Starting Uber to make another stream of income. 

As some of you may know I have sworn off Buffalo Wild Wings until I’ve paid off student loan debt. One of the ways I plan on paying that debt off sooner rather than later is to earn multiple streams of income. Which in my case is to work more than one job. On the Internet/informercials people try and sell the dream of passive income. Which is definitely feasible if you have the money to invest for it. As of right now I haven’t accomplished some of my financial goals nor am I in a place to invest in real estate or stock. I will be in the next few years (I’m claiming and planning for it now). 

My current savings situation

Until I have the money to make passive income I plan on being extremely proactive and educating myself on personal finances. With my current job I was able to buy a new car after the one I previously had was bombarded with ALL of the service lights 😑. With it I figured I might as well try Uber out. To be honest I’m extremely nervous. I don’t know if I can handle someone puking in my car or being careless with it in any way. I’ve talked to people that are Uber partners and like with every job it has it’s pros and cons. Cons being you get a ride and someone cancels, the taxes taken out as a sole proprietor, careless drunk people and if you drive someone too far out of your region and can’t find someone that needs a ride back to the city you came from you eat up that fare on the ride back. Pros being its extra money in your pocket and you can drive or chose not to drive anytime you want. 

If you see me in the streets remember you know me and want a ride.

As long as my car isn’t being abused and I’m not paying more money for gas and the maintenance of my car I’ll be good. If I find I’m losing money doing Uber after one month of driving I’ll throw in the towel. Something I probably should’ve done had I known how the independent contracter rules worked was start a business. By that I mean have a LLC and use “my company” as the driver and not myself as a sole proprietor. I think that would’ve allowed me to not get taxed as heavy but I need to do more homework on that idea. 

Uber works for me now because at my full time job there are times I work over the typical 40 hour work week (longest work week was about 65 hours). Since there are days I can’t leave after 8 hours getting a part time job (unless only on weekends) won’t be flexible with my schedule. 

I’m hoping that this is a positive experience and that I can ball out with the extra income. Just kidding of course😒….going to let that grow in the savings account. I’ll be sure to post on my experiences and if anyone has any questions on becoming an uber partner feel free to ask. Also for those that drive Uber or Lyft please let me know your experiences with the people and Uber/Lyft as a company. Peace. 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s