Harry here. Thanks to everyone who joined our Youtube Live event this week; you can find a replay here. One topic we didn’t touch on though was Uber’s new pilot program with cash payments in Colorado. Today, senior RSG contributor John Ince takes a look at that story, a strange Miami heist involving an Uber driver and a new program that allows the public to see more data on ridesharing.
Harry here. Today, RSG contributor Jon Knope takes a look at USAA’s rideshare insurance product and shares tips on becoming eligible and how much you can expect to pay for a policy.
There’s no shortage of rideshare insurance options these days, but over the next few months, we’re going to specifically highlight a few of the most popular ones. USAA (short for United Services Automobile Association) is an insurance and financial services company exclusively for current or former members of the military and their families. They offer auto insurance much cheaper than almost any other company – and they have a rideshare add-on available in many states.
Join us for our next Youtube Live Q&A session on Thursday, January 12 at 5pm PST! You can subscribe to our Youtube channel here and be sure to turn on notifications so you know when we go live.
Harry here. Today, RSG senior contributor Christian Perea shares an infographic around the hidden costs of driving for rideshare services like Uber and Lyft.
It’s easy for rideshare drivers to focus on the income they make every day but in this line of work, there are a lot of hidden costs when you drive for services like Uber or Lyft. And if drivers don’t pay attention to the burdens of being self-employed, they could be in for a steep (and expensive) learning curve.
Yet all of these extra responsibilities aren’t advertised when signing up to haul people or burritos around in your Prius. Most companies advertise high hourly amounts that are often unrealistic and never take into account expenses. As a driver and business owner though, you need to track everything from mileage to knick knacks that you buy for your car.
If you want to simplify your rideshare finances we recommend QuickBooks Self-Employed. Check them out if you want to get organized by keeping all of your rideshare numbers in one place. Using our link will get you the first 30 days free and will save time and money when it comes to staying on top of your rideshare finances.
Car Costs and Mileage Estimates: How Much Does It Really Cost To Be A Rideshare Driver?
Tax Estimates: Taxformcalculator.com
Healthcare Costs: Covered California
Uncover Your Hidden Costs
We couldn’t cover everything in this infographic but it’s important that you have an accurate picture of what’s going on with your finances if you plan on making it in this business long term. Even if companies aren’t upfront about the hidden costs of driving, they are still very real. Drivers who refuse to learn will be “taught” when these costs catch-up to them and either force them into more debt or to stop driving altogether.
There are lots of drivers who have taken the right steps to tracking their income AND expenses and are able to make it work though. So if you want to keep all of your rideshare numbers in one place, you can use our link to get a free 30 day trial of QuickBooks Self-Employed.
Drivers, what have you found as far as hidden costs when it comes to driving?
-Christian @ RSG
There seems to be this notion out in the world that Uber and Lyft drivers still make a lot of money. While that may have been true a few years ago, these days one of the most common complaints I hear from drivers is that they’re not making enough money.
New drivers are especially at risk because there is a steep learning curve in this industry. It’s not rocket science being a rideshare driver, but it is a little more challenging than it might seem. And unlike other jobs where everybody makes the same amount from day 1, a more savvy driver will be able to make more than a brand new driver since there are all sorts of tips and tricks that will impact your bottom line.
As you drive more, you’ll gain valuable experience and likely increase your income. But in the meantime, there are a few key things you can do to start increasing your income today.
Harry here. Today, senior RSG contributor John Ince shares a story of a quick thinking driver, a lawsuit against Uber brought forth by its own employees and a new study from MIT.