It's after the 5th oil change in 3 months that you may notice ride sharing putting a damper on any cash flow you're receiving.It's working for me so far. This is my first week to do both. I made more money today than before. Still not great money but I pretty much just work days.
The Uber "model" is dependent on new drivers.I'm finding my market saturated with drivers. Who does both and does it work better
Hard to know what you are going to be able to sustain in 5 months time. Uber could both onboard lots of drivers, cut rates, increase their cut to 25%, lots of unexpected things can happen..... You could even do better than hoped for, One just doesn't know.I discovered another expense for Chicago Drivers without an iPass. Of course the 12 unpaid tolls and additional fines happened a few hours before I bought the iPass box. $256.00.
If I quit in 5 months, I will have grossed about $21360.65 based on my past weekly checks.
I Will have paid off $8752.87 in credit cards. kept the house running $2500 and $1799.9 in car payments $2500 in gas. $3900 loan paid in full
I will get brakes done before winter. Leaving me about $2807.88 and a car with 60,000 miles. Just enough to pay my taxes.
I will have no credit card debt and about $2807.88 in the bank by January 28th 2016.
My house is still paid off and shared with 2 other "grown-ups" each paying the same as me every month, so, my personal living costs are cheap, cheap, cheap.
My problem was the used car a used car repairs, gold, gold bracelets, concert tickets, gas and an 1800 cash advance in Vegas. Insurance.
Whereas, without Uber, I would have all that debt less credit card payments I made with pizza delivery money and about $1500 in the bank.
So far, so good...
It's a race against a low star rating for me. I can't be that bad of a driver. Very few moving violations per year on average. Maybe 1 every 4 years.
Nicely said. Uber turns reality upside down by shifting the burden of car ownership on the driver's shoulders. By doing that, they don't have to leave money on the table unless it is by way of rate cuts for pax. They create a fleet of cars designed to meet peak demand, the drivers can figure out the rest. WHen it's good, it's good, but it is ephemeral. The rest everyone is just trying to keep from drowning until the next surge waves comes along to push them a little farther down the road.The Uber "model" is dependent on new drivers.
50% of "rideshare" drivers quit before the 4th month. 80% quit between month 9 and 12. These are Uber drivers stats, not mine. There's a poll here (somewhere...can't find it at the moment), so you can see for yourself. Once you start racking up the miles (how else are you going to make money?) and you start actually having to spend money to maintain your car, the grass doesn't look so green anymore.
Uber is one big game of "whack-a-mole.' And Uber loves a saturated market. They get 20% (plus) and couldn't care less about you. In fact, the more the better...for them. In my area, the market is so saturated with Uber drivers, they're beginning to become a joke. You can hardly drive through downtown Portland without seeing an Uber sticker most everywhere. They outnumber cabs 5:1...and wonder why most aren't making money after expenses. In fact, many are leaving their "Uber love" sticker out of the window. Embarrassed maybe?
Is this a Journey to Ixtlan or driving for Travis Kalanick?I am optimistic.
You turn reality the way you want other people to see it.
If anything, "this mislabeled NASA film" that was found in the National Archives, and since removed from public service. Disavowed by government, flips reality and effect the spaceship of thoughts just enough to see where you went wrong by setting unattainable dreams and goals like,
An upside down mortgage.
Having a happy marriage.
Ruining your car delivering people.
Getting rich by renting out your car.
It's the only way to see what you have done and in time to change it.
Maybe the truth is unstoppable and knowing what it true doesn't matter. The only that matters is what you believe and what you believe is your reality.