Ted Bauman, an experienced investor and financial journalist, recently shared his thoughts on the sharing economy. He brought an example from his own experience, when he was going on vacation and had rented an RV. He wanted to spend the night in his RV, but the generator was not working and he could not turn on the air-conditioning. The temperature inside the RV was 90 degrees, and there were mosquitoes all around. He could not sleep at all.
Ted Bauman got his RV from a site called Outdoorsy. Outdoorsy is sort of an Airbnb for RVs. People can rent out their RVs to people who want to rent them.
However, this story exemplifies the problem with the sharing economy, which includes sites such as Airbnb and Uber. On Outdoorsy, everything has to be negotiated between the renter and the owner. This includes prices and things like maintenance. Unlike a real rental agency, none of this is monitored by Outdoorsy itself. Read more on crunchbase.com to know more about Ted Bauman.
This means that it is possible that when you get your RV, it will not be in a good condition. Perhaps something will be broken and end up not working. This happened to Ted Bauman. Although Outdoorsy promises 24/7 emergency roadside assistance, this did not help Ted.
First, the lock was corroded and the key that he needed to use the electric hookup system got stuck in the lock. He decided to rely on the generator, but it stopped providing juice although it was running. So he decided to call Outdoorsy and get their roadside assistance. However, he found out that the roadside assistance only applied if there was something related to mobility. Since the problem was not related to mobility, the best they could do was find a local RV technician at Ted’s own expense. They had to wait several hours, and then the Outdoorsy person called them back and said that they could not get through to the technician and that Ted should call the technician himself.
The technician never answered his messages. Ted was unable to get in touch with Outdoorsy again. He took the RV to a local facility, but since he was not the owner they did not want to do any repairs on it. In any case, you can see the risk of the sharing economy.
Ted Bauman is the editor of The Bauman Letter. He is a journalist with Banyan Hill Publishing
Here’s my Dirty Dozen list of tax steps you can undertake before December 31 to wring the maximum amount away from Uncle Sam before the law changes in 2018.#taxes #IncomeTax #WealthManagement #investing #TaxReform #BanyanHillhttps://t.co/OewfnRsTxM
— Ted Bauman Guru (@Ted_B_Guru) December 18, 2017