Before becoming a full-time blogger, I worked in the corporate world for six years as an engineer. One of the most important business lessons I learned during that time is that income diversification is vital to long-term success. All too often, I saw employees becoming way too reliant on their bi-weekly paycheck and never even consider alternative sources of income.
When things went south (lay-offs, re-structuring, losing a big contract, etc), they were forced to make life altering decisions in order to maintain their lifestyle. I never want to be in that position.
When I first started driving for Uber and Lyft on the side in 2014, a lot of people asked me why I would ever want to do that on top of my day job. Didn’t I make good money as an aerospace engineer? The answer was a resounding yes but I also recognized the value of income diversification. I wasn’t making even a quarter of my day job salary as a rideshare driver but I was giving myself options just in case.
Make Every Mile CountDid you know that every 1,000 business miles can generate $535 in tax deductions? Never miss another mile with the new QuickBooks Self-Employed automatic mileage tracker.
Those same principles can be applied to current rideshare drivers since now that you are all business owners, income diversification is more important than ever. It’s very easy to flip on the app and go out and drive to make money but there are also plenty of opportunities outside of driving that you need to be taking advantage of. [Read more…]