk to us about that experiment.
• 1:19
  Yeah, it's basically like Airbnb, but for your cars, where you'd basically personally list your car and then people can rent it. Just like a rental car company, there's insurance and all. It's a great platform from a professional side. There's insurance, they have great service, great customer service. And yeah, they're kind of disrupting the car rental industry where I think they're kind of pushing back against all the annoying stuff people hate about rental car companies, right? Where there's not all these hidden fees, the price that it is is the price that it is, you know?
• 1:47
  It's super convenient, way more seamless than like getting on a shuttle and doing all this paperwork and it's digital and easy and native and it's just way more seamless. So yeah, and then on Maui, like granted, we live in a place that is really great for it. And we have a lifestyle that's great for it. We work from home, but we have two cars. And so for us, it was just kind of a might as well, let's just toss it up because you're in control too. You can like do one, you can put it up a little, put it up a lot, change the, make the price really high, make the price really low. You're just in control of every little setting.
• 2:14
  And so I just put them all up, all of our cars and, um, and they start doing really well. Right. And I think again, because partly on Maui. And so for me, it's really changed my, uh, thinking of like, man, cause I, I actually hate cars. Like I hate them. I can't stand how they're just, they, they're a waste of time. They're a waste of energy. They're a waste of money. You just sink money into them. I absolutely hate spending that amount of money on something that's just going to depreciate, depreciate, depreciate. I can't, it almost makes me angry if I start thinking about it. I just wish we didn't have that.
• 2:40
  But it's the world we live in. So to me, I really liked that I was able to kind of like hack it, you know, where it actually kind of flipped it on its head. Where now, yeah, our cars actually make us money, right? To the point where we even got another one because just to put in the rotation of like making it so it's not inconvenient with us. A third car?
• 2:59
  Yeah, because we was like, why would we because now basically it puts it what it does is like because at some level when you have some and then you're renting them out, then it's like, oh, it's a little inconvenient if we need to go somewhere. So we're like, oh, let's get one more car in the rotation so that we're kind of less without one car, you know, or less likely to be without one car. And then, wow, also put that in the rental rotation. So it's really it's really sweet. So people show up at your house and pick up your car. Is that how it works?
• 3:23
  Yeah, well, I don't do my house. So sorry, guys. Hey, if you are listening, by the way, and you guys are visiting Maui, hey, rent one of the cars. I come. And to me, this is another side note, too, by the way. I've loved it, too. There's things that have been unexpected blessings. One of them is I really love the hospitality side of it and the humanizing side of it. Even one small thing of I've noticed that people bring the cars back really clean in general. Some people have not taken care of them. But in general, most people have brought them back like
• 3:47
  almost like spanking clean. You know what I mean? Like they vacuumed it or they wiped it down or all these different things. And I'm like, man, I wonder if that's because it's a personalized transaction, right? When they know that they're taking the car from me and then also going to meet me and give me back the keys right in front of me, knowing that it's our personal car, you treat it differently, right? And so I've even loved the humanizing side of it.
• 4:06
  I've loved that side where everyone who rents from us gets a little shave ice gift card, water, a handwritten note from us. And then I've totally tapped in all the kids. So the kids, every time we have to wash the car, all of us do it. Every time we have to go drop it off at the airport, we all go together. It's just this kind of fun... Again, we've kind of hacked it where it's like, how can we hack it, make it an asset? How can we make it as a family team little activity?
• 4:29
  It's super easy to give a bunch of little tasks and stuff to the kids to make it feel like, oh, we're doing this, not just dad's doing this. The kids love it. They think it's funny. And yeah, and basically that's it. I set the pickup location down the street from our house. And so I just go there, give people the keys, or if they check the airport, I go to the airport. It's super fun and super easy. And so yeah, that's what I would say, guys. And then there was another guy who messaged me too, and I started talking about it on social media.
• 4:52
  Who? Because it depends on your city. It depends on where you're at. And some cities might not work. You can kind of, you know, check. But like Teslas do really well in general anywhere you're at. Right. And so this guy, what he did is he just financed a Tesla, which was really expensive, but then just started renting it out for like 250 or 300 bucks a day. You know, only had to rent it out a couple days a month.
• 5:12
  Um, and then what he did is he didn't want a Tesla. He wanted a big truck. So he basically got the Tesla, rented it out for a year, sold the Tesla back and then had all the profit to buy the truck. So he basically like use the Tesla to generate the income because that does better on Turo than a truck to buy his truck. Right? So it's like, there's different ways to think about it. Just always being creative, always thinking outside of the box, but guys tap into the resources you have, leverage them for your family, for your team and get creative. And I think we're in a world that allows that more than anything.
• 5:41
  Awesome. And if you guys want to talk some more in a lot more depth about these kinds of strategies, how do you integrate your business stuff, your family stuff, your faith stuff together? Jeff and I have a group called Integrated, where we go away twice a year for two and a half days, awesome location, and we just spend time really sharpening each other, figuring out how to help each other grow each other's businesses. So if you're a business owner and you're trying to figure out this whole family teams thing,
• 6:10
  you're trying to figure out how do I leverage assets and things like that, we'd love for you guys to check out Integrated. Go to familyteams.com slash integrated. We're going to be heading off to Austin in the middle of February. So jump on there right now if you want to check it out. It's a one-year kind of mastermind type group. But we'd love to get to know you through that.